Core Viewpoint - Kingsoft's core business is showing a diverging trend, with significant revenue decline in its gaming segment while the office software segment experiences growth [2][5]. Financial Performance - For Q3 ending September 30, 2025, Kingsoft reported total revenue of 2.419 billion RMB, a 17% year-on-year decrease [3]. - Gross profit fell by 21% to 1.944 billion RMB, and net profit nearly halved, down 48% to 213 million RMB [2][3]. - Office software and services revenue was 1.521 billion RMB, up 26% year-on-year, accounting for 63% of total revenue [3][5]. - Network gaming and other revenues plummeted by 47% to 898 million RMB, making up 37% of total revenue [2][3]. Office Software Segment - The growth in office software revenue is attributed to the performance of WPS software, WPS 365, and personal business, driven by increased demand from private enterprises and local state-owned enterprises [5]. - As of September 30, WPS Office had 669 million monthly active devices, an 8.83% increase year-on-year [5]. - The number of paid personal users reached 41.79 million, a 10% increase from the previous year [5]. AI and R&D Investment - Kingsoft is focusing on AI development, with R&D expenses rising by 18.48% to 1.495 billion RMB, representing 35.77% of revenue [6]. - The company has launched WPS AI 3.0 and is enhancing its product offerings in AI, collaboration, and internationalization [5][6]. Gaming Segment Challenges - The gaming segment's revenue dropped significantly, with marketing expenses for Q3 reaching 564 million RMB, a 55% year-on-year increase [10]. - The decline in gaming revenue is attributed to reduced contributions from existing games and the slow market establishment of new titles [10]. - The performance of the game "Limitless Mecha" has been disappointing, with a significant drop in player engagement shortly after launch [10][12]. Competitive Landscape - The office software market is highly competitive, with products like Microsoft Office, ByteDance's Feishu, and Tencent Docs competing directly with WPS Office [8]. - Balancing commercialization and user experience remains a critical challenge for Kingsoft in the face of intense competition [8].

Core Viewpoint - Kingsoft Corporation (03888.HK) announced a share buyback on November 20, spending HKD 39.996 million to repurchase 1.426 million shares [1] Group 1 - The total amount spent on the share buyback was HKD 39.996 million [1] - The number of shares repurchased was 1.426 million [1]

金山软件(03888)发布公告，于2025年11月20日，该公司斥资3999.64万港元回购142.64万股股份，每股 回购价格为27.26-28.8港元。 ...

Core Viewpoint - Kingsoft Corporation (03888) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1.4264 million shares [1] - The total expenditure for the buyback is HKD 39.9964 million [1] - The buyback price per share ranges from HKD 27.26 to HKD 28.8 [1]

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20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 ...

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Summary of Key Points Core Viewpoint - As of November 20, 33 stocks reached their 52-week highs, with notable performances from Shangyu Group, Chaowei Holdings, and MOS HOUSE, indicating a positive market trend for these companies [1]. Group 1: 52-Week Highs - Shangyu Group (01633) achieved a closing price of 0.126, with a peak of 0.169, marking a high increase of 77.89% [1]. - Chaowei Holdings (08059) closed at 0.032, reaching a high of 0.036, reflecting a growth rate of 63.64% [1]. - MOS HOUSE (01653) recorded a closing price of 2.420 and a peak of 2.530, with a high rate of 15.00% [1]. - Other notable stocks include Cassava Resources (00841) with a 12.67% increase and Australia Supreme (02031) with a 7.69% increase [1]. Group 2: 52-Week Lows - MBC Bitcoin (09430) reached a low of 0.810, reflecting a decrease of 12.89% [2]. - Kingsoft (03888) closed at 28.560, with a low of 27.240, indicating a decline of 10.10% [2]. - Dexin Services Group (02215) recorded a low of 0.360, marking a decrease of 10.00% [2]. - Other significant declines include Weifa International Equity (02956) at -9.09% and Minshang Chuangke (01632) at -8.86% [2]. Group 3: Additional Declines - Zhi Yuan Yuan (08223) saw a decrease of 7.35%, closing at 0.650 with a low of 0.630 [2]. - Jin Yang New Energy (01121) recorded a decline of 6.78%, with a closing price of 1.150 [2]. - Other companies with notable declines include Crown City Watch and Jewelry (00256) at -6.06% and Royal Home (01198) at -5.84% [2].

Core Viewpoint - The report from Zhongyin International indicates that Kingsoft's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% compared to forecasts, primarily due to weak gaming business performance, although the office software segment saw a 26% revenue increase, partially offsetting the impact [1] Group 1: Financial Performance - Kingsoft's Q3 revenue was 8% to 11% lower than expected [1] - Net profit was 26% to 55% below expectations [1] - Office software business revenue grew by 26% [1] Group 2: Business Segments - The gaming business continues to normalize but remains weak [1] - The report highlights the potential growth momentum in office software and cloud services that the market may be overlooking [1] Group 3: Investment Rating - Zhongyin International upgraded its rating on Kingsoft from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The risk-reward ratio for the stock has become more attractive after a nine-month adjustment period, during which the stock price has declined by 27% since mid-2025 [1]

该行认为，尽管金山软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中 以来股价下跌27%已基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 中银国际发布研报称，金山软件(03888)今年第三季业绩逊预期，营收较预期低8%至11%，净利润较预 期低26%至55%，主要因为游戏业务疲弱，不过办公软件业务营收增长26%，部分抵销有关影响。该行 将金山软件评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后， 股价的风险回报比变得更具吸引力。 ...

Core Viewpoint - Bank of China International reports that Kingsoft Corporation's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% due to weak gaming business, although office software revenue grew by 26% [1] Group 1: Financial Performance - Kingsoft's Q3 revenue is expected to be 8% to 11% lower than forecast [1] - Net profit is projected to be 26% to 55% below expectations [1] - Office software business revenue increased by 26%, partially offsetting the negative impact from the gaming sector [1] Group 2: Investment Rating and Price Target - Bank of China International upgraded Kingsoft's rating from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The stock's risk-reward ratio has become more attractive after a nine-month adjustment period [1] Group 3: Market Outlook - Despite the normalization of Kingsoft's gaming business, the product line remains weak [1] - The stock has declined by 27% since mid-2025, which is believed to have reflected the downside risks [1] - The market may be overlooking the potential growth momentum in office software and cloud services [1]