Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Kingsoft Corporation (03888) with a slightly lowered target price of HKD 44, expressing cautious optimism regarding the company's online gaming revenue growth in Q4 [1] Revenue Forecast - The revenue forecast for Kingsoft's Q4 has been reduced by 3% due to weak online gaming revenue and uncertainties regarding the monetization of new games, while the revenue forecast for next year remains unchanged [1] - The adjusted net profit forecast for Q4 has been lowered by 6% to reflect increased investments in AI [1] Financial Performance - Kingsoft's Q3 2025 performance was below expectations, with revenue declining by 17% year-on-year to RMB 2.4 billion, falling short of market expectations by 6% [1] - Gross margin decreased by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted by 76% to RMB 277 million, with the operating profit margin declining by 28 percentage points to 11% [1] - Net profit fell by 49% year-on-year to RMB 213 million, with the net profit margin narrowing by 5 percentage points to 8.8% [1]

Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Kingsoft Corporation (03888) with a slightly reduced target price of HKD 44, expressing cautious optimism regarding the company's online gaming revenue growth in Q4 [1] Financial Performance - Kingsoft's Q3 2025 performance fell short of expectations, with revenue declining 17% year-on-year to RMB 2.4 billion, which is 6% below market expectations [1] - Gross margin decreased by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted 76% to RMB 277 million, with operating margin declining by 28 percentage points to 11% [1] - Net profit dropped 49% year-on-year to RMB 213 million, with net profit margin narrowing by 5 percentage points to 8.8% [1] Revenue and Profit Forecasts - The revenue forecast for Q4 has been reduced by 3% due to weak online gaming revenue and uncertainties regarding new game monetization, while the revenue forecast for next year remains unchanged [1] - The adjusted net profit forecast for Q4 has been lowered by 6% to account for increased AI-related investments [1]

| 恒生指数 | | 25798.16 | -32.49 | -0.13% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9123.69 | -27.35 | -0.30% | | 800100 | | | | | | 恒生科技指数 | | 5545.47 | -61.43 | -1.10% | | 800700 | 1 | | | | 格隆汇11月20日｜恒生科技指数跌1.1%至5545.47点。金山软件跌超10%，小鹏汽车跌近5%，携程、小 米、网易均跌超3%。 ...

Core Viewpoint - Kingsoft's Q3 performance fell short of expectations, with a year-on-year revenue decline of 17% to 2.4 billion yuan, which is 6% below market expectations [1] Financial Performance - Revenue decreased by 17% year-on-year to 2.4 billion yuan, missing market expectations by 6% [1] - Gross margin narrowed by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted by 76% to 277 million yuan, with an operating profit margin down 28 percentage points to 11% [1] - Net profit decreased by 49% to 213 million yuan, with a net profit margin contracting by 5 percentage points to 8.8% [1] Analyst Ratings and Forecasts - The firm maintains a "Buy" rating for Kingsoft, with a slight target price adjustment to 44 HKD [1] - Q4 revenue forecast has been reduced by 3%, reflecting cautious optimism regarding online game revenue growth [1] - The adjusted net profit forecast for Q4 has been lowered by 6% due to increased AI-related investments, while next year's revenue forecast remains unchanged [1]

该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头；将2025及26年收入 预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持"跑赢大 市"评级。 里昂发表研究报告指，金山软件第三季收入逊预期，游戏收入按年下降47%，较该行预期低8%，因主 要游戏作品在去年异常高基数下承压；办公室软件收入增长加速，按年升26%，受政府信息技术应用创 新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳定。 ...

格隆汇11月20日｜金山软件(3888.HK)绩后大跌近10%至27.66港元，股价创2024年11月以来新低。消息 面上，金山软件昨晚公布业绩显示，2025年Q3营收24.2亿元，同比下降17%，且低于预期的26.3亿元； 母公司所有者应占利润2.131亿元，同比下降48%，环比下降60%。 ...

