该行认为，尽管金山软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中 以来股价下跌27%已基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 中银国际发布研报称，金山软件(03888)今年第三季业绩逊预期，营收较预期低8%至11%，净利润较预 期低26%至55%，主要因为游戏业务疲弱，不过办公软件业务营收增长26%，部分抵销有关影响。该行 将金山软件评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后， 股价的风险回报比变得更具吸引力。 ...

Core Viewpoint - Bank of China International reports that Kingsoft Corporation's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% due to weak gaming business, although office software revenue grew by 26% [1] Group 1: Financial Performance - Kingsoft's Q3 revenue is expected to be 8% to 11% lower than forecast [1] - Net profit is projected to be 26% to 55% below expectations [1] - Office software business revenue increased by 26%, partially offsetting the negative impact from the gaming sector [1] Group 2: Investment Rating and Price Target - Bank of China International upgraded Kingsoft's rating from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The stock's risk-reward ratio has become more attractive after a nine-month adjustment period [1] Group 3: Market Outlook - Despite the normalization of Kingsoft's gaming business, the product line remains weak [1] - The stock has declined by 27% since mid-2025, which is believed to have reflected the downside risks [1] - The market may be overlooking the potential growth momentum in office software and cloud services [1]

Core Viewpoint - Kingsoft's performance is significantly impacted by the weakness in its gaming business, despite strong results in its office software segment [1][3]. Financial Performance - Kingsoft reported Q3 2025 revenue of RMB 2.42 billion, a 5% increase quarter-on-quarter but a 17% decrease year-on-year [3][4]. - The net profit attributable to shareholders was RMB 213 million, down 60% quarter-on-quarter and 48% year-on-year [3][4]. - Basic earnings per share were RMB 0.15, reflecting a 62% decline quarter-on-quarter and a 52% decline year-on-year [3][4]. - Operating cash flow was RMB 494 million, a 64% decrease year-on-year [3]. Business Segments - Office software revenue reached RMB 1.52 billion, showing a 26% year-on-year increase and a 12% quarter-on-quarter increase, driven by growth in WPS software and services [4][5]. - The gaming segment generated RMB 897 million, a 47% year-on-year decline and a 6% quarter-on-quarter decline, now accounting for 37% of total revenue [5][6]. Marketing and Expenses - Sales and distribution expenses for Q3 were RMB 564 million, up 55% year-on-year and 33% quarter-on-quarter, primarily due to increased marketing efforts for gaming [5][6]. Game Performance - The flagship game "Jian Wang 3" has been operational for over 16 years but is facing significant competition and operational issues, leading to a decline in revenue [6][7]. - The new game "Jie Xian Ji" launched on Steam showed initial promise but has since seen a drastic drop in player engagement, with peak online players falling below 5,000 [9][11].

里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入同比下降47%，较该 行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加速，同比升26%，受 政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳 定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头;将2025及26年 收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持跑赢大 市评级。 ...

智通财经APP获悉，里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入 同比下降47%，较该行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加 速，同比升26%，受政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均 收入(ARPU)趋于稳定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲 势头;将2025及26年收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至 35.5港元，维持跑赢大市评级。 ...

Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Kingsoft Corporation (03888) with a slightly lowered target price of HKD 44, expressing cautious optimism regarding the company's online gaming revenue growth in Q4 [1] Revenue Forecast - The revenue forecast for Kingsoft's Q4 has been reduced by 3% due to weak online gaming revenue and uncertainties regarding the monetization of new games, while the revenue forecast for next year remains unchanged [1] - The adjusted net profit forecast for Q4 has been lowered by 6% to reflect increased investments in AI [1] Financial Performance - Kingsoft's Q3 2025 performance was below expectations, with revenue declining by 17% year-on-year to RMB 2.4 billion, falling short of market expectations by 6% [1] - Gross margin decreased by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted by 76% to RMB 277 million, with the operating profit margin declining by 28 percentage points to 11% [1] - Net profit fell by 49% year-on-year to RMB 213 million, with the net profit margin narrowing by 5 percentage points to 8.8% [1]

Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Kingsoft Corporation (03888) with a slightly reduced target price of HKD 44, expressing cautious optimism regarding the company's online gaming revenue growth in Q4 [1] Financial Performance - Kingsoft's Q3 2025 performance fell short of expectations, with revenue declining 17% year-on-year to RMB 2.4 billion, which is 6% below market expectations [1] - Gross margin decreased by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted 76% to RMB 277 million, with operating margin declining by 28 percentage points to 11% [1] - Net profit dropped 49% year-on-year to RMB 213 million, with net profit margin narrowing by 5 percentage points to 8.8% [1] Revenue and Profit Forecasts - The revenue forecast for Q4 has been reduced by 3% due to weak online gaming revenue and uncertainties regarding new game monetization, while the revenue forecast for next year remains unchanged [1] - The adjusted net profit forecast for Q4 has been lowered by 6% to account for increased AI-related investments [1]

| 恒生指数 | | 25798.16 | -32.49 | -0.13% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9123.69 | -27.35 | -0.30% | | 800100 | | | | | | 恒生科技指数 | | 5545.47 | -61.43 | -1.10% | | 800700 | 1 | | | | 格隆汇11月20日｜恒生科技指数跌1.1%至5545.47点。金山软件跌超10%，小鹏汽车跌近5%，携程、小 米、网易均跌超3%。 ...

Core Viewpoint - Kingsoft's Q3 performance fell short of expectations, with a year-on-year revenue decline of 17% to 2.4 billion yuan, which is 6% below market expectations [1] Financial Performance - Revenue decreased by 17% year-on-year to 2.4 billion yuan, missing market expectations by 6% [1] - Gross margin narrowed by 4 percentage points year-on-year to 80.4%, aligning with market consensus [1] - Operating profit plummeted by 76% to 277 million yuan, with an operating profit margin down 28 percentage points to 11% [1] - Net profit decreased by 49% to 213 million yuan, with a net profit margin contracting by 5 percentage points to 8.8% [1] Analyst Ratings and Forecasts - The firm maintains a "Buy" rating for Kingsoft, with a slight target price adjustment to 44 HKD [1] - Q4 revenue forecast has been reduced by 3%, reflecting cautious optimism regarding online game revenue growth [1] - The adjusted net profit forecast for Q4 has been lowered by 6% due to increased AI-related investments, while next year's revenue forecast remains unchanged [1]

该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头；将2025及26年收入 预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持"跑赢大 市"评级。 里昂发表研究报告指，金山软件第三季收入逊预期，游戏收入按年下降47%，较该行预期低8%，因主 要游戏作品在去年异常高基数下承压；办公室软件收入增长加速，按年升26%，受政府信息技术应用创 新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳定。 ...