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].

Group 1 - The core point of the article is that Franklin Templeton Investments has increased its stake in Kingsoft Corporation Limited by purchasing 448,800 shares at a price of HKD 31.0103 per share, totaling approximately HKD 13.9174 million [1] - After the purchase, Franklin Templeton's total shareholding in Kingsoft has reached 70.256 million shares, representing a 5.02% ownership stake in the company [1]

Group 1 - The core point of the article is that Franklin Templeton Investments has increased its stake in Kingsoft Corporation by purchasing 448,800 shares at a price of HKD 31.0103 per share, totaling approximately HKD 13.9174 million [1] - After the purchase, Franklin Templeton's total holdings in Kingsoft reached 70.256 million shares, representing a 5.02% ownership stake in the company [1]

Core Viewpoint - Kingsoft Software's stock price increased by 6.23%, currently at HKD 33.42, with a trading volume of HKD 375 million [1][4] Group 1: Game Launch and Performance - On January 7, Kingsoft's subsidiary, Kingsoft Game, launched the mobile game "Goose Goose Duck" for full platform public testing [1][4] - As of January 13, the game has gained over 10 million new users within six days of launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1][4] Group 2: Financial Performance and Market Strategy - According to a report from Galaxy Securities, Kingsoft Software focuses on the "Jianxia Qinyuan" IP, with the PC game "Jian Wang 3" maintaining vitality through continuous operations [1][4] - The cross-platform version "Jian Wang 3 Wujie" has shown significant user return after its launch [1][4] - The company is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1][4] - However, the new game market shows performance divergence, leading to short-term pressure on earnings [1][4] - In the third quarter, revenue from online games and other businesses decreased by 47% year-on-year, primarily due to declining revenues from existing games like "Jie Xian Ji," while newly launched games are still in the early stages of market influence [1][4]

Group 1 - The core point of the article highlights that Kingsoft Corporation (03888) experienced a stock price increase of over 5%, reaching HKD 33.02, with a trading volume of HKD 271 million [1] - On January 7, Kingsoft's subsidiary, Kingsoft Game, launched the mobile game "Goose Goose Duck" for full platform public testing [1] - By January 13, it was reported that "Goose Goose Duck" gained over 10 million new users within six days of launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1] Group 2 - Galaxy Securities released a research report indicating that Kingsoft focuses on the "Jianxia Qinyuan" IP, with the PC game "Jianwang 3" maintaining vitality through continuous operations [1] - The cross-platform version "Jianwang 3 Wujie" has shown significant user return after its launch [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market shows performance divergence, leading to short-term pressure on earnings [1] - In the third quarter, revenue from online games and other businesses decreased by 47% year-on-year, primarily due to declining revenues from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Core Viewpoint - Kingsoft Corporation (03888) saw its stock price increase by over 5%, reaching HKD 33.02 with a trading volume of HKD 271 million, following the launch of its mobile game "Geese and Ducks" [1] Group 1: Game Launch and Performance - The mobile game "Geese and Ducks," developed by Kingsoft's subsidiary Kingsoft Game, officially launched its full-platform public beta on January 7 [1] - As of January 13, the game has gained over 10 million new users within six days of its launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1] Group 2: Financial Performance and Market Strategy - According to a report from Galaxy Securities, Kingsoft focuses on the "Jianxia Qinyuan" IP, with the PC game "Jianwang 3" maintaining its vitality through continuous operations [1] - The cross-platform version "Jianwang 3 Wujie" has shown significant user return after its launch [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market shows performance divergence, leading to short-term pressure on earnings, with a 47% year-on-year decline in revenue from online games and other businesses in Q3, primarily due to decreased revenue from existing games like "Jiexianji" [1]

Summary of Kingsoft Corp Ltd Conference Call Company Overview - **Company**: Kingsoft Corp Ltd (3888.HK) - **Industry**: Greater China IT Services and Software - **Market Cap**: RMB 37,510 million - **Current Stock Price**: HK$30.80 - **Price Target**: HK$33.00, indicating a 7% upside potential Key Points from the Conference Call Games Segment - The new game "Goose Goose Duck" exceeded expectations with 5 million users on the first day, double the internal forecast [9] - Management anticipates overall improvement in the games segment for 2026 after a challenging 2025, aided by a strong game pipeline [9] - The game has a high Daily Active Users (DAU) count but low Average Revenue Per User (ARPU), focusing on user scale in the first half of 2026 and commercialization in the second half [9] - Expected profit margin for "Goose Goose Duck" is between 15-20% after revenue sharing with partners [9] - Other games in the pipeline include "Jian Xia World 4" and a licensed version of "Angry Birds" [9] Office Business - Revenue growth in the office segment is expected to be higher, but margins will be lower in 2026 [1] - The company is focusing on the Xinchuang initiative and increasing overseas contributions to stabilize or improve revenue growth [9] AI and Cloud Services - AI product development is progressing, but monetization on the B2C side remains challenging, similar to other B2C applications [9] - Kingsoft is increasing R&D investment in AI, which may lead to slight margin pressure [9] - The demand for AI computing is accelerating, but supply chain capabilities pose a challenge [9] Financial Metrics and Projections - **2026 Revenue Projections**: Expected to be RMB 10,825 million, up from RMB 9,761 million in 2025 [6] - **2026 EPS Projections**: Expected to be RMB 1.01, compared to RMB 0.75 in 2025 [6] - **Capex**: Anticipated to be higher than in 2025 due to increased investment in GPU [9] Customer Contributions - Xiaomi currently contributes 25% of revenue, but this is expected to decrease in 2026 as demand from other customers rises [9] Risks and Challenges - Risks include slower-than-expected processing of localization tenders and failure to improve payment ratios for WPS [11] - The GPU investment cash back cycle has lengthened to 24-36 months due to price competition [9] Additional Insights - Management's KPIs are focused on increasing paying users and AI members rather than ARPU [9] - The company is optimistic about long-term opportunities in the gaming and AI sectors, despite current challenges [9] This summary encapsulates the key insights and projections from Kingsoft Corp Ltd's recent conference call, highlighting both opportunities and risks within the company's operational landscape.