Kingsoft Software Conference Call Summary Company Overview - **Company**: Kingsoft Software - **Industry**: Software and Online Gaming Key Financial Metrics - **Total Revenue**: RMB 2.419 billion in Q3 2025, a 17% year-on-year decrease but a 5% quarter-on-quarter increase [4][6] - **WPS Office MAUs**: Approximately 669 million as of September 30, 2025, a 9% year-on-year increase [4][9] - **WPS365 Revenue**: RMB 201 million, a 72% year-on-year increase [4][9] - **Government Software Revenue**: RMB 391 million, a 51% year-on-year increase [4][9] - **Gross Profit**: RMB 1.144 billion, a 21% year-on-year decrease but a 5% quarter-on-quarter increase [10] Core Business Insights - **Office Software Growth**: Steady growth driven by AI-powered product rollouts and refined operations, with individual business revenue reaching RMB 899 million, an 11% year-on-year increase [8][9] - **Online Games Revenue**: Declined due to lower contributions from existing games, although new titles are in development [6][7] - **AI Integration**: Strategic focus on AI integration, collaboration tools, and international expansion for WPS Office [3][14] User Engagement and Product Development - **Version 073.0 Impact**: Nearly 200% increase in active users post-release compared to the end of 2024, with enterprise business growth exceeding 70% year-on-year [11] - **New Game Releases**: Titles like "No Break Containment" and "Goose Goose Duck" are part of the strategy to maintain user engagement [7][15] Cost Management and R&D - **Cost of Revenue**: Increased by 3% year-on-year to RMB 475 million, with gross profit margin at 80% [10] - **R&D Expenses**: Increased by 4% year-on-year to RMB 900 million, focusing on AI and collaboration products [10][24] - **Sales and Marketing Expenses**: Increased to 23% this quarter, expected to normalize over time [23] Market Position and Competitive Strategy - **Market Share**: Expected to maintain over 90% market share in information innovation through at least Q4 2025 [12] - **International Expansion**: Focus on competing with Microsoft Office, leveraging mobile platform advantages and AI developments [14][16] Future Outlook - **Sustained Growth**: Anticipated in personal, enterprise, and information innovation businesses due to strong policy support and expanding user base [12][19] - **AI Business Development**: Significant strides in AI integration, with a focus on enterprise-level applications and digital transformation across various sectors [21][22] Additional Insights - **User Satisfaction**: Positive feedback on new product releases indicates strong user satisfaction, contributing to enterprise growth [11] - **Gaming Sector Strategy**: Focus on self-developed games and exploring international opportunities to maximize engagement [15][17]

Group 1 - The Hang Seng Index opened with a gain of 0.65% [1] - The Hang Seng Tech Index increased by 0.7% [1] - Hua Hong Semiconductor and Baidu both rose over 3% [1] - Kingsoft experienced a decline of over 2% [1]

智通财经APP获悉，金山软件(03888)绩后跌超7%，截至发稿，跌6.51%，报28.72港元，成交额1.61亿港 元。 消息面上，金山软件发布2025年第三季度业绩，该集团收益约人民币24.19亿元，同比下降17%，环比 增长5%。营运溢利约2.77亿元，同比减少76%，环比减少28%。母公司拥有人应占溢利约2.13亿元，同 比减少48%，环比减少60%。每股基本盈利0.15元。 其中，办公软件及服务业务表现强劲。第三季度收入15.21亿元，同比增长26%，环比增长12%。WPS软 件业务显著增长，WPS 365业务快速增长，WPS个人业务稳健增长。此外，网络游戏及其他业务第三季 度收入8.98亿元，同比下降约47%。 ...

金山软件(03888)绩后跌超7%，截至发稿，跌6.51%，报28.72港元，成交额1.61亿港元。 消息面上，金山软件发布2025年第三季度业绩，该集团收益约人民币24.19亿元，同比下降17%，环比 增长5%。营运溢利约2.77亿元，同比减少76%，环比减少28%。母公司拥有人应占溢利约2.13亿元，同 比减少48%，环比减少60%。每股基本盈利0.15元。 其中，办公软件及服务业务表现强劲。第三季度收入15.21亿元，同比增长26%，环比增长12%。WPS软 件业务显著增长，WPS365业务快速增长，WPS个人业务稳健增长。此外，网络游戏及其他业务第三季 度收入8.98亿元，同比下降约47%。 ...