Credit Brief — Beijing Kingsoft Office Software,Inc. (金山办公)
688111.SH · Shanghai STAR Market · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 邹涛
- Registered address: 北京市海淀区小营西路33号2层02层
- Office address: 北京市海淀区小营西路33号金山软件大厦
- Controlling shareholder: Kingsoft WPS Corporation Limited
- Actual controller: 雷军
- Employees: 6,048
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 7,015.4 | 3,478.2 | 897.9 | 694.1 | 1,387.8 |
| Trading financial assets | 1,192.1 | 2,570.8 | 1,384.2 | 1,717.0 | 881.5 |
| Accounts receivable | 496.8 | 566.9 | 504.6 | 636.3 | 755.1 |
| Other receivables | 27.1 | 49.5 | 69.7 | 81.4 | 109.6 |
| Inventories | 1.2 | 1.4 | 0.8 | 0.5 | 0.4 |
| Long-term equity investments | 444.1 | 1,094.1 | 1,563.0 | 1,707.8 | 3,467.7 |
| Fixed assets | 82.4 | 69.0 | 296.7 | 453.2 | 446.1 |
| Construction in progress | 120.6 | 248.1 | 135.0 | — | 0.0 |
| Intangible assets | 102.3 | 87.0 | 79.4 | 73.1 | 65.6 |
| Total assets | 12,057.7 | 13,974.0 | 15,912.9 | 18,155.8 | 20,879.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 306.3 | 453.5 | 445.9 | 496.0 | 494.5 |
| Contract liabilities | 1,731.2 | 1,891.9 | 2,135.5 | 2,598.8 | 2,764.2 |
| Other payables | 97.5 | 103.7 | 116.7 | 84.1 | 415.2 |
| Current portion of non-current liabilities | 65.8 | 36.7 | 95.9 | 21.7 | 34.0 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 3,259.3 | 3,954.4 | 4,476.3 | 5,302.4 | 5,802.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 461.2 | 461.7 | 462.5 | 463.2 | 464.0 |
| Capital reserve | 4,941.6 | 5,177.8 | 5,440.8 | 5,473.0 | 5,725.6 |
| Retained earnings | 3,157.1 | 4,093.1 | 5,301.3 | 6,724.7 | 8,662.3 |
| Equity attributable to owners of the parent | 8,724.3 | 9,948.8 | 11,355.6 | 12,853.4 | — |
| Minority interests | 74.1 | 70.8 | 81.0 | — | 0.0 |
| Total equity | — | — | — | — | 15,076.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 3,885.0 | 4,556.0 | 5,120.8 | 5,928.7 | 3,313.3 |
| Cost of sales | 582.9 | 669.8 | 760.8 | 833.1 | 500.5 |
| Selling expenses | 818.2 | 967.4 | 991.3 | 1,139.6 | 597.9 |
| Administrative expenses | 391.9 | 444.2 | 402.7 | 473.8 | 277.1 |
| Finance costs | -13.0 | -94.8 | -15.8 | 0.5 | 0.0 |
| Investment income | 228.1 | 219.2 | 369.9 | 465.1 | 1,913.9 |
| Operating profit | 506.3 | 1,400.6 | 1,741.0 | 1,946.7 | 2,744.6 |
| Profit before tax | 494.7 | 1,389.8 | 1,750.4 | 1,952.8 | 2,764.6 |
| Net profit | 0.0 | 1,314.5 | 1,655.3 | 1,821.9 | 2,517.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 3.55x | 3.22x | 1.76x | 2.84x | 3.23x |
| Quick ratio | 3.55x | 3.22x | 1.76x | 2.84x | 3.23x |
| Debt-to-asset ratio | 27.0% | 28.3% | 28.1% | 29.2% | 27.8% |
| Total debt / EBITDA | 0.57x | 0.02x | 0.05x | 0.01x | 0.01x |
| EBITDA interest coverage | 8.84x | 16.86x | 114.94x | 4080.76x | 334312.78x |
| Gross margin | 85.0% | 85.3% | 85.1% | 85.9% | 84.9% |
| Net margin | 0.0% | 28.9% | 32.3% | 30.7% | 76.0% |
| Return on equity (ROE) | — | — | — | — | 16.7% |
| Revenue growth | — | 17.3% | 12.4% | 15.8% | -44.1% |
| Net profit growth | — | — | 25.9% | 10.1% | 38.2% |
| Receivable days | 47 | 45 | 36 | 39 | 83 |
| Cash received / revenue | 113.8% | 112.9% | 116.1% | 116.1% | 105.3% |
| Operating CF / net profit | — | 1.57x | 1.33x | 1.37x | 0.26x |
| Free cash flow | 3,584.5 | 652.7 | 1,831.4 | 2,461.4 | 1,193.1 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.29 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 219.2 vs 126.8 CNY mn (deviation 42.14%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 92.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 2,443.8 vs 4,783.9 CNY mn (deviation 48.92%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,340.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -3,538.9 vs -3,537.3 CNY mn (deviation 0.05%, severity low)
Sources: 2024年年度报告.pdf p.135 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.117 「货币资金」. CF-statement figure below the balance-sheet movement by 1.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -2,579.2 vs -2,580.2 CNY mn (deviation 0.04%, severity low)
Sources: 2024年年度报告.pdf p.135 「五、现金及现金等价物净增加」 vs 2024年年度报告.pdf p.126 「货币资金」. CF-statement figure above the balance-sheet movement by 1.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -203.4 vs -203.9 CNY mn (deviation 0.25%, severity low)
Sources: 2025年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.105 「货币资金」. CF-statement figure above the balance-sheet movement by 0.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 693.9 vs 693.7 CNY mn (deviation 0.02%, severity low)
Sources: 2026年半年度报告.pdf p.63 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.55 「货币资金」. CF-statement figure above the balance-sheet movement by 0.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 694.1 | 2025年年度报告.pdf | 105 | 货币资金 | 694051784.3 (元) |
| Total assets | 2025 | 18,155.8 | 2025年年度报告.pdf | 106 | 资产总计 | 18155801690.14 (元) |
| Accounts receivable | 2025 | 636.3 | 2025年年度报告.pdf | 105 | 应收账款 | 636321758.99 (元) |
| Fixed assets | 2025 | 453.2 | 2025年年度报告.pdf | 105 | 固定资产 | 453218785.42 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 106 | 短期借款 | 0.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.