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： 2026年2月5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 | 佔有關事 ...

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 | 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 | USD | | 0.0005 USD | | 1,200,000 | 本月底法定/註冊股本總額： USD 1,200,000 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 | | | --- | --- | --- | --- | ...

相关事件 金山软件(03888.HK)2月4日耗资2999.5万港元回购108.9万股 金山软件(03888.HK)2月3日耗资999.8万港 元回购34.4万股 格隆汇2月4日丨金山软件(03888.HK)公告，2月4日耗资2999.5万港元回购108.9万股。 ...

（原标题：金山软件(03888)2月4日斥资2999.49万港元回购108.86万股） 智通财经APP讯，金山软件(03888)发布公告，于2026年2月4日，该公司斥资2999.49万港元回购108.86万 股。 ...

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： 2026年2月4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 | 佔有關事 ...

智通财经APP讯，金山软件(03888)发布公告，于2026年2月3日，该公司斥资999.78万港元回购34.44万股 股份，每股回购价28.58-29.34港元。 ...

格隆汇2月3日丨金山软件(03888.HK)公告，2月3日耗资999.8万港元回购34.4万股。 ...

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： 2026年2月3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 | 佔有關事 ...

Core Viewpoint - The company is expected to see a quarter-on-quarter improvement in performance for Q4 2025, with revenue projected to decline year-on-year but increase sequentially, driven by stable gaming and robust office segments [1][2] Gaming Segment - Revenue for gaming in Q4 2025 is forecasted to decline by 32% year-on-year and by 2% quarter-on-quarter, with the rate of decline narrowing for both comparisons [1] - The new game "Goose Duck" has exceeded expectations, with over 10 million new players within six days of its launch, ranking in the top 2 for iOS game downloads and around 60th in the revenue rankings [1] - The company will continue to monitor the game's popularity and subsequent commercialization process, alongside other IP games like "Angry Birds" [1] Office Segment - The office segment is projected to see a 19% year-on-year revenue increase in Q4 2025, continuing its recovery trend [1] - Growth in the software business is primarily driven by accelerated bidding and acceptance of government and enterprise projects, with WPS 365 benefiting from enhanced collaboration and AI product lines [1] - WPS 365 has been upgraded to a global all-in-one AI collaborative office platform, integrating various functionalities to support enterprise operations [1] Cloud Segment - For the cloud segment, revenue is expected to grow by 20% year-on-year in Q4 2025, with adjusted operating profit slightly in the negative [2] - High capital expenditures are anticipated to continue into 2026, exceeding levels seen in 2025 [2] Financial Forecast and Investment Recommendation - The company has slightly raised its revenue forecast for gaming in 2025 and anticipates around 10% growth for 2026-2027, while maintaining previous predictions for the office segment and reducing losses in the cloud segment [2] - Revenue projections for 2025 and 2026 are -5.7% and +19% year-on-year, respectively, with net profits estimated at 1.74 billion yuan and 1.6 billion yuan [2] - Based on comparable company valuations, the company is assigned a price-to-earnings ratio of 13 for gaming, 35 for office, and 3 for cloud, leading to a target value of 50.25 HKD per share, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.44 HKD and a target value of 50.25 HKD [4]. Core Insights - The report anticipates a stabilization in gaming revenue, steady performance in office software, and a rebound in profits for Q4. The company is expected to see a 10% quarter-on-quarter revenue increase in Q4 2025, despite a year-on-year decline of 5% [8][10]. - The gaming segment is projected to experience a year-on-year revenue decline of 32% and a quarter-on-quarter decline of 2% in Q4 2025, with new game "Goose Duck" exceeding expectations [8][10]. - The office software segment is expected to grow by 19% year-on-year in Q4 2025, driven by government projects and the enhancement of WPS 365 as a global AI collaboration platform [8][10]. - The cloud segment is forecasted to grow by 20% year-on-year in Q4 2025, with continued high capital expenditures expected in 2026 [8][10]. Financial Forecasts - Revenue projections for the company are as follows (in million RMB): - 2023A: 8,534 - 2024A: 10,318 - 2025E: 9,730 - 2026E: 11,571 - 2027E: 13,416 - The growth rates are expected to be 11.7% for 2023, 20.9% for 2024, -5.7% for 2025, 18.9% for 2026, and 15.9% for 2027 [3][10]. - The EBITDA is projected to be 1,268 million RMB in 2023, increasing to 3,511 million RMB by 2027 [3][10]. - The net profit attributable to shareholders is expected to rise from 483 million RMB in 2023 to 2,081 million RMB in 2027, with significant growth in 2024 [3][10]. Business Segment Analysis - Gaming revenue is expected to be 3,977 million RMB in 2023, with a decline to 3,768 million RMB in 2025, followed by a recovery to 4,239 million RMB in 2026 [9][10]. - Office revenue is projected to grow from 4,557 million RMB in 2023 to 5,962 million RMB in 2025, and further to 7,332 million RMB in 2026 [9][10]. - The cloud segment is anticipated to generate significant growth, with revenue expected to reach 12,215 million RMB by 2026 [9][10]. Valuation and Investment Recommendation - The report suggests a valuation of 50.25 HKD per share based on a combination of gaming, office, and cloud business valuations, applying a PE ratio of 13x for gaming, 35x for office, and 3x PS for cloud [12][16]. - The overall recommendation remains "Buy" based on the expected performance and growth potential of the company [12].