财报显示，2025年前三季度，金山软件营收70.65亿元，同比下滑6.12%；净利润10.29亿元，同比下滑 5.68%。单看三季度，其单季营收为24.19亿元，同比下降17%；毛利同比下降21%至19.44亿元；净利润 同比接近"腰斩"，下降48%至2.13亿元。 尤其值得关注的是，金山软件当季"烧"掉的营销费用（销售及分销开支）达到5.64亿元，同比大涨 55%，环比大涨33%。彼时，公司在财报中表示："该等增长主要反映了与网络游戏业务相关的推广和 广告投入增加。"豪掷营销费用，但最终事与愿违。第三季度，金山软件网络游戏及其他业务收入不增 反降，达8.98亿元，同比下降47%，接近"腰斩"，且环比下降5.67%，直接拉低了集团整体营收表现。 金山软件首席执行官邹涛在当季财报中解释称，其收入下滑主要由于现有游戏的收益贡献减少，新上线 游戏处于发展初期，仍在逐步建立市场影响力。 公开资料显示，早在2020年，金山软件便将各地游戏工作室进行拆分整合，形成了两个游戏板块公司 ——西山居和金山世游，前者侧重研发、发行、运营一体化，后者围绕"IP化战略"布局，重点围绕经典 IP引进、本地化改造以及IP全产业链运营。 ...

香港联交所最新资料显示，1月19日，富国基金管理有限公司增持金山软件(03888)44.88万股，每股作价 31.0103港元，总金额约为1391.74万港元。增持后最新持股数目为7025.6万股，最新持股比例为5.02%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月19日，富国基金管理有限公司增持金山软件 (03888)44.88万股，每股作价31.0103港元，总金额约为1391.74万港元。增持后最新持股数目为7025.6万 股，最新持股比例为5.02%。 ...

本文转载自界面新闻 值班 编辑｜ 宝珠 视觉 | 顾芗 1月21日，金山世游与Rovio娱乐有限公司宣布建立战略合作伙伴关系，为《愤怒的小鸟》系列游戏全面 回归中国大陆铺平道路。该系列游戏将由金山世游独家发行并运营。 作为此次战略合作的第一步，双方共同宣布即将为中国市场推出两款核心《愤怒的小鸟》IP作品。首先 是旗舰游戏《愤怒的小鸟：经典归来》，在标志性弹弓玩法的基础上，以3D引擎、动态关卡设计和全新 魔法系统实现全面升级；同期推出的《愤怒的小鸟：梦幻爆破》则提供轻松愉快的泡泡消除解谜体验。 在去年9月25日晚的小米新品发布会上，《愤怒的小鸟2》游戏作为预配置应用被添加到小米手机新品17 Pro及17 Pro Max系列。这是时隔近四年《愤怒的小鸟》再次回到公众视野。根据小米发布的数据，《愤 怒的小鸟2》上线首月激活用户已突破10万。 愤怒的小鸟系列由Rovio于2009年开发并发行，全球下载量已突破50亿次，发展成为史上最具标志性与 影响力的移动游戏IP之一。 Rovio娱乐有限公司是一家以移动游戏为主的全球公司，专注于移动游戏的创作、开发与发行。该公司 以全球知名IP《愤怒的小鸟》（AngryBirds） ...

1月21日，金山世游与Rovio娱乐有限公司宣布建立战略合作伙伴关系，为《愤怒的小鸟》系列游戏全面回归中国大陆铺平道路。该系列游戏将由金山世游独 家发行并运营。 作为此次战略合作的第一步，双方共同宣布即将为中国市场推出两款核心《愤怒的小鸟》IP作品。首先是旗舰游戏《愤怒的小鸟：经典归来》，在标志性弹 弓玩法的基础上，以3D引擎、动态关卡设计和全新魔法系统实现全面升级；同期推出的《愤怒的小鸟：梦幻爆破》则提供轻松愉快的泡泡消除解谜体验。 在去年9月25日晚的小米新品发布会上，《愤怒的小鸟2》游戏作为预配置应用被添加到小米手机新品17 Pro及17 Pro Max系列。这是时隔近四年《愤怒的小 鸟》再次回到公众视野。根据小米发布的数据，《愤怒的小鸟2》上线首月激活用户已突破10万。 愤怒的小鸟系列由Rovio于2009年开发并发行，全球下载量已突破50亿次，发展成为史上最具标志性与影响力的移动游戏IP之一。 秒 新浪财经APP Sina Finance Mobile Version 24小时全球 下载APP ＞ re Rovio娱乐有限公司是一家以移动游戏为主的全球公司，专注于移动游戏的创作、开发与发行。该公司以 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

Group 1 - The core event was the conclusion presentation of the "Intelligent Start at Luojia: Python Kingsoft Camp" held at Wuhan University, showcasing the fruitful results of Kingsoft Group's integration of industry and education [1] - Since establishing its presence in Wuhan in 2017, Kingsoft has focused on technological innovation and deepening the construction of the "Ten Thousand R&D Center," contributing significantly to the high-quality development of Wuhan [1][2] Group 2 - Kingsoft's headquarters in Wuhan has become a key point for its layout, responding to the call of "One Million Alumni Returning to Hubei," with over 9,500 employees in collaboration with Xiaomi, steadily progressing towards the goal of a "Ten Thousand R&D Center" [2] - Kingsoft Office has upgraded WPS 365 into a global one-stop AI collaborative office platform, serving over 18,000 clients across more than 220 countries and regions [2] - Kingsoft Cloud is establishing a R&D center in Wuhan, with nearly 1,000 R&D personnel, 90% of whom are technical staff, building a full-stack cloud computing service capability [2] - The company has implemented an innovative "industry-education integration" model, collaborating with 13 universities in Wuhan to create training systems that have trained nearly 4,000 professionals over four years, averaging over 400 suitable R&D talents annually [2] Group 3 - Kingsoft plans to continue increasing R&D investment, deeply integrating into the construction of Hubei's National Science and Technology Innovation Center, and further enhancing collaborative innovation between industry, academia, and research [2]

