香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 Kingsoft Corporation Limited 金山軟件有限公司 （於開曼群島持續經營的有限公司） （股份代號：03888） 內幕消息： 北京金山辦公軟件股份有限公司 截至二零二五年六月三十日止六個月的 主要財務資料及指標 本公告乃由金山軟件有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09(2)(a)條及證券及期貨條例（香港法例第571章）第XIVA部內幕消息條 文（定義見上市規則）而作出。 2 二、主要財務指標 | | | | 本報告期 | | --- | --- | --- | --- | | | 本報告期 | | 比上年同期 | | 主要財務指標 | （1–6月） | 上年同期 | 增減（%） | | 基本每股收益（元╱股） | 1.62 | 1.56 | 3.85 | | 稀釋每股收益（元╱股） | 1.61 | 1.56 | 3.21 | | ...

雷军在8月18日的开园仪式上，对在场的嘉宾和媒体表示，武汉金山软件园的快速发展，不仅得益于当 地良好的营商环境和政策支持，更离不开每一位员工的辛勤付出和卓越贡献。他强调，小米和金山在武 汉的布局，是公司长期发展战略的重要组成部分，旨在通过集聚人才和创新资源，推动企业的持续发展 和产业升级。 据雷军介绍，未来3至5年内，金山和小米在武汉的员工数量都将有望突破万人大关。这一雄心勃勃的规 划，不仅彰显了公司对武汉市场的坚定信心，也预示着金山武汉总部将在未来发挥更加重要的角色和作 用。随着员工规模的不断扩大和研发实力的不断增强，金山武汉总部有望为公司带来更多的创新成果和 业绩增长。 在武汉金山软件园的盛大开园典礼上，小米集团创始人兼CEO、金山集团董事长雷军透露了一项重要信 息。他表示，小米与金山在武汉的员工总数已接近9500人，并预计在年底前将这一数字推升至万人规 模。这一里程碑式的增长，预示着金山武汉总部正迅速崛起，成为金山集团内部规模最大的研发中心之 一。 ...

格隆汇8月20日｜金山软件(3888.HK)二季度营收23.1亿元，同比下降7%，环比下降1%，预估24.6亿 元；第二季度净利润5.324亿元。金山软件上半年营收46.5亿元，上半年净利润8.163亿元。 ...

Core Insights - Kingsoft Software (03888.HK) reported a revenue of RMB 2,307.4 million for Q2 2025, representing a year-on-year decline of 7% and a quarter-on-quarter decline of 1% [1] - The office software and services segment generated revenue of RMB 1,355.7 million, showing a year-on-year growth of 14% and a quarter-on-quarter growth of 4% [1] - The gaming and other businesses segment reported revenue of RMB 951.8 million, reflecting a year-on-year decline of 26% and a quarter-on-quarter decline of 8% [1] Revenue Breakdown - The growth in the office software segment was driven by the performance of WPS 365 and personal WPS business, attributed to enhanced product capabilities, quality service, and deep penetration into industry and business scenarios [1] - The decline in gaming revenue was primarily due to high comparative figures from the previous year for games like "Chasing White Zone" and "Sword Network 3" [1] Cost and Profitability - R&D expenses for Q2 2025 amounted to RMB 853.8 million, an increase of 15% year-on-year and 3% quarter-on-quarter, driven by ongoing investments in AI and collaboration capabilities [1] - The operating profit before share-based compensation costs was RMB 453.7 million, down 48% year-on-year and 31% quarter-on-quarter [2] - The profit attributable to the parent company was RMB 532.4 million, compared to RMB 393.4 million in Q2 2024 and RMB 283.9 million in Q1 2025 [2]

2025年上半年研发成本为16.82亿元，较上年同期增长16%。该增长主要由于金山办公集团的员工人数 增加、新游戏品类的外包开支增加以及AI相关开支增加。 于2025年上半年，实现收益46.45亿元，同比增加0.75%;毛利37.72亿元;股东应占溢利8.16亿元，同比增 加20.41%;每股基本盈利0.6元。 2025年上半年来自办公软件及服务业务的收益为26.57亿元，较上年同期增长10%。该增长主要是由于 金山办公集团的WPS个人及WPS365业务的增长。WPS个人业务的稳健增长主要归因于增强的产品力、 更好的用户体验以及优化的商业策略。WPS365业务的强劲增长主要归因于增强的产品力，优质的服 务，以及典型解决方案在行业和业务场景的复制及推广。 金山软件(03888)发布截至2025年6月30日止三个月及六个月业绩，于2025年第二季度，实现收益23.07亿 元(人民币，下同);毛利18.54亿元;股东应占溢利5.32亿元，同比增加35.36%;每股基本盈利0.39元。 公司董事长雷军先生表示："第二季度，我们围绕既定战略稳步推进核心业务，坚定布局未来。金山办 公集团以'AI、协作、国际化'为战略重点 ...

