这是一条属于中国科技、 由千万开发者共同走过的道路。 一个操作系统的成熟和进化，从来不诞生于某个发布会的高光时刻，而是在无数开发者日夜的调试与打磨、一次次版本的迭代和优化中最后累积而成的确定 性体验。鸿蒙生态的独特之处，在于它用极短时间，完成了从技术自主到生态繁荣的跨越，展现出令人瞩目的"中国速度"。 鸿蒙生态的构建，不是某一个开发者或某一家企业的单打独斗，而是成千上万技术人把自己的那一小段时间、那一个小能力，稳稳叠加在一起形成的集体力 量。 今天央视上线的《心路·新路》生态纪实短片，正是这一集体力量的缩影。 一件"旧物"，一段"新路"。当这些物件被庄重地置于中央，最终拼合成一个闪耀的鸿蒙标识时，观众看到的不再是个操作系统的 Logo，而是一个关于"在一 起，就可以"的具象隐喻。这也正是即将于11月28日在深圳龙岗大运体育中心隆重举行的"鸿蒙星光盛典"所要传递的精神内核。 "鸿蒙星光盛典"的主办格局，也反应了中国科技创新的顶层设计与前沿落地。中央广播电视总台与广东省人民政府的联合主办，象征着国家方向与经济大省 的战略协同；深圳市人民政府与央视频、总台广东总共同承办，则体现了创新之城在关键核心技术攻坚中的使命担 ...

2025 年 11 月 24 日 开源晨会 1124 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-11 2025-03 2025-07 沪深300 创业板指 昨日涨跌幅前五行业 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】增强消费品供需适配性 进一步促进消费——宏观周报-20251123 【宏观经济】滞后的非农数据或增加美联储 12 月降息不确定性——美国 9 月非农 就业数据点评-20251121 行业公司 【中小盘】国七标准发布在即，关注尾气后处理系统投资机会——中小盘周报 -20251123 【医药】减肥赛道开启"长效革命"，MNC 加速布局高价值平台——行业周报 -20251123 【汽车】小鹏汽车第 100 万台整车下线，广州车展车企竞逐具身智能新赛道—— 行业周报-20251123 【海外科技】AI 需求持续验证，提升算力需求可预见性——行业周报-20251123 【电子】NV 业绩强劲、谷歌发布 Gemini3，算力景气度持续验证——行业周报 -20251123 【食品 ...

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 3Q25 results showed significant misses in both top and bottom lines, primarily due to a weak gaming business, while the Office segment demonstrated robust growth, indicating potential investment opportunities in the latter despite overall challenges in the gaming sector [1][2]. Financial Performance - Revenue for 3Q25 declined 17% YoY to RMB2.4 billion, missing expectations by 11% and 8% respectively, largely due to a 47% YoY drop in gaming revenue, partially offset by a 26% YoY increase in Office revenue [2]. - Gross profit margin (GPM) remained flat, while operating profit margin (OPM) decreased by 5.1 percentage points QoQ, primarily due to increased sales expenses related to online game promotions [2]. - Net income fell 48% YoY, missing estimates by 26-55% [2]. Office Segment Performance - The Office segment's revenue growth was driven by strong localization project orders for WPS (+51% YoY), expansion of the customer base for WPS 365 (+72% YoY), and an increase in paying subscribers for WPS individual (+11% YoY) [3]. - GPM and OPM for the Office segment increased by 2.4 percentage points and 3.3 percentage points QoQ, respectively, reflecting successful price increases and effective operational leverage [3]. Gaming Business Challenges - The gaming segment's revenue missed expectations by 32%, attributed to the lifecycle decline of older IP games and weaker performance from recent launches [4]. - Kingsoft plans to introduce two international IP games in the upcoming quarters to revitalize the gaming segment [4]. - Revenue estimates for 2026/27 for the gaming segment have been cut by 25% and 22% respectively, considering lower margins and increased costs [4]. Future Outlook - Continued strong performance is expected from the Office segment, supported by robust demand in 2026/27, low penetration rates in the 2B segment, and potential for increased average revenue per user (ARPU) from the domestic user base of 668 million [5]. - Anticipated recovery in the Cloud segment is driven by growing AI demand and increased contributions from Xiaomi [5]. - The stock rating has been upgraded from HOLD to BUY with a new target price of HK$40.0, reflecting an attractive risk-reward scenario after a prolonged correction [1][6].

