“金山系”再布一子：独家发行并运营《愤怒的小鸟》，游戏业务能否翻身？

Core Insights - The partnership between Kingsoft's subsidiary, Kingsoft Game, and Rovio Entertainment aims to reintroduce the iconic "Angry Birds" series to the Chinese market, with two core titles set for release [1] - Kingsoft Game's recent success with the social deduction game "Goose Goose Duck" highlights its potential to drive growth, as it quickly gained over 10 million users within a week of launch [2] - Kingsoft Software's financial performance has been declining, with a 6.12% drop in revenue and a 5.68% decrease in net profit for the first three quarters of 2025, indicating challenges in its gaming business [2][3] Financial Performance - For the first three quarters of 2025, Kingsoft Software reported revenues of 7.065 billion yuan, down 6.12% year-on-year, and a net profit of 1.029 billion yuan, down 5.68% [2] - In Q3 2025, the company experienced a significant revenue decline of 17% to 2.419 billion yuan, with gross profit dropping 21% to 1.944 billion yuan, and net profit nearly halving to 213 million yuan [2] - Marketing expenses surged to 564 million yuan in Q3, a 55% increase year-on-year, yet the gaming revenue fell by 47% to 898 million yuan, indicating ineffective spending [3] Game Development and Strategy - Kingsoft Software has restructured its gaming division into two segments: West Mountain Studio, focusing on development, and Kingsoft Game, emphasizing IP strategy and localization [3] - The flagship IP "Jian Xia Qing Yuan" has shown declining performance after 16 years, reflecting a stagnation in its core product [4] - The newly developed sci-fi mech game "Limitless Machine" has underperformed since its release, with a peak online player count dropping significantly shortly after launch [4] Strategic Shifts - Kingsoft Game is positioned as a key player in overcoming current growth challenges, with recent strategic moves indicating a shift in focus towards revitalizing the gaming segment [5] - The reintroduction of "Angry Birds" is part of a broader strategy to leverage classic IPs for market impact, although the long-term success of these titles remains uncertain [5] - Despite the initial success of "Goose Goose Duck," the sustainability of its user engagement and the ability to replicate such success with "Angry Birds" are still in question [5]