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]

Core Viewpoint - Bank of China International reports that Kingsoft Corporation (03888) underperformed expectations in Q3 this year, with revenue falling 8% to 11% below forecasts and net profit down 26% to 55% below expectations, primarily due to weak gaming business performance. However, the office software segment saw a revenue increase of 26%, partially offsetting the negative impact [1] Group 1: Financial Performance - Kingsoft's Q3 revenue is projected to be 8% to 11% lower than expected [1] - Net profit is anticipated to be 26% to 55% below forecasts [1] - Office software business revenue increased by 26%, providing some mitigation against the gaming segment's decline [1] Group 2: Investment Rating and Price Target - Bank of China International upgraded Kingsoft's rating from "Hold" to "Buy" [1] - The target price for Kingsoft was adjusted down from HKD 41.7 to HKD 40 [1] - The risk-reward ratio for Kingsoft's stock 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 price has declined by 27% since mid-2025, which is believed to have largely reflected the downside risks [1] - The market may be overlooking the potential growth momentum in the office software and cloud business segments [1]

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]

Core Viewpoint - Kingsoft's performance is significantly impacted by the weakness in its gaming business, despite strong results in its office software segment [1][3]. Financial Performance - Kingsoft reported Q3 2025 revenue of RMB 2.42 billion, a 5% increase quarter-on-quarter but a 17% decrease year-on-year [3][4]. - The net profit attributable to shareholders was RMB 213 million, down 60% quarter-on-quarter and 48% year-on-year [3][4]. - Basic earnings per share were RMB 0.15, reflecting a 62% decline quarter-on-quarter and a 52% decline year-on-year [3][4]. - Operating cash flow was RMB 494 million, a 64% decrease year-on-year [3]. Business Segments - Office software revenue reached RMB 1.52 billion, showing a 26% year-on-year increase and a 12% quarter-on-quarter increase, driven by growth in WPS software and services [4][5]. - The gaming segment generated RMB 897 million, a 47% year-on-year decline and a 6% quarter-on-quarter decline, now accounting for 37% of total revenue [5][6]. Marketing and Expenses - Sales and distribution expenses for Q3 were RMB 564 million, up 55% year-on-year and 33% quarter-on-quarter, primarily due to increased marketing efforts for gaming [5][6]. Game Performance - The flagship game "Jian Wang 3" has been operational for over 16 years but is facing significant competition and operational issues, leading to a decline in revenue [6][7]. - The new game "Jie Xian Ji" launched on Steam showed initial promise but has since seen a drastic drop in player engagement, with peak online players falling below 5,000 [9][11].

Market Overview - The A-share market experienced narrow fluctuations on the morning of November 20, with major indices showing mixed results [3] - The banking sector showed significant strength, with the China Bank reaching a historical high in its adjusted price [3][5] Banking Sector - The banking sector led the gains, with an intraday increase approaching 2%, although the gains later narrowed [3] - China Bank saw an intraday rise of over 5%, continuing to set historical highs [3] - Other banks such as China Construction Bank, Postal Savings Bank, Everbright Bank, and Minsheng Bank also recorded notable increases [3] Lithium Mining Sector - The lithium mining concept stocks surged significantly, driven by a substantial rise in lithium carbonate futures, which hit a new annual high with an intraday increase exceeding 4% [5][6] - Specific stocks in this sector, such as Zhangmi Co., Dawi Co., and Weiling Co., reached their daily limit up, while Tianhua New Energy and Sand Membrane saw intraday increases exceeding 10% [5][6] Other Sectors - The construction materials, real estate, comprehensive, and home appliance sectors showed strong performance [4] - Conversely, sectors such as beauty care, electric equipment, and automotive faced declines [4]

Market Overview - The A-share market opened higher but experienced a decline, with the Shanghai Composite Index rising by 0.38% while the Shenzhen Component and ChiNext fell by 0.05% and 0.52% respectively [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day [5]. Sector Performance - The banking sector showed strong performance, with all bank stocks rising. Notably, China Bank's stock price surged by 5.17%, reaching a historical high with a market capitalization of 186.78 billion yuan [11][10]. - The lithium mining sector continued its strong momentum, with significant gains in stocks such as Weiling Co. and Dazhong Mining, which recorded a limit-up increase of 10% [16][17]. - Conversely, the retail, soft drink, and tourism sectors experienced noticeable declines, with the water product and lithium battery electrolyte sectors also weakening [5][6]. Specific Stock Movements - Major banks such as Agricultural Bank, Industrial and Commercial Bank, and Construction Bank saw increases of 0.36%, 1.58%, and 4.73% respectively, contributing to a robust banking sector performance [14]. - In the lithium sector, the price of lithium carbonate futures surged past 100,000 yuan per ton, indicating strong demand from downstream manufacturers [18][19]. Brokerage Sector - A wave of mergers among brokerages has sparked market interest, with stocks like Shouchuang Securities rising over 5% following announcements of significant asset restructuring [22][23]. - The overall performance of brokerage stocks was mixed, with some stocks experiencing gains while others saw declines [22]. Fisheries Sector - The fisheries sector, particularly Zhongshui Fisheries, saw its stock price rise by 10.02% amid geopolitical tensions affecting Japanese seafood imports to China [25][26].

Group 1 - The Hang Seng Index closed up by 0.14% during the midday session [1] - The Hang Seng Tech Index experienced a decline of 1.01% [1] - Contemporary Amperex Technology Co., Ltd. (CATL) saw a drop of over 8% [1] - Kingsoft Corporation Limited (金山软件) fell by more than 9% [1] - Xpeng Motors (小鹏汽车) decreased by over 4% [1]