（原标题：金山软件(03888.HK)11月20日回购142.64万股，耗资3999.64万港元） 证券时报•数据宝统计，金山软件在港交所公告显示，11月20日以每股27.260港元至28.800港元的价格回 购142.64万股，回购金额达3999.64万港元。该股当日收盘价28.560港元，下跌7.03%，全天成交额14.44 亿港元。 | 日期 | 回购股数 （万股） | 回购最高价 （港元） | 回购最低价 （港元） | 回购金额 （万港元） | | --- | --- | --- | --- | --- | | 2025.11.20 | 142.64 | 28.800 | 27.260 | 3999.64 | | 2025.07.10 | 30.22 | 33.150 | 33.000 | 999.40 | | 2025.07.03 | 58.64 | 34.300 | 33.900 | 1999.96 | | 2025.06.03 | 31.06 | 32.250 | 32.050 | 999.23 | | 2025.06.02 | 31.02 | 32.400 | 31.650 | 999.53 ...

Core Viewpoint - Kingsoft's core business is showing a diverging trend, with significant revenue decline in its gaming segment while the office software segment experiences growth [2][5]. Financial Performance - For Q3 ending September 30, 2025, Kingsoft reported total revenue of 2.419 billion RMB, a 17% year-on-year decrease [3]. - Gross profit fell by 21% to 1.944 billion RMB, and net profit nearly halved, down 48% to 213 million RMB [2][3]. - Office software and services revenue was 1.521 billion RMB, up 26% year-on-year, accounting for 63% of total revenue [3][5]. - Network gaming and other revenues plummeted by 47% to 898 million RMB, making up 37% of total revenue [2][3]. Office Software Segment - The growth in office software revenue is attributed to the performance of WPS software, WPS 365, and personal business, driven by increased demand from private enterprises and local state-owned enterprises [5]. - As of September 30, WPS Office had 669 million monthly active devices, an 8.83% increase year-on-year [5]. - The number of paid personal users reached 41.79 million, a 10% increase from the previous year [5]. AI and R&D Investment - Kingsoft is focusing on AI development, with R&D expenses rising by 18.48% to 1.495 billion RMB, representing 35.77% of revenue [6]. - The company has launched WPS AI 3.0 and is enhancing its product offerings in AI, collaboration, and internationalization [5][6]. Gaming Segment Challenges - The gaming segment's revenue dropped significantly, with marketing expenses for Q3 reaching 564 million RMB, a 55% year-on-year increase [10]. - The decline in gaming revenue is attributed to reduced contributions from existing games and the slow market establishment of new titles [10]. - The performance of the game "Limitless Mecha" has been disappointing, with a significant drop in player engagement shortly after launch [10][12]. Competitive Landscape - The office software market is highly competitive, with products like Microsoft Office, ByteDance's Feishu, and Tencent Docs competing directly with WPS Office [8]. - Balancing commercialization and user experience remains a critical challenge for Kingsoft in the face of intense competition [8].

格隆汇11月20日丨金山软件(03888.HK)公告，11月20日耗资3999.6万港元回购142.6万股。 ...

金山软件(03888)发布公告，于2025年11月20日，该公司斥资3999.64万港元回购142.64万股股份，每股 回购价格为27.26-28.8港元。 ...

智通财经APP讯，金山软件(03888)发布公告，于2025年11月20日，该公司斥资3999.64万港元回购142.64 万股股份，每股回购价格为27.26-28.8港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 金山軟件有限公司 呈交日期： 2025年11月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03888 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有 ...

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

| 股票名称 | 收盘价 | 最低价 | 创低率 | | --- | --- | --- | --- | | ＭＢＣ比特币－Ｕ | 0.810 | 0.81 1 | -12.89% | | (09430) | | | | | 金山软件(03888) | 28.560 | 27.240 | -10.10% | | 德信服务集团(02215) | 0.360 | 0.360 | -10.00% | | 威发国际股权(02956) | 0.010 | 0.010 | -9.09% | | 民商创科(01632) | 0.074 | 0.072 | -8.86% | | 紫元元(08223) | 0.650 | 0.630 | -7.35% | | 金阳新能源(01121) | 1.150 | 1.100 | -6.78% | | 冠城钟表珠宝(00256) | 0.165 | 0.155 | -6.06% | | 皇朝家居(01198) | 0.130 | 0.129 | -5.84% | | 禾赛－Ｗ(02525) | 130.900 | 130.000 | -5.25% | | 融信中国(03301) | 0. ...

该行将其评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后，股 价的风险回报比变得更具吸引力。 中银国际发表报告指，金山软件第三季业绩逊预期，营收较预期低8%至11%，净利润较预期低26%至 55%，主要因为游戏业务疲弱，办公软件业务营收增长26%，部分抵销有关影响。该行认为，尽管金山 软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中以来股价下跌27%已 基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 ...

该行认为，尽管金山软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中 以来股价下跌27%已基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 中银国际发布研报称，金山软件(03888)今年第三季业绩逊预期，营收较预期低8%至11%，净利润较预 期低26%至55%，主要因为游戏业务疲弱，不过办公软件业务营收增长26%，部分抵销有关影响。该行 将金山软件评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后， 股价的风险回报比变得更具吸引力。 ...