本报讯 （记者李乔宇）8月20日晚，北京金山办公软件股份有限公司（以下简称"金山办公"）发布2025 年半年报。上半年金山办公实现营业收入26.57亿元，同比增长10.12%；实现归属于上市公司股东的净 利润7.47亿元，同比增长3.57%。 AI技术落地带来了显著的用户反馈。财报显示，截至2025年6月30日，WPS AI月活跃用户数达2951万， 2024年底公布的数据为1968万。 今年上半年，金山办公发布WPS AI 3.0并推出原生Office办公智能体——WPS灵犀，通过"双向改造"重 新定义AI与办公软件的融合模式，彻底突破了将AI作为"附加功能"嵌入软件这一传统思路的局限。这也 是WPS灵犀首次出现在金山办公的财报中。 WPS灵犀的创新点在于"软件AI化"与"AI软件化"的深度协同：一方面，重构Office内核，将数以万计的 复杂功能，封装成标准化、可被精准调用的API接口，使其可被AI理解和操作。另一方面，训练AI模 型，使AI深度理解Office操作逻辑和用户真实意图。 上半年，金山办公2025研发投入达9.59亿元，同比增长18.70%，研发费用率约36%。截至报告期末，公 司研发人员共 ...

Core Insights - Kingsoft Office reported a revenue of 2.657 billion yuan for the first half of 2025, a year-on-year increase of 10.12% [1] - The net profit attributable to the parent company was 747 million yuan, up 3.57% year-on-year, while the net profit excluding non-recurring gains and losses was 727 million yuan, reflecting a growth of 5.77% [1] - The WPS personal business generated 1.748 billion yuan in revenue, an increase of 8.38% year-on-year, and the WPS 365 business saw a significant revenue growth of 62.27%, reaching 309 million yuan [1][3] Business Performance - WPS AI monthly active users reached a record high of 29.51 million, a substantial increase from 19.68 million at the end of 2024, indicating strong user engagement driven by AI technology [1] - The number of monthly active devices for WPS Office globally reached 651 million, marking an 8.56% year-on-year growth, with PC and mobile versions growing by 12.29% and 5.48% respectively [2] - The enterprise market for WPS 365 showed rapid growth, with a revenue of 309 million yuan, driven by product upgrades and deeper industry penetration [3] Product Development - The launch of WPS AI 3.0 and the native Office AI assistant, WPS Lingxi, represents a significant innovation in integrating AI with office software, redefining traditional functionalities [5] - WPS Lingxi has been recognized at the 2025 World Artificial Intelligence Conference, showcasing its capabilities in multi-turn dialogue and document modification [5] - R&D investment reached 959 million yuan in the first half of 2025, an 18.70% increase year-on-year, reflecting the company's commitment to technological innovation [6] Market Expansion - WPS 365 has established a strong presence in the education sector, with a coverage rate of 75% in top-tier universities, serving over 1,000 institutions and 20 million students [3] - The company has expanded its client base to include major enterprises such as China Unicom and China National Offshore Oil Corporation, enhancing its influence in both state-owned and private sectors [4]

金山办公2025年4月2日晚间披露了股东询价转让结果报告书暨持股5%以上股东权益变动触及1%的提示 性公告。本次询价转让的价格为267.50元/股，转让的股票数量为7,761,767股，本次权益变动日期为 2025年4月3日。据此计算，本次询价转让的金额为20.76亿元。 中国经济网北京8月21日讯金山办公(688111.SH)昨晚披露的2025年半年度报告显示，公司上半年实现营 业收入26.57亿元，同比增长10.12%；归属于上市公司股东的净利润7.47亿元，同比增长3.57%；归属于 上市公司股东的扣除非经常性损益的净利润7.27亿元，同比增长5.77%；经营活动产生的现金流量净额 7.38亿元，同比增长17.51%。 上半年，金山办公加权平均净资产收益率为6.35%，同比减少0.68个百分点；扣除非经常性损益后的加 权平均净资产收益率6.18%，同比减少0.52个百分点。 分季度来看，2025年第一季度，金山办公实现营业收入13.01亿元，同比增长6.22%；归属于上市公司股 东的净利润4.03亿元，同比增长9.75%；归属于上市公司股东的扣除非经常性损益的净利润3.90亿元， 同比增长10.72%。 ...

