Core Viewpoint - Kingsoft Corporation (03888) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company plans to repurchase 892,400 shares at a total cost of HKD 19.9969 million [1] - The buyback price is set at HKD 22.26 per share [1] - The buyback is scheduled to be completed by March 31, 2026 [1]

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： 2026年3月31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 | 佔有關 ...

Group 1 - The company Kingsoft (03888) announced a share buyback plan, spending HKD 29.9979 million to repurchase 1.3224 million shares at a price range of HKD 22.42 to HKD 22.88 per share [2] - On March 27, 2026, the company issued 16,500 ordinary shares due to the vesting of awarded shares under the revised share incentive plan dated July 5, 2021, excluding company directors [2]

Group 1 - The core point of the article is that Kingsoft Corporation (03888.HK) announced a share buyback on March 30, spending HKD 29.998 million to repurchase 1.322 million shares [1] Group 2 - The buyback reflects the company's strategy to enhance shareholder value and indicates confidence in its future performance [1] - The repurchased shares represent a significant investment in the company's own equity, which may positively influence market perception [1] - The transaction details include the specific amount spent and the number of shares repurchased, highlighting the company's active management of its capital structure [1]

Group 1 - The company, Kingsoft Corporation (03888), announced a share buyback plan, spending HKD 29.9979 million to repurchase 1.3224 million shares at a price range of HKD 22.42 to HKD 22.88 per share [1] - On March 27, 2026, the company issued 16,500 ordinary shares due to the vesting of awarded shares under the revised share incentive plan dated July 5, 2021, excluding company directors [1]

| 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 | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | | 2026年2月28日 | | 1,400,425,790 | | 0 | | | 1,400,425,790 | | 1). 購回股份 (股份購回並註銷) | | | | -18,627,800 | 1.33 % | ...

Group 1 - The core viewpoint of the report is that CICC maintains an "outperform" rating for Kingsoft Corporation (03888), while lowering the target price by 18% to HKD 32, corresponding to a 28x P/E ratio for 2026 [1] - The company is currently trading at a 21x P/E ratio for 2026, indicating a potential upside of 35% [1] - Revenue for 2026 is revised down by 7.1% to RMB 10.14 billion, reflecting a more cautious outlook on short-term growth in the gaming business [1] - The net profit attributable to shareholders for 2026 is raised by 26.8% to RMB 1.42 billion, considering potential investment income recognition [1] - Revenue forecasts for 2027 are introduced at RMB 11.34 billion, with net profit attributable to shareholders projected at RMB 1.01 billion [1] Group 2 - Kingsoft Corporation reported Q4 2025 earnings with revenue of RMB 2.62 billion, a year-on-year decline of 6.2%, which met market expectations [2] - Operating profit for the quarter was RMB 514 million, down 53.5% year-on-year, but exceeded market expectations due to better-than-expected contributions from the office business [2] - The office business saw revenue growth of 16.6% year-on-year and 15.1% quarter-on-quarter, with all three core business segments showing growth [2] - The gaming business experienced a revenue decline of 32.8% year-on-year and 3.3% quarter-on-quarter, attributed to a high base from the previous year and a decrease in existing game revenue [2] - The quarterly operating profit margin reached 19.6%, down 20.0 percentage points year-on-year but up 8.2 percentage points quarter-on-quarter, primarily due to increased AI investments and marketing expenses [2] - The net profit margin attributable to shareholders was 37.2%, up 20.8 percentage points year-on-year and 28.4 percentage points quarter-on-quarter, mainly due to a one-time gain from the disposal of Kingsoft Cloud shares [2] - The game "Goose Goose Duck" launched in January 2026, attracting over 30 million new users and topping the iOS free chart for two consecutive months [2] - Management anticipates continued double-digit growth in office business revenue, while short-term pressures on the gaming business may persist [2]

Core Viewpoint - Kingsoft's Q4 2025 performance showed revenue in line with market expectations but operating profit exceeded expectations, primarily driven by strong contributions from the office business [1] Performance Review - Q4 2025 revenue was 2.62 billion yuan, a year-on-year decline of 6.2%, meeting market expectations [1] - Operating profit reached 514 million yuan, down 53.5% year-on-year, but exceeded market expectations due to better-than-expected profit contributions from the office business [1] Development Trends - The office business experienced accelerated growth, with Q4 revenue increasing by 16.6% year-on-year and 15.1% quarter-on-quarter, driven by growth across three core areas [1] - Kingsoft's focus on the office AI sector resulted in a significant increase in WPS AI monthly active users, reaching 80.13 million, a 307% year-on-year growth, with daily token usage exceeding 200 billion, a twelvefold increase [1] - The gaming business faced short-term pressure, with Q4 revenue declining by 32.8% year-on-year and 3.3% quarter-on-quarter, attributed to a high base from the previous year and a decline in existing game revenues [1] - The new game "Duck Duck Goose" is set to launch in January 2026, having already attracted over 30 million users and topping the iOS free chart for two consecutive months [1] - Management indicated plans to continue investing in flagship IPs, moderately scale back certain projects, and deepen AI applications in game development [1] - For Q1 2026, the office business is expected to maintain double-digit growth, while the gaming business may continue to face short-term challenges [1] Profitability Pressure - Q4 operating profit margin was 19.6%, down 20.0 percentage points year-on-year and up 8.2 percentage points quarter-on-quarter, primarily due to increased AI investments and marketing expenses [2] - The net profit margin attributable to shareholders was 37.2%, reflecting a year-on-year increase of 20.8 percentage points and a quarter-on-quarter increase of 28.4 percentage points, mainly due to a one-time gain from Kingsoft Cloud's asset disposal [2] Earnings Forecast and Valuation - Revenue forecast for 2026 was revised down by 7.1% to 10.14 billion yuan, reflecting a cautious outlook on the gaming business [2] - The net profit attributable to shareholders for 2026 was raised by 26.8% to 1.42 billion yuan, with 2027 revenue forecasted at 11.34 billion yuan and net profit at 1.01 billion yuan [2] - The target price was adjusted down by 18% to 32 HKD, based on a 2026 SOTP valuation, with an increased group discount rate from 50% to 55% due to uncertainties in the gaming business [2] - The company is currently trading at 21 times the 2026 price-to-earnings ratio, indicating a potential upside of 35% [2]

金山软件 杜博先生(杜先生)已获委任为独立非执行董事兼提名委员会、薪酬委员会、审核委员会以及环境、社会 及管治委员会成员，自2026年3月26日起生效。 分时图 日K线 周K线 月K线 23.74 -0.24 -1.00% 2.50% 1.67% 0.83% 0.00% 0.83% 1.67% 2.50% 23.38 23.58 23.78 23.98 24.18 24.38 24.58 09:30 10:30 12:00/13:00 14:00 16:10 0 15万 30万 45万 自2026年3月26日起，雷军先生已获委任为提名委员会主席，而陈作涛先生已获委任为本公司薪酬委员 会主席及提名委员会成员。 金山软件(03888)发布公告，由于其他个人工作事宜，王舜德先生(王先生)已提出辞任独立非执行董事、 提名委员会及薪酬委员会主席，以及审核委员会及环境、社会及管治委员会成员，自2026年3月26日起 生效。 ...

每经AI快讯，3月26日，截至发稿，金山软件(03888.HK)涨7.76%。 ...