大公司： 福田汽车：2025年累计销售汽车产品65万辆，同比增长5.85% 36氪获悉，福田汽车公告，2025年12月份汽车产品销量为58172辆，产量为58014辆。2025年1-12月，公 司累计销售汽车产品650053辆，较去年同期增长5.85%；累计生产汽车产品659455辆，较去年同期增长 7.95%。其中，新能源汽车累计销量101200辆，同比增长87.21%。 贝达药业：投资5000万元入股杭州知兴制药 36氪获悉，贝达药业公告，已与花园集团完成股权转让交割，出资5000万元受让花园集团持有的杭州知 兴制药20%股权。知兴制药专注于高端吸入制剂开发，已搭建完善的研发与生产体系。本次投资不构成 关联交易，亦不构成重大资产重组，无需经有关部门批准。本次投资有助于拓展公司新药创制技术平 台，进一步拓宽疾病治疗领域的战略布局。 富力地产：2025年全年销售142.1亿元 36氪获悉，富力地产公告，2025年12月实现销售额15.2亿元，全年累计达142.1亿元，销售面积187.36万 平方米。 金山办公与FPT签署战略合作备忘录 36氪获悉，近日，金山办公与科技与IT服务提供商FPT宣布签署战略合作备忘 ...

36氪获悉，近日，金山办公与科技与IT服务提供商FPT宣布签署战略合作备忘录。双方将围绕 WPS 365 在越南市场的本地化、用户增长、联合解决方案打造以及全球交付服务等方面开展深度合作，共同推动 越南及全球组织级用户的数字化转型。 ...

Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) [1] Core Insights - Kingsoft Office, as a leading domestic office software provider, has experienced accelerated growth in performance, driven by its innovative AI applications and alignment with the national strategy for domestic software replacement [4][11] - The company has successfully integrated AI into its product offerings, particularly with the WPS AI, which has evolved to version 3.0, marking a significant shift towards intelligent collaborative tools in the office software sector [4][46] - The report highlights the strong growth in revenue and profit for Q3 2025, with a notable year-on-year increase in revenue of 25.33% and net profit of 35.42%, indicating a robust performance compared to earlier quarters [4][21] Summary by Sections 1. Domestic Office Software Leader with Steady Growth - Kingsoft Office has developed a comprehensive application service system that integrates cloud, collaboration, and AI office capabilities, providing efficient and intelligent office experiences for users [11] - The company has a strong product matrix, including WPS Office, WPS 365, and WPS AI, serving users across over 220 countries [11][14] 2. AI Agent Enters Explosive Growth Phase - The report notes a significant increase in the consumption of AI tokens, indicating that AI has entered a phase of large-scale application, with domestic markets showing a 363% growth in token usage [29][35] - Kingsoft Office is positioned to benefit from this trend, leveraging its AI capabilities to enhance user efficiency and drive business growth [29][38] 3. Dual-Drive of AI and Domestic Software Replacement - The company has strategically positioned itself to capitalize on the domestic software replacement trend, actively participating in government and enterprise tenders for domestic office software [4][46] - The WPS AI product has been upgraded to version 3.0, enhancing its capabilities and user interaction, thus redefining the office software landscape in China [46][50] 4. Financial Performance and Growth Drivers - For the first three quarters of 2025, Kingsoft Office reported a revenue of 41.78 billion yuan, a year-on-year increase of 15.21%, with net profit growing by 13.32% [21] - The company’s core business segments, including WPS 365 and WPS software, have shown strong growth, particularly in the government and enterprise sectors, driven by increased demand for domestic software solutions [24][28] 5. Future Outlook - The report projects that Kingsoft Office will continue to benefit from the growth of AI and domestic software initiatives, with expected EPS of 4.27, 5.06, and 6.04 yuan for 2025 to 2027, corresponding to PE ratios of 71, 60, and 51 times respectively [4][46]

Core Viewpoint - The report from Galaxy Securities highlights Kingsoft as a leading domestic office software provider with significant potential in AI empowerment and active transformation in its gaming business, initiating coverage with a "Buy" rating [1] Group 1: AI Empowerment and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion, with B-end WPS 365 revenue growing by 71.61% year-on-year in the third quarter [1] - The AI empowerment has created a data and product iteration flywheel, accelerating subscription models, with government AI products already implemented in central and local party and government agencies [1] Group 2: Gaming Business Developments - The company focuses on the "Jianxia Qianren" IP, with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and promoting game exports to reduce reliance on traditional martial arts genres, although the performance of new games shows market differentiation, leading to short-term pressure on earnings [1]

29 December 2025 | 9:07AM HKT Equity Research Kingsoft Office (688111.SS): WPS Premium discount to engage new AI users and drive ARPU expansion; Buy Kingsoft Office (KO) is now offering higher discounts for WPS Premium, which includes AI features from late Nov (Exhibit 1), to engage more AI users and drive ARPU expansion. Compared to the promotion season last year, KO is now integrating WPS AI membership into WPS Premium, and is offering a higher discount rate for Premium membership to encourage users' adop ...

