Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [3] Core Viewpoints - Kingsoft Office is positioned to be a core beneficiary of the new AI office trend, particularly with the launch of Claude for Excel and Claude for PowerPoint, which introduce AI functionalities to enhance user experience in office software [1][2][3] - The company is recognized as a leading provider of office software and services in China, with a strong technical foundation and market positioning, which is expected to drive growth in the AI office sector [3] Financial Projections - Revenue projections for Kingsoft Office are estimated to be CNY 6.01 billion, CNY 7.12 billion, and CNY 8.42 billion for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 17.4%, 18.5%, and 18.3% [3][5] - Net profit attributable to the parent company is projected to reach CNY 1.86 billion, CNY 2.22 billion, and CNY 2.71 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 13.1%, 19.3%, and 22.3% [3][5] - The report highlights an expected EPS of CNY 4.01, CNY 4.79, and CNY 5.85 for the years 2025, 2026, and 2027 [5] Market Position - Kingsoft Office serves users in over 220 countries and regions, with products compatible across major operating systems including Windows, Linux, MacOS, Android, and iOS [3] - The company is recognized for its strong market position and technological capabilities, which are expected to enhance its competitive edge in the AI office software market [3]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) [3] Core Viewpoints - Kingsoft Office is positioned to be a core beneficiary of the new AI office trend, particularly with the launch of Claude for Excel and Claude for PowerPoint, which introduce advanced AI functionalities to enhance user experience in office software [1][2][3] - The company is recognized as a leading provider of office software and services in China, with a strong technical foundation and market positioning, which is expected to drive significant growth in the AI office sector [3] Financial Projections - Revenue projections for Kingsoft Office are estimated to be CNY 6.01 billion, CNY 7.12 billion, and CNY 8.42 billion for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 17.4%, 18.5%, and 18.3% [3][5] - Net profit attributable to the parent company is projected to be CNY 1.86 billion, CNY 2.22 billion, and CNY 2.71 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 13.1%, 19.3%, and 22.3% [3][5] - The report highlights an expected EPS of CNY 4.01, CNY 4.79, and CNY 5.85 for the years 2025, 2026, and 2027 [5] Market Position - Kingsoft Office serves users in over 220 countries and regions, with products compatible across major operating systems including Windows, Linux, MacOS, Android, and iOS [3] - The company is recognized for its strong market position and technological capabilities, which are expected to enhance its competitive edge in the AI office software market [3]

Core Viewpoint - The article provides a forecast for Kingsoft Software's Q4 2025 performance, indicating a revenue decline in gaming but growth in office software, highlighting a structural differentiation in business performance [4]. Group 1: Gaming Business - The gaming revenue is expected to decline by 29% year-on-year in Q4 2025, primarily due to the high base effect of the core product "Jian Wang 3" and the underwhelming performance of the new game "Jie Xian Ji" [5]. - For the full year of 2025, gaming revenue is projected to decrease by 27% to 3.8 billion yuan [5]. - The new game "E-Duck Kill," set to launch in 2026, shows strong social attributes and potential, with 5 million new users on the first day of public testing and over 10 million within six days [5]. Group 2: Office Business - The office business is anticipated to grow by 15% year-on-year in Q4 2025, driven by three main business lines [6]. - The personal business segment, with WPS Office achieving 669 million monthly active devices, shows a significant increase in user engagement, particularly on PC [6]. - WPS365 is expected to continue high double-digit revenue growth due to its integrated "collaboration + AI" advantages [7].