Group 1 - The AI concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for companies such as Lion Group, which surged over 44%, and Zhipu, which rose nearly 17% [1][2] - A significant number of AI industry chain companies have been listed in the Hong Kong market since the beginning of 2026, sparking a new wave of AI investment enthusiasm and potentially leading the industry into an expansion cycle [1][2] - Open Source Securities has indicated that leveraging capital markets to enhance financing capabilities will benefit the industry by increasing investment in model research and development, thereby driving demand for computing power and accelerating the commercialization of AI applications [1] Group 2 - Institutions are increasingly optimistic about the new track of "Generative Engine Optimization" (GEO) within the AI sector, which is seen as a catalyst for the current market trend [1] - AI search is gradually transforming user decision-making paths, with implications for digital marketing, e-commerce, and the content and experience economy, all of which are expected to provide real-world scenarios for large models [1]

Group 1 - The stock of Tongdao Liepin (06100) rose by 10.17%, reflecting market recognition of its "AI recruitment strategy" and "financial stability" [1] - The restaurant sector saw significant gains, with Haidilao (06862) up 7.7%, Jiumaojiu (09922) up 5.38%, and Helens (09869) up 6.67%, driven by demand recovery since early 2023 [1] - Voice Technology (02495) surged over 10% after announcing a share issuance of 6.73 million shares at HKD 46.3 each, with approximately 50% of the proceeds allocated for R&D [1] Group 2 - Alibaba-W (09988) increased by nearly 5%, following announcements at the 2025 Cloud Summit regarding changes to hardware infrastructure in response to new market demands [1] - Hua Hong Semiconductor (01347) rose over 5.3% after announcing a plan to acquire approximately 97.5% of Huali Micro for CNY 8.268 billion [2] - Jiufang Zhitu Holdings (09636) saw an increase of nearly 8%, attributed to active market trading with a daily turnover reaching CNY 3.6 trillion [2] Group 3 - Jingtai Holdings (02228) rose over 5.5%, with a month-to-date increase of nearly 50%, following the successful dual approval of its incubated company ReviR's innovative drug RTX-117 [2] - Xun Ce (03317) briefly rose over 6%, reaching a new high of HKD 68, due to a strategic cooperation framework agreement with Jinyong Investment [2] - Alibaba Health (00241) surged over 14.2%, with a month-to-date increase exceeding 30%, following the announcement of a milestone solution in the infant vascular tumor treatment field [3] Group 4 - Bitcoin rose over 2.5%, reaching USD 93,500, with Bitcoin-related stocks also increasing, including MSTR up 6.63% and COIN up 4% [4] - GCDT, a green decarbonization technology company, saw its stock price surge 25% after its IPO, which aims to raise approximately USD 10 million for factory construction and debt repayment [4] - Lithium giant Albemarle (ALB.US) rose 4.46%, with analysts noting a reduction in concerns over its balance sheet as it achieves leverage optimization [4] Group 5 - Gold concept stocks showed mixed performance, with AngloGold Ashanti (AU.US) up 1.11% and Barrick Mining (B.US) up 1.39%, while some others declined [5] - Google (GOOGL.US) increased by 1.24% following a significant partnership with Apple to advance AI technology, with Google's Gemini model becoming a core support for future Apple devices [5] - Payment concept stocks continued to decline, with major banks also falling, amid concerns over potential impacts from proposed credit card interest rate caps [6] Group 6 - Intel (INTC.US) and AMD (AMD.US) saw initial gains of 7.33% and 6.39%, respectively, after KeyBanc Capital Markets upgraded their ratings to "overweight" [6] - Rezolve AI (RZLV.US) fell 9.23% despite raising its long-term revenue forecast, indicating significant commercialization progress [7] - Satellogic (SATL.US) declined 1.11% after a previous surge, following the announcement of a contract for two high-resolution satellites [7]

Core Viewpoint - Kingsoft Software's stock price increased by 6.23%, currently at HKD 33.42, with a trading volume of HKD 375 million [1][4] Group 1: Game Launch and Performance - On January 7, Kingsoft's subsidiary, Kingsoft Game, launched the mobile game "Goose Goose Duck" for full platform public testing [1][4] - As of January 13, the game has gained over 10 million new users within six days of launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1][4] Group 2: Financial Performance and Market Strategy - According to a report from Galaxy Securities, Kingsoft Software focuses on the "Jianxia Qinyuan" IP, with the PC game "Jian Wang 3" maintaining vitality through continuous operations [1][4] - The cross-platform version "Jian Wang 3 Wujie" has shown significant user return after its launch [1][4] - The company is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1][4] - However, the new game market shows performance divergence, leading to short-term pressure on earnings [1][4] - In the third quarter, revenue from online games and other businesses decreased by 47% year-on-year, primarily due to declining revenues from existing games like "Jie Xian Ji," while newly launched games are still in the early stages of market influence [1][4]