Group 1 - The core point of the article is the resignation of Lei Jun as a non-executive director of Kingsoft Cloud, effective March 25, 2026, due to other work commitments, and the appointment of Zou Tao as the new chairman and chairman of the nomination committee [1][2] - Kingsoft Cloud reported a total revenue of 9.559 billion yuan for 2025, representing a year-on-year increase of 22.8% [2] - The gross profit for Kingsoft Cloud was 1.503 billion yuan, with a year-on-year growth of 12.1%, while the gross margin decreased from 17.2% in 2024 to 15.7% in 2025 [2] Group 2 - Kingsoft Cloud incurred a net loss of 1.979 billion yuan in 2025, compared to a loss of 944 million yuan in 2024 [2] - Zou Tao has been with Kingsoft since 1998 and has held multiple senior positions, currently serving as the chairman of Kingsoft Office and an executive director of Kingsoft [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 Kingsoft Corporation Limited 金山軟件有限公司 （於開曼群島持續經營的有限公司） 北京金山辦公軟件股份有限公司 截至二零二五年十二月三十一日止年度的主要財務資料 本公告乃由金山軟件有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09(2)(a)條及證券及期貨條例（香港法例第571章）第XIVA部內幕消息條 文（定義見上市規則）而作出。 本公司董事會（「董事會」）欣然公佈本公司之附屬公司，北京金山辦公軟件股份有限公司 （「金山辦公」），其股份於上海證券交易所科創板上市（股份代碼：688111），於二零二六 年三月二十五日刊發其二零二五年年度報告（「該報告」）。 1 董事會謹請本公司股東及投資者留意以下該報告所載金山辦公截至二零二五年十二月 三十一日止年度的主要財務資料： 一、主要會計數據 單位：千元 幣種：人民幣 | | | | 本期 | ...

Core Viewpoint - Kingsoft Software reported a unique financial performance for the year ending December 31, 2025, with total revenue of 9.683 billion yuan, a slight decline of 6% year-on-year, while net profit attributable to shareholders surged by 29% to 2.004 billion yuan, indicating a significant shift in the company's business structure [1] Group 1: Financial Performance - The decline in total revenue is attributed to the traditional gaming business, which is undergoing a product cycle adjustment, while the office software and services business, led by WPS, has established a dominant position driven by AI and SaaS [1] - Revenue from the office software and services segment reached 5.929 billion yuan, reflecting a robust growth of 16%, and now accounts for over 61% of the total revenue [1] Group 2: Business Strategy and Growth Drivers - The growth in the office business is driven by successful strategies in both consumer (C-end) and enterprise (B-end) markets [2] - WPS AI has transitioned from an eye-catching tool to a powerful driver for paid subscriptions, breaking previous growth ceilings and expanding the user base and average revenue per paying user (ARPPU) [3] - In the enterprise sector, WPS 365 has seen steady growth in orders due to the demand for digital transformation and the shift towards domestic software solutions, enhancing customer stickiness and creating a sustainable revenue model [3] Group 3: Challenges and Future Outlook - The significant drop in revenue from non-office businesses, primarily gaming, which generated approximately 3.754 billion yuan, reflects a nearly 30% decline compared to 2024, negatively impacting overall revenue [4] - Kingsoft's performance in 2025 represents a high-quality contraction and expansion, indicating a need for a reevaluation of its valuation logic in the capital market as it increasingly resembles a pure "AI + SaaS" company [5] - Key challenges for the future include maintaining long-term user retention post-initial paid conversion, defending market position against global competitors like Microsoft Copilot, and stabilizing revenue fluctuations from non-office businesses to return to a healthy growth trajectory [6]

每经AI快讯，3月25日，金山软件公告，2025年营收96.8亿元，净利润20亿元。 ...

Group 1 - The core viewpoint of the article is that Kingsoft Software announced a projected revenue of 9.683 billion yuan for 2025, representing a year-on-year decline of 6% [1] - The company's net profit attributable to shareholders is expected to be 2.004 billion yuan, showing a year-on-year increase of 29% [1] - The board of directors has proposed a final dividend of 0.13 HKD per share for the fiscal year ending December 31, 2025, compared to 0.15 HKD per share for 2024 [1]

