（原标题：金山软件(03888.HK)11月20日回购142.64万股，耗资3999.64万港元） 证券时报•数据宝统计，金山软件在港交所公告显示，11月20日以每股27.260港元至28.800港元的价格回 购142.64万股，回购金额达3999.64万港元。该股当日收盘价28.560港元，下跌7.03%，全天成交额14.44 亿港元。 | 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） | | --- | --- | --- | --- | --- | | 2025.11.20 | 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 | | 2025.06.02 | 31.02 | 32.400 | 31.650 | 999.53 ...

Core Viewpoint - Kingsoft's core business is showing a diverging trend, with significant revenue decline in its gaming segment while the office software segment experiences growth [2][5]. Financial Performance - For Q3 ending September 30, 2025, Kingsoft reported total revenue of 2.419 billion RMB, a 17% year-on-year decrease [3]. - Gross profit fell by 21% to 1.944 billion RMB, and net profit nearly halved, down 48% to 213 million RMB [2][3]. - Office software and services revenue was 1.521 billion RMB, up 26% year-on-year, accounting for 63% of total revenue [3][5]. - Network gaming and other revenues plummeted by 47% to 898 million RMB, making up 37% of total revenue [2][3]. Office Software Segment - The growth in office software revenue is attributed to the performance of WPS software, WPS 365, and personal business, driven by increased demand from private enterprises and local state-owned enterprises [5]. - As of September 30, WPS Office had 669 million monthly active devices, an 8.83% increase year-on-year [5]. - The number of paid personal users reached 41.79 million, a 10% increase from the previous year [5]. AI and R&D Investment - Kingsoft is focusing on AI development, with R&D expenses rising by 18.48% to 1.495 billion RMB, representing 35.77% of revenue [6]. - The company has launched WPS AI 3.0 and is enhancing its product offerings in AI, collaboration, and internationalization [5][6]. Gaming Segment Challenges - The gaming segment's revenue dropped significantly, with marketing expenses for Q3 reaching 564 million RMB, a 55% year-on-year increase [10]. - The decline in gaming revenue is attributed to reduced contributions from existing games and the slow market establishment of new titles [10]. - The performance of the game "Limitless Mecha" has been disappointing, with a significant drop in player engagement shortly after launch [10][12]. Competitive Landscape - The office software market is highly competitive, with products like Microsoft Office, ByteDance's Feishu, and Tencent Docs competing directly with WPS Office [8]. - Balancing commercialization and user experience remains a critical challenge for Kingsoft in the face of intense competition [8].

Core Viewpoint - Kingsoft Corporation (03888.HK) announced a share buyback on November 20, spending HKD 39.996 million to repurchase 1.426 million shares [1] Group 1 - The total amount spent on the share buyback was HKD 39.996 million [1] - The number of shares repurchased was 1.426 million [1]

Core Viewpoint - Kingsoft Corporation (03888) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 1.4264 million shares at a total cost of HKD 39.9964 million [1] - The buyback price per share ranges from HKD 27.26 to HKD 28.8 [1]

Core Viewpoint - Kingsoft Corporation (03888) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1.4264 million shares [1] - The total expenditure for the buyback is HKD 39.9964 million [1] - The buyback price per share ranges from HKD 27.26 to HKD 28.8 [1]

FF305 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20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 ...

Core Viewpoint - The report from Zhongyin International indicates that Kingsoft's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% compared to forecasts, primarily due to weak gaming business performance, although the office software segment saw a 26% revenue increase, partially offsetting the impact [1] Group 1: Financial Performance - Kingsoft's Q3 revenue was 8% to 11% lower than expected [1] - Net profit was 26% to 55% below expectations [1] - Office software business revenue grew by 26% [1] Group 2: Business Segments - The gaming business continues to normalize but remains weak [1] - The report highlights the potential growth momentum in office software and cloud services that the market may be overlooking [1] Group 3: Investment Rating - Zhongyin International upgraded its rating on Kingsoft from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The risk-reward ratio for the stock has become more attractive after a nine-month adjustment period, during which the stock price has declined by 27% since mid-2025 [1]

Core Viewpoint - Bank of China International reports that Kingsoft Corporation (03888) underperformed expectations in Q3 this year, with revenue falling 8% to 11% below forecasts and net profit down 26% to 55% below expectations, primarily due to weak gaming business performance. However, the office software segment saw a revenue increase of 26%, partially offsetting the negative impact [1] Group 1: Financial Performance - Kingsoft's Q3 revenue is projected to be 8% to 11% lower than expected [1] - Net profit is anticipated to be 26% to 55% below forecasts [1] - Office software business revenue increased by 26%, providing some mitigation against the gaming segment's decline [1] Group 2: Investment Rating and Price Target - Bank of China International upgraded Kingsoft's rating from "Hold" to "Buy" [1] - The target price for Kingsoft was adjusted down from HKD 41.7 to HKD 40 [1] - The risk-reward ratio for Kingsoft's stock 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 price has declined by 27% since mid-2025, which is believed to have largely reflected the downside risks [1] - The market may be overlooking the potential growth momentum in the office software and cloud business segments [1]

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].