来源：深圳新闻网 11月17日 有不少网友发文称"WPS崩了" "周一不适合上班" 就此情况记者向WPS在线客服进行了询问，对方表示，这一情况可能是电脑网络设置出现问题，需要更改dns服务器地址，如仍 旧无法使用，请耐心等候现在已经在处理这一问题。 你的WPS崩了吗？ 遇到了无法正常打开云文档 与他人一同协作编辑的情况 对此有网友调侃道 ...

华创证券研报指出，金山办公财务指标全面向好，盈利质量持续优化。2025年第三季度扣非净利润4.21 亿元，同比增长39.01%，利润增速高于收入增速，体现成本控制与运营效率双重改善。同期非经常性 损益为978.11万元，仅占当期净利润的2.27%，印证主业盈利的扎实性。现金流方面，Q3经营活动产生 的现金流量净额为5.38亿元，前三季度累计12.77亿元，同比增加18.26%，营收回款能力与现金获取能 力同步增强。公司是国内办公软件龙头、信创AI办公领军企业，依托WPS生态、AI技术落地及国产办 公软件自主可控优势，持续巩固市场主导地位，政务信创等细分领域优势扩大，长期成长确定性强。估 值方面，参考可比公司，给予公司2026年28倍PS，目标市值2005亿元，目标价432.9元，维持"强推"评 级。 ...

Investment Rating - The report maintains a "Strong Buy" rating for Kingsoft Office (688111) with a target price of 432.9 CNY [1]. Core Insights - Kingsoft Office reported a revenue of 1.521 billion CNY for Q3 2025, representing a year-on-year growth of 25.33%. The net profit attributable to shareholders was 431 million CNY, up 35.42% year-on-year, while the non-GAAP net profit reached 421 million CNY, growing by 39.01% year-on-year [1][8]. - For the year-to-date, the total revenue reached 4.178 billion CNY, reflecting a year-on-year increase of 15.21% [1]. - The company is experiencing robust growth across its three main business segments, driven by advancements in AI and the promotion of domestic software solutions [3][8]. Financial Performance - The WPS 365 business generated 201 million CNY in revenue, marking a significant increase of 71.61% year-on-year. The company has effectively expanded its reach among private enterprises and local state-owned enterprises, enhancing its product capabilities and industry influence [3]. - The WPS software business achieved revenue of 391 million CNY, a year-on-year increase of 50.52%, supported by accelerated bidding and revenue recognition in government projects [3]. - The company’s R&D investment was 536 million CNY in Q3 2025, accounting for 35.24% of its revenue, indicating a strong commitment to innovation and technology development [8]. Business Growth Drivers - The personal WPS business reported revenue of 899 million CNY, with a year-on-year growth of 11.18%. The number of active devices reached 669 million, an increase of 8.83% year-on-year, with significant growth in the PC segment [8]. - The report highlights the company's strong cash flow, with a net cash flow from operating activities of 538 million CNY in Q3 2025, and a cumulative total of 1.277 billion CNY for the first three quarters, up 18.26% year-on-year [8]. Future Projections - The company is projected to achieve revenues of 6.049 billion CNY, 7.162 billion CNY, and 8.505 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 18.1%, 18.4%, and 18.7% [8]. - The net profit attributable to shareholders is expected to be 2.044 billion CNY, 2.324 billion CNY, and 2.702 billion CNY for the same years, with growth rates of 24.2%, 13.7%, and 16.3% respectively [8].

