Group 1 - The Hong Kong stock market experienced a decline in technology stocks, with the Hang Seng Technology Index falling by 1.5% [1] - Notable declines among major companies include Tencent Music down nearly 5%, Alibaba down over 3%, and BYD, Kuaishou, Xpeng Motors, NIO, Kingdee International, Tongcheng Travel, and Bilibili all down over 2% [1] Group 2 - Tencent Music's stock decreased by 4.72%, with a year-to-date decline of 2.03%, and a total market capitalization of 209.41 billion [2] - Alibaba's stock fell by 3.45%, with a year-to-date increase of 1.96%, and a total market capitalization of 2.78 trillion [2] - BYD's stock dropped by 2.82%, with a year-to-date increase of 1.10%, and a total market capitalization of 878.90 billion [2] - Kuaishou's stock decreased by 2.78%, with a year-to-date increase of 14.78%, and a total market capitalization of 319.98 billion [2] - Xpeng Motors' stock fell by 2.63%, with a year-to-date decline of 2.08%, and a total market capitalization of 148.53 billion [2] - NIO's stock decreased by 2.52%, with a year-to-date decline of 7.47%, and a total market capitalization of 93.39 billion [2] - Kingdee International's stock fell by 2.39%, with a year-to-date increase of 4.29%, and a total market capitalization of 49.20 billion [2] - Tongcheng Travel's stock decreased by 2.35%, with a year-to-date increase of 3.92%, and a total market capitalization of 54.81 billion [2] - Bilibili's stock fell by 2.33%, with a year-to-date increase of 8.55%, and a total market capitalization of 86.64 billion [2] - Tencent Holdings' stock decreased by 1.82%, with a year-to-date increase of 3.67%, and a total market capitalization of 5.66 trillion [2] - NetEase's stock fell by 1.75%, with a year-to-date increase of 4.94%, and a total market capitalization of 712.98 billion [2]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

Group 1 - The company is one of the earliest internet software firms in China, established in 1988, with a clear first-mover advantage [2][16] - The business model has formed a dual-engine structure of "office software and services + online games and others," with projected revenues of 5.121 billion yuan from office software and 5.197 billion yuan from gaming in 2024 [2][16] - The company maintains a high gross margin above 80% and has a robust financial structure with ample cash flow [2][16] Group 2 - WPS Office has achieved a global monthly active device count of 669 million as of September 2025, with a total of 41.79 million paid users, reflecting a year-on-year increase of 9% and 10% respectively [2][16] - The company has launched WPS AI 3.0, enhancing product capabilities and user experience through five AI applications, significantly boosting user engagement and conversion rates [2][16] - The B-end WPS 365 revenue saw a year-on-year increase of 71.61% in Q3 2025, driven by AI empowerment and the acceleration of government AI product implementation [2][16] Group 3 - The online gaming segment is currently under pressure, with a 47% year-on-year decline in revenue for Q3 2025, primarily due to decreased earnings from existing games [2][16] - The company is diversifying its game offerings beyond traditional martial arts genres, exploring sci-fi and anime categories, and promoting international expansion [2][16] - The long-term operation of the "Jianxia Qinyuan" IP and the launch of the cross-platform version "Jianwang 3 Wujie" have shown significant user return [2][16]

Core Viewpoint - The Hong Kong stock market saw a collective surge in mobile game stocks, indicating a positive trend in the sector [1] Group 1: Stock Performance - Blueport Interactive rose over 10% [1] - Zhongjiu Mobile and Tanwan increased by over 6% [1] - NetEase and Feiyu Technology both saw gains of over 5% [1] - Boya Interactive climbed over 4% [1] - Friendship Time and Tencent both grew by over 3% [1] - NetDragon, Kingsoft, Bilibili, ZhiJianYueDong, and Seventh Avenue all experienced increases of over 2% [1]

