Ge Long Hui·2025-11-20 07:36Core Viewpoint - The report from Zhongyin International indicates that Kingsoft's Q3 performance fell short of expectations, with revenue down 8% to 11% and net profit down 26% to 55% compared to forecasts, primarily due to weak gaming business performance, although the office software segment saw a 26% revenue increase, partially offsetting the impact [1] Group 1: Financial Performance - Kingsoft's Q3 revenue was 8% to 11% lower than expected [1] - Net profit was 26% to 55% below expectations [1] - Office software business revenue grew by 26% [1] Group 2: Business Segments - The gaming business continues to normalize but remains weak [1] - The report highlights the potential growth momentum in office software and cloud services that the market may be overlooking [1] Group 3: Investment Rating - Zhongyin International upgraded its rating on Kingsoft from "Hold" to "Buy" [1] - The target price was adjusted from HKD 41.7 to HKD 40 [1] - The risk-reward ratio for the stock has become more attractive after a nine-month adjustment period, during which the stock price has declined by 27% since mid-2025 [1]