Financial Data and Key Metrics Changes - In 2025, the group's total revenue reached RMB 9.68 billion, representing a year-on-year decrease of 6% [6][23] - Revenue from office software and services was RMB 5.93 billion, up 16% year-on-year, while revenue from online games and other businesses was RMB 3.75 billion, up 28% year-on-year [6][23] - Gross profit margin decreased by 2 percentage points year-on-year to 81% [23] - Profit attributable to owners of the parent was RMB 2.00 billion for 2025, compared to RMB 1.75 billion for the previous year [23] Business Line Data and Key Metrics Changes - Kingsoft Office Group's total annual revenue reached RMB 5.93 billion, up 60% year-on-year, with fourth-quarter revenue of RMB 1.75 billion, up 17% year-on-year [7][8] - WPS individual business revenue reached RMB 3.63 billion, up 10% year-on-year, with fourth-quarter revenue of RMB 960 million, growing 14% year-on-year [9] - WPS 365 business revenue was RMB 720 million, up 65% year-on-year, with fourth-quarter revenue of RMB 210 million, up 16% year-on-year [10] - WPS software business revenue reached RMB 1.46 billion, up 15% year-on-year, with fourth-quarter revenue of RMB 530 million, up 16% year-on-year [12] Market Data and Key Metrics Changes - The cumulative number of annual paid individual users in domestic markets reached 6.2 million, up 11% year-on-year [9] - Monthly active users for WPS AI surpassed 18 million, presenting a year-over-year increase of 307% [9] - In overseas markets, the cumulative number of paying users grew significantly, with monthly active devices for the overseas PC version reaching 42.5 million, up 54% year-on-year [9] Company Strategy and Development Direction - The company is committed to technology empowerment, focusing on AI collaboration and internationalization [4] - Kingsoft Office Group is pursuing a dual-track approach, enhancing existing products while exploring new AI office paradigms [7] - The online game business aims to deepen expertise in classical IP and expand into diversified game categories and global markets [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for growth in the online gaming sector, particularly with the successful launch of new titles [15] - The company plans to deepen the application of AI agent technology in office environments and accelerate its international strategy [15] - Management acknowledged the challenges faced in the gaming sector but emphasized the importance of maintaining high-quality service and user engagement [32][36] Other Important Information - The company had cash resources of RMB 27 billion as of December 31, 2025 [24] - Net cash generated from operating activities was RMB 2.29 billion for the year ended December 31, 2025 [24] Q&A Session Summary Question: What strategic adjustments have been made regarding the future development of the gaming business? - Management indicated that the focus is on stabilizing user engagement and planning for future game versions to enhance daily active users [27][29] Question: Insights on the user base and retention metrics for Goose Goose Duck? - The game has over 30 million new users since launch, with a stable user base around 3 million [27][28] Question: What is the progress of the AI business and the development of industry-specific models? - The company has established an AI Product Center and is focusing on empowering different industries through AI [41][43] Question: How will Xiaomi's MiMo-V2 model enhance the WPS business? - Management emphasized the need to strengthen competitive capabilities and enhance the AI ecosystem in collaboration with Xiaomi [49][50]

Financial Data and Key Metrics Changes - In 2025, the total revenue of the company reached RMB 9.68 billion, representing a year-on-year decrease of 6% [6][29] - Revenue from the office software and services business was RMB 5.93 billion, up 16% year-on-year, while revenue from online games and other businesses amounted to RMB 3.75 billion, up 28% year-on-year [6][29] - The gross profit margin decreased by 2 percentage points year-on-year to 81% [29] - Operating profit before share-based compensation costs decreased 47% year-on-year to RMB 2.07 billion [29] - Profit attributable to owners of the parent was RMB 2.00 billion for 2025, compared to RMB 1.75 billion for the previous year [29] Business Line Data and Key Metrics Changes - Kingsoft Office Group's total annual revenue reached RMB 5.93 billion, up 60% year-on-year, with fourth-quarter revenue of RMB 1.75 billion, up 17% year-on-year [7][29] - WPS individual business revenue reached RMB 3.63 billion, up 10% year-on-year, with fourth-quarter revenue of RMB 960 million, growing 14% year-on-year [10] - WPS 365 business revenue was RMB 720 million, up 65% year-on-year, with fourth-quarter revenue of RMB 210 million, up 16% year-on-year [12] - The WPS software business generated RMB 1.46 billion, up 15% year-on-year, with fourth-quarter revenue of RMB 530 million, up 16% year-on-year [15] Market Data and Key Metrics Changes - The cumulative number of annual paid individual users in the domestic market reached 6.2 million, up 11% year-on-year [10] - Monthly active devices for the overseas PC version reached 42.5 million, up 54% year-on-year [11] - The online games business saw a revenue decrease of 33% year-on-year to RMB 868 million in the fourth quarter [23] Company Strategy and Development Direction - The company is committed to technology empowerment, focusing on AI collaboration and internationalization, particularly in the office software market [5][19] - Kingsoft aims to deepen the application of AI agent technology in the office environment and accelerate its international strategy [19] - The company is pursuing a dual-track approach in its office software business, focusing on AI reconstruction and exploration of new AI office paradigms [7][8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for growth in the online gaming sector, particularly with the success of the game "Goose Goose Duck," which has surpassed 13 million cumulative new users [6][19] - The management acknowledged challenges in the gaming business but emphasized a focus on improving customer service and content quality [36][37] - The company plans to enhance its AI capabilities and strengthen its competitive position in the market [49][54] Other Important Information - The company had cash resources of RMB 27 billion as of December 31, 2025, with net cash generated from operating activities of RMB 2.29 billion [30] - Research and development costs increased by 30% year-on-year, reflecting the company's strategic focus on advancing AI and collaboration capabilities [24] Q&A Session Summary Question: What strategic adjustments have been made regarding the future development of the gaming business? - The CEO mentioned that the company is focusing on stabilizing the user base of "Goose Goose Duck" and planning various updates to enhance user engagement [33][34] Question: Insights on the current user base and retention metrics for "Goose Goose Duck"? - The CEO reported over 30 million new users since launch, with a stable daily active user count around 3 million [33] Question: What is the progress of the AI business and the commercialization of industry-specific models? - The management highlighted the establishment of an AI Product Center and ongoing collaborations with Kingsoft Cloud to enhance AI capabilities [45][46] Question: How does the company view the impact of AI on traditional software? - The management disagreed with the notion that AI will completely replace traditional software, emphasizing that AI will enhance and restructure existing software capabilities [49][51]