Group 1: Fixed Income Market Insights - The fixed income market is experiencing a weak sentiment, with a preference for short to medium-term credit instruments as the stock market remains strong since June, leading to adjustments in the bond market [2][4] - Recommendations include focusing on city investment bonds with maturities of three years or less, high-quality city rural commercial bank bonds, and high-grade central state-owned enterprise real estate bonds with maturities of one year or less [2][4] - The bond curve is expected to remain steep, and investors are advised to avoid ultra-long-term bonds and credit ETF securities [2] Group 2: Transportation Sector Recovery - The transportation sector is entering a recovery phase, with expectations of a seasonal increase in demand as the peak season approaches [6] - The industry has seen a slowdown in volume growth, with retail sales and express delivery volumes showing year-on-year increases of 4.0%, 8.3%, and 15.1% respectively [6] - Recommendations include focusing on the e-commerce express delivery sector and leading international logistics companies like SF Express [6] Group 3: Beverage Industry Outlook - The liquor sector is showing signs of stabilization, with government policies aimed at boosting domestic demand providing support [6] - Major liquor companies are focusing on maintaining investor interests through long-term and interim dividend plans, with current dividend yields for leading brands exceeding 3.5% [6] - The sector is expected to enter a phase of healthy recovery, with strong fundamentals among leading companies [6] Group 4: AI and Technology Sector - The AI technology revolution is anticipated to drive corporate profit growth, providing a counterbalance to macroeconomic uncertainties [4] - Industrial Fulian's stock has surged approximately 69% since mid-July, reflecting renewed market interest in its growth potential within the AI industry [14] - The report emphasizes the importance of understanding the investment ceiling for AI computing power and the potential for significant growth in the sector [14] Group 5: Logistics and Delivery Sector - The logistics sector is expected to benefit from a price recovery due to the "anti-involution" policy, which aims to improve service quality and profitability [30] - ZTO Express reported a revenue increase of 9.8% year-on-year, although net profits declined due to intense price competition [30] - The outlook for the second half of the year remains positive, with expectations of improved profitability as the industry adjusts pricing strategies [30] Group 6: Insurance Sector Performance - Zhong An Insurance reported a significant increase in net profit for the first half of 2025, driven by strong growth in underwriting profits across various business lines [19] - The company’s overall performance reflects improvements in both insurance and investment segments, with a notable turnaround in its banking operations [19] - The report maintains a "buy" rating based on the positive trends across multiple business areas [19] Group 7: Power Generation Sector - Guiguan Electric's performance is in line with expectations, with a forecast for increased hydropower generation in the upcoming quarter due to favorable water conditions [26] - The company reported a revenue decline of 13.99% year-on-year, but net profits showed resilience [26] - The report suggests maintaining a "buy" rating based on anticipated growth in hydropower output [26] Group 8: E-commerce and Retail Sector - Salted Fish Shop's revenue and net profit for the first half of 2025 exceeded market expectations, driven by strong performance in its membership and retail channels [13] - The company reported a year-on-year revenue increase of 19.6%, with significant growth in its snack and retail segments [13] - The report highlights the importance of channel and product category growth in sustaining performance [13]

计算机/软件开发 Q2 收入增速明显回暖，WPS AI 月活高速增长 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 300.99 | | 一年最高最低(元) | 408.68/167.18 | | 总市值(亿元) | 1,394.12 | | 流通市值(亿元) | 1,394.12 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 4.63 | | 近 3 个月换手率(%) | 56.87 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 金山办公 沪深300 相关研究报告 《WPS AI 月活近 2000 万，WPS 365 开启新增长引擎—公司信息更新报 告》-2025.3.20 《业绩超预期，携手 Deepseek 开启认 知智能新范式—公司信息更新报告》 -2025.3.2 《业绩符合预期，Q3 现金流高速增长 —公司信息更新报告》-2024.10.27 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- ...

20 August 2025 | 9:53PM HKT Kingsoft Office (688111.SS): WPS AI user base expansion in 2H25E with Office AI agent launched; 2Q Rev/ GM in line while OP missed; Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be a ...

Core Viewpoint - Kingsoft Office reported a revenue of 2.657 billion yuan for the first half of 2025, marking a year-on-year growth of 10.12%, with a net profit attributable to shareholders of 747 million yuan, up 3.57% [1] Group 1: Financial Performance - The revenue from WPS personal business reached 1.748 billion yuan, an increase of 8.38% year-on-year, with domestic revenue at 1.619 billion yuan and overseas revenue at 129 million yuan [1] - The total number of annual paid personal users for WPS reached 41.79 million, growing by 9.54% [1] - WPS Office's global monthly active devices reached 651 million, a year-on-year increase of 8.56%, with PC version monthly active users at 305 million (up 12.29%) and mobile version at 346 million (up 5.48%) [1] Group 2: Business Growth - WPS 365 business revenue was particularly strong, achieving 309 million yuan, a growth of 62.27%, becoming a new growth engine for the company [1] - Kingsoft Office announced a special fund of 1 billion yuan to support digital education over the next three years [1] Group 3: AI Integration - The company launched WPS AI 3.0 and introduced the native Office AI assistant, WPS Lingxi, redefining the integration of AI and office software [2] - As of June 30, 2025, WPS AI had 29.51 million monthly active users, up from 19.68 million at the end of 2024, indicating rapid growth expected in the second half of the year [2] - The company is recognized as a core player in AI + enterprise services, with significant investment value in AI-enabled enterprise solutions [2] Group 4: R&D Investment - Kingsoft Office's R&D investment reached 959 million yuan, an increase of 18.70%, with a research expense ratio of approximately 36% [2] - The number of R&D personnel totaled 3,533, up 18.12%, accounting for about 66% of the total workforce [2]

