Core Points - The opening of the Wuhan Kingsoft Software Park marks a significant milestone in Kingsoft Group's strategic layout in Wuhan since 2017, following the establishment of large R&D centers in Beijing and Zhuhai [1][3] - Kingsoft Group aims to expand its workforce in Wuhan to over 10,000 by the end of 2025, with a current total of approximately 9,500 employees, including those from Xiaomi [1][3][5] Group 1 - Kingsoft Group has established multiple subsidiaries in Wuhan since 2017, including Kingsoft Office, which serves over 632 million users globally, and Kingsoft Cloud, which supports nearly 500 clients with its cloud computing services [2] - The company has built a comprehensive R&D system in various fields such as office software, cloud computing, and digital entertainment, leveraging Wuhan's geographical and policy advantages [2] - Kingsoft has collaborated with 13 universities to create an "Engineer Training Camp," training over 3,607 ICT talents and establishing a scholarship to encourage youth engagement in digital technology innovation [2] Group 2 - The new Wuhan headquarters has become one of Kingsoft's largest R&D centers, with a total area of 280,000 square meters and an investment of 4 billion yuan [4] - The park includes various facilities such as office buildings, canteens, apartments, gyms, and indoor sports venues, reflecting a design philosophy that integrates technology and culture [4] - Kingsoft's CEO expressed confidence in achieving the goal of a 10,000-person R&D center, emphasizing the company's commitment to innovation and development in Wuhan [4]

Core Insights - Kingsoft Group has inaugurated its Wuhan Kingsoft Software Park, marking the establishment of another large R&D center following Beijing and Zhuhai [1] Group 1 - The opening ceremony took place on August 18, with Kingsoft Group's chairman Lei Jun, who is also the founder and CEO of Xiaomi Group, attending the event [1] - This new facility in Wuhan signifies Kingsoft Group's continued expansion in the technology sector and its commitment to enhancing research and development capabilities [1]

Group 1 - Kingsoft Group inaugurated the Wuhan Kingsoft Software Park, marking the establishment of a large R&D center since the company's strategic layout in Wuhan began in 2017 [2][10] - Since 2017, multiple subsidiaries of Kingsoft have settled in Wuhan, including Kingsoft Office, which serves 630 million users globally, and Kingsoft Cloud, which supports nearly 500 clients with its cloud computing capabilities [4][5] - The Wuhan Kingsoft Software Park covers 118 acres with a total construction area of 280,000 square meters, accommodating up to 9,000 employees and featuring various facilities to support work and life [6] Group 2 - The rapid development of Kingsoft's headquarters in Wuhan has made it one of the largest R&D centers within the group, with nearly 4,000 R&D personnel currently [7][9] - The company aims to establish a "10,000-person R&D center" in Wuhan, with the combined workforce of Xiaomi and Kingsoft reaching 9,500, targeting completion by the end of 2025 [10] - The presence of large high-tech enterprises like Xiaomi and Kingsoft is crucial for providing high-paying jobs and cultivating local talent, thereby boosting the local economy [12][14]

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7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8月6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 | ...

格隆汇8月4日丨金山软件(03888.HK)宣布，公司将于2025年8月20日（星期三）召开董事会会议，藉以 （其中包括）审议及批准公司及其附属公司截至2025年6月30日止三个月及六个月的业绩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 Kingsoft Corporation Limited 金山軟件有限公司 （股份代號：03888） 董事會會議通知 金山軟件有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司將於二零二五年八月 二十日（星期三）召開董事會會議，藉以（其中包括）審議及批准本公司及其附屬公司截 至二零二五年六月三十日止三個月及六個月之業績。 承董事會命 金山軟件有限公司 主席 雷軍 香港，二零二五年八月四日 於本公告日期，本公司執行董事為鄒濤先生；本公司非執行董事為雷軍先生、求伯君先生和姚磊文先生；本公司 獨立非執行董事為王舜德先生、陳作濤先生和武文潔女士。 （於開曼群島持續經營的有限公司） ...

中金也表示，预计二季度金山软件收入22.9亿元，同比下滑7.5%；预计办公业务增长修复，游戏业务高 基数下承压。该行指出，剑侠情缘系列续作《剑侠情缘·零》已于5月29日开启全平台公测，上线后表现 较为平淡；科幻机甲新游《解限机》亦已于7月2日全球公测上线，公测首日Steam峰值同时在线人数突 破13万人。基于对新游戏表现及老游戏持续性的审慎假设，该行将全年游戏收入增速预测由5%下调至 持平。 智通财经APP获悉，金山软件(03888)跌超4%，截至发稿，跌4.06%，报34.3港元，成交额4.03亿港元。 消息面上，大摩近日发布研报称，将金山软件评级由"增持"降至"与大市同步"，原因是其主要游戏《解 限机》的首载表现逊预期。办公软件AI变现仍面对困难。大摩亦将金山软件2025至2027年游戏收入预 测下调11%至13%，每股盈利预测下调25%至30%。目标价由45港元降至41港元。 ...

