Group 1 - Lenovo collaborates with Tongyi Qianwen model Qwen3 to enhance its Baijing intelligent agent, achieving breakthroughs in IT operations and AI office fields [1] - Qwen3 is the first hybrid reasoning model in China, featuring advanced capabilities such as hybrid reasoning mode and multi-language support, significantly improving the Baijing intelligent agent [1] - The Baijing intelligent agent can now diagnose issues more accurately and handle faults more intelligently, thanks to Qwen3's reasoning and knowledge generalization capabilities [1] Group 2 - The Baijing intelligent agent will soon launch offline intelligent desktop operation and maintenance features, allowing for rapid anomaly detection and automatic repair even in complex network or offline environments [1] - The upcoming local model deployment feature for the Baijing intelligent agent enables enterprises to utilize local large models without relying on external networks, ensuring data security [1] - The integration of Baijing Copilot with Qwen3 enhances office efficiency through restructured document analysis and real-time translation in 119 languages, facilitating international business and cross-cultural communication [2] Group 3 - The introduction of a "deep thinking switch" allows users to toggle between lightweight interaction and deep reasoning modes, enhancing decision-making capabilities [2] - The deep integration of Baijing intelligent agent and Qwen3 provides efficient and secure intelligent services, supporting rapid digital transformation for enterprises [2]

Group 1 - The core viewpoint of the news is the deep integration of Qianwen 3 with Baiying Intelligent Agent, enhancing its model library and improving key capabilities such as language understanding and multi-turn reasoning [2][3] - Baiying Intelligent Agent has achieved technological evolution and experience upgrade in standardized AI service scenarios like IT operations and AI office, thanks to breakthroughs in reasoning and knowledge generalization capabilities of Qianwen 3 [3] - In IT operations, Baiying Intelligent Agent's local reasoning model has been upgraded, enabling more accurate problem diagnosis and intelligent fault handling, with upcoming offline intelligent desktop operation features to ensure 24/7 stability of enterprise IT systems [3] Group 2 - The Baiying Copilot office super intelligent agent will undergo a transformative upgrade through deep integration with Qianwen 3, significantly enhancing office efficiency by reconstructing core capabilities such as long document analysis and multilingual collaboration [4] - Qianwen 3 supports real-time translation for 119 languages and dialects, aiding enterprises in overseas business expansion and cross-cultural team communication, thus breaking language barriers and facilitating global collaboration [4] - Baiying is accelerating its layout in the light customization AI field, with the upcoming upgrade of BaiChuang Lab set to integrate Qianwen 3, which supports Model Context Protocol (MCP) and function calling capabilities [4]

海外业务方面，WPS个人业务通过本地化运营及差异化功能，本期收入也实现了高速增长。 4月23日晚间，金山办公发布了2025年一季报。报告期内，金山办公营收、利润均保持增长态势：营业 收入13.01亿元，同比增长6.22%；归母净利润4.03亿元，同比增长9.75%；归母扣非净利润3.90亿元，同 比增长10.72%。 个人业务营收占比近七成 主营业务方面，金山办公一季度个人业务收入8.57亿元，同比增长10.86%。 近年来，金山办公不断丰富产品体验和会员权益，积极适应市场环境变化，将提升AI活跃用户数作为 核心目标，推动用户基数及付费用户数持续增长，带动国内WPS个人业务稳健增长。 2023年，金山办公推出智能办公助手WPS AI，2025年2月，WPS AI数据助手升级，增添深度思考能 力，并结合金山办公自主研发的文档图片识别与理解、图表引擎、跨格式数据融合等技术，接入WPS 智能表格、WPS多维表格、WPS表格，成为国内办公软件赛道首个支持表格类产品深度思考的AI应 用。2025年4月，金山办公首次公开PPT文生图模型，持续推动WPS AI在智能办公领域的技术突破。 IDC最新数据显示，今年一季度，中国 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 opening a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business achieved revenue of 437 million CNY in 2024, a significant year-on-year growth of 149.33%, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% increase, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in 2023 [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit of 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts the following for Kingsoft Office: - 2025 Revenue: 5.962 billion CNY, growth of 16.4% - 2025 Net Profit: 1.792 billion CNY, growth of 9.0% - 2026 Revenue: 7.332 billion CNY, growth of 23.0% - 2026 Net Profit: 2.128 billion CNY, growth of 18.7% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].