智通财经APP讯，金山软件(03888)发布截至2025年6月30日止三个月及六个月业绩，于2025年第二季 度，实现收益23.07亿元(人民币，下同);毛利18.54亿元;股东应占溢利5.32亿元，同比增加35.36%;每股基 本盈利0.39元。 于2025年上半年，实现收益46.45亿元，同比增加0.75%;毛利37.72亿元;股东应占溢利8.16亿元，同比增 加20.41%;每股基本盈利0.6元。 2025年上半年来自办公软件及服务业务的收益为26.57亿元，较上年同期增长10%。该增长主要是由于 金山办公集团的WPS个人及WPS365业务的增长。WPS个人业务的稳健增长主要归因于增强的产品力、 更好的用户体验以及优化的商业策略。WPS365业务的强劲增长主要归因于增强的产品力，优质的服 务，以及典型解决方案在行业和业务场景的复制及推广。 2025年上半年研发成本为16.82亿元，较上年同期增长16%。该增长主要由于金山办公集团的员工人数 增加、新游戏品类的外包开支增加以及AI相关开支增加。 公司董事长雷军先生表示："第二季度，我们围绕既定战略稳步推进核心业务，坚定布局未来。金山办 公集团以'AI、协作 ...

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20%26%20Report%20Overview) [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) Kingsoft Corporation Limited (Stock Code: 03888) announced its unaudited results for the three and six months ended June 30, 2025, detailing its incorporation in 1998 and HKEX listing in 2007 - Kingsoft Corporation Limited (Stock Code: **03888**) announced its unaudited results for the three and six months ended **June 30, 2025**[2](index=2&type=chunk) - The company was incorporated on **March 20, 1998**, re-domiciled to the Cayman Islands on **November 15, 2005**, and listed on the Main Board of the Hong Kong Stock Exchange on **October 9, 2007**[10](index=10&type=chunk) [Basis of Preparation and Accounting Policies](index=9&type=section&id=Basis%20of%20Preparation%20%26%20Accounting%20Policies) The interim consolidated financial statements are prepared under IAS 34, to be read with the 2024 annual statements, with IAS 21 (Amendment) adopted without significant impact - The condensed interim consolidated financial statements are prepared in accordance with **International Accounting Standard 34** and should be read in conjunction with the annual consolidated financial statements as of **December 31, 2024**[12](index=12&type=chunk) - The group first adopted **International Accounting Standard 21 (Amendment) 'Lack of Exchangeability'** this period, which had **no significant financial impact** on the Group[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, total revenue reached **RMB 4,645.4 million**, growing **0.75%**, while profit attributable to owners of the parent increased **20.41%** to **RMB 816.3 million** Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,645,407 | 4,610,641 | +0.75% | | Operating Profit | 984,111 | 1,395,615 | -29.50% | | Profit Before Tax | 1,360,710 | 1,288,837 | +5.57% | | Profit for the Period | 1,208,126 | 1,198,130 | +0.83% | | Profit Attributable to Owners of the Parent | 816,314 | 677,923 | +20.41% | | Basic Earnings Per Share (RMB Yuan) | 0.60 | 0.51 | +17.65% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income decreased **8.00%** to **RMB 1,130.1 million**, while comprehensive income attributable to owners of the parent increased **5.79%** to **RMB 747.5 million** Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 1,208,126 | 1,198,130 | +0.83% | | Other Comprehensive Income/(Loss) for the Period (After Tax) | (77,983) | 29,902 | -361.46% | | Total Comprehensive Income for the Period | 1,130,143 | 1,228,032 | -8.00% | | Attributable to Owners of the Parent | 747,489 | 706,576 | +5.79% | | Non-controlling Interests | 382,654 | 521,456 | -26.62% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities increased **9.7%** to **RMB 32,429.6 million**, with net assets growing **9.77%** to **RMB 31,189.0 million** compared to year-end 2024 Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 8,557,580 | 8,044,078 | +6.38% | | Total Current Assets | 28,907,624 | 30,240,397 | -4.39% | | Total Current Liabilities | 5,035,584 | 8,716,614 | -42.23% | | Net Current Assets | 23,872,040 | 21,523,783 | +10.91% | | Net Assets | 31,189,009 | 28,412,402 | +9.77% | | Total Equity | 31,189,009 | 28,412,402 | +9.77% | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent increased **11.9%** to **RMB 25,124.0 million**, with total comprehensive income for the period at **RMB 1,130.1 million** - As of June 30, 2025, total equity attributable to owners of the parent amounted to **RMB 25,123,970 thousand**, an increase of **11.9%** from **RMB 22,456,276 thousand** as of January 1, 2025[7](index=7&type=chunk) - Total comprehensive income for the period was **RMB 1,130,143 thousand**[7](index=7&type=chunk) - In the first half of 2025, the company issued new shares through the conversion of convertible bonds and conducted share repurchases[7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased **51.62%** to **RMB 664.9 million**, while investing activities generated **RMB 1,917.5 million**, with period-end cash and cash equivalents at **RMB 4,592.7 million** Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 664,862 | 1,374,262 | -51.62% | | Net Cash Flow from Investing Activities (Generated From / Used In) | 1,917,486 | (6,787,751) | Turnaround to positive | | Net Cash Flow Used in Financing Activities | (1,676,506) | (869,442) | +92.82% | | Net Increase/(Decrease) in Cash and Cash Equivalents | 905,842 | (6,282,931) | Turnaround to positive | | Cash and Cash Equivalents at End of Period | 4,592,697 | 2,430,983 | +89.09% | [Notes to Financial Statements](index=9&type=section&id=Notes%20to%20Financial%20Statements) [Operating Segments](index=11&type=section&id=Operating%20Segments) The Group operates in two reportable segments: office software and services, and entertainment software and others, with H1 2025 revenues of **RMB 2,657.1 million** and **RMB 1,988.3 million** respectively - The Group's business is divided into two reportable operating segments: **office software and services** (WPS Office, WPS 365, WPS AI, etc.) and **entertainment software and others** (game development and services)[13](index=13&type=chunk)[20](index=20&type=chunk) Operating Segment Revenue and Performance (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Performance (RMB thousands) | 2024 Performance (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Office Software and Services | 2,657,122 | 2,413,079 | 656,834 | 640,228 | | Entertainment Software and Others | 1,988,285 | 2,197,562 | 326,435 | 753,612 | | **Total** | **4,645,407** | **4,610,641** | **983,269** | **1,393,840** | [Profit Before Tax Details](index=12&type=section&id=Profit%20Before%20Tax%20Details) For the six months ended June 30, 2025, profit before tax was **RMB 1,360.7 million**, with significant deductions including **RMB 2,160.5 million** for employee benefits and **RMB 54.3 million** for interest expenses Key Deductions from Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses | 2,160,535 | 1,997,549 | | Depreciation of Property, Plant and Equipment | 80,507 | 75,609 | | Interest on Lease Liabilities, Convertible Bonds and Other Liabilities | 54,345 | 88,334 | | Impairment of Trade and Other Receivables | 3,199 | 1,597 | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense significantly increased to **RMB 152.6 million**, primarily due to deferred tax expense from the deemed disposal of Kingsoft Cloud Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax | 109,536 | 210,060 | | Deferred Income Tax | 43,048 | (119,353) | | **Income Tax Expense** | **152,584** | **90,707** | - The increase in income tax expense was primarily due to the accrued deferred tax expense arising from the **deemed disposal of Kingsoft Cloud** in the **second quarter of 2025**[44](index=44&type=chunk)[56](index=56&type=chunk) [Dividends Policy](index=13&type=section&id=Dividends%20Policy) The **2024 final dividend of HKD 0.15 per share** was paid on **May 29, 2025**, totaling **RMB 190.5 million**, while no interim dividend was declared for the first half of 2025 - The **2024 final dividend of HKD 0.15 per ordinary share** was approved by shareholders on **May 29, 2025**, with an actual payment of **RMB 190.5 million**[24](index=24&type=chunk) - The Board has resolved **not to declare any interim dividend** for the six months ended **June 30, 2025**[24](index=24&type=chunk) [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share increased to **RMB 0.60**, and diluted earnings per share rose to **RMB 0.59**, both up from the prior period Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB Yuan) | 2024 (RMB Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.60 | 0.51 | +17.65% | | Diluted Earnings Per Share | 0.59 | 0.49 | +20.41% | - Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares outstanding[25](index=25&type=chunk) [Trade Receivables and Payables](index=15&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, total trade receivables were **RMB 732.5 million**, while total trade payables stood at **RMB 594.7 million** Trade Receivables Aging Analysis (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 224,190 | 211,974 | | 31 to 60 days | 76,683 | 81,886 | | 61 to 90 days | 18,688 | 42,522 | | 91 to 365 days | 213,316 | 162,367 | | 1 to 2 years | 