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (3888.HK) [5] Core Insights - Kingsoft is expected to experience a structural differentiation in its performance, with gaming business under pressure while office software shows strong growth driven by AI and digital transformation [1][3] - The gaming revenue is projected to decline by 29% year-on-year in 4Q25, while the office business is anticipated to grow by 15% year-on-year in the same period [2][3] - The company has a strong cash position and significant undervaluation of its core equity holdings, providing a safety net against short-term performance fluctuations [1] Summary by Sections Revenue and Profit Forecast - For 4Q25, Kingsoft's revenue is expected to be 2.6 billion RMB, a year-on-year decline of 5% but a quarter-on-quarter increase of 9% [1] - The operating profit margin is projected to improve to 19% quarter-on-quarter, aligning with an annual operating profit margin of approximately 19% for 2025 [1] Gaming Business Outlook - The gaming segment is forecasted to see a revenue drop of 27% year-on-year for 2025, totaling 3.8 billion RMB [2] - The new game "Goose Duck" is expected to drive recovery in 2026, having shown strong user engagement with 5 million new users on its first day of public testing [2] Office Business Performance - The office software segment is expected to benefit from the deepening of digital transformation in government and enterprises, with WPS Office achieving 669 million monthly active devices [3] - The integration of AI features is anticipated to enhance user engagement and conversion rates, contributing to sustained revenue growth [3] Valuation and Financial Metrics - The report revises the net profit forecast for 2025 to 1.29 billion RMB, down from a previous estimate of 2.07 billion RMB, while introducing a 2027 net profit forecast of 1.6 billion RMB [4] - The company is seen to have a high safety margin due to its robust cash reserves and significant equity undervaluation, suggesting potential for performance rebound post-2026 [4]

"建议珠海利用'办公软件发源地'独特历史优势，确立'中国AI办公之城'战略定位，同时，利用'武侠游 戏发源地'城市名片， 构建粤港澳大湾区数字文化新地标。"2026年珠海市两会期间，珠海市人大代 表、西山居副总裁李爱华提出建议。李爱华认为，珠海同时是"中国软件产业的发源地"（1988年，中国 第一款中文字处理软件在珠海诞生），以及全国唯一性的稀缺文化资产——"中国武侠游戏发源 地"（1997年，中国第一款商业武侠游戏《剑侠情缘》诞生于珠海，标志着中国武侠游戏产业的开 端），应充分加以利用。 市人大代表李爱华。 李爱华表示，当前，全球正处于从数字化向智能化转型的关键时期，以大模型为基座的"AI+办公"已成 为发展新质生产力的重要引擎，成为城市抢占数字经济高地的重要切口。 在这一宏观背景下，珠海拥有一项被长期低估的城市级资产——"中国软件产业的发源地"。1988年，中 国第一款中文字处理软件在珠海诞生，开启了国产软件产业化的先河。经过30余年培育，珠海已形成以 本土领军企业为核心的办公软件产业集群，主要产品"WPS Office"的全球月度活跃设备数已达6.69亿， 服务全球220多个国家和地区。 因此，李爱华建 ...

Group 1: AI Office Strategy - Zhuhai is suggested to establish itself as "China's AI Office City," leveraging its historical significance as the birthplace of the software industry and the first Chinese word processing software in 1988 [1][2] - The city has developed a robust office software industry cluster, with the main product "WPS Office" achieving 669 million monthly active devices globally, serving over 220 countries and regions [2] - Recommendations include hosting a "Global AI Office Application Competition" in Zhuhai to attract international talent and establishing a national-level "AI Office Talent Training and Certification Base" [2] Group 2: Cultural and Tourism Development - The proposal emphasizes utilizing Zhuhai's identity as the "birthplace of martial arts games" to create a new digital cultural landmark in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The transformation of the cultural tourism industry from resource-driven to content and IP-driven is highlighted, with a focus on leveraging significant domestic martial arts IP to boost the local economy [3] - The aim is to integrate Xiangshan culture with martial arts gaming to enhance the city's cultural recognition and establish a new cultural high ground in the Greater Bay Area [3]

