Kingsoft Office(SH:688111) Chang Jiang Shang Bao·2025-10-28 23:51Core Insights - Kingsoft Office (688111.SH) has shown steady growth in its operating performance, driven by its focus on AI and collaboration tools [1][3][5] Financial Performance - For the first three quarters of 2025, Kingsoft Office achieved revenue of 4.178 billion yuan, a year-on-year increase of 15.21%, and a net profit of 1.178 billion yuan, up 13.32% [1][3] - In Q3 2025, the company reported revenue of 1.521 billion yuan, representing a 25.33% year-on-year growth, and a net profit of 431 million yuan, which is a 35.42% increase [1][3] - The adjusted net profit (扣非净利润) for Q3 2025 was 422 million yuan, reflecting a 39.01% year-on-year growth [3] Business Segments - Revenue from WPS personal business reached 899 million yuan, up 11.18% year-on-year; WPS 365 business revenue was 201 million yuan, a significant increase of 71.61%; and WPS software business revenue was 391 million yuan, growing by 50.52% [1][3] User Engagement - As of September 30, 2025, WPS Office had 669 million monthly active devices globally, an increase of 8.83% year-on-year, with PC version active devices at 316 million (up 14.05%) and mobile version at 353 million (up 4.54%) [4] R&D Investment - Kingsoft Office has invested a total of 7.076 billion yuan in R&D over the past five years, with annual R&D expenses showing consistent growth [5][7] - R&D expenses for 2021 to Q3 2025 were 1.082 billion yuan, 1.331 billion yuan, 1.472 billion yuan, 1.696 billion yuan, and 1.495 billion yuan, with respective year-on-year growth rates of 52.15%, 23.08%, 10.6%, 15.16%, and 18.48% [6][7] Innovation and Product Development - The company has focused on AI-driven product innovation, launching various AI features such as AI PPT, AI resume, and AI teaching design, enhancing user productivity [5][6] - In the first half of 2025, Kingsoft Office applied for 45 invention patents, with 50 patents granted, showcasing its commitment to innovation [7]