凤凰网财经《公司研究院》 《鹅鸭杀》国服的强势回归，以一场席卷社交媒体的现象级预热拉开序幕：全网预约破2000万、热搜阅读量数亿、 玩家与主播集体狂欢，甚至衍生出穿搭教程与情感故事，使其俨然成为Z世代新一代"社交货币"。 然而，在这份高涨的期待与热度背后，其发行方金山世游背后的母公司金山软件却正陷入一场深层的业绩焦虑。 2025年前三季度，公司营收与净利润双双下滑，其中游戏业务收入大幅收缩，第三季度更是同比锐减近半。 在游戏业务承压、AI投入持续吞噬利润的多重挑战下，实际控制人雷军面临着如何平衡短期修复与长期战略的关键 命题。 《鹅鸭杀》的热度，能否真正转化为驱动金山未来的增长动能？ 01 《鹅鸭杀》霸榜热搜 《鹅鸭杀》国服手游的预热，在社交媒体上引发了现象级关注。游戏的全网预约量已突破2000万，其影响力在微博 上尤为凸显。 多个"鹅鸭杀"相关话题盘踞热搜榜，阅读量超过数亿。许多玩家和游戏主播纷纷发博，表达回归的兴奋。 游戏主播"芜湖大司马"宣布担任国服"金牌主理人"后，其经典梗"我回手掏"再次刷屏，成为游戏回归的象征性符 号。 与此同时，大量"鹅鸭杀穿搭"教程涌现，玩家们精心搭配"优雅鹅"、"酷炫鸭"等虚 ...

【报告导读】 1. 国内最早的互联网软件公司，先发优势明显。 2. WPS Office构筑核心护城河，AI驱动价值升级。 3. 网游短期承压，静待优化后拓新增长曲线。 核心观点 国内最早的互联网软件公司，先发优势明显：金山软件始创于1988年，是国内最早的互联网软件企业之一，主要涉及金山办公、西山居、金山世游等业务 线，联营公司金山云、猎豹移动。商业模式上已形成"办公软件及服务+网络游戏及其他"双轮驱动格局。2024年，办公软件业务收入51.21亿元，游戏业务 收入51.97亿元。公司毛利率长期维持在80%以上高位，财务结构稳健，现金流充沛。 WPS Office构筑核心护城河，AI驱动价值升级：WPS Office全球月活跃设备数（MAU）2025年9月已达6.69亿（同比+9%），累计付费用户数至4179万 （同比+10%）。以"AI、协作、国际化"为核心，公司推出WPS AI 3.0（WPS灵犀），通过AI语音助手、AIPPT、AI知识库、AI改文档、AI数据助手五大 应用矩阵，显著提升产品力与用户体验。WPS AI显著提升用户活跃与付费转化，B端WPS 365收入2025年Q3同比增71.61%，A ...

Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Core Viewpoint - The report from Galaxy Securities highlights Kingsoft as a leading domestic office software provider with significant potential in AI empowerment and active transformation in its gaming business, initiating coverage with a "Buy" rating [1] Group 1: AI Empowerment and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion, with B-end WPS 365 revenue growing by 71.61% year-on-year in the third quarter [1] - The AI empowerment has created a data and product iteration flywheel, accelerating subscription models, with government AI products already implemented in central and local party and government agencies [1] Group 2: Gaming Business Developments - The company focuses on the "Jianxia Qianren" IP, with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and promoting game exports to reduce reliance on traditional martial arts genres, although the performance of new games shows market differentiation, leading to short-term pressure on earnings [1]

