Investment Rating - Buy (Maintained) [1] Core Views - The company has consistently maintained stable dividends, with its gaming business showing steady growth and office AI commercialization expected to gradually advance [1] - In 4Q23, the company achieved revenue of RMB 2.31 billion, a 9% YoY increase and a 12% QoQ increase Full-year 2023 revenue reached RMB 8.53 billion, up 12% YoY, with office business revenue growing 17% YoY and gaming business revenue increasing 6% YoY [1] - Full-year operating profit for 2023 was RMB 2.23 billion, up 19% YoY, with an OP Margin improvement of 1.6 percentage points to 26.1%, leading to a turnaround in net profit attributable to shareholders to RMB 480 million [1] - The dual subscription model in the office business provided strong growth momentum, with C-end subscription revenue up 29% YoY and B-end subscription revenue up 38% YoY in 2023 [1] - The company's gaming business is expected to see a low-to-high revenue trend in 2024, with multiple game launches planned, including the mobile game "JX3: Infinite" and other classic titles [2] - The company's 2024/25 net profit attributable to shareholders is forecasted to increase by 5%/22% to RMB 1.05 billion/RMB 1.69 billion, with a new 2026 forecast of RMB 2.31 billion [2] Financial Performance - 2023 full-year revenue: RMB 8.53 billion, up 12% YoY [1] - 2023 full-year operating profit: RMB 2.23 billion, up 19% YoY [1] - 2023 full-year net profit attributable to shareholders: RMB 480 million, a turnaround from previous losses [1] - 2023 office business revenue: RMB 4.56 billion, up 17% YoY [1] - 2023 gaming business revenue: RMB 3.98 billion, up 6% YoY [2] - 2024E/2025E/2026E revenue: RMB 9.93 billion/RMB 11.47 billion/RMB 13.21 billion [7] - 2024E/2025E/2026E net profit attributable to shareholders: RMB 1.05 billion/RMB 1.70 billion/RMB 2.31 billion [7] Office Business - Office business revenue in 2023: RMB 4.56 billion, up 17% YoY, driven by C-end and B-end subscription growth [1] - C-end subscription revenue grew 29% YoY, while B-end subscription revenue grew 38% YoY [1] - MAU for main products increased by 4.36% YoY to 598 million, with cumulative paying individual users up 18.43% YoY to 35.49 million [1] - WPS 365 was upgraded to provide enhanced content creation, collaboration, and digital asset management capabilities [1] - WPS AI entered public testing in 4Q23, laying the foundation for future commercialization [1] Gaming Business - Gaming business revenue in 2023: RMB 3.98 billion, up 6% YoY, driven by the flagship game "JX3" and new titles [2] - Multiple game launches are planned for 2024, including "JX3: Infinite" and other classic titles [2] - Gaming revenue is expected to show a low-to-high trend in 2024, with mid-to-high single-digit growth for the full year [2] Valuation and Forecasts - 2024E/2025E/2026E revenue: RMB 9.93 billion/RMB 11.47 billion/RMB 13.21 billion [7] - 2024E/2025E/2026E net profit attributable to shareholders: RMB 1.05 billion/RMB 1.70 billion/RMB 2.31 billion [7] - 2024E/2025E/2026E EPS: RMB 0.36/RMB 0.79/RMB 1.27 [7] - 2024E/2025E/2026E P/E ratio: 18x/13x/10x [7] Market Data - Current share price: HKD 24.80 [3] - Total market capitalization: HKD 33.21 billion [4] - 52-week high/low: HKD 42.35/HKD 18.40 [4] - 3-month turnover rate: 41.9% [4]

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月20日 港元23.55 港元26.00↓ +10.4% 金山软件 (3888 HK) 4 季度游戏收入不及预期，WPS 将开启 AI 商业化，维持中性  4季度游戏收入不及预期：收入同比增9%至23.1亿元人民币，较我们预期低 个股评级 2%，主要因游戏收入低于预期。游戏收入同比持平，较预期低8%，WPS收入 中性 同比增18%，超预期4%。调整后经营利润同比增17%至7.9亿元，较我们预 期高6%，主要因毛利超预期，预计与端游/手游收入结构变化有关。调整后净 1年股价表现 利润同比增38%至5.6亿元，较预期高6%。2023年总收入增12%（游戏/WPS 分别增6%/17%），调整后净利润为20亿元，同比增33%。2023年度派息每 3888 HK 恒生指数 40% 股0.14港元（2022年为0.13港元），股息率0.59%。 30% 20% 10%  4季度业绩要点：我们认为游戏收入增速的变化主要与2022年4季度游戏收 0% 入高基数有关，《剑网3无界》开启测试，该游戏今年上线之前预计游戏收 -10% -20% 入表现稳定。W ...

