智通财经网·2025-11-20 03:54Core Viewpoint - The report from Credit Lyonnais indicates that Kingsoft Corporation (03888) reported third-quarter revenue below expectations, primarily due to a decline in gaming revenue [1] Group 1: Gaming Business - Gaming revenue decreased by 47% year-on-year, which is 8% lower than the firm's expectations, attributed to high comparative figures from the previous year [1] - The gaming business is expected to continue facing pressure in the upcoming quarters [1] Group 2: Office Software Business - Office software revenue accelerated with a year-on-year increase of 26%, driven by advancements in government IT applications and the promotion of WPS365 [1] - The growth in personal paid users remains stable, and the average revenue per user (ARPU) is stabilizing [1] Group 3: Financial Forecasts - Revenue forecasts for 2025 and 2026 have been revised down by 3% and 4% respectively [1] - Net profit forecasts have been reduced by 15% and 18% for the same periods [1] - The target price has been lowered from HKD 37.8 to HKD 35.5, while maintaining an outperform rating [1]