另外，报告指公司以《剑侠情缘》IP为核心，端游《剑网3》通过连续营运保持活力，其全平台互通版 本《剑网3 无界》上线后用户回流显著。 公司积极拓展科、二次元等新品类，并推动游戏出海，以突破 对传统武侠品类的依赖，但新游市场表现存在分化，短期业绩承压。第三季网络游戏及其他业务收益同 比下降47%，主要由于《解限机》等现有游戏收益回落，新上线游戏仍处于市场影响力建设初期。 报告指，WPS AI显著提升用户活跃与付费转化，B端WPS 365收入2025年第三季同比增长71.61%，AI 赋能形成数据与产品叠代飞轮，随着订阅制加速，政务AI产品已在中央及地方党政机关落地。 智通财经APP获悉，银河证券发布研报称，金山软件(03888)作为国产办公软件龙头，AI赋能前景广 阔，游戏业务积极求变，首次覆盖给予"推荐"评级。该行预计金山软件2025至27年各年营业收入分别为 105.68亿、116.08亿及134亿元人民币(下同)，增速分别为2.43%、9.83%及15.44%，每股盈利分别为1 元、1.11元及1.31元。 ...

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]