Core Insights - Kingsoft Office (688111.SH) reported a revenue of 2.657 billion yuan for the first half of 2025, representing a year-on-year growth of 10.12% [1] - The net profit attributable to shareholders was 747 million yuan, with a year-on-year increase of 3.57%, indicating a slower growth rate compared to revenue [1] Revenue Breakdown - The personal business remains the core revenue source, generating 1.748 billion yuan (65.8% of total revenue) with a year-on-year growth of 8.38%, and the number of paying users increased to 41.79 million [1] - The enterprise product WPS365 showed significant performance, achieving revenue of 309 million yuan (11.6% of total revenue) with a substantial year-on-year growth of 62.27%, primarily due to contracts with government and enterprise clients such as China Unicom and China Three Gorges Corporation [1] - Revenue from WPS software business was 542 million yuan (20.4% of total revenue), experiencing a slight decline of 2.08% year-on-year [1] - The overseas market contributed 129 million yuan in revenue [1] R&D Investment - The company invested 959 million yuan in R&D during the first half of the year, marking an 18.7% year-on-year increase, with R&D expenses accounting for 36.07% of total revenue [1] - Key areas of investment include AI technology development and cross-platform adaptation, such as training large models with hundreds of billions of parameters and developing "instant document opening" technology for the HarmonyOS [1] Shareholder Changes - Notably, there was a significant reduction in holdings by employee stock ownership platforms, with nine companies, including Qiwen Yiwei and Qiwen Erwei, transferring 7.761767 million shares at a price of 267.50 yuan per share, totaling 2.076 billion yuan [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 378.73 [1][5] Core Views - The company has shown a steady increase in monthly active users (MAU) driven by AI commercialization and the acceleration of its WPS software business, achieving a revenue of RMB 2.657 billion in Q2 2025, which is a year-on-year increase of 14.14% [1][2] - The company is positioned as a leader in the domestic office software market, leveraging its advantages to accelerate the implementation of AI in office solutions [1][2] - The company has made significant investments in R&D, with a focus on enhancing AI product capabilities, resulting in the launch of new features such as WPS AI 3.0 and various AI tools [3][4] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 2.657 billion, a year-on-year increase of 10.12%, with a net profit of RMB 747 million, reflecting a year-on-year growth of 3.57% [1][5] - The gross margin for H1 2025 was 85.03%, indicating stable profitability [3] Business Segments - The WPS personal business generated RMB 1.748 billion in revenue, up 8.38% year-on-year, while WPS 365 saw a significant increase of 62.27% to RMB 309 million [2] - The company’s WPS software business experienced a revenue decline of 2.08% to RMB 542 million, but showed recovery in Q2 with a 26% year-on-year increase [4] R&D and Product Development - The company has increased its R&D personnel to 3,533, accounting for approximately 66% of its total workforce, emphasizing its commitment to AI product development [3] - New AI functionalities have been introduced, enhancing the integration of AI with office software, which is expected to improve market competitiveness [3] Market Outlook - The company is benefiting from the acceleration of domestic AI office demand, with new clients from state-owned enterprises and private sectors being added [4] - The overall software spending in China is projected to grow, providing a favorable environment for the company's growth [14]

新浪科技讯 8月21日上午消息，金山办公发布2025年半年报显示，上半年金山办公实现营业收入26.57亿 元，同比增长10.12%；归属于母公司所有者净利润7.47亿元，同比增长3.57%；归属于母公司所有者扣 除非经常性损益净利润7.27亿元，同比增长5.77%。 主营业务中，WPS个人业务收入17.48亿元，同比增长8.38%；WPS 365业务收入3.09亿元，同比增长 62.27%；WPS软件业务收入5.42亿元。 财报显示，截至2025年6月30日，WPS AI月活跃用户数达2951万，2024年底公布的数据为1968万。随着 上半年AI权益持续惠及用户，及AI新产品落地推广，预计下半年AI月活将实现快速增长。WPS Office 全球月度活跃设备数达6.51亿，同比增长8.56%，创历史新高。其中PC版月活3.05亿，同比增长 12.29%；移动版月活3.46亿，同比增长5.48%。 在海外市场，金山办公通过研发WPS国际版、优化本地运营及AI权益部署，降低了获客成本，用户增 长效率得到提升。上半年，海外WPS个人业务收入达1.29亿元，累计年度付费个人用户数189万。 值得一提的是，金山办公20 ...