Core Viewpoint - The current period is seen as an optimal window for agencies to represent WPS 365, especially as the domestic market shifts towards localization and the SaaS model gains traction in the enterprise sector [1][2]. Group 1: Market Dynamics - The cloud business growth is slowing, leading many channel vendors to hesitate in entering the SaaS market due to perceived low payment willingness and thin customer pricing [2]. - The domestic software market has seen a significant shift towards localization, particularly in the private enterprise sector, with increasing adoption of WPS formats as a compliance trend [4][5]. Group 2: Strategic Moves - Kingsoft Office's revenue for 2024 was reported at 5.121 billion yuan, with 3.283 billion yuan coming from individual business (To C) and only 1.703 billion yuan from To B (SaaS subscriptions and licensing) [6]. - The company aims to enhance its market share in the private enterprise sector, which requires a shift from policy-driven to value-driven competition [7]. Group 3: Partnership Development - Longzhong Jiahua was selected as the exclusive distributor for Kingsoft Office in the private enterprise market, marking a strategic partnership aimed at building a self-sustaining channel ecosystem [3][8]. - The collaboration is based on shared values and business philosophies, with both parties recognizing the need for a robust channel network to penetrate the B-end market effectively [11][12]. Group 4: SaaS Market Insights - Longzhong Jiahua emphasizes the importance of adapting SaaS products to the Chinese market rather than directly copying foreign models, advocating for diverse product forms to meet local needs [13][14]. - The company believes in focusing on depth rather than breadth in market penetration, targeting key industry leaders to establish benchmark cases that can facilitate broader market acceptance [15]. Group 5: Channel Strategy - The channel network is being built with a focus on deep partnerships, aiming to empower partners with the necessary skills and resources to effectively market and support WPS 365 [24]. - Longzhong Jiahua is actively seeking partnerships in the manufacturing sector, particularly high-end manufacturing, to leverage existing relationships and expertise for rapid market entry [25][31]. Group 6: Future Growth Potential - The enterprise-level AI capabilities of WPS are seen as a significant growth area, with the potential to enhance data intelligence and operational efficiency for businesses [32][36]. - The transition from traditional project-based revenue to a sustainable SaaS model is highlighted as a key strategy for long-term profitability and market stability [29].

他表示，当前AI应用的核心挑战已经从模型能力的竞争，转向如何高效利用企业私域数据。模型能力的趋同，意味着其本身难以形成垄断优势。 他强调，未来的路径是发展"KAG（Knowledge Augmented Generation，知识增强生成）"。这要求企业像管理数据一样，系统性地对知识进行治 理、建模与应用。具体而言，需要通过VLM、知识图谱等技术，融合多模态、多结构化的知识，并构建"数据湖"与"知识湖"双湖并重的架构。最 终目标是让AI真正"掌握"而非仅仅"看到"企业知识，从而在专业领域问答、智能写作与合规创作等场景中发挥可靠价值，完成从数字化到智能化 的关键跨越。 以下为演讲精彩观点： 12月20日，在华尔街见闻和中欧国际工商学院联合主办的「Alpha峰会」上，金山办公助理总裁、资深技术专家朱熠锷发表题为《WPS AI:迈向更 高质量的知识增强生成》的演讲。 他强调，真正决定AI应用价值的关键，在于将企业内大量复杂、非结构化的文档数据，转化为高质量、可被模型理解的知识资产。传统RAG面 临"文档不等于知识"以及"语义相似不等于逻辑相关"的根本局限，因此必须推动技术范式从"以模型为中心"升级为"以数据/知识为 ...

在南京邮电大学的校园里，当新生询问"转专业有什么要求"时，30秒内就能收到"AI学姐"附带政策链接 的建议；当研究生纠结毕业条件时，"AI学姐"能直接推送核心论文目录和竞赛清单；甚至学生情绪低落 时，聊天框会弹出心理树洞预约通道——这背后是金山办公旗下WPS 365与南京邮电大学共建的"校园 大脑"在高速运转。 从"人找信息"到"信息追人"：AI重构校园服务逻辑 "过去新生咨询宿舍位置，辅导员要翻手册查地图，现在WPS 365直接推送出地图提示，附带周边超市 营业时间表。"南京邮电大学信息化建设与管理办公室副主任王海勇介绍。 WPS 365 是金山办公旗下的AI协同办公平台，包含新升级的WPS Office、WPS AI企业版和WPS协作。 作为国内率先面向全校师生推广WPS 365的"双一流"高校，南京邮电大学项目目前已覆盖全校师生超3 万人、60个二级学院和部门，汇聚4000多万条有效信息，为教育、教学和教务规划决策提供了知识和数 据的支撑。 这个"校园大脑"深度整合了校内15类知识：包括政策库，如学生想要咨询转专业的政策信息，可一键即 达；心理咨询库，可联动"南邮树洞"倾诉平台与线下咨询室；学生资助库， ...

技术突破让信创办公软件具备市场竞争力，政策与市场的双重推力正加速其落地渗透。李艳表示，未来 三年，随着人工智能与信创深度融合，办公软件将成为数字经济安全发展的重要支撑。责任编辑：孙莹 相关稿件： 当前，信创产业已进入"政策+技术+市场"三重驱动的深化阶段。市场端成本压力持续传导，技术突破 则成为打通落地堵点的核心支撑。李艳强调："构建自主可控的办公生态已不是选择题，而是保障数字 安全与降本增效的必然要求。" 核心技术实现全球领跑，筑牢了信创技术的根基。大会案例显示，北京金山办公软件股份有限公司旗下 WPS 365通过灵犀企业版、团队空间、"轻舟"引擎等人工智能核心产品，构建起覆盖全球主流平台的人 工智能协同办公平台。李艳表示，文档智能解析是办公数据流转的核心入口，这一技术突破不仅打破国 外垄断，更标志着国产办公软件从"可用"向"好用"的质变。其与国密算法、零信任架构等安全技术融 合，正构建"智能+安全"的信创技术体系，为金融、能源等关键行业升级提供可行路径。 李艳分析认为，当前信创办公推进呈现阶梯式发展特征，中小企业受成本驱动率先完成基础替换，大型 企业则依托人工智能能力与信创适配深化应用。据预测，2025年 ...