Summary of Kingsoft's Conference Call Company Overview - **Company**: Kingsoft Corporation - **Date of Call**: March 25, 2026 Key Points Industry and Strategic Adjustments - Kingsoft's gaming division, Xishanju, is pivoting towards an AI-based creation platform to disrupt traditional content models, emphasizing creative value and internal project commercialization [3][4] - The company plans to increase investment in foundational gaming projects while scaling back non-strategic initiatives to reallocate resources towards long-term strategic value [4] AI Implementation and Growth - The full-scale implementation of AI is seen as a transformative change, expected to unlock significantly higher production efficiency [4] - Kingsoft's AI product center is transitioning from broad exploration in 2025 to focused execution in 2026, concentrating on 1-2 specific domains [3][7] Gaming Performance - The game "Goose Goose Duck" has achieved over 30 million new users since its launch on January 7, 2026, with 3 million daily active users [5] - The strategy prioritizes user growth and overseas expansion over immediate monetization, with plans for version updates to further increase DAU [5][6] AI in Office Software - Kingsoft Office is transitioning from "Office AI" to "AI Office," with a focus on native AI experiences, evidenced by a 307% year-on-year growth in WPS AI members in 2025 [8][9] - The integration of Xiaomi's MiLM-2.0 model is a core component of Kingsoft's strategy, enhancing the competitive advantage in the AI ecosystem [8][9] Financial Outlook and Expense Management - The expense strategy for 2026 aims to balance AI-native R&D and WPS 365 enterprise expansion while managing marketing expenses dynamically based on game launch schedules and ROI [10] Additional Insights - The company views the recent challenges in 2025 as an opportunity for transformative change in content creation [4] - Future monetization plans for "Goose Goose Duck" will focus on building a stable user base before exploring commercialization [5][6]

Core Insights - Kingsoft Software's 2025 annual report shows a total revenue of 9.683 billion RMB, a 6% decline year-on-year, while net profit attributable to shareholders increased by 29% to 2.004 billion RMB, largely due to gains from the sale of an associate company [1][2] Revenue Breakdown - The revenue from office software and services reached 5.928 billion RMB, a 15.78% increase year-on-year, accounting for approximately 61% of total revenue [3] - Revenue from online games and other segments fell by 27.77% to 3.754 billion RMB, making up about 39% of total revenue [3] Game Business Performance - The game business experienced a significant decline, with the fourth quarter alone recording a revenue drop of 33% year-on-year to 868 million RMB [3] - The decline in game revenue is attributed to decreased earnings from existing games and a high base from the previous year [3] Key Game Titles and Developments - The "Jian Xia Qian Ren" series, a flagship IP for the company, has shown declining performance as it enters its 16th year [3] - The sci-fi mech game "Jie Xian Ji," developed over nearly a decade, has underperformed since its launch, with peak online users dropping from 132,800 to under 1,000 shortly after release [4] Marketing and Expenditure - Marketing expenses for "Jie Xian Ji" reached 564 million RMB in the launch quarter, a 55% increase year-on-year, contributing to a total sales and distribution expense of 1.791 billion RMB for the year, up 33% [4] Strategic Shifts - Kingsoft Software's CEO acknowledged the underperformance of "Jie Xian Ji" and existing games, suggesting a potential shift in strategy [5] - The success of the social deduction mobile game "Goose Duck" indicates a possible strategic pivot within the company, although its long-term sustainability remains uncertain [5] Controversies and Challenges - The game "Chen Bai Jin Qu" faced backlash over its content and partnership with China Post, highlighting ongoing challenges in the gaming sector [6]

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 （於開曼群島持續經營的有限公司） （股份代號：03888） 董事名單與其角色和職能 金山軟件有限公司董事會（「董事會」）成員載列如下。 非執行董事、董事會主席 雷軍 執行董事、首席執行官 鄒濤 非執行董事 求伯君 姚磊文 獨立非執行董事 武文潔 陳作濤 杜博 1 附註： C 有關委員會的主席 M 有關委員會的成員 香港，二零二六年三月二十六日 2 董事會設立4個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 委員會 董事 提名委員會 薪酬委員會 審核委員會 環境、社會及 管治委員會 雷軍 C M 鄒濤 M 求伯君 姚磊文 M 武文潔 M M C M 陳作濤 M C M C 杜博 M M M M ...

Group 1 - The core point of the article is the announcement of changes in the board of directors at Kingsoft Corporation (03888.HK) [1] - Wang Shunde has submitted his resignation as an independent non-executive director, chairman of the nomination and remuneration committees, and a member of the audit and environmental, social, and governance committees, effective March 26, 2026 [1] - Du Bo has been appointed as an independent non-executive director and a member of the nomination, remuneration, audit, and environmental, social, and governance committees, effective March 26, 2026 [1]

Group 1 - The company announced the resignation of Mr. Wang Shunde as an independent non-executive director, effective from March 26, 2026, due to personal work matters [1] - Mr. Du Bo has been appointed as an independent non-executive director and member of the nomination committee, remuneration committee, audit committee, and environmental, social, and governance committee, effective from March 26, 2026 [1] - Mr. Lei Jun has been appointed as the chairman of the nomination committee, and Mr. Chen Zuotao has been appointed as the chairman of the remuneration committee and a member of the nomination committee, both effective from March 26, 2026 [1]

