游戏：预测25Q4 收入同比-32%、环比-2%，同环比降幅均收窄，《剑网3》《尘白》重点维持用户活跃 度。新游《鹅鸭杀》热度超预期，上线6 天新增玩家突破千万，根据七麦数据，该游戏1 月7 日公测至 今位居iOS 游戏下载榜前2，畅销榜60 位左右；将对26Q1 带来增量，持续关注游戏热度及后续商业化 进程。储备IP 游戏《愤怒的小鸟》等。 办公：维持此前预测，预测25Q4 收入同比+19%，延续回暖态势，其中软件业务主要受党政信创项目招 标及验收节奏加快驱动，WPS 365增长得益于协作与AI 产品线完善及民营企业、地方国企市场的深度 渗透，个人业务稳健增长。根据金山办公官微，WPS 365 正式升级为全球一站式AI 协同办公平台，将 全产品矩阵无缝整合，实现入口、集成、数据和管控的四大统一，帮助构建企业大脑。 云：根据我们最新的金山云报告，预测25Q4 收入同比+20%，经调整OP 略亏；预计26 年将延续高资本 开支，超过25 年水平。 机构：广发证券 研究员：杨琳琳/刘雪峰 盈利预测与投资建议。略调高游戏25 年收入并预测26~27 年10%左右增长，办公维持此前预测，云减 亏；预测公司25/26 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.44 HKD and a target value of 50.25 HKD [4]. Core Insights - The report anticipates a stabilization in gaming revenue, steady performance in office software, and a rebound in profits for Q4. The company is expected to see a 10% quarter-on-quarter revenue increase in Q4 2025, despite a year-on-year decline of 5% [8][10]. - The gaming segment is projected to experience a year-on-year revenue decline of 32% and a quarter-on-quarter decline of 2% in Q4 2025, with new game "Goose Duck" exceeding expectations [8][10]. - The office software segment is expected to grow by 19% year-on-year in Q4 2025, driven by government projects and the enhancement of WPS 365 as a global AI collaboration platform [8][10]. - The cloud segment is forecasted to grow by 20% year-on-year in Q4 2025, with continued high capital expenditures expected in 2026 [8][10]. Financial Forecasts - Revenue projections for the company are as follows (in million RMB): - 2023A: 8,534 - 2024A: 10,318 - 2025E: 9,730 - 2026E: 11,571 - 2027E: 13,416 - The growth rates are expected to be 11.7% for 2023, 20.9% for 2024, -5.7% for 2025, 18.9% for 2026, and 15.9% for 2027 [3][10]. - The EBITDA is projected to be 1,268 million RMB in 2023, increasing to 3,511 million RMB by 2027 [3][10]. - The net profit attributable to shareholders is expected to rise from 483 million RMB in 2023 to 2,081 million RMB in 2027, with significant growth in 2024 [3][10]. Business Segment Analysis - Gaming revenue is expected to be 3,977 million RMB in 2023, with a decline to 3,768 million RMB in 2025, followed by a recovery to 4,239 million RMB in 2026 [9][10]. - Office revenue is projected to grow from 4,557 million RMB in 2023 to 5,962 million RMB in 2025, and further to 7,332 million RMB in 2026 [9][10]. - The cloud segment is anticipated to generate significant growth, with revenue expected to reach 12,215 million RMB by 2026 [9][10]. Valuation and Investment Recommendation - The report suggests a valuation of 50.25 HKD per share based on a combination of gaming, office, and cloud business valuations, applying a PE ratio of 13x for gaming, 35x for office, and 3x PS for cloud [12][16]. - The overall recommendation remains "Buy" based on the expected performance and growth potential of the company [12].

中经记者 李哲 北京报道 "你抢到《鹅鸭杀》极品ID了吗？""这两天有没有在朋友圈被一只鹅刷屏？" 近日，备受玩家期待的多人在线社交推理手游《鹅鸭杀》开启全平台公测。这款2021年上线Steam客户 端的游戏，在其手游端上线后迅速刷屏。 《中国经营报》记者注意到，《鹅鸭杀》手游由金山世游独家代理、虎牙联合发行，其上线仅6日新增 用户便突破千万，同时最高在线人数（PCU）已超越Steam端历史峰值。 游戏产业时评人张书乐向记者表示，此次金山世游与虎牙的联合发行模式，打破了传统游戏"买量"获客 的路径。《鹅鸭杀》的爆火，通过内容驱动游戏发行，从被动变为主动，成为该游戏的一大亮点。 爆火"破圈" 据金山世游统计，《鹅鸭杀》手游上线仅6日新增用户便突破千万，累计斩获全网热搜近百个，并在多 个主流平台登顶榜单TOP1，成为2026年首款"破圈"手游。 《鹅鸭杀》由Gaggle Studios开发，2021年首次登录Steam平台。该游戏玩法类似"狼人杀"，玩家分为好 人（鹅）阵营、坏人（鸭）阵营和中立阵营。游戏过程中，玩家被分配不同的角色，区别于"狼人杀"的 玩法，《鹅鸭杀》设置了30多种游戏职业，除了好人（鹅）和坏人 ...

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%。 ...

Group 1 - The core viewpoint of the article is the strategic partnership between Kingsoft Game and Rovio Entertainment, aimed at reintroducing the "Angry Birds" series to the Chinese mainland market [2] - As the first step of this partnership, two core "Angry Birds" IP titles are set to launch in China: "Angry Birds: Classic Return," which features a 3D engine and dynamic level design, and "Angry Birds: Dream Blast," a bubble-popping puzzle game [2] - Rovio Entertainment, known for the "Angry Birds" IP, has expanded its brand from mobile games to various sectors including animation, consumer products, and brand licensing since its inception in 2009 [3] Group 2 - Kingsoft Game, established in 2020 as a subsidiary of Kingsoft Corporation, has launched several products and recently released the social deduction game "Goose Duck Kill," which gained over 5 million new registered users within 24 hours of its launch [4] - "Angry Birds 2" was reintroduced to the public during Xiaomi's product launch event, achieving over 100,000 active users in its first month [3] - The "Angry Birds" series has surpassed 5 billion downloads globally, making it one of the most iconic mobile game IPs in history [3]

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]