消息面上，大摩近日发布研报称，将金山软件评级由"增持"降至"与大市同步"，原因是其主要游戏《解 限机》的首载表现逊预期。办公软件AI变现仍面对困难。大摩亦将金山软件2025至2027年游戏收入预 测下调11%至13%，每股盈利预测下调25%至30%。目标价由45港元降至41港元。 金山软件(03888)跌超4%，截至发稿，跌4.06%，报34.3港元，成交额4.03亿港元。 中金也表示，预计二季度金山软件收入22.9亿元，同比下滑7.5%；预计办公业务增长修复，游戏业务高 基数下承压。该行指出，剑侠情缘系列续作《剑侠情缘.零》已于5月29日开启全平台公测，上线后表现 较为平淡；科幻机甲新游《解限机》亦已于7月2日全球公测上线，公测首日Steam峰值同时在线人数突 破13万人。基于对新游戏表现及老游戏持续性的审慎假设，该行将全年游戏收入增速预测由5%下调至 持平。 ...

Core Viewpoint - Kingsoft Software continues to show steady revenue growth, with a first-quarter revenue of 2.34 billion RMB, representing a 9% year-on-year increase [1] Group 1: Financial Performance - The company's gross margin for the quarter is approximately 82%, an increase of 1 percentage point year-on-year [1] - Research and development expenses are around 830 million RMB, up 16% year-on-year, primarily due to investments in AI capabilities and new game categories [1] - Sales expenses are approximately 340 million RMB, a 30% increase year-on-year, mainly driven by promotional investments for new games [1] - Administrative expenses remain stable at about 160 million RMB year-on-year [1] - The net profit attributable to shareholders is approximately 284 million RMB, slightly down from 285 million RMB in the same period last year [1] Group 2: Business Segments - The office segment, including WPS personal and WPS 365 businesses, generates 1.301 billion RMB in revenue, a 6.22% year-on-year increase [1] - WPS personal business revenue is 857 million RMB, reflecting a 10.86% year-on-year growth, with a global monthly active user base of approximately 647 million, up 7.92% [1] - WPS 365 business revenue is 151 million RMB, showing a significant growth of 62.59% year-on-year, driven by document, collaboration, and AI capabilities [1] Group 3: Gaming Segment - The gaming and other business segment generates approximately 1.04 billion RMB in revenue, a 14% year-on-year increase, mainly from the success of the games "Dust White Zone" and "Jian Wang 3" [2] - "Dust White Zone" maintains user engagement through differentiated content and long-term operational strategies, while "Jian Wang 3" solidifies its user base through gameplay updates [2] - The new game "Limitless Machine" launched on July 2, has received positive feedback, ranking fifth on Steam's global wishlist [2] Group 4: Investment Outlook - The company is expected to see continued revenue growth driven by the dual engines of office and gaming segments [2] - Projections for revenue from 2025 to 2027 are 11.4 billion RMB, 12.9 billion RMB, and 14.6 billion RMB, with net profits of 1.88 billion RMB, 2.46 billion RMB, and 2.85 billion RMB respectively [2] - The target valuation for Kingsoft Software is approximately 49.1 billion RMB, corresponding to a target price of about 40 HKD, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Software [3][5] Core Views - Kingsoft Software continues to experience steady revenue growth, with Q1 revenue reaching 2.34 billion RMB, a year-on-year increase of 9%. The office and gaming segments contribute 56% and 44% to the total revenue, respectively [1] - The company's gross margin for the quarter is approximately 82%, reflecting a 1 percentage point increase year-on-year [1] - R&D expenses for the quarter are around 830 million RMB, up 16% year-on-year, primarily due to investments in AI capabilities and new game categories [1] - The report forecasts revenue growth driven by both office and gaming segments, estimating revenues of 11.4 billion, 12.9 billion, and 14.6 billion RMB for 2025, 2026, and 2027, respectively [3] Summary by Sections Office Segment - Kingsoft Office recorded Q1 revenue of 1.301 billion RMB, a year-on-year increase of 6.22%. The personal business segment generated 857 million RMB, growing by 10.86% [2] - WPS 365 business revenue reached 151 million RMB, marking a significant year-on-year growth of 62.59% [2] - WPS software business revenue declined by 20.99% to 262 million RMB, mainly due to new procurement processes affecting sales [2] Gaming Segment - The gaming and other business revenue for Q1 was approximately 1.04 billion RMB, a year-on-year increase of 14%, driven by contributions from games like "Dust White Zone" and "Jian Wang 3" [2] - The new game "Limitless Machine" launched on July 2, has received positive feedback, ranking fifth on Steam's global wishlist [2] Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 1.88 billion, 2.46 billion, and 2.85 billion RMB, respectively, with corresponding growth rates of 21%, 31%, and 16% [4][3] - The estimated P/E ratio for 2026 is 17.4, with a target valuation of approximately 49.1 billion RMB, corresponding to a target price of around 40 HKD [3]