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 ...

昨日，西山居曝出重大人事调整。据一封内部信显示，现任CEO郭炜炜因个人原因提出辞去西山居CEO职务。董事会同意其辞任CEO，继续担任西山居首 席制作人，同时任命金山软件CEO兼西山居董事长邹涛担任代理CEO。郭炜炜直接向邹涛汇报工作。 郭炜炜辞任CEO，有人觉得意外，有人觉得在预料之中。有人认为是为金山游戏业绩不振背锅，也有人分析这是新品《解限机》表现不达预期所致。 解限机的痛，时代变迁的红利尽失 《解限机》，大概的确是快要死了。 这款机甲游戏在今年初测试时曾经创下31万人在线的峰值，7月上线Steam同时在线人数一度达13万，一时风头无两，成为西山居今年最寄予厚望的产品。 11月12日，在即将开始S2赛季的时候，郭炜炜又以制作人身份对外发布了一封公开信：承认游戏当前的诸多问题，但表示不会放弃，准备在听取玩家意 见后"再冲一次"。 然而游戏上线之后不到一个月的时间，玩家在线人数就出现断崖式下滑，跌到不足万人。9月19日，游戏S1赛季上线。尽管制作组做了很多努力，推出了 新的机甲，上线新玩法，调整了平衡机制，还参加了今年的TGS、AGF等展会加大自己的声量，想通过"听劝"人设来挽回人气，但效果并不明显。 然而， ...

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].

Core Insights - The CEO of Xishanju, Guo Weiwei, has resigned due to personal career planning but will continue as the chief producer, focusing on product and content development [1] - Zou Tao, the CEO of Kingsoft Software, will take over as the acting CEO of Xishanju, overseeing the company's operations [1] - The game "Jiexianji," which Guo Weiwei produced, has faced significant challenges in revenue and reputation since its launch [2] Company Changes - Guo Weiwei's resignation marks a significant leadership change at Xishanju, where he has been a key figure since 2004, contributing to major projects like "Jian Wang 3" [1] - Zou Tao's dual role as CEO of Kingsoft and acting CEO of Xishanju indicates a strategic move to stabilize the company during this transition [1] Product Performance - "Jiexianji," launched on July 2, has seen a drastic decline in active users, dropping from a peak of 132,800 to under 5,000 by November [2] - The game's reception has been mixed, with a 47% positive rating from players on Steam, indicating unmet expectations [2] Financial Overview - Kingsoft Software reported a 17% year-on-year decline in total revenue for Q3 2025, amounting to 2.419 billion RMB, with a 48% drop in net profit [2] - Revenue from online games and other businesses fell by 47% year-on-year, attributed to declines in existing titles and the early-stage development of "Jiexianji" [2] Industry Context - The gaming industry is currently facing both opportunities and challenges, with increasing demand for quality content and heightened market competition [2] - The need for product innovation and enhanced user experience is critical for companies like Xishanju to navigate the evolving landscape [2]

Core Insights - Guo Weiwei has resigned as CEO of Xishanju due to personal career planning, effective immediately, while continuing as Chief Producer [1] - Zou Tao, CEO of Kingsoft, will serve as acting CEO of Xishanju, taking over the company's operational management [1] Company Overview - Guo Weiwei joined Xishanju in 2004 and has held various key positions, including project leader for "Jian Wang 3" and CEO since 2016 [1] - The game "Jian Wang 3" has been a significant project under Guo's leadership, contributing to the company's reputation [1] Product Performance - The highly anticipated game "Jian Wang 3" faced challenges post-launch, with a significant drop in active users from a peak of 132,800 at launch to under 5,000 by November [2] - The game's positive review rate on Steam is only 47%, indicating mixed feedback from players [2] Financial Performance - Kingsoft reported a total revenue of 2.419 billion RMB for Q3 2025, a 17% year-over-year decline, with net profit down 48% to 213 million RMB [2] - Revenue from online games and other businesses fell to 898 million RMB, a 47% year-over-year decrease [2] Industry Context - The gaming industry is currently facing both opportunities and challenges, with increasing demand for quality content and intense market competition [2] - Companies must navigate the need for product innovation and enhanced user experience to succeed in this evolving landscape [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The report indicates that despite a decline in the gaming business, the dual-driven trend of WPS BC is becoming increasingly evident, with expectations for revenue recovery following optimizations [5][6] - The company's Q3 2025 revenue was 2.419 billion yuan, a year-on-year decline of 17.0%, with a net profit of 213 million yuan, down 48.5% year-on-year, primarily due to underperformance in the gaming sector and increased marketing expenses [6][7] - WPS revenue reached 1.52 billion yuan, growing 26.1% year-on-year, with significant growth in both personal and enterprise segments, indicating a potential for becoming a key player in the B-end market [6][7] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 9.909 billion yuan, with a year-on-year change of -4.0% [9] - Net profit for 2025 is forecasted at 1.4 billion yuan, reflecting a year-on-year decrease of 9.8% [9] - The company's gross margin is expected to be 80.9% in 2025, with a net margin of 14.1% [9] - The P/E ratio for 2025 is projected at 28.0 times, with a gradual decrease to 16.1 times by 2027 [9]

