11月25日下午，金山办公"WPS 365 AI协同办公大会"在京举行。会上，金山办公宣布旗下WPS 365正式升级为全球一站式AI协同办公平台。金山办公首席执行官章庆元判断，"在AI时代，协 人机协同新模式图解 在知识的应用方面，他认为未来的协同办公软件是"数字员工的载体"。他指出，WPS 365将打造"人机协同"的全新办公模式：员工在工作中创造有价值的知识，WPS 365基于这些知识，构建数 章庆元进一步指出，未来的协同办公软件还是"能力和服务的提供方"。此次WPS 365的升级，也体现了金山办公从"提供功能"到"能力输出"的转型，比如智能文档库的KAG（知识增强生成架构 章庆元介绍，WPS 365将以 "数据标准化、能力开放化、服务原子化" 为核心方向，向企业客户开放AI能力。"我们希望WPS 365不仅是一款办公工具，更是一个可定制、可集成、可扩展的A WPS 365升级：帮助企业和组织构建"三懂"的"企业大脑" 章庆元表示，协同办公软件中的"企业大脑"一定要有大模型引擎，同时要有执行任务的"手脚"，即MCP（模型上下文协议）或API（应用程序编程接口）。"金山办公能帮助企业激活全域知识， 金山办公在 ...

曾被寄予厚望的科幻机甲新作《解限机》上线四个月后，Steam在线人数从13万峰值锐减至千人规模， 好评率跌破60%，凸显出金山在游戏业务上面临的严峻挑战。 游戏业务成业绩拖累 金山软件2025年第三季度财报显示，公司总营收24.19亿元，同比下降17%；净利润2.13亿元，同比下滑 48%。 收入结构中，办公软件及服务业务收入占比提升至63%，而游戏业务收入占比降至37%，与去年同期形 成鲜明倒挂。这种分化源于游戏业务的全面疲软：旗舰IP《剑网3》因内容迭代乏力导致用户流失，二 次元游戏《尘白禁区》受同类产品挤压，新作《解限机》未能填补收入缺口。 更值得关注的是游戏业务的盈利能力恶化。第三季度销售及分销开支同比激增55%至5.64亿元，主要投 入于《解限机》的推广，但高投入未换回预期收益。 公司毛利率同比下降4个百分点至80%，反映出自研高毛利游戏贡献减弱。对此，CEO邹涛在财报电话 会中承认，新游戏处于"市场培育期"，现有游戏收益回落超预期。 《解限机》折戟：从全球爆款到运营困局 《解限机》的失利是本次业绩滑坡的直接导火索。2025年3月，该作开启全球测试时一度创下最高同时 在线31.7万人的纪录，在Ste ...

金山软件2025年第三季业绩低于市场预期，主要因游戏业务表现不及预期。收入24.19亿元，同比下降 17%;经营利润2.77亿元，同比下滑75.8%。中金指，基于对游戏业务短期更为审慎的假设，下调2025及 2026年收入6.9%和5.6%，分别至96.2亿元及109.1亿元;考虑金山云配售相关的一次性收益，上调2025年 净利润预测27.1%至17.9亿元;由于收入下调及AI战略相关投入增加，下调2026年净利润预测34.7%至11.2 亿元。 中金发布研报称，维持金山软件(03888)跑赢行业评级。考虑游戏业务短期增长存在不确定性，下调目 标价13%至39港元。考虑到办公业务A/H估值差异随市值上行加大，将集团化折扣率由40%上调至50%; 鉴于游戏业务短期承压，将游戏业务市盈率倍数由10倍下调至8倍，将游戏业务净利率由20%下调至 15%，对应44倍2026年市盈率。 ...

昨天白天，飞书多维表格的应用模式，终于正式上线了。 其实半个月前，就受到了飞书的邀请，给我们开了应用模式的内测资格，我开始搭建我们公司的应用系统，以提高我们公司所有团队的工作体验和工作 效率。 多维表格我就不再重复说他有多牛逼了，我在各种场合也吹过无数次，写过很多篇稿子来安利了（真的都不是商单，就是纯粹的发自内心的喜欢，想安 利给大家）。 而这一次的应用模式，上瘾程度，比我曾经预期的更甚。 就在前几天，我还搭到早上六点，真不是吹牛逼，我自己搭应用模式的上瘾程度，真的不亚于我十年前玩《文明6》，5年前玩《戴森球计划》。。。 然后，NanoBanana 2凌晨也上线了，我。。。 肝死我了= = 只能双更了。 凌晨发完了NanoBanana 2的内容，而这一篇，也终于可以来和你们好好聊聊飞书多维表格的这次更新了。 也就是，传说中的，应用模式。 甚至，为了更好的支持应用模式，我把我们的多维表格，从结构和底层，全部做了一波重构，也顺便梳理了一整波的项目推进流程。 而现在，终于到了一个可以解禁的时间点，也给大家看一看，基于多维表格的应用模式所构建出来的应用效果，以及，一些应用模式的牛逼的地方和玩 法。 今天，两更！ 话不 ...

