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： 2025年11月26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 。 | 1). | 已購回以作註銷但尚未註銷之股份 | | 582,000 | 0.04 % | HKD | 34.3598 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年5月29日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | | 367,200 | 0.03 % | HKD | 33.4893 | | | 變動日期 | 2025年5月30日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | | 310,200 | ...

Core Insights - Kingsoft's Q3 2025 financial report shows a mixed performance, with office software revenue growing by 26% while gaming revenue plummeted by 47% to 898 million yuan, marking the largest decline since 2019 [1][2] - The flagship game "Limitless Machine" faced significant challenges, with peak online players dropping from 130,000 to around 1,000 within four months, and its approval rating falling below 60% [1][3] Financial Performance - Total revenue for Kingsoft in Q3 2025 was 2.419 billion yuan, a year-on-year decrease of 17%, while net profit fell by 48% to 213 million yuan [2] - The revenue structure shifted, with office software and services accounting for 63% of total revenue, while gaming revenue dropped to 37%, a stark contrast to the previous year [2] Gaming Business Challenges - The gaming segment's decline is attributed to several factors, including user attrition from the flagship IP "Jian Wang 3" due to content stagnation, and competition affecting the new title "Dust White Zone" [2] - The gaming business's profitability worsened, with sales and distribution expenses surging by 55% to 564 million yuan, primarily due to marketing investments in "Limitless Machine" that did not yield expected returns [2] "Limitless Machine" Issues - The failure of "Limitless Machine" was a direct trigger for the revenue decline, with initial success during global testing followed by a rapid decline post-public release due to gameplay balance issues and rampant cheating [3] - The disconnect between product design and operational strategy was highlighted, with the development team acknowledging that reducing paid content in response to player feedback diminished the game's core appeal [3] Industry Context and Strategic Challenges - Kingsoft's gaming difficulties reflect broader industry challenges, including managing the lifecycle of classic IPs and the need for effective global operations [4] - The company is attempting to diversify its product line, with plans to launch international IP games in 2026, but must balance technological innovation with user demand [4] Future Directions - WPS Office remains a stable revenue source, with global monthly active devices reaching 669 million and enterprise revenue growing by 72% [5] - Kingsoft aims to leverage AI technology to enhance game development efficiency and address cash flow pressures in the gaming segment [5] - The company has a cash reserve of 26.08 billion yuan, providing a buffer for business adjustments, but market patience is limited as evidenced by a more than 10% drop in stock price following the earnings report [5]

Summary of Key Points Core Viewpoint - A total of 36 companies conducted share buybacks on November 24, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.022 million shares for a total of 636 million yuan, representing 0.825% of its total share capital for the year [1][2]. - China COSCO Shipping (01919) repurchased 3 million shares for 40.35 million yuan, accounting for 1.604% of its total share capital [2]. - China International Marine Containers (02039) repurchased 4.8904 million shares for 35.9467 million yuan, which is 1.530% of its total share capital [2]. Group 2: Other Notable Buybacks - China Feihe (06186) repurchased 7.233 million shares for 29.9668 million yuan, representing 1.969% of its total share capital [2]. - Sinopec Limited (00386) repurchased 4.054 million shares for 17.7861 million yuan, which is 0.150% of its total share capital [2]. - Pacific Basin Shipping (02343) repurchased 5 million shares for 12.757 million yuan, accounting for 1.555% of its total share capital [2]. Group 3: Smaller Buybacks - MONGOL MINING (00975) repurchased 390,000 shares for 3.6551 million yuan, which is 0.124% of its total share capital [2]. - Miniso Group (09896) repurchased 866,800 shares for 31.938 million yuan, representing 0.372% of its total share capital [2]. - Weigao Group (01066) repurchased 40,000 shares for 211,600 yuan, accounting for 4.379% of its total share capital [3].

金山软件(03888)发布公告，该公司于2025年11月24日斥资100.45万港元回购3.48万股股份，每股回购价 格为28.36-29.62港元。 ...

