福昕软件(688095) - 福昕软件投资者关系活动记录表（2024年11月）

Financial Performance - Revenue for the first three quarters reached approximately 509 million yuan, a year-on-year increase of 15.07% [2] - Q3 revenue was approximately 172 million yuan, a year-on-year increase of 9.73% [2] - Net profit for the first three quarters was 38.6741 million yuan, turning a loss into a profit due to a 103.3217 million yuan investment gain from Fuxin Kunpeng [2] - Non-GAAP net profit after excluding share-based payments was -84.3387 million yuan [2] - Subscription business revenue for the first three quarters was approximately 245 million yuan, accounting for 48.07% of total revenue, a year-on-year increase of 65.77% [6] - Q3 subscription revenue was 90.1545 million yuan, accounting for 52.52% of total revenue, a year-on-year increase of 62.36% [6] - Subscription-related contract liabilities were approximately 213 million yuan, a year-on-year increase of 32.02% [6] - Subscription business ARR was approximately 366 million yuan, a year-on-year increase of 46.30% [6] - Core product subscription renewal rate was approximately 93% [6] Regional Performance - Europe and Asia-Pacific markets led growth in Q3 [8] - North American market growth slowed due to a large revenue base and subscription transformation [8] - Chinese market experienced seasonal fluctuations [8] Channel Performance - Channel revenue for the first three quarters was approximately 195 million yuan, accounting for 38.21% of total revenue, a year-on-year increase of 33.64% [7] - Q3 channel revenue was approximately 64 million yuan, accounting for 37.42% of total revenue, a year-on-year increase of 17.90% [7] - DELL accounted for 10%-12% of total revenue and approximately 25% of channel revenue [12] - Q3 revenue from DELL decreased due to seasonal fluctuations and internal organizational adjustments [12] - Revenue from other channels grew by nearly 40% year-on-year in Q3 [13] Subscription Transformation - Subscription transformation is progressing, with subscription revenue accounting for 48.07% of total revenue in the first three quarters [6] - Subscription ARR growth was driven by high renewal rates and a focus on ARR growth strategies [8] - Sales expenses increased due to subscription transformation, but are expected to normalize as the transformation completes [9] R&D and Management Expenses - R&D expenses are expected to be controlled by re-evaluating new projects with unclear commercial prospects [9] - Management expenses increased due to IT and ERP system upgrades, but future growth is expected to slow as efficiency improves [9] Geopolitical Risks - The company is actively managing geopolitical risks, including operational separation between domestic and international markets [9] - The company is preparing for potential impacts from the US election, including tariff policies [9] AI and Future Strategies - AI assistant subscription pricing has been well-received, with initial user growth exceeding expectations [10] - The company is exploring additional marketing investments for AI subscriptions based on user adoption [10] - In the domestic market, the company is expanding into areas that align with local demand, including partnerships and capital operations [10] - The company is optimistic about the future of the Xinchuang market, expecting significant revenue growth and profitability [11] Market and Channel Strategies - The company is focusing on increasing new customer contributions to ARR, with new customers accounting for over 90% of ARR growth in the first three quarters [12] - The company is actively training new sales personnel at DELL and conducting targeted marketing activities to improve Q4 performance [12] - Channel transformation is progressing well, with new partnerships driving growth and traditional distributors forming a positive cycle [13]