金山软件(03888)发布公告，于2025年11月28日，该公司斥资999.61万港元回购34.9万股。 ...

智通财经APP讯，金山软件(03888)发布公告，于2025年11月28日，该公司斥资999.61万港元回购34.9万 股。 ...

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 | | ...