129,710 | 141,409 | | Over 2 years | 69,950 | 57,912 | | **Total** | **732,537** | **698,070** | Trade Payables Aging Analysis (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 224,487 | 165,181 | | 31 to 60 days | 110,535 | 69,328 | | 61 to 90 days | 35,342 | 44,993 | | 91 to 365 days | 149,500 | 129,407 | | Over 1 year | 74,848 | 69,472 | | **Total** | **594,712** | **478,381** | [Convertible Bonds](index=16&type=section&id=Convertible%20Bonds) The **HKD 3,100 million** five-year convertible bonds issued in 2020 matured and were fully redeemed on **April 29, 2025**, with **HKD 2,274 million** converted to shares and **HKD 826 million** redeemed - The **HKD 3,100 million** five-year convertible bonds issued in **2020** matured and were **fully redeemed** on **April 29, 2025**[29](index=29&type=chunk)[30](index=30&type=chunk) - As of April 17, 2025, approximately **HKD 2,274 million** in principal was converted into **65,401,193 shares** at **HKD 34.77 per share**[30](index=30&type=chunk) - The remaining outstanding convertible bonds of approximately **HKD 826 million** were redeemed by the company[30](index=30&type=chunk) [Financial Summary and Performance Analysis](index=17&type=section&id=Financial%20Summary%20%26%20Performance%20Analysis) [Q2 2025 Performance Comparison](index=18&type=section&id=Q2%202025%20Performance%20Comparison) In Q2 2025, total revenue declined **7%** to **RMB 2,307.4 million**, with office software revenue up **14%** and network games down **26%**, while profit attributable to owners of the parent increased **35.3%** to **RMB 532.4 million** Q2 2025 Key Financial Data (Year-on-Year/Quarter-on-Quarter) | Indicator | Q2 2025 (RMB thousands) | Q2 2024 (RMB thousands) | Year-on-Year Change (%) | Q1 2025 (RMB thousands) | Quarter-on-Quarter Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,307,412 | 2,473,766 | -6.73% | 2,337,995 | -1.31% | | Office Software and Services Revenue | 1,355,653 | 1,187,730 | +14.14% | 1,301,469 | +4.16% | | Network Games and Other Revenue | 951,759 | 1,286,036 | -25.99% | 1,036,526 | -8.18% | | Operating Profit | 382,658 | 794,037 | -51.84% | 601,453 | -36.38% | | Profit Attributable to Owners of the Parent | 532,440 | 393,353 | +35.36% | 283,874 | +87.56% | [Q2 Revenue Analysis](index=20&type=section&id=Q2%20Revenue%20Analysis) - In **Q2 2025**, total revenue was **RMB 2,307.4 million**, a **7% year-on-year decrease** and a **1% quarter-on-quarter decrease**[35](index=35&type=chunk) - Office software and services business revenue increased by **14% year-on-year**, primarily due to the growth of **WPS 365** and **WPS personal business**, driven by enhanced product capabilities, industry penetration for WPS 365, and improved AI features and user experience for WPS personal business[35](index=35&type=chunk) - Network games and other business revenue decreased by **26% year-on-year**, mainly due to the **high base effect** of ACG game 'Snowbreak: Containment Zone' and 'Jian Wang 3' in **Q2 2024**[35](index=35&type=chunk) [Q2 Cost of Revenue and Gross Profit](index=20&type=section&id=Q2%20Cost%20of%20Revenue%20%26%20Gross%20Profit) - In **Q2 2025**, cost of revenue was **RMB 453.8 million**, a **5% year-on-year increase** and an **8% quarter-on-quarter increase**, primarily due to increased server, bandwidth, and procurement costs driven by the growth of Kingsoft Office Group's business[36](index=36&type=chunk) - Gross profit was **RMB 1,853.6 million**, a **9% year-on-year decrease**, with a gross profit margin of **80%**, down **3 percentage points** year-on-year[36](index=36&type=chunk) [Q2 Operating Expenses](index=21&type=section&id=Q2%20Operating%20Expenses) - Research and development costs were **RMB 853.8 million**, a **15% year-on-year increase**, driven by continuous investment in **AI and collaboration capabilities** and increased investment in **new game categories**[37](index=37&type=chunk) - Sales and distribution expenses were **RMB 424.0 million**, a **12% year-on-year increase**, primarily due to increased marketing and promotional activities for Kingsoft Office Group and pre-launch activities for new games[38](index=38&type=chunk) - Administrative expenses were **RMB 173.6 million**, a **12% year-on-year increase**, mainly due to increased personnel-related expenses for Kingsoft Office Group[39](index=39&type=chunk) - Share-based compensation expenses were **RMB 71.1 