Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.338 billion yuan, a year-over-year increase of 9.41% but a quarter-over-quarter decrease of 16.28% [1] - The net profit attributable to the parent company was 284 million yuan, showing a year-over-year decline of 0.24% and a quarter-over-quarter decrease of 38.32% [1] Group 2: Gaming Business - The gaming segment generated 1.037 billion yuan in revenue, representing a year-over-year increase of 13.71% but a quarter-over-quarter decrease of 19.73%, accounting for 44.33% of total revenue [1] - The revenue growth was primarily driven by existing titles such as "Dust White Zone" and "Jian Wang 3," while the decline was attributed to fewer commercial content releases for "Jian Wang 3" in Q1 [1] - The company anticipates continued long-term operation of existing products and expects the launch of "Jian Wang 3: No Boundaries" in June 2024 to enhance user growth and engagement [1] - The upcoming sci-fi mech shooting game "Limit Break" had a peak concurrent player count of over 317,000 during testing and is scheduled for release in July 2025, which is expected to be a significant breakthrough for the company [1] Group 3: Office Business - The office software and services segment reported revenue of 1.301 billion yuan, with a year-over-year increase of 6.21% but a quarter-over-quarter decrease of 13.30%, making up 55.67% of total revenue [2] - The growth in revenue was mainly due to the performance of WPS Personal and WPS 365, although it was partially offset by a decline in WPS software business [2] - The increase in WPS Personal revenue was driven by strategies focused on enhancing AI active user numbers and rich membership benefits, while WPS 365 growth stemmed from supporting organizational clients in digital office transformation [2] - The decline in WPS software revenue was influenced by new procurement processes in 2025 [2] - The company aims to focus on AI, collaboration, and internationalization, with expectations for rapid growth in overseas WPS Personal business through localized operations and differentiated features [2] Group 4: R&D and Expenses - In Q1 2025, the company's R&D, sales, and management expenses were 828 million, 340 million, and 160 million yuan respectively, with year-over-year increases of 16.14%, 30.30%, and 0.01% [3] - The increase in R&D expenses was primarily due to a rise in employee numbers and AI-related expenditures to support the development of AI and collaboration capabilities [3] - Sales expenses increased year-over-year mainly due to promotions for new games [3] Group 5: Profit Forecast and Investment Rating - The company maintains its previous profit forecast, expecting EPS of 1.33, 1.65, and 1.95 yuan for 2025-2027, corresponding to current PE ratios of 25, 20, and 17 times [3] - The company is optimistic about the steady development of its dual business model and anticipates breakthroughs in new gaming categories and continued implementation of office AI and international expansion [3]

截至2025年3月31日，WPS Office的全球月度活跃设备数已达到6.47亿，同比增幅为7.92%。其中，WPS Office PC版的月度活跃设备数为3.01亿，同比增长11.30%；而WPS Office移动版的月度活跃设备数则达 到了3.46亿，同比增长5.14%。这些数据充分展示了WPS Office在全球范围内的广泛影响力和用户粘 性。 WPS 365业务也迎来了强劲增长，收入达到1.51亿元人民币，同比增长高达62.59%。WPS 365凭借其在 文档处理、协作以及AI能力方面的优势，持续助力组织级客户实现数智化办公。特别是在民营企业及 地方国企中的快速覆盖，为WPS 365业务的增长提供了有力支撑。 然而，受信创领域2025年新采购流程的影响，WPS软件业务收入出现了一定程度的下滑，同比下降了 20.99%，达到2.62亿元人民币。这一变化提醒我们，市场环境的变化对公司业务的影响不容忽视。 一、主要财务数据 (一)主要会计数据和财务指标 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 本报告期比上 年 ...