Financial Data and Key Metrics Changes - In 2025, the total revenue of the company reached RMB 9.68 billion, representing a year-on-year decrease of 6% [5][24] - Revenue from the office software and services business was RMB 5.93 billion, up 16% year-on-year, while revenue from online games and other businesses amounted to RMB 3.75 billion, up 28% year-on-year [5][24] - Gross profit margin decreased by 2 percentage points year-on-year to 81% [24] - Profit attributable to owners of the parent was RMB 2.004 billion for the year of 2025, compared to RMB 1.752 billion for the previous year [24] Business Line Data and Key Metrics Changes - Kingsoft Office Group's total annual revenue reached RMB 5.93 billion, up 60% year-on-year, with fourth quarter revenue of RMB 1.75 billion, up 17% year-on-year [7][24] - WPS individual business revenue reached RMB 3.63 billion, up 10% year-on-year, with fourth quarter revenue of RMB 960 million, accelerating to 14% year-on-year growth [9][24] - WPS 365 business revenue reached RMB 720 million, up 65% year-on-year, with fourth quarter revenue of RMB 210 million, up 16% year-on-year [10][24] - WPS software business revenue reached RMB 1.46 billion, up 15% year-on-year, with fourth quarter revenue of RMB 530 million, up 16% year-on-year [13][24] Market Data and Key Metrics Changes - The cumulative number of annual paid individual users in domestic markets reached 6.2 million, up 11% year-on-year, while overseas markets saw a significant increase in paying users, particularly among large-scale users [9][24] - Monthly active devices for the overseas PC version of WPS reached 42.5 million, up 54% year-on-year [9][24] Company Strategy and Development Direction - The company is committed to technology empowerment, focusing on AI collaboration and internationalization, particularly in the office software market [4][16] - The online game business aims to deepen expertise in classical IP while expanding into diversified game categories and global markets [4][16] - Kingsoft Office Group plans to deepen the application of AI agent technology in office environments and accelerate its international strategy [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for growth in the online gaming sector, particularly with the successful launch of new titles like Fugu Stock, which has received positive market reception [5][16] - The company acknowledges challenges in the gaming sector but believes that strategic adjustments and a focus on AI will enhance operational efficiency and product quality [28][35] Other Important Information - The company reported a strong cash position with cash resources of RMB 27 billion as of December 31, 2025 [25] - Research and development costs increased by 30% year-on-year, reflecting the strategic focus on advancing AI and collaboration capabilities [20] Q&A Session Summary Question: What strategic adjustments have been made regarding the future development of the gaming business? - The CEO indicated that the focus will be on improving customer service and content quality while making necessary adjustments to projects lacking strategic weight [34][36] Question: Insights on the user base and retention metrics for Goose Goose Duck? - The game has over 30 million new users since launch, with a stable daily active user count around 3 million [29][30] Question: What is the progress of the AI business and its commercialization? - The company has established an AI Product Center and is focusing on empowering different industries through AI [41][44] Question: How will Xiaomi's MiMo-V2 model enhance the WPS business? - The company aims to strengthen its competitive ability and AI ecosystem construction in collaboration with Xiaomi [50][51]

Core Viewpoint - Kingsoft Software reported a revenue of 2.618 billion RMB for Q4 2025, representing a year-on-year decline of 6% but a quarter-on-quarter increase of 8% [1] Group 1: Revenue Breakdown - The revenue from office software and services accounted for 67% of the total revenue, while online games and others contributed 33% [1] - The revenue from the office software and services segment was 1.75 billion RMB, showing a year-on-year growth of 17% and a quarter-on-quarter growth of 15% [1]

Core Viewpoint - Kingsoft Software reported a revenue of RMB 2.618 billion for Q4 2025, representing a year-on-year decline of 6% but a quarter-on-quarter increase of 8% [1] Group 1: Revenue Breakdown - The revenue from office software and services accounted for 67% of the total revenue, while online games and others contributed 33% [1] - The office software and services segment generated RMB 1.75 billion in revenue for Q4 2025, showing a year-on-year growth of 17% and a quarter-on-quarter growth of 15% [1]