Core Viewpoint - The report from Jefferies indicates that Kingsoft Corporation (03888) reported weaker-than-expected revenue and adjusted operating profit for the second quarter, primarily due to underperformance in online gaming, partially offset by the performance of its office software business [1] Group 1: Financial Performance - Kingsoft's second-quarter revenue and adjusted operating profit fell short of expectations [1] - The underperformance in online gaming was a significant factor in the disappointing results [1] - The office software business showed some resilience, helping to mitigate the overall impact [1] Group 2: Management Insights - Management highlighted that the new game "Mecha BREAK" did not meet expectations and may require additional time for optimization [1] - Targeted strategies are being implemented in the office software segment to better meet user and enterprise needs [1] Group 3: Analyst Rating and Price Target - Jefferies maintains a "Buy" rating for Kingsoft Corporation [1] - The target price has been adjusted down from HKD 42.8 to HKD 40 due to the weaker gaming performance [1]

机构：中银国际 研究员：Alex LIN/Alina LIN 1Q25 results review: Revenue grew 9% YoY to RMB2.3bn, missing BOCIe and consensus by 9% and 6% respectively, due to sluggish office business growth (+6% YoY). GPM dipped 1.9ppts QoQ to 82.1%, also a miss, dragged by games business (GPM -5.7ppts QoQ) amid rising channel costs for new games. OPM declined 13.9ppts QoQ mainly due to heavy R&D expense (ratio +9ppts QoQ) on AI and games development. Net income was flat YoY, missing BOCIe and consensus by 36% and 31% respectively. Ki ...