格隆汇11月28日丨金山软件(03888.HK)公告，11月28日耗资1000万港元回购34.9万股。 ...

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28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 ...

Core Viewpoint - Morgan Stanley has downgraded the target price for Kingsoft Corporation (03888) from HKD 38 to HKD 33, maintaining a "Market Perform" rating due to underperformance in the gaming business [1] Financial Performance - Following the release of Kingsoft's Q3 performance data, revenue forecasts for 2025, 2026, and 2027 have been reduced by 3.6%, 3.7%, and 3.5% respectively to reflect weaker-than-expected gaming business performance [1] - The company's earnings per share estimates have been lowered by 12.4%, 5.8%, and 9.6% for the same periods due to the downward revision of revenue and gross margin forecasts, along with an anticipated increase in capital expenditures [1]

Core Viewpoint - Morgan Stanley has downgraded the target price for Kingsoft Corporation (03888) from HKD 38 to HKD 33 while maintaining a "Market Perform" rating [1] Financial Performance - Following the release of Kingsoft's third-quarter performance data, revenue forecasts for 2025 to 2027 have been reduced by 3.6%, 3.7%, and 3.5% respectively, reflecting weaker-than-expected performance in the gaming business [1] - The company's earnings per share estimates have been lowered by 12.4%, 5.8%, and 9.6% due to the downward adjustments in revenue and gross margin forecasts, along with an anticipated increase in capital expenditures [1]

Group 1 - Morgan Stanley has revised down its revenue forecasts for Kingsoft for 2025 to 2027 by 3.6%, 3.7%, and 3.5% respectively, reflecting weaker-than-expected performance in the gaming business [1] - The adjustments in revenue and gross margin forecasts have led to a downward revision of the company's adjusted earnings per share estimates by 12.4%, 5.8%, and 9.6% for the same period [1] - The target price for Kingsoft has been lowered from HKD 38 to HKD 33, while maintaining a "market perform" rating [1]

Core Insights - A total of 30 companies conducted share buybacks on November 27, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.036 million shares for a total of 636 million [2]. - Midea Group (00300) repurchased 1.2524 million shares for approximately 99.9944 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 9.01 million shares for about 40.2765 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 78.922 million shares, representing 0.859% of its total share capital [2]. - China Flying Crane (06186) has a cumulative buyback of 18.7 million shares, accounting for 2.063% of its total share capital [2]. - VITASOY International (00345) has a cumulative buyback of 13.93 million shares, which is 1.327% of its total share capital [2].

Core Insights - The Chinese gaming industry has experienced significant growth since 2015, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, driven by mobile gaming expansion and overseas market exploration [1] - The industry is now facing challenges with high-investment games underperforming in the market, leading to potential financial burdens for developers [2][3] Industry Trends - The normalization of game approvals has led to a saturated market, where many new products struggle to meet player expectations, resulting in underperformance [4] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [5] Company Challenges - High-investment games are particularly vulnerable to market fluctuations, as their development and operational costs are substantial, impacting overall company performance [3][5] - Companies like Zhongyou and NetEase have faced significant losses due to underperforming titles, leading to asset impairments and project cancellations [2][6] Product-Specific Issues - "Xianjian World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [6] - "射雕" and "解限机" faced challenges with innovation and mismatched audience expectations, leading to poor market reception [7] Market Dynamics - The gaming market is increasingly competitive, with players demanding higher quality and innovation, while many products fail to differentiate themselves sufficiently [4][9] - Companies often rely on past successful models, which can hinder innovation and adaptability in a rapidly evolving market [10][11] Strategic Adjustments - Companies are attempting to pivot their strategies post-launch, with some opting for restructuring and new leadership to improve project outcomes [12][13] - Understanding consumer needs and differentiating products are critical for success, as many games currently suffer from a lack of unique value propositions [13][14]

（文章来源：证券时报网） 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） | | --- | --- | --- | --- | --- | | 2025.11.27 | 34.80 | 28.760 | 28.680 | 999.88 | | 2025.11.26 | 34.48 | 29.040 | 28.940 | 999.63 | | 2025.11.24 | 3.48 | 29.620 | 28.360 | 100.45 | | 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 | | ...

Core Viewpoint - The article discusses the approval of 184 gaming titles in November 2025, indicating a stable trend in the issuance of gaming licenses in China, with a notable increase in domestic game approvals compared to previous years [3][6]. Group 1: Approval Statistics - A total of 184 gaming licenses were issued in November 2025, comprising 178 domestic and 6 imported games [3][4]. - The number of domestic game licenses approved has shown a phase-wise increase, reaching a new high this month, continuing the stable trend observed throughout the year [4][6]. - As of November 2025, a total of 1,624 gaming licenses have been issued, with 1,532 being domestic and 92 imported, surpassing the total of 1,416 licenses issued in 2024 [6]. Group 2: Industry Impact - The regular issuance of gaming licenses is seen as a positive development for the gaming industry, particularly as the proportion of multi-platform products increases, prompting domestic companies to accelerate their global distribution and cross-terminal experiences [6]. - The upcoming traditional peak season for the gaming market at the end of the year is expected to drive further growth in industry performance, with the concentration of new game launches likely to enhance fourth-quarter results [6]. Group 3: Notable Titles - Notable games included in this batch of approvals are Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," and other titles from major developers like Kingsoft and G-bits [5].

智通财经APP讯，金山软件(03888)发布公告，于2025年11月27日，该公司斥资约999.88万港元回购34.8 万股股份，每股回购价28.68-28.76港元。 ...