Core Viewpoint - The forecast for Kingsoft's Q4 2025 performance indicates a potential decline in revenue and net profit, with expected revenue ranging from 2.555 to 3.504 billion yuan, reflecting a year-on-year change of -8.5% to 25.5%, and net profit expected between 307 to 761 million yuan, with a year-on-year change of -33.3% to 65.3% [1][8] Financial Performance Forecast - Q4 revenue forecast: 25.55 to 35.04 billion yuan, year-on-year change of -8.5% to 25.5% [1][8] - Q4 net profit forecast: 3.07 to 7.61 billion yuan, year-on-year change of -33.3% to 65.3% [1][8] - Average revenue forecast: 28.76 billion yuan, with a year-on-year growth of 3.0% [3] - Median revenue forecast: 28.35 billion yuan, with a year-on-year growth of 1.5% [3] Business Segment Insights - WPS Office: Global monthly active devices reached 669 million, with a total of 41.79 million paid users, and B-end WPS365 revenue increased by 71.61% year-on-year [4][5][11] - Gaming: The gaming segment is facing short-term challenges, with a 47.4% year-on-year decline in revenue primarily due to poor performance of the game "Jie Xian Ji" [6][12] - Overall company revenue is expected to decline by 17.0% year-on-year, with net profit down by 48.5%, attributed to poor gaming performance and increased marketing expenses [12] Future Growth Projections - Expected revenue for 2024: 5.121 billion yuan from office software and 5.197 billion yuan from gaming, maintaining a gross margin above 80% [4][11] - Projected revenue growth for 2025-2027: 10.568 billion yuan, 11.608 billion yuan, and 13.400 billion yuan, with growth rates of +2.43%, +9.83%, and +15.44% respectively [4][11]

Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Core Viewpoint - The report from Galaxy Securities highlights Kingsoft as a leading domestic office software provider with significant potential in AI empowerment and active transformation in its gaming business, initiating coverage with a "Buy" rating [1] Group 1: AI Empowerment and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion, with B-end WPS 365 revenue growing by 71.61% year-on-year in the third quarter [1] - The AI empowerment has created a data and product iteration flywheel, accelerating subscription models, with government AI products already implemented in central and local party and government agencies [1] Group 2: Gaming Business Developments - The company focuses on the "Jianxia Qianren" IP, with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and promoting game exports to reduce reliance on traditional martial arts genres, although the performance of new games shows market differentiation, leading to short-term pressure on earnings [1]

Group 1 - The core point of the article is that Kingsoft Software has been actively repurchasing its shares, with a total of 248.24 million shares repurchased since December 22, amounting to 69.98 million Hong Kong dollars [2][3] - On December 30, the company repurchased 354,200 shares at a price range of 28.040 to 28.300 Hong Kong dollars, with a total repurchase amount of 9.9962 million Hong Kong dollars [2] - The stock price increased by 1.29% on the same day, closing at 28.260 Hong Kong dollars, with a total trading volume of 194 million Hong Kong dollars [2] Group 2 - Year-to-date, Kingsoft Software has conducted 27 repurchase transactions, totaling 11.7282 million shares and a cumulative repurchase amount of 345 million Hong Kong dollars [3] - The detailed repurchase data shows various dates, share quantities, and price ranges, indicating a consistent strategy to buy back shares [3][4] - The highest repurchase price recorded during this period was 35.100 Hong Kong dollars, while the lowest was 27.260 Hong Kong dollars [4]

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。 （於開曼群島持續經營的有限公司） （股份代號：03888） 關連交易 本公司與北京多看訂立之租賃協議 Kingsoft Corporation Limited 金山軟件有限公司 董事會謹此宣佈，於二零二五年十二月三十日，本公司（代表承租人）與小米之合併聯 屬實體北京多看訂立租賃協議，據此，北京多看同意將該等物業出租予承租人，自二 零二六年一月一日起至二零三一年十二月三十一日止為期六年。 北京多看為小米之合併聯屬實體。小米為本公司董事兼主要股東雷軍先生之聯繫人 士。雷軍先生擁有小米之多數投票權。因此，小米為本公司之關連人士，而北京多看 亦為本公司之關連人士。 根據國際財務報告準則第16號，根據租賃協議租賃之該等物業將被確認為使用權資 產，總代價約為人民幣256.17百萬元（相當於約282.63百萬港元），而租賃協議項下擬進 行之交易將被確認為收購使用權資產，其根據上市規則第14A章將構成本公司之一次 性關 ...

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） （股份代號：03888） 持續關連交易 本公司與小米訂立之框架協議 茲提述本公司日期為二零二二年十二月三十日之公告，內容有關本公司與小米訂立的 框架協議，以規範雙方截至二零二五年十二月三十一日止三個年度持續進行之若干交 易。 本集團已與小米集團建立長期穩定之業務關係。於二零二二年十二月三十日，本公司 及小米訂立一份框架協議，以規範雙方截至二零二五年十二月三十一日止三個年度持 續進行之若干交易。 為重續截至二零二八年十二月三十一日止未來三個年度現有框架協議項下之交易，本 公司與小米訂立框架協議，據此：(i)本集團將向小米集團提供各項綜合服務，主要包 括推廣服務、郵箱定製開發服務以及授權及訂閱服務；(ii)本集團將與小米集團共同經 營由本集團提供的遊戲；(iii)小米集團將向本集團提供各項綜合服務， ...