游戏业务也是金山的盈利支柱。金山软件旗下的西山居在游戏开发和运营方面具有丰富的经验和强大的 实力。西山居开发的多款游戏，如《剑网3》等，拥有庞大的玩家群体。游戏收入主要来自玩家的充值 消费，包括购买游戏道具、会员服务等。 在投资领域，准确分析企业盈利模式是评估企业价值和投资潜力的关键环节。了解企业如何创造利润， 不仅有助于投资者判断企业的可持续发展能力，还能为投资决策提供重要依据。 分析企业盈利模式可以从多个维度入手。首先是收入来源，这是盈利模式的核心。企业的收入可能来自 产品销售、服务提供、租金收入、授权许可费等。例如，一家制造业企业主要通过销售其生产的产品获 得收入；而一家软件企业除了销售软件产品，还可能通过收取软件使用授权费和后续的技术服务费来增 加收入。 成本结构也是重要的分析因素。企业在运营过程中会产生各种成本，如原材料采购成本、生产制造成 本、营销费用、管理费用等。合理控制成本是提高企业盈利能力的关键。比如，一些企业通过优化供应 链管理，降低原材料采购成本；或者采用先进的生产技术，提高生产效率，降低单位产品的制造成本。 客户群体和市场定位同样不可忽视。不同的客户群体有不同的需求和消费能力，企业需要 ...

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]

Group 1 - The company's Q1 performance was affected by seasonal factors, with increased R&D spending on AI and new game categories [1][2] - Total revenue in Q1 increased by 9% year-on-year, with gaming and WPS revenues growing by 14% and 6% respectively, but declining by 20% and 13% quarter-on-quarter [1] - Adjusted operating profit in Q1 decreased by 3% year-on-year, primarily due to increased R&D and sales expenses related to WPS AI development and new game launches [1] Group 2 - The gaming business experienced a quarter-on-quarter decline mainly due to seasonal reductions in commercial updates for "Jian Wang 3" [2] - WPS business revenue declined quarter-on-quarter due to the impact of the 2025 procurement process on WPS software [2] - Upcoming game releases include "Jie Xian Ji," which is ranked fifth on the global Steam wishlist and is expected to launch this summer, and "Jian Xia Qian Yuan: Zero," anticipated to launch at the end of May [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes the importance of the upcoming launch of the game "解限机" and the company's focus on AI, collaboration, and internationalization in its office software segment [1][8] - The company is expected to maintain steady growth in its dual business segments, with a positive outlook on new game categories and the continued development of AI capabilities in office software [8] Financial Performance Summary - For 2023, total revenue is projected at 8,547 million, with a year-on-year growth of 11.74% - The net profit attributable to the parent company is expected to be 483.46 million, reflecting a significant year-on-year increase of 107.99% - Earnings per share (EPS) for 2023 is estimated at 0.35 yuan, with a price-to-earnings (P/E) ratio of 93.52 [1] Revenue and Profit Forecast - The company forecasts total revenue of 10,318 million for 2024, with a year-on-year growth of 20.91% - The net profit attributable to the parent company is projected to reach 1,551.61 million in 2024, representing a year-on-year increase of 220.94% - EPS is expected to rise to 1.11 yuan in 2024, with a P/E ratio of 29.14 [1][9] Business Segments Overview - The gaming segment reported revenue of 10.37 billion in Q1 2025, with a year-on-year growth of 13.71% - The office software segment generated revenue of 13.01 billion in Q1 2025, with a year-on-year increase of 6.21% [8] - The report highlights the company's strategy to enhance AI user engagement and expand its international presence through localized operations [8] Research and Development Investment - The company has increased its R&D expenses to support AI and new game category development, with R&D costs rising by 16.14% year-on-year [8][9] - The report indicates a commitment to continuous investment in R&D to drive innovation and growth in both gaming and office software sectors [8]

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]

| | | 截至下列日期止三個月 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 二零二四年 | | | 三月三十一日 | 三月三十一日 十二月三十一日 | | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | (未經審計) | (未經審計) | (未經審計) | | 收益 | | | | | 辦公軟件及服務 | 1,301,469 | 1,225,349 | 1,501,181 | | 網絡游戲及其他 | 1,036,526 | 911.526 | 1,291,297 | | | 2.337.995 | 2.136.875 | 2.792.478 | | 收益成本 | (419,409) | (396,222) | (449.134) | | 毛利 | 1.918.586 | 1.740.653 | 2.343.344 | | 研究及開發成本 | (827.853) | (712,788) | (730.411) | | 銷售及分銷開支 | (340,468) | (261,292) | (340,275) | | 行政開支 | (160,2 ...

这场填补北方大型游戏动漫展空缺的展会，看似 "姗姗来迟"，实则是微博生态能力的一次蓄势释放。 2025年第一季度，微博交出了一份稳健增长的财报：总营收28.83亿人民币，调整后运营利润9.43亿人民币。更值得关注的是，微博的月活跃用户达到5.91 亿，日活跃用户达到2.61亿。 这一数据既彰显了微博作为国民级社交平台的影响力，也暗示着其在内容生态建设上的长远规划。五一期间，微博首届游戏动漫展WAW强势破圈，正是这 一规划的集中体现。 微博生态能力下，WAW爆火的必然性 当6.8万观众涌WAW展馆时，外界或将其归因于"二次元风口"，但更深层的逻辑是微博用多重能力的系统性释放，将二次元文化的"圈层狂欢"转化为覆盖全 产业链的"破圈效应"。 当前，微博拥有5.91亿月活跃用户，为内容提供了坚实的公域传播基础。尤其在ACG垂类领域，已沉淀出超3.2亿泛二次元用户，涵盖动漫、游戏、电竞等 多个细分兴趣圈层，90后为主力人群。这种精准的用户聚集不仅保证了流量规模，也为内容的有效转化奠定了基础，是WAW热度及参与度的重要支撑。 其独有的"社交互动+热搜机制+内容分发"协同体系，赋予垂类文化向更广泛受众扩散的能力。WAW期间 ...