Core Viewpoint - Kingsoft Corporation (03888) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 34,800 shares at a total cost of HKD 1,004,500 [1] - The buyback price per share ranges from HKD 28.36 to HKD 29.62 [1] Financial Implications - The total expenditure for the buyback reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - Kingsoft Corporation (03888.HK) announced a share buyback on November 24, spending HKD 1.005 million to repurchase 34,800 shares [1] Group 1 - The company executed a buyback of 34,800 shares [1] - The total expenditure for the buyback was HKD 1.005 million [1]

FF305 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： 2025年11月24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 ...

Core Viewpoint - CICC maintains an "outperform" rating for Kingsoft Corporation (03888) but lowers the target price by 13% to HKD 39 due to uncertainties in the short-term growth of the gaming business [1] Group 1: Financial Performance - Kingsoft's Q3 2025 performance fell short of market expectations, primarily due to underperformance in the gaming sector, with revenue at CNY 2.419 billion, a year-on-year decline of 17% [1] - Operating profit decreased significantly by 75.8% to CNY 277 million [1] Group 2: Revenue and Profit Forecasts - CICC has revised down the revenue forecasts for 2025 and 2026 by 6.9% and 5.6%, respectively, to CNY 9.62 billion and CNY 10.91 billion, reflecting a more cautious outlook on the gaming business [1] - The net profit forecast for 2025 has been increased by 27.1% to CNY 1.79 billion due to one-time gains related to Kingsoft Cloud's placement [1] - Conversely, the net profit forecast for 2026 has been reduced by 34.7% to CNY 1.12 billion due to revenue adjustments and increased investments related to AI strategy [1] Group 3: Valuation Adjustments - The group discount rate has been adjusted from 40% to 50% due to the widening valuation gap between the A/H shares [1] - The price-to-earnings (P/E) ratio for the gaming business has been lowered from 10x to 8x, with the net profit margin revised down from 20% to 15%, corresponding to a P/E ratio of 44x for 2026 [1]

Core Viewpoint - CICC maintains an "outperform" rating for Kingsoft Corporation (03888), but lowers the target price by 13% to HKD 39 due to uncertainties in the short-term growth of the gaming business [1] Group 1: Financial Adjustments - The group discount rate has been increased from 40% to 50% due to the widening valuation gap between the office business A/H as market capitalization rises [1] - The price-to-earnings (P/E) ratio for the gaming business has been reduced from 10x to 8x, and the net profit margin for the gaming segment has been adjusted down from 20% to 15%, corresponding to a 44x P/E for 2026 [1] Group 2: Earnings Performance - Kingsoft's Q3 2025 earnings fell short of market expectations, primarily due to underperformance in the gaming sector, with revenue at CNY 2.419 billion, a year-on-year decline of 17%, and operating profit at CNY 277 million, down 75.8% year-on-year [1] - Based on a more cautious outlook for the gaming business, revenue forecasts for 2025 and 2026 have been reduced by 6.9% and 5.6%, respectively, to CNY 9.62 billion and CNY 10.91 billion [1] - Due to one-time gains related to Kingsoft Cloud's placement, the net profit forecast for 2025 has been increased by 27.1% to CNY 1.79 billion; however, the net profit forecast for 2026 has been decreased by 34.7% to CNY 1.12 billion due to revenue adjustments and increased investments related to AI strategy [1]

Core Viewpoint - The report from CICC indicates that Kingsoft's Q3 performance fell short of market expectations, primarily due to underperformance in its gaming business [1] Financial Performance - Kingsoft reported revenue of 2.419 billion yuan, representing a year-on-year decline of 17% [1] - Operating profit was 277 million yuan, down 75.8% year-on-year [1] Revenue and Profit Forecast Adjustments - CICC has revised down its revenue forecasts for 2025 and 2026 by 6.9% and 5.6%, respectively, to 9.62 billion yuan and 10.91 billion yuan [1] - The net profit forecast for 2025 has been increased by 27.1% to 1.79 billion yuan, considering one-time gains related to Kingsoft Cloud's placement [1] - The net profit forecast for 2026 has been reduced by 34.7% to 1.12 billion yuan due to revenue adjustments and increased investments related to AI strategy [1] Rating and Target Price - CICC maintains a "outperform" rating for Kingsoft, but has lowered the target price by 13% to 39 HKD, reflecting uncertainties in short-term growth of the gaming business [1]