【报告导读】 1. 国内最早的互联网软件公司，先发优势明显。 2. WPS Office构筑核心护城河，AI驱动价值升级。 3. 网游短期承压，静待优化后拓新增长曲线。 核心观点 国内最早的互联网软件公司，先发优势明显：金山软件始创于1988年，是国内最早的互联网软件企业之一，主要涉及金山办公、西山居、金山世游等业务 线，联营公司金山云、猎豹移动。商业模式上已形成"办公软件及服务+网络游戏及其他"双轮驱动格局。2024年，办公软件业务收入51.21亿元，游戏业务 收入51.97亿元。公司毛利率长期维持在80%以上高位，财务结构稳健，现金流充沛。 WPS Office构筑核心护城河，AI驱动价值升级：WPS Office全球月活跃设备数（MAU）2025年9月已达6.69亿（同比+9%），累计付费用户数至4179万 （同比+10%）。以"AI、协作、国际化"为核心，公司推出WPS AI 3.0（WPS灵犀），通过AI语音助手、AIPPT、AI知识库、AI改文档、AI数据助手五大 应用矩阵，显著提升产品力与用户体验。WPS AI显著提升用户活跃与付费转化，B端WPS 365收入2025年Q3同比增71.61%，A ...

Core Viewpoint - The forecast for Kingsoft's Q4 2025 performance indicates a potential decline in revenue and net profit, with expected revenue ranging from 2.555 to 3.504 billion yuan, reflecting a year-on-year change of -8.5% to 25.5%, and net profit expected between 307 to 761 million yuan, with a year-on-year change of -33.3% to 65.3% [1][8] Financial Performance Forecast - Q4 revenue forecast: 25.55 to 35.04 billion yuan, year-on-year change of -8.5% to 25.5% [1][8] - Q4 net profit forecast: 3.07 to 7.61 billion yuan, year-on-year change of -33.3% to 65.3% [1][8] - Average revenue forecast: 28.76 billion yuan, with a year-on-year growth of 3.0% [3] - Median revenue forecast: 28.35 billion yuan, with a year-on-year growth of 1.5% [3] Business Segment Insights - WPS Office: Global monthly active devices reached 669 million, with a total of 41.79 million paid users, and B-end WPS365 revenue increased by 71.61% year-on-year [4][5][11] - Gaming: The gaming segment is facing short-term challenges, with a 47.4% year-on-year decline in revenue primarily due to poor performance of the game "Jie Xian Ji" [6][12] - Overall company revenue is expected to decline by 17.0% year-on-year, with net profit down by 48.5%, attributed to poor gaming performance and increased marketing expenses [12] Future Growth Projections - Expected revenue for 2024: 5.121 billion yuan from office software and 5.197 billion yuan from gaming, maintaining a gross margin above 80% [4][11] - Projected revenue growth for 2025-2027: 10.568 billion yuan, 11.608 billion yuan, and 13.400 billion yuan, with growth rates of +2.43%, +9.83%, and +15.44% respectively [4][11]

