格隆汇12月10日｜华创证券研报指出，金山办公日前宣布旗下WPS 365正式升级为全球一站式AI协同办 公平台，推出WPS灵犀企业版、团队空间、"轻舟"引擎等新产品，并对智能文档库、数字员工两大AI核 心产品进行升级。此举将让WPS 365成为首个拥有全产品矩阵、覆盖全球主流平台、链接全球各地的AI 协同办公平台。截至目前，WPS 365已累计服务超过100万家企业组织客户及逾1.8万家头部政企客户。 在2024年《财富》世界500强榜单中的133家中国企业中，90%已采用WPS365实现提质增效；而在2025 年中国民营企业500强中，已经有超过七成的上市公司选择WPS 365推动效率提升与业务优化。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。 ...

Core Viewpoint - Kingsoft Office has upgraded WPS 365 to a global one-stop AI collaborative office platform, introducing new products and enhancing core AI offerings [1] Group 1: Product Development - WPS 365 now includes WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, marking a significant upgrade in its product matrix [1] - The platform aims to be the first to cover all major global platforms and connect enterprises worldwide [1] Group 2: Market Presence - WPS 365 has served over 1 million enterprise clients and more than 18,000 leading government and enterprise clients [1] - Among the 133 Chinese companies in the 2024 Fortune Global 500 list, 90% have adopted WPS 365 for efficiency improvements [1] - Over 70% of listed companies in the 2025 China Private Enterprises 500 have chosen WPS 365 to enhance efficiency and optimize operations [1] Group 3: Competitive Position - The company is a leader in domestic office software and a pioneer in AI office solutions, leveraging its WPS ecosystem and AI technology [1] - The company is expected to maintain its market dominance and expand its advantages in niche areas such as government and trusted innovation [1] Group 4: Valuation - The company is given a target market value of 200.5 billion yuan and a target price of 432.9 yuan, based on a 28x PS ratio for 2026 [1] - The rating for the company is maintained as "strong buy" [1]

Core Insights - WPS 365 has been upgraded to a global one-stop AI collaboration platform, marking a transition from a document processing tool to an "enterprise brain" that activates data, understands business, drives decisions, and collaborates with AI [1][5][13] - The platform emphasizes deep collaboration between humans and AI, redefining traditional collaboration tools that focused on human-to-human communication [3][5] Product Features - The upgrade includes new products such as WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, along with deep enhancements to core AI capabilities like smart document libraries and digital employees [1][3] - Digital Employee 2.0 is a significant breakthrough, functioning as a knowledge carrier with real work capabilities, capable of automating tasks without human intervention [3][4] - Team Space allows for the creation of dedicated collaboration spaces for projects, aggregating relevant messages, documents, and meeting notes, thus reducing knowledge acquisition costs and preventing knowledge gaps due to personnel turnover [6][11] Market Positioning - WPS 365 offers a competitive edge in data security and cost-effectiveness, appealing to large enterprises in sectors like finance and energy [7][9] - The platform supports various deployment models (public, private, hybrid cloud) and features a self-developed native engine, "Qingzhou," designed for domestic environments [7][9] - WPS 365's pricing strategy is significantly lower than competitors, costing less than one-third of the average industry cost, making it an attractive option for businesses [9][10][11] Business Growth - The platform has seen rapid growth, with a reported year-on-year revenue increase of 71.61% for the WPS 365 business, contributing to a 25% overall revenue growth for the company [12] - The expansion of WPS 365's customer base includes notable clients from both state-owned and private enterprises, enhancing its market influence [11][12] Future Outlook - WPS 365 plans to launch an international version by the end of 2025, facilitating cross-regional and cross-language collaboration, and ensuring compatibility with Microsoft 365 [11][12]

Core Viewpoint - Kingsoft Office's WPS 365 has undergone a significant upgrade, transforming from a collaborative office software into a global one-stop AI collaborative office platform, aiming to help organizations build their own "enterprise brain" [2][4][11]. Group 1: Product Features and Innovations - The upgrade includes the launch of WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, along with deep enhancements to core AI capabilities such as intelligent document libraries and digital employees [2][4]. - WPS 365 emphasizes a new collaborative concept that integrates human-AI collaboration, moving beyond traditional human-to-human communication [7][11]. - The digital employee 2.0 is designed to possess real work capabilities, allowing it to autonomously manage tasks such as scheduling meetings and summarizing data without human intervention [8][10]. Group 2: Market Positioning and Competitive Advantage - WPS 365 offers a unique value proposition by integrating various functions like chat, documents, meetings, and emails into a unified platform, effectively breaking down information silos within organizations [7][17]. - The platform supports multiple deployment modes (public cloud, private cloud, hybrid cloud) and features a self-developed native engine, "Qingzhou," tailored for domestic environments, enhancing data security for large enterprises [17][18]. - WPS 365 is positioned as a cost-effective solution, with pricing significantly lower than competitors, making it attractive for organizations looking to optimize their office software expenses [20][21]. Group 3: Market Performance and Growth - Since its revenue disclosure in late 2024, WPS 365 has shown rapid growth, with a year-on-year revenue increase of 71.61% in the latest quarterly report, contributing to a 25% overall revenue growth for the company [25]. - The platform has gained recognition among major enterprises, with over 70% of the top 500 private companies in China choosing WPS 365 for efficiency improvements [25][24]. - Kingsoft Office's strategy focuses on expanding its customer base from state-owned enterprises to private and local companies, enhancing its market influence [24].

