Core Viewpoint - The Hong Kong stock market's cloud computing sector has experienced significant gains, with notable increases in share prices for several companies [1] Company Summaries - Kingsoft Software has seen its stock price rise by over 16% [1] - China Software International's stock has increased by over 7% [1] - Inspur Digital Enterprise's shares have risen by over 6% [1] - Kingsoft Cloud and Kingdee International have also shown upward movement in their stock prices [1]

金山办公2024年财报显示，WPS Office全球月度活跃设备数（MAD）已超6.32亿，创历史新高，同比增 长6.22%。其中，WPS Office PC版国内日活跃设备数突破1亿。 消息面上，10月9日，商务部发布2025年第61号公告。对含有中国成分的部分境外稀土相关物项实施出 口管制。除管制规则外，附件采用WPS格式，要求相关申请文件须以中文提交两大细节引发热议。据 悉，WPS是由金山办公自主研发的办公软件。 智通财经APP获悉，金山软件(03888)高开逾6%，截至发稿，涨6.48%，报34.2港元，成交额5982.23万港 元。 ...

金山办公2024年财报显示，WPS Office全球月度活跃设备数(MAD)已超6.32亿，创历史新高，同比增长 6.22%。其中，WPS Office PC版国内日活跃设备数突破1亿。 消息面上，10月9日，商务部发布2025年第61号公告。对含有中国成分的部分境外稀土相关物项实施出 口管制。除管制规则外，附件采用WPS格式，要求相关申请文件须以中文提交两大细节引发热议。据 悉，WPS是由金山办公自主研发的办公软件。 金山软件(03888)高开逾6%，截至发稿，涨6.48%，报34.2港元，成交额5982.23万港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 金山軟件有限公司 | | | | | | 呈交日期: | 2025年10月8日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 03888 | 說明 | 普通股 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,400,000,000 | USD | | 0.0005 | USD | | 1,200,000 | | 增加 / 減少 ...

Kingsoft Corporation Limited 金 山 軟 件 有 限 公 司 (Continued into the Cayman Islands with limited liability) （於開曼群島持續經營的有限公司） (Stock Code / 股份代號：03888) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered holder, Kingsoft Corporation Limited (the "Company") –Notice of Publication of 2025 Interim Report ("Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Ko ...

Kingsoft Corporation Limited 金 山 軟 件 有 限 公 司 (Continued into the Cayman Islands with limited liability) （於開曼群島持續經營的有限公司） (Stock Code / 股份代號：03888) N O T I F I C AT I O N L E T T E R 通 知 信 函 18 September 2025 Dear Non-registered holder (Note 1) , Kingsoft Corporation Limited (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website ...

金山軟件有限公司 二零二五年中期報告 金山軟件有限公司二零二五年中期報告 2025 INTERIM REPORT 2025 INTERIM REPORT 劍俠情緣網絡版叁 新劍俠情緣手游 目 錄 二零二五年中期報告 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 | 28 | | 中期簡明合併綜合收益表 | 29 | | 中期簡明合併財務狀況表 | 30 | | 中期簡明合併權益變動表 | 32 | | 中期簡明合併現金流量表 | 33 | | 中期簡明合併財務報表附註 | 36 | | 術語及詞彙 | 64 | 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 香港主要經營地址 香港 九龍尖沙咀 海港城港威大廈 第5座32樓3208室 註冊辦事處 P. O. Box 309 Ugl ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 金山軟件有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03888 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,400,000,000 | USD | | 0.0005 USD | | 1,200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,400,000,000 | ...

Core Viewpoint - Kingsoft Software's Q2 2025 performance showed a revenue of 2.307 billion yuan, a year-on-year decline of 7%, which was in line with expectations, while operating profit was 383 million yuan, slightly below expectations due to higher-than-expected expenses [1] Group 1: Business Performance - Office business revenue grew by 14% year-on-year and 4% quarter-on-quarter, driven by the expansion of WPS Personal and WPS 365 [1] - The number of global monthly active devices for WPS Office reached 650 million in June 2025, representing a 9% year-on-year and 1% quarter-on-quarter increase [1] - The gaming business saw a revenue decline of 26% year-on-year and 8% quarter-on-quarter, primarily due to high comparison bases from last year for titles like "Dust White Zone" and "Jian Wang 3" [1] Group 2: Strategic Developments - The company launched WPS AI 3.0 and introduced the native Office intelligent assistant "WPS Lingxi," marking a shift from tool-based applications to collaborative intelligent agents [1] - Management indicated a commitment to increasing R&D investment in AI and collaboration, aiming to enhance product and service deployment across various office scenarios [1] - The gaming business will continue to focus on a premium strategy, deepen IP ecosystem development, and steadily advance global expansion for long-term operations [1] Group 3: Financial Metrics - The operating profit margin for Q2 was 16.6%, down 15.5 percentage points year-on-year and 9.1 percentage points quarter-on-quarter, mainly due to increased R&D and marketing expenses related to AI and new games [2] - The net profit margin reached 23.1%, up 7.2 percentage points year-on-year and 10.9 percentage points quarter-on-quarter, benefiting from one-time gains from Kingsoft Cloud's placement and share subscription [2] Group 4: Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 were lowered by 6.7% and 6.5% to 10.33 billion yuan and 11.56 billion yuan, respectively, due to cautious assumptions regarding the gaming business [2] - Net profit forecasts for 2025 and 2026 were reduced by 21.0% and 10.0% to 1.41 billion yuan and 1.71 billion yuan, respectively, considering revenue adjustments and increased investments in new games and AI strategy [2] - The target price was adjusted down by 10% to 45 HKD, reflecting a 29% upside potential based on a 32 times 2025 price-to-earnings ratio [2]

Core Viewpoint - In the first half of 2025, despite a general recovery in the gaming sector, Kingsoft's gaming business faced unexpected pressures and challenges, with significant revenue declines in its online gaming segment [1][2][3] Financial Performance - In Q2 2025, Kingsoft's total revenue from online games and other businesses was 952 million yuan, a year-on-year decrease of 26% and a quarter-on-quarter decrease of 8% [1] - For the first half of 2025, this segment's total revenue was 1.988 billion yuan, down 10% compared to the same period in 2024 [1] Product Performance - The new game "Mecha BREAK" did not meet expectations after its launch, contributing to the revenue decline due to high comparative figures from 2024 [1][3] - The classic IP "Jian Wang 3" continued to perform strongly, supported by content updates and technical enhancements, while new titles like "Jian Xia Qing Yuan: Zero" faced challenges [3][4][5] Strategic Focus - Kingsoft's management emphasized a strategy of focusing on high-quality games and deepening IP ecosystem development, while also pursuing global expansion [2][8] - The company is looking to optimize existing products and explore new IP collaborations to find growth opportunities [11] Market Outlook - Kingsoft's gaming business is currently in a phase of short-term pressure but long-term potential, with the second half of 2025 seen as a critical period for validating its long-term operational capabilities [12]