Core Viewpoint - Kingsoft's core business is showing a diverging trend, with significant revenue decline in its gaming segment while the office software segment experiences growth [2][5]. Financial Performance - For Q3 ending September 30, 2025, Kingsoft reported total revenue of 2.419 billion RMB, a 17% year-on-year decrease [3]. - Gross profit fell by 21% to 1.944 billion RMB, and net profit nearly halved, down 48% to 213 million RMB [2][3]. - Office software and services revenue was 1.521 billion RMB, up 26% year-on-year, accounting for 63% of total revenue [3][5]. - Network gaming and other revenues plummeted by 47% to 898 million RMB, making up 37% of total revenue [2][3]. Office Software Segment - The growth in office software revenue is attributed to the performance of WPS software, WPS 365, and personal business, driven by increased demand from private enterprises and local state-owned enterprises [5]. - As of September 30, WPS Office had 669 million monthly active devices, an 8.83% increase year-on-year [5]. - The number of paid personal users reached 41.79 million, a 10% increase from the previous year [5]. AI and R&D Investment - Kingsoft is focusing on AI development, with R&D expenses rising by 18.48% to 1.495 billion RMB, representing 35.77% of revenue [6]. - The company has launched WPS AI 3.0 and is enhancing its product offerings in AI, collaboration, and internationalization [5][6]. Gaming Segment Challenges - The gaming segment's revenue dropped significantly, with marketing expenses for Q3 reaching 564 million RMB, a 55% year-on-year increase [10]. - The decline in gaming revenue is attributed to reduced contributions from existing games and the slow market establishment of new titles [10]. - The performance of the game "Limitless Mecha" has been disappointing, with a significant drop in player engagement shortly after launch [10][12]. Competitive Landscape - The office software market is highly competitive, with products like Microsoft Office, ByteDance's Feishu, and Tencent Docs competing directly with WPS Office [8]. - Balancing commercialization and user experience remains a critical challenge for Kingsoft in the face of intense competition [8].

Core Viewpoint - Kingsoft's performance is significantly impacted by the weakness in its gaming business, despite strong results in its office software segment [1][3]. Financial Performance - Kingsoft reported Q3 2025 revenue of RMB 2.42 billion, a 5% increase quarter-on-quarter but a 17% decrease year-on-year [3][4]. - The net profit attributable to shareholders was RMB 213 million, down 60% quarter-on-quarter and 48% year-on-year [3][4]. - Basic earnings per share were RMB 0.15, reflecting a 62% decline quarter-on-quarter and a 52% decline year-on-year [3][4]. - Operating cash flow was RMB 494 million, a 64% decrease year-on-year [3]. Business Segments - Office software revenue reached RMB 1.52 billion, showing a 26% year-on-year increase and a 12% quarter-on-quarter increase, driven by growth in WPS software and services [4][5]. - The gaming segment generated RMB 897 million, a 47% year-on-year decline and a 6% quarter-on-quarter decline, now accounting for 37% of total revenue [5][6]. Marketing and Expenses - Sales and distribution expenses for Q3 were RMB 564 million, up 55% year-on-year and 33% quarter-on-quarter, primarily due to increased marketing efforts for gaming [5][6]. Game Performance - The flagship game "Jian Wang 3" has been operational for over 16 years but is facing significant competition and operational issues, leading to a decline in revenue [6][7]. - The new game "Jie Xian Ji" launched on Steam showed initial promise but has since seen a drastic drop in player engagement, with peak online players falling below 5,000 [9][11].