2025年12月1日早间10点左右，一封邮件传送至西山居员工邮箱中。邮件的内容是，原西山居CEO郭炜 炜向董事会提出辞呈，卸任西山居CEO，继续担任西山居首席制作人，金山软件CEO邹涛将出任代理 CEO。 一封邮件 郭炜炜可以说是国内最知名的几位制作人之一。他于2004年加入西山居，代表作品为武侠MMORPG 《剑网3》。郭炜炜在微博十分活跃，有名为"炜生素"的粉丝团。2018年，郭炜炜出任西山居CEO，此 后逐渐聚焦机甲射击新品《解限机》的开发。 郭炜炜的微博账号 据外界猜测，他的卸任原因很可能与《解限机》有关。 《解限机》今年7月上线，开局表现不及公司预期，金山软件最新Q3财报显示，网络游戏及其它业务收 入同比下降47%。一位西山居在职人士及一位离职人士都表示，这个消息在他们意料之中。"作为《解 限机》的第一责任人，他（郭炜炜）会这样去担责。" 知情人向触乐表示，郭炜炜的职位变动是董事会的正式决定，目前在业务层面没有影响。郭炜炜将继续 担任西山居首席制作人，他的汇报对象没有改变。 但在平静海面下，曾赶上MMO红利的武侠大厂西山居，正站在转型的十字路口。 郭炜炜的机甲梦 《解限机》是西山居近年来倾注较多资源 ...

12月1日，西山居发布的一封内部信显示，西山居董事会收到CEO郭炜炜提交的辞职报告：因个人职业规划原因，郭炜炜向 董事会提出辞去西山居CEO职务的请求。经西山居董事会讨论决定，报母公司金山软件（03888.HK）董事会批准，同意郭 炜炜辞去CEO职务，并继续担任西山居首席制作人；任命金山软件CEO兼西山居董事长邹涛担任西山居代理CEO，郭炜炜 直接向邹涛汇报工作。 不过，外界普遍认为，郭炜炜此次辞任或与《解限机》的表现有关。 《解限机》是西山居开发的一款机甲题材射击游戏，于2025年7月在PC、Xbox平台上线，支持平台互通。公开信息显示， 《解限机》于2014年立项，由郭炜炜担任制作人。 新游遭遇"滑铁卢" 郭炜炜于2004年加入《剑网3》项目组，历任执行主策划、主策划、执行制作人等职，2016年任金山软件副总裁及西山居 CEO，2018年晋升金山软件高级副总裁。 此前，在众多海外、国产网络游戏同台竞技的情况下，《剑网3》一度遇冷。郭炜炜坚持优化《剑网3》并将其成功"复 活"。由于郭炜炜倾向于和玩家互动，重视玩家的意见和倾诉，他在《剑网3》玩家群体中颇具知名度，被玩家视为西山居 的"灵魂人物"。 对于郭炜炜 ...

作为雷军给予"圣地"目标的公司，西山居发生了重大人事变动。 12月1日，西山居内部发送了全员邮件，宣布郭炜炜将辞任西山居CEO一职，继续担任西山居首席制作 人职务；任命金山软件CEO兼西山居董事长邹涛担任西山居代理CEO，郭炜炜直接向邹涛汇报工作。 此次人事变动，被外界解读为与《解限机》表现欠佳有关。 从业绩来看，金山软件网络游戏及其他业务收入出现大幅下滑。 作为国内知名的游戏制作人，郭炜炜自2004年加入西山居后，历任《剑网3》执行主策划、主策划、执 行制作人、制作人/策划总监。 2011年郭炜炜升任《剑网3》项目负责人/西山居副总裁。 2014年，《解限机》正式立项，该作经历了漫长的研发周期，期间三次重新立项，在郭炜炜亲自担任制 作人和西山居诸多资源加持下，产品于2025年7月正式上线。 郭炜炜曾在接受采访时表示，公司给他的目标是砍出一条新赛道来，雷军给西山居的使命是成为游戏玩 家的圣地，他自己接手CEO是为了能真正调控资源，让中国科幻游戏在世界舞台争口气。 但被寄予厚望的《解限机》，上线后却面临营收与口碑的双重压力。 近日，郭炜炜曾就其担任制作人的西山居重点产品《解限机》发布面向玩家的公开信，直言《解限 ...