million**, a **13% year-on-year decrease** and a **32% quarter-on-quarter increase**, primarily due to the grant of award shares to selected employees of certain subsidiaries during the quarter[40](index=40&type=chunk) [Q2 Other Income and Associates' Results](index=21&type=section&id=Q2%20Other%20Income%20%26%20Associates'%20Results) - In **Q2 2025**, net other income was **RMB 442.9 million**, primarily due to the recognition of a gain from the **deemed disposal of Kingsoft Cloud** arising from the dilutive effect of Kingsoft Cloud's new share issuance[42](index=42&type=chunk) - Share of losses of associates was **RMB 170.1 million**, largely consistent with the prior period[43](index=43&type=chunk) [Q2 Profit Attributable to Owners of the Parent](index=21&type=section&id=Q2%20Profit%20Attributable%20to%20Parent%20Owners) - In **Q2 2025**, profit attributable to owners of the parent was **RMB 532.4 million**, a **35.3% year-on-year increase**[45](index=45&type=chunk) - Profit attributable to owners of the parent before share-based compensation expenses was **RMB 569.6 million**, with a net profit margin of **25%**[46](index=46&type=chunk) [H1 2025 Performance Comparison](index=23&type=section&id=H1%202025%20Performance%20Comparison) In H1 2025, total revenue grew **1%** to **RMB 4,645.4 million**, with office software revenue up **10%** and network games down **10%**, while profit attributable to owners of the parent increased **20.4%** to **RMB 816.3 million** H1 2025 Key Financial Data (Year-on-Year) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,645,407 | 4,610,641 | +0.75% | | Office Software and Services Revenue | 2,657,122 | 2,413,079 | +10.11% | | Network Games and Other Revenue | 1,988,285 | 2,197,562 | -9.52% | | Operating Profit | 984,111 | 1,395,615 | -29.50% | | Profit Attributable to Owners of the Parent | 816,314 | 677,923 | +20.41% | [H1 Revenue Analysis](index=23&type=section&id=H1%20Revenue%20Analysis) - In **H1 2025**, total revenue was **RMB 4,645.4 million**, a **1% year-on-year increase**[47](index=47&type=chunk) - Office software and services business revenue increased by **10% year-on-year**, primarily due to the growth of **WPS personal business** (product capabilities, user experience, commercial strategy optimization) and **WPS 365 business** (product capabilities, services, solution promotion)[47](index=47&type=chunk) - Network games and other business revenue decreased by **10% year-on-year**, mainly due to the **high base effect** of 'Snowbreak: Containment Zone' and 'JX World: Origin' in **H1 2024**, partially offset by the growth of 'Jian Wang 3'[47](index=47&type=chunk) [H1 Cost of Revenue and Gross Profit](index=23&type=section&id=H1%20Cost%20of%20Revenue%20%26%20Gross%20Profit) - In **H1 2025**, cost of revenue was **RMB 873.2 million**, a **5% year-on-year increase**, primarily due to increased server, bandwidth, and channel costs driven by the growth of Kingsoft Office Group's business[48](index=48&type=chunk) - Gross profit was **RMB 3,772.2 million**, consistent with the prior period, with a gross profit margin of **81%**, down **1 percentage point** year-on-year[48](index=48&type=chunk) [H1 Operating Expenses](index=23&type=section&id=H1%20Operating%20Expenses) - Research and development costs were **RMB 1,681.6 million**, a **16% year-on-year increase**, primarily due to increased headcount at Kingsoft Office Group, higher outsourcing expenses for new game categories, and increased AI-related expenses[49](index=49&type=chunk) - Sales and distribution expenses were **RMB 764.5 million**, a **19% year-on-year increase**, primarily due to increased promotion and advertising efforts to support pre-launch activities for new games[50](index=50&type=chunk) - Administrative expenses were **RMB 333.9 million**, a **6% year-on-year increase**[51](index=51&type=chunk) - Share-based compensation expenses were **RMB 124.8 million**, a **21% year-on-year decrease**[52](index=52&type=chunk) [H1 Other Income and Associates' Results](index=24&type=section&id=H1%20Other%20Income%20%26%20Associates'%20Results) - In **H1 2025**, net other income was **RMB 420.6 million**, compared to a loss of **RMB 16.6 million** in the prior period, primarily due to the dilutive effect of Kingsoft Cloud's new share issuance[54](index=54&type=chunk) - Share of losses of associates was **RMB 322.8 million**, a narrowing from a loss of **RMB 