Core Insights - The National Innovation Center in Beijing has gathered over 700 enterprises, covering key sectors such as CPU, operating systems, databases, complete machines, network security, and application software [5][21]. Group 1: Key Enterprises - Loongson Technology (龙芯中科, 688047) is a leader in domestic CPU with its LoongArch instruction set and has a strong market share in government and terminal markets [6][22]. - Phytium Technology (飞腾信息, 000066) leads in the integration of servers and terminals with its FT series CPUs and has a well-adapted ecosystem [6][22]. - Haiguang Information (海光信息, 688041) focuses on general-purpose CPUs and DCU chips, being a major player in high-performance computing and data center chips [7][22]. - Tongxin Software is a core manufacturer of domestic desktop and server operating systems with a rich adaptation ecosystem [8][23]. - Kylin Software (麒麟软件, 600536) is a key supplier for critical industries such as government and finance with its Galaxy Kylin OS [9][24]. - DM Database (达梦数据库) is recognized as a benchmark for domestic databases with leading transaction processing performance [10][25]. - Renmin University of China Database (人大金仓) has a high penetration rate in government and central enterprise markets with its KingbaseES database [11][26]. - Sugon (中科曙光, 603019) is a leader in server and supercomputing infrastructure with advanced liquid cooling technology [12][27]. - China Great Wall Technology (中国长城, 000066) is a core enterprise in the domestic closed-loop for innovation with its Feiteng platform and terminals [13][28]. - Aisino (亚信安全, 688225) leads in security solutions for innovation environments with strong adaptation capabilities [14][29]. - Sangfor Technologies (深信服, 300454) is a leader in enterprise security and cloud computing solutions [15][29]. - Kingsoft Office (金山办公, 688111) is a leading domestic office software provider with extensive adaptation in innovation [15][29]. - Yonyou Network (用友网络, 600588) is a core manufacturer for enterprise management software transformation in innovation [16][30]. - SMIC (中芯国际) supports domestic chip manufacturing with its advanced 12-inch wafer fabrication capabilities [16][30]. - Unisoc (紫光汉图) provides adaptation and solutions for innovation [16][30].

Shanghai, China, Feb. 02, 2026 (GLOBE NEWSWIRE) -- DianDian Data, a leading global provider of mobile app and gaming market intelligence, recently announced the 2025 Point Awards, recognizing Chinese developers and SDK providers that have delivered exceptional results in global markets. The 100% data-driven ranking leverages the company’s full-dimensional monitoring system covering 276 countries and regions across 8 major platforms, offering an objective snapshot of China’s global digital expansion landscap ...

Core Insights - Excel is poised to become a high-value area similar to Coding, with the potential for rapid growth driven by its large market size and self-serve adoption model [1][2]. Group 1: Market Potential - The global monthly active users (MAU) for spreadsheets is estimated to be around 1.5 to 1.6 billion [1][22]. - The software industry is valued at approximately $1 trillion, with application software potentially accounting for about 50% of this market [23]. - Excel's total addressable market (TAM) is significantly large, as many software applications can be viewed as "Excel wrappers" [17][23]. Group 2: Adoption and Growth Model - Excel can extend into various sectors such as finance, operations, and analytics, allowing for a broad range of applications [1][17]. - The self-serve adoption model enables users to quickly integrate and utilize Excel without extensive marketing efforts [2][17]. - The financial sector is identified as a natural entry point for Excel's expansion due to high profitability and a strong willingness to invest in productivity tools [24]. Group 3: Competitive Landscape - Major players like OpenAI and Anthropic are actively entering the spreadsheet and productivity workflow space, indicating a competitive environment [2]. - The success of Coding has demonstrated the potential for rapid growth in self-serve tools, suggesting that Excel could follow a similar trajectory [24].

Core Insights - Altimeter Capital's partner Freda Duan highlights that while programming is currently the strongest AI application vertical, Excel has the potential to become the next "super vertical" in AI due to its billion-user scale [1] - Major industry players like OpenAI and Anthropic are actively expanding into the spreadsheet and productivity workflow sectors, indicating a significant shift in focus [1] - The potential market size for spreadsheets is larger than that of programming, and their unique characteristics as an "application software encapsulation layer" could reshape the entire software industry [1] Market Analysis - The programming sector has produced four companies with annual recurring revenue (ARR) exceeding $1 billion, with at least seven others rapidly surpassing $100 million ARR, suggesting a strong growth model that Excel could replicate [1] - The programming market is estimated to have a total addressable market (TAM) of approximately $2 trillion, with a natural advantage in adjacent use cases and a product-driven go-to-market strategy [6] - Excel's user base is substantial, with over 1.1 million paid customers reported by Google Workspace and an estimated 1.5 billion active users globally, indicating a massive potential market [8] Strategic Implications - The financial sector is identified as a key entry point for AI-driven Excel tools, given its high per capita profit and willingness to pay for productivity tools [9] - Approximately 10% of the 1.5 billion Excel users belong to the financial sector, which includes over 6.7 million professionals in the U.S. financial services and insurance industry, providing an excellent initial market for AI applications [9] - The self-service and workflow-native nature of tools in this space could lead to faster expansion compared to other software categories, as evidenced by the programming sector [9]