文｜深毒商业 西山居又一次走到了命运的十字路口。 12月1日，一封内部信宣告了西山居这家老牌游戏厂商的重大人事变动：在CEO职位上任职7年零10个月 的郭炜炜，因个人职业规划原因辞任，未来将回归初心，继续担任西山居首席制作人。接替他的是金山 软件CEO兼西山居董事长邹涛，他将出任代理CEO，负责公司的日常运营和战略决策。 尽管官方措辞委婉，称之为"个人职业规划"，但在西山居母公司金山软件刚刚发布一份惨淡的Q3财报 后，这次"换帅"很难不被外界解读成一次为业绩负责的体面离场。 财报显示，2025年第三季度，金山软件的游戏业务收入仅为8.98亿元，同比暴跌47%，环比亦下降6%。 游戏业务在集团总营收中的占比，也从曾经的半壁江山萎缩至37%成为拖累集团业绩的主要因素。 财报将业绩下滑归咎于核心游戏《剑网3》的收入回落，以及《尘白禁区》、《解限机》等寄予厚望的 新产品表现不及预期。这三款产品，恰恰是郭炜炜主政CEO期间，西山居试图摆脱"剑网3依赖症"，寻 求第二增长曲线的核心棋子。 如今，棋局未半，主帅先行。郭炜炜从运筹帷幄的CEO，退回到了专注于一城一池的"首席制作人"，而 邹涛的回归"救火"，则更像是一次危机状 ...

Group 1 - The core point of the news is the resignation of Guo Weiwei as CEO of Xishanju, who will continue as Chief Producer, while Zou Tao, CEO of Kingsoft, will take over as acting CEO [1][2] - Guo Weiwei has been with Xishanju since 2004, holding various key positions, including project leader for "Jian Wang 3" and CEO since 2016 [1] - The game "Jian Wang 3" and the newly launched "Jie Xian Ji" are facing challenges, with the latter's peak online active users dropping from 132,800 at launch to under 5,000 by November [2] Group 2 - Kingsoft's Q3 2025 financial report shows total revenue of 2.419 billion RMB, a 17% year-on-year decline, with net profit down 48% to 213 million RMB [2] - Revenue from online games and other businesses was 898 million RMB, down 47% year-on-year and 6% quarter-on-quarter [2] - The gaming industry is experiencing both opportunities and challenges, with increasing demand for quality content and intense market competition [2]

Core Viewpoint - The resignation of Guo Weiwei as CEO of Xishanju is a significant event, reflecting both personal career choices and the company's urgent need for strategic realignment amid declining performance in its flagship game, "Jian Wang 3" [1][2][7]. Group 1: Leadership Change - Guo Weiwei has served as CEO of Xishanju for nearly 8 years and will return to his role as Chief Producer, focusing on the development of the "Jian Wang 3" IP [1][3]. - Zou Tao, the Senior Vice President of Kingsoft Group, will act as the interim CEO, indicating a shift in management strategy [1][12]. Group 2: Financial Performance - Kingsoft's Q3 2025 financial report revealed a 47% year-on-year decline in revenue from Xishanju, primarily due to decreased income from "Jian Wang 3" and the underperformance of new titles [2][5]. - The revenue contribution from Xishanju dropped from 50% to 37% year-on-year, highlighting the urgent need for new successful products [2]. Group 3: Product Development Challenges - Xishanju's reliance on "Jian Wang 3" has become a liability, as the game shows signs of fatigue after 16 years of operation, with user growth and monetization potential nearing saturation [5][6]. - New titles like "Jian Wang 3 Wujie" and "Chen Bai Jin Qu" have failed to meet expectations, with the latter experiencing a significant drop in popularity and revenue [6][10]. Group 4: Strategic Misalignment - The company has struggled with strategic direction and execution, attempting to diversify its product lineup without achieving significant success [8][9]. - Xishanju's slow development cycle and reliance on outdated operational models have hindered its ability to compete in a rapidly changing market [9][10]. Group 5: Future Outlook - The transition of Guo Weiwei back to a production role is seen as a necessary step, but the company must also cultivate a broader talent pool to avoid over-reliance on individual stars [13][15]. - The new interim CEO, Zou Tao, faces the challenge of stabilizing the company while implementing necessary organizational changes to foster innovation and product development [12][16].