Core Viewpoint - Kingsoft Office has officially upgraded WPS 365 to a global one-stop AI collaborative office platform, introducing new products such as WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, while enhancing its core AI products, Smart Document Library and Digital Employee [1][2][4] Group 1: Product Features - WPS 365 now integrates functionalities from Microsoft Office, Zoom, and Adobe PDF, with overall costs being less than one-third of the industry average [2] - The "Team Space" product addresses the issue of fragmented information in numerous group chats by consolidating messages, documents, and meeting minutes related to specific projects [2][3] - The Smart Document Library has been upgraded to utilize Knowledge Augmented Generation (KAG) and Knowledge Data Center (KDC), allowing better use of enterprise private knowledge [2][3] Group 2: Digital Employee - The Digital Employee product has been upgraded to version 2.0, functioning as an intelligent agent that can communicate and solve problems like a real colleague [3][4] - This digital employee can assist in summarizing work, generating to-do lists, interpreting documents and emails, and writing reports, significantly reducing the time needed for these tasks [3][5] Group 3: Industry Trends - The collaborative office sector has undergone multiple transformations over the past decade, evolving from mobile internet to remote collaboration during the pandemic, and now to AI-driven smart assistants [4][8] - Kingsoft Office aims to redefine "new collaboration" by integrating document processing and daily communication, focusing on interactions between people, tasks, and knowledge [4][9] Group 4: Case Studies and Applications - A case study from a major policy bank illustrates the efficiency gained by using WPS 365, where centralized approval processes replaced traditional cross-system operations, saving over 2,000 hours of work daily [7][8] - The AI middle platform has been applied across various industries, enhancing document intelligence and compliance in contract auditing [8] Group 5: Future Vision - Kingsoft Office envisions its software evolving into a knowledge container, a carrier for digital employees, and a provider of capabilities and services, ultimately assisting clients in building their own "enterprise brain" [9]

Core Insights - Kingsoft Office has upgraded WPS 365 to a global all-in-one AI collaboration platform, introducing new products such as WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, along with enhancements to its core AI products: Smart Document Library and Digital Employee [1][5][11] Product Features - The "Team Space" feature addresses the issue of information overload in group chats by consolidating messages, documents, and meeting notes related to specific projects, allowing teams to access business knowledge more efficiently [1][5] - The Smart Document Library has been enhanced to utilize Knowledge Augmented Generation (KAG) and Knowledge Data Center (KDC), enabling better use of enterprise private knowledge and improving document retrieval through expanded search dimensions [5][6] - The Digital Employee product has been upgraded to version 2.0, functioning as an intelligent assistant that can communicate and solve problems like a real colleague, assisting with tasks such as summarizing work and generating to-do lists [6][9] Cost Efficiency - The upgraded WPS 365 offers functionalities comparable to Microsoft Office, Zoom, and Adobe PDF, but at a cost that is less than one-third of the industry average [4][3] Industry Context - The collaboration software industry has undergone significant transformations over the past decade, with Kingsoft Office leading in mobile and cloud collaboration, and now defining "new collaboration" in the AI era by integrating document processing and communication tools [7][9] - The AI platform has been applied across various industries, enhancing capabilities such as intelligent document retrieval and compliance in contract auditing, thereby evolving from a tool assistant to a "corporate brain" [10][11] Vision - Kingsoft Office envisions its software evolving into a knowledge container, a digital employee carrier, and a provider of capabilities and services, aiming to assist clients in building their own "corporate brain" in the coming years [11]

Core Insights - The rapid development of AI large models has effectively utilized public domain information, but the value of private domain data remains largely untapped [1] - The CEO of Kingsoft Office, Zhang Qingyuan, emphasized that in the AI era, collaborative office software will transform into a "knowledge container" and a "carrier of digital employees," aiming to help organizations build their unique "enterprise brain" [2][8] - The activation of private domain data is crucial for enterprises to unlock their intelligent potential, as this data embodies the company's experience, logic, and secrets [3][5] Private Domain Data Activation - Many enterprises have their private domain data scattered across employee computers and different systems, often becoming "sleeping assets" due to security concerns [4] - The activation of this private data pool is essential for enhancing business intelligence [5] - Kingsoft Office aims to assist enterprises in establishing private domain knowledge to facilitate decision-making [8] WPS 365 Upgrades - Kingsoft Office announced the upgrade of WPS 365 to a one-stop AI collaborative office platform, enhancing features like intelligent document libraries and digital employees [8][10] - The integration of multi-modal document recognition, large language models, and natural language processing allows for seamless unification of various organizational data [10] - WPS 365's cost-effectiveness is highlighted, as it integrates multiple tools while maintaining costs below one-third of the industry average [12] Enterprise Brain Development - The construction of the "enterprise brain" involves three steps: understanding data, understanding organization, and understanding business [13] - The platform will unify structured and unstructured data, enabling task allocation and timely progress [13] - The future of collaborative office software is envisioned as a "carrier of digital employees," creating a positive feedback loop between employees and digital assistants [13][17] Market Position and Growth - Kingsoft Office's WPS 365 has shown significant revenue growth, achieving over 60% year-on-year growth for three consecutive quarters, with the third quarter reaching a 71.61% increase [17] - The company's approach is not merely about providing tools but about constructing intelligence rooted in its business logic and data assets [17] - Kingsoft Office's strategy is characterized by a deep understanding of "knowledge as an asset" and a commitment to data sovereignty [17]

