Kingsoft Office(SH:688111) 光大证券研究·2025-10-28 23:08Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational health and market demand [4]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.178 billion, a year-on-year increase of 15.21%, and a net profit attributable to shareholders of 1.178 billion, up 13.32% [4]. - In Q3 2025, the company recorded revenue of 1.521 billion, reflecting a year-on-year growth of 25.33%, and a net profit of 431 million, which is a 35.42% increase compared to the same period last year [4]. Group 2: Business Segments - The WPS personal business generated revenue of 899 million in Q3 2025, growing by 11.18%, driven by the launch of new AI products and refined operations in domestic and international markets. As of September, the global monthly active devices for WPS Office reached 669 million, an increase of 8.83% [5]. - The WPS 365 business saw revenue of 201 million in Q3 2025, marking a substantial year-on-year growth of 71.61%, attributed to the enhancement of collaborative and AI product lines, with significant progress in serving private enterprises and local state-owned enterprises [5]. - The WPS software business reported revenue of 391 million in Q3 2025, up 50.52%, driven by accelerated bidding and revenue recognition in government AI projects, supporting digital transformation for clients [5]. Group 3: AI Integration and Product Development - The company launched WPS AI 3.0, introducing a native Office intelligent assistant that integrates various AI functionalities, marking a shift from tool-based applications to collaborative intelligent agents [6]. Group 4: Cost Management and Subscription Growth - The company maintained effective cost control, with sales, management, and R&D expenses increasing by 18.8%, 28.5%, and 18.1% respectively, while overall expense growth was lower than revenue growth, facilitating accelerated profit release [7]. - As of Q3 2025, contract liabilities and other non-current liabilities totaled 3.39 billion, reflecting a year-on-year increase of 25.3%, indicating optimistic growth in the company's subscription business [7][8].