337.9 million** in the prior period[55](index=55&type=chunk) [H1 Profit Attributable to Owners of the Parent](index=24&type=section&id=H1%20Profit%20Attributable%20to%20Parent%20Owners) - In **H1 2025**, profit attributable to owners of the parent was **RMB 816.3 million**, a **20.4% year-on-year increase**[57](index=57&type=chunk) - Profit attributable to owners of the parent before share-based compensation expenses was **RMB 885.6 million**, with a net profit margin of **19%**[58](index=58&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20%26%20Financial%20Resources) [Cash Position and Gearing Ratio](index=25&type=section&id=Cash%20Position%20%26%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances totaled **RMB 22,594.0 million**, with total cash resources at **RMB 25,156.2 million**, and a gearing ratio of **17%**, down from **26%** at year-end 2024 - As of **June 30, 2025**, the Group's cash and bank balances were **RMB 22,594.0 million**, with restricted cash of **RMB 3.0 million**[59](index=59&type=chunk) - The Group's total cash resources (including cash and bank balances, restricted cash, and financial assets measured at fair value through profit or loss) amounted to **RMB 25,156.2 million**[60](index=60&type=chunk) - The gearing ratio was **17%**, a **significant decrease** from **26%** as of **December 31, 2024**[59](index=59&type=chunk) [Operating Cash Flow and Capital Expenditure](index=25&type=section&id=Operating%20Cash%20Flow%20%26%20Capital%20Expenditure) For the six months ended June 30, 2025, net cash from operating activities decreased **51.6%** to **RMB 664.9 million**, while cash used for capital expenditure increased **23.3%** to **RMB 202.6 million** - For the six months ended **June 30, 2025**, net cash generated from operating activities was **RMB 664.9 million**, a **51.6% year-on-year decrease**[62](index=62&type=chunk) - Cash used for capital expenditure was **RMB 202.6 million**, a **23.3% year-on-year increase**[63](index=63&type=chunk) [Foreign Currency Risk Management](index=25&type=section&id=Foreign%20Currency%20Risk%20Management) As of June 30, 2025, the Group held **RMB 4,191.3 million** in non-RMB denominated financial assets, facing foreign exchange rate fluctuation risks due to a lack of cost-effective hedging - As of **June 30, 2025**, the Group held financial assets denominated in non-RMB currencies, primarily deposits, totaling **RMB 4,191.3 million**[61](index=61&type=chunk) - Due to the **lack of cost-effective hedging measures**, the Group is exposed to the risk of losses arising from **foreign exchange rate fluctuations**[61](index=61&type=chunk) [Business Review and Outlook](index=26&type=section&id=Business%20Review%20%26%20Outlook) [Overall Strategy and Management Comments](index=26&type=section&id=Overall%20Strategy%20%26%20Management%20Comments) Chairman Mr. Lei Jun highlighted steady progress in core businesses, with Kingsoft Office focusing on **AI, collaboration, and internationalization**, and network games on content innovation and global expansion, while CEO Mr. Zou Tao noted robust office software growth and high base effects for network games in Q2 - Chairman **Mr. Lei Jun** stated that the company is steadily advancing its core businesses around established strategies and firmly planning for the future, with **Kingsoft Office Group** focusing on **'AI, Collaboration, and Internationalization'** as strategic priorities, and the **network games business** continuing **content innovation and global expansion**[64](index=64&type=chunk) - CEO **Mr. Zou Tao** noted that **Q2 total revenue decreased by 7% year-on-year**, with **office software and services revenue increasing by 14% year-on-year**, while **network games and other business revenue decreased by 26% year-on-year** due to a high base effect[64](index=64&type=chunk) [Office Software and Services Business](index=17&type=section&id=Office%20Software%20%26%20Services%20Business) In June 2025, global WPS Office MAU reached **651 million** (up **9%**), with cumulative paying users at **41.79 million** (up **10%**), driven by the launch of **WPS AI 3.0** and **'WPS Lingxi'**, and R&D for a new international version WPS Office Operating Data (As of June) | Indicator | June 2025 | June 2024 | Year-on-Year Change (%) | March 2025 | Quarter-on-Quarter Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Global WPS Office Monthly