Core Viewpoint - The article discusses the integration of Feishu's multi-dimensional table with iOS Shortcuts, showcasing three practical applications that enhance productivity and streamline tasks. Group 1: Introduction to Shortcuts - iOS Shortcuts is an automation tool that simplifies operations and automates tasks on iOS devices [5][10] - Users can create custom shortcuts by combining various actions, similar to building a workflow [11][10] Group 2: Application Cases Case 1: Topic Recording - The first application involves automatically saving and analyzing articles using Shortcuts and Feishu's multi-dimensional table [15][19] - Users can store article links and related notes directly into the table by triggering a shortcut with a double-tap on the back of the phone [18][19] - The process includes setting up fields in the table, triggering a webhook, and creating a shortcut to send data to Feishu [20][22][30] Case 2: Automated Expense Tracking - The second application is a visual automated expense tracking tool that records amounts and categories directly into Feishu's multi-dimensional table [32][34] - The setup process is similar to the first case, but with additional fields for tracking expenses [36][38] - Users can categorize expenses and visualize data through dashboards in Feishu [34][40] Case 3: Schedule Synchronization - The third application integrates Shortcuts with Feishu's multi-dimensional table and calendar for efficient schedule management [45][48] - Users can input schedule details via voice or screen capture, which are then processed and synced to Feishu Calendar [47][51] - The process involves creating multiple shortcuts to facilitate data entry and synchronization [51][54] Group 3: Conclusion - The article emphasizes the ease of use and versatility of combining Shortcuts with Feishu's multi-dimensional table, highlighting three distinct applications [58][60] - It suggests that these foundational integrations can lead to more advanced and specialized uses in the future [63][66]

Core Insights - Beijing Feishu Technology Co., Ltd. has partnered with online travel giant Ctrip, with over 40,000 employees migrating to the Feishu office platform in the second half of this year [1] - Ctrip's subsidiary, Qunar, was the first to switch from its self-developed system to Feishu in February 2025, receiving positive feedback on the collaboration experience [1] - The partnership is seen as a significant breakthrough for Feishu in the internet industry, with notable clients including Ctrip, Xiaomi Group, iQIYI, Gaotu, and Dewu [1] Company Developments - The successful implementation of Feishu at Ctrip has influenced the overall decision-making within the Ctrip Group [1] - Following the initial switch, Ctrip initiated internal trials and completed the transition to the Feishu platform for all employees [1] Industry Impact - Feishu has made notable gains in the large model and robotics sectors, collaborating with companies such as DeepSeek, Moonlight, Zhiyuan Robotics, Zhipu, and Minimax in recent years [1]

Group 1: Company Performance Highlights - Hu Silicon Industry (688126.SH) achieved a revenue of 1.697 billion CNY in H1 2025, a year-on-year increase of 8.16%[9] - Jingzhida (688627.SH) reported a revenue of 444 million CNY in H1 2025, up 22.68% year-on-year[12] - Kingsoft Office (688111.SH) generated a revenue of 2.657 billion CNY in H1 2025, reflecting a 10.12% increase year-on-year[22] Group 2: Market Trends and Projections - The average selling price of 200mm semiconductor wafers has slightly rebounded due to product mix changes, although the market for 200mm and below wafers remains weak[11] - The smart connected vehicle market for wireless communication modules is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a CAGR of 21%[19] - The lithium battery equipment sector is expected to see a resonance of cycles and growth, potentially leading to a "Davis Double" effect due to domestic leadership in integration[36] Group 3: Investment Ratings and Forecasts - Hu Silicon Industry is projected to have EPS of 0.02, 0.09, and 0.13 CNY for 2025-2027, maintaining a "recommend" rating[11] - Jingzhida's EPS forecast for 2025-2027 is 1.92, 2.88, and 3.80 CNY, with a "recommend" rating[16] - Kingsoft Office's projected net profit for 2025-2027 is 1.768 billion, 2.150 billion, and 2.693 billion CNY, with a strong recommendation rating[24] Group 4: Risk Factors - Risks include lower-than-expected downstream demand, intensified market competition, and potential technological iteration risks across various sectors[17][35]

