Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The report indicates that despite a decline in the gaming business, the dual-driven trend of WPS BC is becoming increasingly evident, with expectations for revenue recovery following optimizations [5][6] - The company's Q3 2025 revenue was 2.419 billion yuan, a year-on-year decline of 17.0%, with a net profit of 213 million yuan, down 48.5% year-on-year, primarily due to underperformance in the gaming sector and increased marketing expenses [6][7] - WPS revenue reached 1.52 billion yuan, growing 26.1% year-on-year, with significant growth in both personal and enterprise segments, indicating a potential for becoming a key player in the B-end market [6][7] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 9.909 billion yuan, with a year-on-year change of -4.0% [9] - Net profit for 2025 is forecasted at 1.4 billion yuan, reflecting a year-on-year decrease of 9.8% [9] - The company's gross margin is expected to be 80.9% in 2025, with a net margin of 14.1% [9] - The P/E ratio for 2025 is projected at 28.0 times, with a gradual decrease to 16.1 times by 2027 [9]

Core Insights - Xiaomi Group recently reported strong financial results, while Kingsoft Corporation, led by billionaire Lei Jun, delivered disappointing financial performance [2] Financial Performance - In Q3, Kingsoft's revenue decreased by 17% year-on-year to 2.419 billion yuan, with net profit nearly halved to 213 million yuan [3][5] - For the first three quarters of the year, Kingsoft's revenue fell by 6.12% to 7.065 billion yuan, and net profit decreased by 5.58% to 1.029 billion yuan [5] - The decline in performance is attributed to a significant drop in revenue from the gaming segment, which fell by 47% to 899 million yuan, accounting for 37% of total revenue [6][5] Gaming Business Challenges - The poor performance of the gaming segment is linked to the underwhelming launch of the game "Limitless Machine," which saw a drastic drop in daily active users from over 130,000 to around 1,000 [3][21] - Kingsoft's management acknowledged operational missteps during the game's launch, which contributed to its disappointing performance [3][23] Office Software Performance - In contrast, Kingsoft's office software and services segment showed resilience, generating revenue of 1.521 billion yuan, a 26% increase year-on-year [4][12] - The global monthly active devices for WPS Office reached 669 million, reflecting a 9% year-on-year growth [11] Strategic Focus - Kingsoft is focusing on enhancing its core competencies, with an emphasis on AI applications and internationalization as strategic priorities [14] - The company is also investing in AI product development, which has contributed to the growth of WPS 365 and personal business segments [13] Historical Context - Kingsoft's growth can be traced back to its founders, with Lei Jun and Qiu Bojun playing pivotal roles in its development [30] - The company has faced various challenges over the years, including competition from Microsoft and the need to diversify its offerings [34][37] Future Outlook - Kingsoft plans to continue optimizing its gaming offerings and maintaining user engagement for existing titles while preparing for the launch of international IP games [28][29] - The company’s stock performance indicates a market capitalization of 141.6 billion yuan for Kingsoft Office, significantly surpassing the parent company’s market cap of 40.1 billion HKD [40]

证券时报•数据宝统计，金山软件在港交所公告显示，11月21日以每股28.640港元至29.000港元的价格回 购34.70万股，回购金额达999.59万港元。该股当日收盘价28.640港元，上涨0.28%，全天成交额4.45亿 港元。 （原标题：金山软件(03888.HK)11月21日回购999.59万港元，年内累计回购1.32亿港元） 金山软件回购明细 | 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） | | --- | --- | --- | --- | --- | | 2025.11.21 | 34.70 | 29.000 | 28.640 | 999.59 | | 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 | ...

金山软件回购明细 | 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） | | --- | --- | --- | --- | --- | | 2025.11.21 | 34.70 | 29.000 | 28.640 | 999.59 | | 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 | | 2025.05.30 | 36.72 | 33.650 | 33.200 | 1229.73 | | 2025.05.29 | 58.20 | 35.100 | 33.600 | 1999.74 | 注：本文系新闻报道，不构 ...

金山软件(03888)公布，2025年11月21日耗资约999.59万港元回购34.7万股股份。 ...

格隆汇11月21日丨金山软件(03888.HK)公告，11月21日耗资999.6万港元回购34.7万股。 ...

智通财经APP讯，金山软件(03888)公布，2025年11月21日耗资约999.59万港元回购34.7万股股份。 ...

FF305 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 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年11月20日 | 1,400,425 ...

Market Performance - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][3]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading day [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group decreasing over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronics dropped over 3% [3]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [3]. Global Market Trends - Major European stock indices opened lower, with the Euro Stoxx 50 Index down by 1.57%, the UK FTSE 100 Index down by 1.04%, the French CAC 40 Index down by 1.29%, the German DAX 30 Index down by 1.48%, and the Italian FTSE MIB Index down by 1.48% [3]. Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD per coin, Ethereum falling nearly 11%, BNB decreasing over 8%, and Solana dropping over 12%. The total market capitalization of cryptocurrencies fell below 3 trillion USD, with Bitcoin prices dropping below the average purchase price of the US Bitcoin ETF [3].

（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 ...