Active Devices (millions) | 651 | 600 | +8.50% | 647 | +0.62% | | Cumulative Paying Users (millions) | 41.79 | 38.15 | +9.54% | N/A | N/A | - The company launched **WPS AI 3.0** and the native Office AI assistant **'WPS Lingxi'**, achieving native embedding of AI capabilities and deep participation in office workflows, marking a shift from tool-based AI applications to collaborative intelligent agents[64](index=64&type=chunk) - **WPS personal business** completed the rollout of AI features and initiated new product promotions; the **overseas market** commenced R&D for a new international version of WPS; **WPS 365 business** continued to penetrate industries and scenarios, actively promoting the implementation of AI projects[65](index=65&type=chunk) [Network Games and Other Business](index=26&type=section&id=Network%20Games%20%26%20Other%20Business) Flagship IP **'Jian Wang 3'** maintained user activity, **'JX Love Zero'** launched, and self-developed sci-fi mecha game **'Mecha Break'** received high ratings in its July global open beta, with **'Goose Goose Duck'** and **'Cats & Soup: Magic Recipe'** obtaining licenses for H2 launch - Flagship IP **'Jian Wang 3'** maintained user activity through **stable content updates** and **continuous technical optimization**[65](index=65&type=chunk) - Self-developed sci-fi mecha game **'Mecha Break'** had its **global open beta in July**, topping Steam's most popular games list and receiving **high ratings** from international authoritative gaming media[65](index=65&type=chunk) - Social deduction game **'Goose Goose Duck'** obtained its license in **June**, with pre-orders exceeding **5 million**, and is expected to launch in the second half of the year; the sequel to 'Cats & Soup', **'Cats & Soup: Magic Recipe'**, obtained its license in **May**[66](index=66&type=chunk) [Future Outlook](index=27&type=section&id=Future%20Outlook) Kingsoft Office Group will increase R&D in **AI and collaboration** for broader industry adoption, while the network games business will focus on **premium games, IP ecosystem development, and global expansion** for long-term operation - Kingsoft Office Group will continue to **increase R&D investment in AI and collaboration**, promoting the implementation of products and services in more office scenarios across various industries[66](index=66&type=chunk) - The network games business will continue to focus on **premium games**, deepen **IP ecosystem development**, and steadily advance its **global strategic layout** for long-term operation[66](index=66&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20%26%20Remuneration%20Policy) As of June 30, 2025, the Group had **8,471 full-time employees** primarily in Beijing, Zhuhai, and Wuhan, with H1 total remuneration costs of **RMB 2,160.5 million**, up **8.2%** year-on-year - As of **June 30, 2025**, the Group had **8,471 full-time employees**, primarily located in **Beijing, Zhuhai, and Wuhan, China**[67](index=67&type=chunk) - For the six months ended **June 30, 2025**, total remuneration costs were **RMB 2,160.5 million**, an **8.2% year-on-year increase**[67](index=67&type=chunk) - Employee remuneration is determined based on industry practice, qualifications, experience, and performance, with **share awards and share options** also provided[67](index=67&type=chunk) [Share Repurchases](index=28&type=section&id=Share%20Repurchases) For the six months ended June 30, 2025, the company repurchased **1,570,000 ordinary shares** on the Stock Exchange at a total cost of approximately **HKD 52.28 million**, aiming to return surplus funds and enhance shareholder value - For the six months ended **June 30, 2025**, the company repurchased a total of **1,570,000 of its own ordinary shares** on the Stock Exchange, at a total cost of approximately **HKD 52.28 million**[68](index=68&type=chunk) - The share repurchases aim to **return surplus funds to shareholders** and **enhance shareholder value**[68](index=68&type=chunk) [Audit Committee Review](index=28&type=section&id=Audit%20Committee%20Review) The Audit Committee reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, discussing accounting principles, internal controls, and financial reporting with management - The Audit Committee, composed of independent non-executive directors, assists the Board in providing an **independent review of financial statements and internal control