Group 1: Key Insights on Jiao Cheng Ultrasonic (688392.SH) - The company is expected to benefit from the domestic advanced packaging wave, leveraging its core ultrasonic technology across various sectors including tires, new energy, and semiconductors [1][5] - In 2024, the revenue breakdown includes 31% from accessories, 26% from power battery ultrasonic welding equipment, and 14% from semiconductor ultrasonic equipment, indicating a diversified revenue stream [5] - The semiconductor business is anticipated to grow significantly, with 2024 revenue from power semiconductors at 46.93 million yuan, and the company has secured major domestic clients in the advanced packaging sector [5][6] Group 2: Key Insights on Kingsoft Office (688111.SH) - For Q3 2025, Kingsoft Office reported a revenue of 4.31 billion yuan, a year-on-year increase of 35.42%, and a net profit of 1.78 billion yuan, reflecting strong growth in its core business [9][10] - The company’s WPS personal business returned to double-digit growth, with a revenue of 899 million yuan, up 11.18% year-on-year, driven by AI product launches and refined market operations [10] - The company is expected to achieve revenues of 6 billion yuan in 2025, with net profits projected at 1.9 billion yuan, indicating robust growth potential [10] Group 3: Key Insights on Zhi Xing Technology (1274.HK) - Zhi Xing Technology launched the iRC100 controller, marking the beginning of its second growth curve, with projected revenues of 1.79 billion yuan in 2025, growing at 43% year-on-year [12][13] - The company has made significant advancements in robotics and autonomous driving systems, showcasing its commitment to technological innovation [12] - The establishment of a new 5G smart manufacturing base is expected to enhance production capabilities and drive future revenue growth [13] Group 4: Key Insights on Zhong Wang Software (688083.SH) - Zhong Wang Software's revenue for the first three quarters of 2025 reached 538 million yuan, with a year-on-year increase of 5%, driven by strong overseas market performance [14][15] - The company is focusing on 3D CAD product development, with expectations of significant revenue growth in the coming years, projecting revenues of 9.55 million yuan in 2025 [15] - The firm maintains a high R&D investment ratio, exceeding 60%, to support its ongoing product innovations [15] Group 5: Key Insights on Yiwei Lithium Energy (300014.SZ) - Yiwei Lithium Energy reported a revenue of 16.83 billion yuan for Q3 2025, a year-on-year increase of 35.85%, with a net profit of 1.21 billion yuan [24][25] - The company anticipates a significant increase in battery shipments, projecting 50 GWh for power batteries and 70-75 GWh for energy storage batteries in 2025 [25] - The firm is preparing for an H-share listing, which is expected to enhance its market valuation and liquidity [25][26] Group 6: Key Insights on Southern Airlines (600029.SH) - Southern Airlines achieved a revenue of 137.67 billion yuan in the first three quarters of 2025, with a net profit of 2.31 billion yuan, indicating a recovery in profitability [28][29] - The company reported a passenger load factor of 85.62%, reflecting strong demand in the aviation sector [29] - Future earnings per share are projected to grow significantly, with estimates of 0.09 yuan in 2025 [29] Group 7: Key Insights on Longda Co., Ltd. (688231.SH) - Longda Co., Ltd. reported a revenue of 1.31 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.1%, driven by high-temperature alloy sales [32][33] - The company expects to achieve revenues of 1.81 billion yuan in 2025, with a projected net profit of 100 million yuan, indicating strong growth potential [33] - The firm is focusing on maintaining its competitive edge through technological innovation and expanding its product offerings [33] Group 8: Key Insights on Giant Star Agriculture (603477) - Giant Star Agriculture reported a revenue of 563.9 million yuan for the first three quarters of 2025, with a significant increase in pig sales volume [35][36] - Despite a decline in profits due to low pig prices, the company is expected to maintain stable growth in production volume [36] - The firm is adjusting its profit forecasts, projecting a net profit of 1.21 billion yuan in 2025, reflecting a long-term growth outlook [36] Group 9: Key Insights on Inner Mongolia First Machinery Group (600967.SH) - Inner Mongolia First Machinery Group achieved a revenue of 7.89 billion yuan in the first three quarters of 2025, with a net profit of 386 million yuan [40][41] - The company reported improved profitability in Q3 2025, with a gross margin of 14.77%, indicating operational efficiency [41] - Future revenue projections suggest steady growth, with expected revenues of 11.1 billion yuan in 2025 [41] Group 10: Key Insights on China Coal Energy (601898.SH) - China Coal Energy reported a revenue of 110.58 billion yuan for the first three quarters of 2025, with a net profit of 12.49 billion yuan [47][48] - The company is focusing on maintaining stable production levels while managing costs effectively [48] - Future earnings projections remain stable, with expected net profits of 16.15 billion yuan in 2025 [48]