Core Viewpoint - The software services sector is entering a new phase of differentiation, driven by AI, with opportunities becoming more concentrated but of higher quality [2]. Group 1: Industry Overview - By 2025, the A-share software services industry is expected to show a moderate but certain recovery, with an overall market value growth of approximately 18%, increasing from 3.32 trillion yuan at the beginning of the year to 3.9 trillion yuan by year-end [3]. - The market perception is shifting from "growth anxiety" to "capability reassessment," indicating a more mature evaluation of companies in the sector [3]. - The growth in market value across different segments is relatively balanced but still shows tiered differences, with the highest growth seen in Information Technology Consulting and Other Services at +19.6%, reflecting a renewed demand for IT consulting and industry solutions [3][4]. Group 2: Market Segmentation - The market performance of various segments in 2025 is as follows: - Internet Services and Infrastructure: 5,156.09 billion yuan (+16.16%) - System Software: 632.39 billion yuan (+16.12%) - Information Technology Consulting and Other Services: 11,274.12 billion yuan (+19.61%) - Application Software: 21,970.58 billion yuan (+17.00%) - Total: 39,033.18 billion yuan (+17.62%) [4]. - The software services market has evolved from a broad-based growth model to one focused on industry depth, organizational replacement capabilities, and long-term cash flow [4]. Group 3: Leading Companies - As of the end of 2025, there are 319 software service companies listed in A-shares, with a focus on those excelling in R&D innovation, profitability, growth potential, and market performance [5]. - The top ten companies identified include: 1. Kingsoft Office 2. Tonghuashun 3. Runze Technology 4. Huada Jiutian 5. 360 6. Dameng Data 7. Hengniu Shenzi 8. Hongsoft Technology 9. Baoxin Software 10. Hehe Information [7][8]. Group 4: R&D and Financial Health - The R&D innovation performance in the software services sector shows significant polarization, with 57 companies scoring above 400 points (17.9%) and a majority scoring between 200 and 400 points (65.5%) [9]. - Financial health scores indicate that many companies are under pressure, with 87.5% of firms scoring between 300 and 500 points, reflecting challenges such as narrowing profit margins and increased cash flow pressures [11]. Group 5: Growth Potential and Future Trends - Growth potential scores reveal a clear differentiation in the sector, with standout companies in two categories: those benefiting from AI infrastructure and emerging platforms, and those driven by AI and data intelligence technologies [12]. - The structural growth in the software services industry validates the logic of AI technology and domestic substitution, with a focus on three main lines for 2026: 1. Deepening AI applications in system software and entertainment software [15]. 2. Increasing domestic substitution in foundational software like operating systems and databases [15]. 3. Expanding global presence in gaming and industrial software [15].

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 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].

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， ...

朋友们好，我是老曹，人人都是产品经理社区的创始人，今天又到发布AI榜单的时刻了。 本次榜单的数据主要提取的是两类AI APP，一类是AI原生APP；另一类是深度AI化的传统APP，所以大 家会看到很多传统APP上榜就是这个缘由了。过去很多AI博主都鼓吹说过"AI会取代传统APP"，但现在 看来，基本不可能了，因为传统APP已经在全面加速AI化进程。 12月是个繁忙而悲伤的月份，繁忙是因为年底了大家要么在做考核或KPI冲刺；悲伤是因为辛苦一年可 能年终奖无望且再过几天又要老一岁了。 除此之外，12月还是个特殊的月份，ChatGPT发布满三年了，也代表着AI已经火了三年了。在这个2025 年尾巴，很想问大家一个问题：AI疯狂发展了三年，你变得更强了吗？（欢迎大家在评论区留言！） 回归正题，最近整理了最新的海外、美国及中国区AI应用数据（含收入、下载、活跃榜），对着这几 张密密麻麻的表格研究了一整晚，我看到了几个让人背脊发凉，却又无比真实的行业真相。（完整榜单 放在了文末⬇️） 真相一：海外市场，营收的"断层式"碾压，ChatGPT的"全能霸权" 看看那张《全球AI收入榜》，我差点笑出声。 第一名ChatGPT的月 ...

Core Insights - Xiaomi Group recently reported strong financial results, while Kingsoft Corporation, led by billionaire Lei Jun, delivered disappointing financial performance [2] Financial Performance - In Q3, Kingsoft's revenue decreased by 17% year-on-year to 2.419 billion yuan, with net profit nearly halved to 213 million yuan [3][5] - For the first three quarters of the year, Kingsoft's revenue fell by 6.12% to 7.065 billion yuan, and net profit decreased by 5.58% to 1.029 billion yuan [5] - The decline in performance is attributed to a significant drop in revenue from the gaming segment, which fell by 47% to 899 million yuan, accounting for 37% of total revenue [6][5] Gaming Business Challenges - The poor performance of the gaming segment is linked to the underwhelming launch of the game "Limitless Machine," which saw a drastic drop in daily active users from over 130,000 to around 1,000 [3][21] - Kingsoft's management acknowledged operational missteps during the game's launch, which contributed to its disappointing performance [3][23] Office Software Performance - In contrast, Kingsoft's office software and services segment showed resilience, generating revenue of 1.521 billion yuan, a 26% increase year-on-year [4][12] - The global monthly active devices for WPS Office reached 669 million, reflecting a 9% year-on-year growth [11] Strategic Focus - Kingsoft is focusing on enhancing its core competencies, with an emphasis on AI applications and internationalization as strategic priorities [14] - The company is also investing in AI product development, which has contributed to the growth of WPS 365 and personal business segments [13] Historical Context - Kingsoft's growth can be traced back to its founders, with Lei Jun and Qiu Bojun playing pivotal roles in its development [30] - The company has faced various challenges over the years, including competition from Microsoft and the need to diversify its offerings [34][37] Future Outlook - Kingsoft plans to continue optimizing its gaming offerings and maintaining user engagement for existing titles while preparing for the launch of international IP games [28][29] - The company’s stock performance indicates a market capitalization of 141.6 billion yuan for Kingsoft Office, significantly surpassing the parent company’s market cap of 40.1 billion HKD [40]