Core Insights - Kingsoft Office has upgraded WPS 365 to a global one-stop AI collaboration platform, introducing new products such as WPS Lingxi Enterprise Edition and Team Space, aiming to cover all mainstream platforms globally [3] - The WPS 365 platform integrates various tools including messaging, documents, meetings, emails, and smart document libraries, achieving unified access, integration, data, and control to maximize organizational efficiency [1][3] - The AI middle platform of WPS 365 has been applied in multiple industries, enhancing document intelligence capabilities for tasks such as smart retrieval and analysis of accumulated data [2] Product Features - WPS 365 will launch an international version by the end of the year, supporting cross-regional and cross-language global office collaboration, with compatibility with Microsoft 365 [1] - The upgraded smart document library utilizes technologies like OCR, LLM, and NLP to transform scattered documents into reusable knowledge [2] - The digital employee has been upgraded to version 2.0, serving as an intelligent agent based on the company's private knowledge, crucial for building an organizational understanding [2] Strategic Goals - The introduction of the AI middle platform aims to activate comprehensive knowledge within enterprises, enabling better decision-making through the integration of large model engines and proprietary knowledge [2] - Kingsoft Office's initiatives are positioned to address challenges faced by expanding organizations, such as increased internal systems and data leakage risks [1]

Core Viewpoint - Kingsoft Office has upgraded WPS 365 to a global one-stop AI collaborative office platform, introducing new products and enhancing core AI features to help organizations build unique "enterprise brains" in the AI era [1][2]. Group 1: Product Offerings - WPS 365 now includes WPS Lingxi Enterprise Edition, Team Space, and the "Qingzhou" engine, along with upgrades to the intelligent document library and digital employees [1]. - The platform integrates various tools such as messaging, documents, meetings, emails, and smart document libraries into a unified entry point, maximizing organizational efficiency [2]. - A new team collaboration tool, "Team Space," allows teams to create dedicated collaborative spaces around specific projects, facilitating precise AI-driven business knowledge acquisition [2]. Group 2: Market Positioning - WPS 365 offers a cost-effective solution, combining functionalities of multiple tools like Microsoft Office, Zoom, and Adobe PDF, with overall costs being less than one-third of the industry average [3]. - The platform supports private, public, and hybrid cloud deployments, featuring a self-developed native private and trusted engine, "Qingzhou," which allows for non-disruptive upgrades and low operational costs [3]. Group 3: Security and Compliance - WPS 365 implements comprehensive security strategies covering the entire lifecycle of data and usage, ensuring foundational security for clients [3]. - The upcoming international version will address cross-regional and cross-language communication and compliance issues for enterprises expanding globally [2]. Group 4: Technological Integration - The platform emphasizes the need for a large model engine and execution capabilities, such as MCP (Model Context Protocol) or API, to effectively utilize both global knowledge and private enterprise knowledge [3].

Core Insights - Kingsoft Office has upgraded WPS 365 to a global one-stop AI collaboration platform, introducing new products such as WPS Lingxi Enterprise Edition and the "Qingzhou" engine, along with upgrades to its core AI products [1][2] - The vision for WPS 365 is to help organizations build a unique "enterprise brain" that acts as a knowledge container and digital employee carrier, addressing challenges like increased internal systems and data leakage risks [1][2] Product Development - The upgraded intelligent document library is crucial for the "enterprise brain" to "understand data," utilizing technologies like OCR, LLM, and NLP to convert scattered documents into reusable knowledge [3] - The digital employee has been upgraded to version 2.0, serving as an intelligent agent based on the company's private knowledge, facilitating communication and problem-solving [3] Market Performance - WPS 365 has served over one million enterprise clients, including more than 18,000 major government and enterprise clients across various industries, becoming a key growth driver for Kingsoft Office [4] - Since the revenue data for WPS 365 was first disclosed at the end of 2024, the business has shown rapid growth, with revenues of 151 million, 158 million, and 201 million yuan in the first three quarters of 2025, each achieving over 60% year-on-year growth, with the third quarter reaching 71.61% [4]