Core Viewpoint - The company is expected to experience a decline in revenue and operating profit in Q2 2025, primarily due to pressures in the gaming sector and increased investments in new games and AI initiatives [1][2]. Revenue Forecast - The company forecasts a revenue of 2.29 billion yuan in Q2 2025, representing a year-on-year decline of 7.5% [1]. - The office business is projected to generate 1.34 billion yuan in revenue, with a year-on-year growth of 13.0% and a quarter-on-quarter growth of 3.1% [1]. - The gaming business is expected to generate 0.945 billion yuan, reflecting a year-on-year decline of 26.5% and a quarter-on-quarter decline of 8.8% [1]. Profitability Analysis - The operating profit is anticipated to be 400 million yuan, with an operating profit margin of 17.5%, down 14.6 percentage points year-on-year and 8.2 percentage points quarter-on-quarter [2]. - The net profit attributable to shareholders is expected to reach 601 million yuan, corresponding to a net profit margin of 26.3%, showing an increase of 10.4 percentage points year-on-year and 14.1 percentage points quarter-on-quarter [2]. Adjustments to Forecasts - The revenue growth forecast for the gaming segment has been revised down from 5% to flat for the year, reflecting cautious assumptions regarding the performance of new and existing games [1][2]. - Revenue forecasts for 2025 and 2026 have been reduced by 2.4% and 3.1% to 11.07 billion yuan and 12.36 billion yuan, respectively [2]. Valuation and Target Price - The target price is maintained at 50 HKD, based on a sum-of-the-parts (SOTP) valuation for 2025, corresponding to a price-to-earnings ratio of 35 times for 2025 [2]. - The company is currently trading at a price-to-earnings ratio of 25.2 times for 2025, indicating a potential upside of 38% [2].

Core Viewpoint - CICC maintains its revenue and net profit forecasts for Kingsoft (03888) for 2025 and 2026, with a target price of HKD 50, indicating a 39% upside potential based on a 2025 P/E ratio of 24.9x [1] Group 1: Office Business - The office business experienced a year-on-year revenue growth of 6%, driven by WPS personal and WPS 365 services, but saw a quarter-on-quarter decline of 13% due to disruptions from new procurement processes for domestic software [2] - As of March 2025, WPS Office's global monthly active devices reached 647 million, with a year-on-year increase of 8%, and the PC version had 301 million monthly active devices, up 11% year-on-year [2] - The management emphasized a core strategy of "AI + collaboration + overseas" for the office business, with a focus on leveraging the user base accumulated in overseas markets since 2018 [2] Group 2: Gaming Business - The gaming business reported a year-on-year revenue increase of 14%, mainly due to contributions from "Jian Wang 3" and the anime game "Chen Bai Jin Qu," but experienced a quarter-on-quarter decline of 20% due to seasonal factors [3] - Upcoming new games include the sci-fi mech game "Jie Xian Ji," expected to launch in summer 2025, and the sequel to the "Jian Xia Qing Yuan" series, which will have a full platform public test on May 29 [3] - Future strategies for the gaming business include adhering to a principle of quality, diversifying game genres beyond martial arts, and exploring international markets [3] Group 3: Financial Performance - In Q1, the operating profit margin was 25.7%, down 2.4 percentage points year-on-year and 13.9 percentage points quarter-on-quarter, primarily due to increased R&D investments in AI and new games [4] - The net profit margin was 12.1%, reflecting a year-on-year decline of 1.2 percentage points and a quarter-on-quarter decline of 4.3 percentage points, mainly due to the drop in operating profit margin [4]

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