Core Viewpoint - Kingsoft Office's stock price has shown fluctuations, with a recent decline of 2.01% and a year-to-date increase of 9.25%, indicating mixed market sentiment towards the company [1]. Group 1: Stock Performance - As of November 20, Kingsoft Office's stock price was 311.90 CNY per share, with a trading volume of 8.45 billion CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 144.66 billion CNY [1]. - The stock has experienced a decline of 3.02% over the last five trading days, but has increased by 3.73% over the last 20 days and 3.62% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Kingsoft Office reported a revenue of 4.178 billion CNY, representing a year-on-year growth of 15.21%, and a net profit attributable to shareholders of 1.178 billion CNY, which is a 13.32% increase year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Kingsoft Office reached 34,800, an increase of 14.09% from the previous period, while the average number of circulating shares per person decreased by 12.35% to 13,304 shares [2]. - Since its A-share listing, Kingsoft Office has distributed a total of 1.897 billion CNY in dividends, with 1.159 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest shareholder with 10.2761 million shares, a decrease of 6.924 million shares from the previous period [3]. - Other notable institutional shareholders include E Fund's Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF and Huaxia's Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF, both of which have seen reductions in their holdings [3].

Kingsoft Software Conference Call Summary Company Overview - **Company**: Kingsoft Software - **Industry**: Software and Online Gaming Key Financial Metrics - **Total Revenue**: RMB 2.419 billion in Q3 2025, a 17% year-on-year decrease but a 5% quarter-on-quarter increase [4][6] - **WPS Office MAUs**: Approximately 669 million as of September 30, 2025, a 9% year-on-year increase [4][9] - **WPS365 Revenue**: RMB 201 million, a 72% year-on-year increase [4][9] - **Government Software Revenue**: RMB 391 million, a 51% year-on-year increase [4][9] - **Gross Profit**: RMB 1.144 billion, a 21% year-on-year decrease but a 5% quarter-on-quarter increase [10] Core Business Insights - **Office Software Growth**: Steady growth driven by AI-powered product rollouts and refined operations, with individual business revenue reaching RMB 899 million, an 11% year-on-year increase [8][9] - **Online Games Revenue**: Declined due to lower contributions from existing games, although new titles are in development [6][7] - **AI Integration**: Strategic focus on AI integration, collaboration tools, and international expansion for WPS Office [3][14] User Engagement and Product Development - **Version 073.0 Impact**: Nearly 200% increase in active users post-release compared to the end of 2024, with enterprise business growth exceeding 70% year-on-year [11] - **New Game Releases**: Titles like "No Break Containment" and "Goose Goose Duck" are part of the strategy to maintain user engagement [7][15] Cost Management and R&D - **Cost of Revenue**: Increased by 3% year-on-year to RMB 475 million, with gross profit margin at 80% [10] - **R&D Expenses**: Increased by 4% year-on-year to RMB 900 million, focusing on AI and collaboration products [10][24] - **Sales and Marketing Expenses**: Increased to 23% this quarter, expected to normalize over time [23] Market Position and Competitive Strategy - **Market Share**: Expected to maintain over 90% market share in information innovation through at least Q4 2025 [12] - **International Expansion**: Focus on competing with Microsoft Office, leveraging mobile platform advantages and AI developments [14][16] Future Outlook - **Sustained Growth**: Anticipated in personal, enterprise, and information innovation businesses due to strong policy support and expanding user base [12][19] - **AI Business Development**: Significant strides in AI integration, with a focus on enterprise-level applications and digital transformation across various sectors [21][22] Additional Insights - **User Satisfaction**: Positive feedback on new product releases indicates strong user satisfaction, contributing to enterprise growth [11] - **Gaming Sector Strategy**: Focus on self-developed games and exploring international opportunities to maximize engagement [15][17]