金山办公（688111）：2025H1经营保持稳健，AI与协作持续推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4][7]. Core Insights - The company achieved a revenue of 2.657 billion yuan in the first half of 2025, reflecting a year-on-year growth of 10.12%. The net profit attributable to the parent company was 747 million yuan, up 3.57% year-on-year [1]. - The WPS AI user base has seen rapid growth, with monthly active users reaching 29.51 million by the end of the reporting period, showcasing the company's strong positioning in the AI-driven office solutions market [2]. - The WPS 365 platform has shown significant growth, with revenue increasing by 62.27% year-on-year to 309 million yuan, indicating a recovery in the software business [3]. - The company is committed to R&D investments, with a research expense ratio of 36.07%, which is expected to benefit from the ongoing AI development trends [4]. Financial Performance - For Q2 2025, the company reported a revenue of 1.356 billion yuan, a year-on-year increase of 14.14%, while the net profit attributable to the parent company decreased by 2.83% to 344 million yuan [2]. - The cash flow from operating activities reached 738 million yuan, marking a significant year-on-year increase of 17.51% [1]. - The WPS personal business generated revenue of 1.748 billion yuan, up 8.38% year-on-year, with a total of 41.79 million annual paying users in the domestic market [2]. Business Segmentation - The WPS personal business in the domestic market generated 1.619 billion yuan, while the overseas market contributed 129 million yuan, with 1.89 million annual paying users [2]. - The WPS software business reported a revenue of 542 million yuan in the first half of 2025, with a notable recovery in Q2, where revenue increased by 26.23% year-on-year [3]. Future Projections - The company is projected to achieve revenues of 5.939 billion yuan, 7.196 billion yuan, and 8.873 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The net profit attributable to the parent company is expected to reach 1.784 billion yuan, 2.212 billion yuan, and 2.838 billion yuan for the same years [4].