Core Insights - Kingsoft Office reported a revenue of 1.521 billion yuan for Q3 2025, marking a year-on-year growth of 25.33% [1] - The net profit attributable to shareholders reached 431 million yuan, up 35.42% year-on-year, while the net profit excluding non-recurring items was 421 million yuan, reflecting a 39.01% increase [1] - The company generated a net cash flow from operating activities of 538 million yuan, a 19.30% increase compared to the previous year [1] Revenue Breakdown - The three main business segments of Kingsoft Office all achieved double-digit growth in revenue [1] - WPS365 business revenue was 201 million yuan, growing by 71.61% [2] - WPS personal business revenue reached 899 million yuan, with an 11.18% increase [1] - WPS software business revenue was 391 million yuan, reflecting a growth of 50.52% [1] R&D Investment - Kingsoft Office invested 536 million yuan in R&D during Q3 2025, an increase of 18.08% year-on-year, representing 35.24% of total revenue [1] Product Development and AI Integration - The launch of WPSAI 3.0 and the native Office AI assistant, WPS Lingxi, signifies a shift in integrating AI with office software, moving beyond traditional functionalities [2] - As of September 30, 2025, WPS Office had 669 million monthly active devices globally, with a 14.05% increase in PC version and a 4.54% increase in mobile version [2] International Expansion - Kingsoft Office is actively exploring international markets, particularly in the ASEAN region, where WPS Office has surpassed 50 million active devices [2] - The company is involved in local government and enterprise digitalization efforts, enhancing its global presence [2] Industry Solutions and AI Capabilities - Starting in 2025, WPS365 will accelerate the implementation of industry solutions, particularly in the government and enterprise sectors [3] - The "Enterprise Brain" solution integrates AIHub, AIDocs, and CopilotPro, focusing on digital asset protection and compliance management [3] - WPS365's AI capabilities support various domestic operating systems and have achieved a document recognition accuracy rate of over 95% [3]

Group 1: Macro and Policy Insights - The central bank's resumption of government bond trading reflects strengthened coordination between fiscal and monetary policies, aiding in stabilizing interest rates and expectations [4][6][7] - The anticipated scale of bond purchases may exceed expectations due to liquidity gaps from government bond issuance and maturing MLF and reverse repos [4][6] - The bond market is expected to experience a trend of recovery in Q4, with a recommendation for a barbell strategy focusing on long-term bonds [7] Group 2: Company-Specific Insights - Sinopec Engineering (02386.HK) is recognized for its strong competitive position and high dividend yield, with projected net profits of 2.56 billion, 2.91 billion, and 3.27 billion yuan for 2025-2027, reflecting growth rates of 4%, 14%, and 12% respectively [9] - Rongxin Culture (301231.SZ) shows significant improvement in performance, with net profits expected to reach 0.14 billion, 0.38 billion, and 0.59 billion yuan for 2025-2027, indicating growth rates of 132.1%, 167.4%, and 54.2% respectively [10] - Kingsoft Office (688111.SH) reported a revenue of 1.52 billion yuan for Q3 2025, a year-on-year increase of 25.33%, with net profits of 0.43 billion yuan, up 35.42% [12] - Jiufeng Energy (605090.SH) anticipates a recovery in LNG and LPG business in Q4, with projected net profits of 1.75 billion, 1.98 billion, and 2.14 billion yuan for 2025-2027 [14][15] - Weiming Environmental (603568.SH) is expected to see net profits of 3.05 billion, 3.60 billion, and 4.02 billion yuan for 2025-2027, driven by stable cash flow from waste incineration projects [16] Group 3: Industry Performance - The coal industry showed a 10.9% increase in January, 11.5% in March, but a decline of 1.4% over the year, indicating volatility [2] - The non-ferrous metals sector experienced a significant annual growth of 61.6%, reflecting strong demand and pricing [2] - The textile and apparel industry, represented by companies like Xin'ao Co. (603889.SH), is expected to benefit from rising wool prices, with projected net profits of 0.455 billion, 0.541 billion, and 0.609 billion yuan for 2025-2027 [11]