Kingsoft Corporation Limited 金山軟件有限公司 （於開曼群島持續經營的有限公司） （股份代號：03888） 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。 董事會進一步宣佈，杜博先生（「杜先生」）已獲委任為獨立非執行董事兼提名委員會、薪 酬委員會、審核委員會以及環境、社會及管治委員會成員，自二零二六年三月二十六日 起生效。 杜博先生，42歲，為獨立非執行董事。杜先生為武漢大學弘毅特聘教授、博士生導師， 現任武漢大學發展規劃與學科建設辦公室主任、國家多媒體軟件工程技術研究中心主 任、武漢大學人工智能研究院常務副院長，以及多媒體網絡通信工程湖北省重點實驗室 主任。杜先生的研究方向涵蓋人工智能、計算機視覺、大模型、醫學圖像處理等領域。 近五年發表IEEE Transactions及CCF A類論文110餘篇，Google Scholar引用42,000餘次，ESI 熱點╱高被引論文50篇。 1 杜先生主持國家重點研發計劃項目、國 ...

Core Viewpoint - Kingsoft Software's stock rose over 8% following the release of its annual performance report, indicating positive market reaction despite a decline in overall revenue [1][5]. Financial Performance - The company reported revenue of RMB 9.683 billion for the year ending December 31, 2025, a decrease of 6% year-on-year [1][5]. - Net profit attributable to shareholders was RMB 2.004 billion, reflecting a 29% increase year-on-year [1][5]. - Basic earnings per share were RMB 1.46, with a proposed final dividend of HKD 0.13 per share [1][5]. Business Segment Performance - Revenue from the office software and services segment reached RMB 5.929 billion, representing a 16% increase compared to the previous year [1][5]. - The growth in WPS personal business was driven by an increase in paying users, supported by upgrades in WPS AI, enhancing the smart office experience [1][5]. - Significant growth in WPS 365 business was attributed to deeper integration of document, AI, and collaboration capabilities, along with accelerated customer expansion among private enterprises and local state-owned enterprises [1][5]. - The growth in WPS software business was primarily driven by an increase in government and enterprise orders [1][5].

Core Viewpoint - Kingsoft Software (03888) reported a mixed financial performance for the year ending December 31, 2025, with a revenue decline but an increase in net profit, leading to a positive market reaction with a stock price increase of over 4% following the earnings release [1] Financial Performance - The company achieved a revenue of RMB 9.683 billion, representing a year-on-year decrease of 6% [1] - Net profit attributable to shareholders increased by 29% to RMB 2.004 billion [1] - Basic earnings per share were reported at RMB 1.46, with a proposed final dividend of HKD 0.13 per share [1] Business Segments - The office software and services segment generated revenue of RMB 5.929 billion, reflecting a year-on-year growth of 16% [1] - The growth in WPS personal business was driven by an increase in paying users, supported by upgrades in WPS AI, enhancing the smart office experience [1] - Significant growth in WPS 365 business was attributed to the deep integration of document, AI, and collaboration capabilities, as well as accelerated customer expansion among private enterprises and local state-owned enterprises [1] - The growth in WPS software business was primarily driven by an increase in government and enterprise orders [1]

Group 1 - The core point of the article is the resignation of Lei Jun as a non-executive director of Kingsoft Cloud, effective March 25, 2026, due to other work commitments, and the appointment of Zou Tao as the new chairman and chairman of the nomination committee [1][2] - Kingsoft Cloud reported a total revenue of 9.559 billion yuan for 2025, representing a year-on-year increase of 22.8% [2] - The gross profit for Kingsoft Cloud was 1.503 billion yuan, with a year-on-year growth of 12.1%, while the gross margin decreased from 17.2% in 2024 to 15.7% in 2025 [2] Group 2 - Kingsoft Cloud incurred a net loss of 1.979 billion yuan in 2025, compared to a loss of 944 million yuan in 2024 [2] - Zou Tao has been with Kingsoft since 1998 and has held multiple senior positions, currently serving as the chairman of Kingsoft Office and an executive director of Kingsoft [2]

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 （於開曼群島持續經營的有限公司） 北京金山辦公軟件股份有限公司 截至二零二五年十二月三十一日止年度的主要財務資料 本公告乃由金山軟件有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09(2)(a)條及證券及期貨條例（香港法例第571章）第XIVA部內幕消息條 文（定義見上市規則）而作出。 本公司董事會（「董事會」）欣然公佈本公司之附屬公司，北京金山辦公軟件股份有限公司 （「金山辦公」），其股份於上海證券交易所科創板上市（股份代碼：688111），於二零二六 年三月二十五日刊發其二零二五年年度報告（「該報告」）。 1 董事會謹請本公司股東及投資者留意以下該報告所載金山辦公截至二零二五年十二月 三十一日止年度的主要財務資料： 一、主要會計數據 單位：千元 幣種：人民幣 | | | | 本期 | ...