Core Insights - The rise of domestic software is not just an industrial upgrade but a demonstration of China's technological strength and AI capabilities, marking a deterministic trend in the industry [2][15] - AI is reshaping the world, with software applications becoming the next "main battlefield" [2] - The demand for AI software is surging in both consumer (C-end) and business (B-end) sectors, driven by digital transformation and policy support [3][7] Industry Trends - The domestic AI application user base has surpassed 700 million by Q3 2025, indicating rapid penetration in the consumer market [2] - The "15th Five-Year Plan" encourages the implementation of AI across various sectors, aiming for 100% domestic replacement in state-owned enterprises by 2027 [6] - The software industry in China is projected to reach a scale of 15 trillion yuan by 2025, with AI expected to significantly contribute to this growth [10] Company Performance - Oracle's performance exceeded expectations with a 359% year-on-year increase in remaining performance obligations, reaching $455 billion [2] - Palantir reported Q3 2025 revenue of $1.181 billion, a 63% increase year-on-year, with a net profit of $477 million, up 220% [2] - Keda Xunfei, a leader in AI applications, reported Q3 2025 revenue of 6.078 billion yuan, a 10.02% increase year-on-year, with a net profit of 172 million yuan, up 202.4% [14] - Kingsoft Office, another key player, achieved Q3 2025 revenue of 1.521 billion yuan, a 25.33% increase year-on-year, with a net profit of 431 million yuan, up 35.42% [14] - Deepin's revenue reached 2.116 billion yuan in Q3 2025, a 9.86% increase year-on-year, with a net profit of 147 million yuan, up 1097.4% [15] Market Outlook - The AI software sector is expected to drive significant growth in the global software market, with estimates suggesting a 20% increase by 2030 due to AI agents alone [10] - The domestic software market is anticipated to create a trillion-level business increment driven by AI [10] - The current market conditions indicate a strong potential for recovery in the software sector, with the CSI Software Index showing a year-to-date increase of 13.34% [13]

Core Viewpoint - WPS, a product of Kingsoft Office, has been recognized as an exemplary case in the 2025 World Internet Conference for its globalization efforts, marking its significant international expansion since 2005 [1] Group 1: International Expansion - WPS began its international journey by entering the Japanese market in 2005 and has since expanded to Southeast Asia, the Middle East, and Africa, covering over 220 countries and regions globally [1] - The monthly active devices for WPS have exceeded 669 million, with over 200 million of these devices being from overseas markets, establishing WPS as a benchmark for Chinese brands going global in the office software sector [1] Group 2: Regional Performance - In the ASEAN region, WPS Office has surpassed 60 million monthly active devices, indicating strong market penetration and user engagement in this area [1]

Industry Overview - The "14th Five-Year Plan" emphasizes the comprehensive implementation of the "Artificial Intelligence +" initiative, aiming to integrate AI with various sectors to enhance productivity and innovation [15][43] - Recent performance from North American cloud computing companies shows strong capital expenditure in Q3 2025, with optimistic projections for AI investments in 2026, indicating sustained high demand for AI computing power [43][45] - The urgency for self-sufficiency in critical software areas like EDA and operating systems is increasing due to international tensions, highlighting the importance of key technology breakthroughs for national security [5][43] Industry Data - In September 2025, the Producer Price Index (PPI) for the computer industry remained flat month-on-month but decreased by 1.3% year-on-year [18][21] - From January to September 2025, China's software industry generated revenue of CNY 111,126 billion, a year-on-year increase of 13.0%, with total profits reaching CNY 14,352 billion, up 8.7% [21][26] - The cumulative production of electronic computers in China from January to September 2025 was 261.907 million units, reflecting a 0.4% year-on-year growth [20][21] Company Announcements - Kingsoft Office reported a 13.32% year-on-year increase in net profit for the first three quarters of 2025, driven by strong performance in its WPS product line [33] - Zhongke Shuguang achieved a 25.55% year-on-year increase in net profit for the same period, supported by its innovative hardware and software solutions [36] Market Performance - From October 1 to October 31, 2025, the Shenwan Computer Industry Index fell by 2.28%, with varying performances across sub-sectors [37][41] - As of October 31, 2025, the price-to-earnings ratio for the Shenwan Computer Industry was 58.30 times, with a valuation premium of 361.50% compared to the CSI 300 index [38][40] Investment Strategy - The report maintains a "positive" outlook for the computer industry, suggesting that the ongoing effects of AI industry growth and the deepening process of domestic substitution will continue to enhance industry prosperity [6][45] - It is recommended to focus on leading companies that possess the capability to implement AI technologies effectively and adapt to various application scenarios [5][43]