systems**[69](index=69&type=chunk) - The Audit Committee has reviewed the Group's **unaudited interim financial information** for the six months ended **June 30, 2025**[69](index=69&type=chunk) [Corporate Governance and Compliance](index=29&type=section&id=Corporate%20Governance%20%26%20Compliance) The company complied with the **Listing Rules' Model Code** for securities transactions, with directors confirming adherence, and generally followed the **Corporate Governance Code**, except for provision D.1.2 regarding quarterly management updates to the Board - The company has adopted and complied with the **Model Code for Securities Transactions** in **Appendix C3 of the Listing Rules**, and directors have confirmed compliance throughout the reporting period[70](index=70&type=chunk) - The company generally complied with the **Corporate Governance Code**, except for **provision D.1.2** (management providing monthly business updates to the Board), as management currently reports **quarterly**[71](index=71&type=chunk) - The Board believes that the current quarterly reporting is sufficient to discharge its duties and will continue to review it[71](index=71&type=chunk)

Group 1 - The opening of the Wuhan Kingsoft Software Park marks a significant milestone for Kingsoft Group's commitment to Wuhan, with plans to establish a "10,000-person R&D center" by the end of the year [1] - The new headquarters is located in the Optics Valley New District, covering an area of 118 acres with a total construction area of 280,000 square meters, designed to accommodate 9,000 employees [1] - Kingsoft Group has rapidly developed its Wuhan headquarters since its establishment in 2017, becoming one of the largest R&D centers within the company [1] Group 2 - Kingsoft Office's WPS service has 632 million users across over 220 countries and regions, actively participating in the digitalization of government services in Hubei [2] - Kingsoft Cloud has built a comprehensive cloud computing capability in Wuhan, serving nearly 500 clients with its government and intelligent computing cloud services [2] - The company collaborates with 13 universities, including Wuhan University and Huazhong University of Science and Technology, to train ICT talents, having trained 3,607 individuals over four years [2]

Core Points - The opening of the Wuhan Kingsoft Software Park marks a significant milestone in Kingsoft Group's strategic layout in Wuhan since 2017, following the establishment of large R&D centers in Beijing and Zhuhai [1][3] - Kingsoft Group aims to expand its workforce in Wuhan to over 10,000 by the end of 2025, with a current total of approximately 9,500 employees, including those from Xiaomi [1][3][5] Group 1 - Kingsoft Group has established multiple subsidiaries in Wuhan since 2017, including Kingsoft Office, which serves over 632 million users globally, and Kingsoft Cloud, which supports nearly 500 clients with its cloud computing services [2] - The company has built a comprehensive R&D system in various fields such as office software, cloud computing, and digital entertainment, leveraging Wuhan's geographical and policy advantages [2] - Kingsoft has collaborated with 13 universities to create an "Engineer Training Camp," training over 3,607 ICT talents and establishing a scholarship to encourage youth engagement in digital technology innovation [2] Group 2 - The new Wuhan headquarters has become one of Kingsoft's largest R&D centers, with a total area of 280,000 square meters and an investment of 4 billion yuan [4] - The park includes various facilities such as office buildings, canteens, apartments, gyms, and indoor sports venues, reflecting a design philosophy that integrates technology and culture [4] - Kingsoft's CEO expressed confidence in achieving the goal of a 10,000-person R&D center, emphasizing the company's commitment to innovation and development in Wuhan [4]

8月18日，在武汉金山软件园开园仪式上，金山集团董事长、小米集团创始人兼CEO雷军介绍，目前，小米、金山在汉人数已突破9000人，年内将完成"万 人研发中心"目标。 武汉金山软件园位于武汉光谷新区，与小米武汉科技园相邻，占地118亩，总建筑面积28万平方米，可容纳9000人同时办公。园区配备办公楼、公寓楼、 食堂、健身房、空中花园、室内体育馆等设施，集研发、生活、休闲于一体。 武汉金山软件园 2017年至今，金山集团多家子公司落户武汉，逐步构建起覆盖办公软件、云计算、数字娱乐等领域的研发体系，并与小米集团形成"兄弟抱团打天下"的产 业协同效应。 "回望金山与武汉的缘分，每一段记忆都满是双向奔赴的温暖。2017年，我们把金山武汉总部落在了东湖高新区。从最初几百人的团队，到现在金山武汉 总部研发人员近4000人。"雷军说。 在战略定位方面，雷军表示，武汉金山要建设成为全国最重要的软件基地，此次开园是金山集团扎根武汉的重要里程碑。 据了解，金山办公已将垂类大模型自研中心、最大规模算力中心落户武汉，其政务大模型也在武汉发布落地；同时，金山云构建了全栈云计算能力，服务 近500家客户；金山世游则打造多款热门手游，推动湖 ...