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） （可換股債券代號：40210） 截至二零二三年十二月三十一日止年度業績公告 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（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其附屬公 司（「本集團」）截至二零二三年十二月三十一日止年度之經審核業績。該等業績已由本 公司核數師安永會計師事務所根據《香港審計準則》審核。此外，該等業績亦已由本公司 的審核委員會（「審核委員會」）審閱。 財務資料概要 | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | | | 二零二三年 | 二零二二年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % | | | | （經重述） | | | 收益 | 8,533,611 | 7,636,743 | 12 | ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 was RMB 2,060 million, representing a year-on-year increase of 12% but a quarter-on-quarter decrease of 6% [4][8] - Operating profit increased by 13% year-on-year to RMB 376 million [4] - Gross profit increased by 14% year-on-year but decreased by 8% quarter-on-quarter to RMB 1,677 million, with a gross profit margin of 81% [10][11] - Profit attributable to owners of the parent was RMB 28 million, compared to a loss of RMB 6,055 million in Q3 2022 [13] Business Line Data and Key Metrics Changes - Revenue from office software and services increased by 9% year-on-year to RMB 1,098 million, while revenue from online games increased by 15% year-on-year to RMB 961 million [8][10] - The individual office subscription business saw improvements in paying ratio and average revenue per paying user due to an optimized membership system [6][9] - Revenue from the online games segment decreased by 10% quarter-on-quarter, primarily due to a decline in revenue from JX3 Online [10] Market Data and Key Metrics Changes - The revenue split was 53% for office software and services and 47% for online games and others [8] - The company expanded its user base in micro, small, and medium-sized enterprises through WPS 365 [7] Company Strategy and Development Direction - The company will continue to focus on AI and collaboration, restructuring office software to enhance user experience [15] - The online games business will maintain its strategy of developing premium games and long-term operations [15] - Strategic cooperation with Alibaba Group and iFlytek aims to build a digital and intelligent service ecosystem [6] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the gaming business outlook, particularly for JX Online III, which typically performs well in Q4 [29] - The company plans to launch new games in the JX series and Code Break in the upcoming year, indicating a focus on both existing IP and new developments [25][30] - The AI strategy is expected to enhance average revenue per user (ARPU) and the number of paying users in the Kingsoft Office business [32] Other Important Information - The company had cash resources of RMB 23 billion as of September 30, 2023 [14] - Share-based compensation costs increased by 15% year-on-year, indicating ongoing investment in talent [11] Q&A Session Summary Question: What are the commercialization plans for JX Online III and the gaming business outlook for next year? - Management confirmed that the monetization model for JX Online III remains unchanged, focusing on fair gameplay and value-added services. The JX3 Ultimate mobile version is expected to launch in the first half of next year, enhancing user interaction [18][19] Question: What is the strategy for growth in the gaming business amid increased competition? - Management acknowledged the increased competition but welcomed the easier access to game licenses. They plan to continue developing the JX series and expand into global markets [24][25] Question: What are the user feedback and revenue impact from the upgraded WPS membership system? - Management reported improvements in both the number of paying users and ARPU, attributing future revenue growth to the AI strategy combined with the membership upgrade [31][32] Question: What is the reason for the increase in expenses this quarter? - The increase in expenses was primarily due to marketing campaigns, but management expects expenses to return to a reasonable level in Q4 [33]

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） （可換股債券代號：40210） 截 至 二 零 二 三 年 九 月 三 十 日 止 三 個 月 業 績 公 告 金山軟件有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（「本 集團」或「金山」）截至二零二三年九月三十日止三個月之未經審計業績。 財務資料摘要 截至下列日期止三個月 二零二三年 二零二二年 二零二三年 同比 環比 九月三十日 九月三十日 六月三十日 變動 變動 人民幣千元 人民幣千元 人民幣千元 % % （未經審計）（未經審計）（未經審計） （經重述） 收益 2,059,679 1,837,127 2,193,490 12 (6) 營運溢利 376,073 331,770 675,713 13 (44) ...

金山軟件有限公司 二零二三年中期報告 2023 INTERIM REPORT 劍俠情緣網絡版叁 劍俠情緣手游 金山軟件有限公司二零二三年中期報告 2023 INTERIM REPORT 目 錄 二零二三年中期報告 金山軟件有限公司 | 公司資料 | 2 | | --- | --- | | 營運摘要 | 4 | | 財務摘要 | 5 | | 業務回顧及前景 | 7 | | 管理層討論及分析 | 8 | | 其他資料 | 13 | | 中期簡明合併損益表 | 26 | | 中期簡明合併綜合收益表 | 27 | | 中期簡明合併財務狀況表 | 28 | | 中期簡明合併權益變動表 | 30 | | 中期簡明合併現金流量表 | 31 | | 中期簡明合併財務報表附註 | 34 | | 術語及詞彙 | 65 | 公司資料 | 公司法定名稱 | | --- | | 金山軟件有限公司 | | 股票代碼 | | 03888 | | 上市日期 | | 二零零七年十月九日 | | 北京主要營業地址 | | 中國 | | 北京 | | 海淀區 | | 西二旗中路33號 | | 小米科技園 | | D棟 | | 郵編：100085 ...

Kingsoft Corporation Limited (OTCPK:KSFTF) Q2 2023 Earnings Conference Call August 22, 2023 7:00 AM ET Company Participants Francie Lu - Investor Relations Tao ZOU - Executive Director and Chief Executive Officer Yi LI - Acting Chief Financial Officer Conference Call Participants Xiaodan Zhang - CICC Linlin Yang - GF Securitites Hao Yang - Founder Securities Operator Good day and thank you for standing by. Welcome to the Q2 2023 Kingsoft Corporation Earnings Conference Call. At this time, all participants a ...

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） （可換股債券代號：40210） 截 至 二 零 二 三 年 六 月 三 十 日 止 三 個 月 及 六 個 月 業 績 公 告 金山軟件有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（「本 集團」或「金山」）截至二零二三年六月三十日止三個月及六個月之未經審計業績。該等 中期業績已由本公司審核委員會（「審核委員會」）審閱。 ...

[2 -> 29] Good day and thank you for standing by. Welcome to the Q1 2023 Kingsoft Cooperation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. [30 -> 57] To withdraw your question, please press star one and one again. Please be advised ...

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） （可換股債券代號：40210） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 三 個 月 業 績 公 告 金山軟件有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（「本 集團」或「金山」）截至二零二三年三月三十一日止三個月未經審計的業績。 財務資料摘要 截至下列日期止三個月 二零二三年 二零二二年 二零二二年 三月 三月 十二月 三十一日 三十一日 三十一日 同比變動 環比變動 人民幣千元 人民幣千元 人民幣千元 % % （未經審計）（未經審計）（未經審計） （經重述） （經重述） ...