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].

2026 年 2 月 11 日 公司研究 料短期游戏筑底，AI 与信创双轮驱动办公业务增长 —— 金山软件（3888.HK）4Q25 业绩前瞻 要点 金山软件 4Q25 业绩前瞻：我们预计金山软件 4Q25 营收 26 亿元，同比下滑 5%/环比增长 9%，预计 4Q25 经营利润率环比提升至 19%，对应 25 全年经 营利润率 19%左右。 整体来看，我们预计 4Q25 公司业绩仍将呈现"游戏弱、办公强"的结构性 分化特征。游戏业务受存量产品周期及低基数效应影响，环比或有小幅修复 但同比下滑态势难改，2026 年新游上线为核心催化；金山办公受益于政企 数字化深化、WPSAI 功能落地及国产化需求延续，4Q25 经营数据有望持续 改善；公司在手现金充沛，且持有的金山办公等核心股权市值折价显著，联 营公司金山云和猎豹移动呈现持续减亏趋势，为短期业绩波动提供安全垫。 游戏业务短期承压，新游《鹅鸭杀》有望开启 2026 修复周期。受核心产品 《剑网 3》高基数及新游《解限机》表现平淡影响，我们预计 4Q25 游戏收 入同比下滑 29%，尽管环比 3Q25 略有企稳，但整体仍处于阵痛期；综合来 看预计 2025 全 ...

于钟海在演讲中展示了一组数据：顶尖AI实验室的模型更新周期已缩短至数月，而企业对某一特定模 型的用户留存率，即便是性能卓越的"神模"，12个月后也可能降至较低水平。"这意味着，企业试图通 过自研或深度绑定某一模型来建立竞争优势，不仅成本高昂，而且'保鲜期'极短。"他认为，在这场以 AI为核心的数字化转型中，企业的核心优势将回归其独有的、高质量的数据资产与组织知识。 这一判断揭示了当前企业级AI应用的核心瓶颈。尽管大模型能力突飞猛进，但许多企业的AI项目却陷 入"演示惊艳、落地困难"的困境。症结何在？于钟海指出，问题往往不在于模型本身，而在于业务数据 的"沉睡"与"无序"。财报、合同、设计图纸、会议纪要、工艺手册……这些散落在各处、格式不一、质 量参差的文档，无法直接被AI理解和使用，构成了AI落地的"最后一公里"障碍。 基于对行业痛点的深刻洞察和文档能力的长期积累，金山办公推出的WPS365一站式AI协同办公平台， 其发展路径与于钟海的观点高度契合。WPS365不满足于提供AI工具，而是致力于为企业构建"全域知 识基座"，其核心逻辑是通过强大的文档解析与知识治理能力，激活企业沉睡的非结构化数据。 在这一领域， ...

Core Viewpoint - The report from CITIC Securities indicates that Kingsoft Office achieved a net profit attributable to shareholders of 1.178 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 13.32% [1] Group 1: Financial Performance - In Q3, the revenue from WPS personal business reached 899 million yuan, showing a year-on-year increase of 11.18% [1] - WPS365 revenue was 201 million yuan, with a significant year-on-year growth of 71.61% [1] - The overall revenue and profit of the company are steadily increasing, reflecting robust financial health [1] Group 2: Investment in AI - The company is continuously increasing its investment in AI research and development [1] - With the critical node of "Xinchuang" approaching, the company is fully embracing AI transformation [1] - The rapid growth in monthly active users of WPS AI suggests potential for converting these users into paying customers, which could enhance performance [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the company, indicating positive outlook based on the current performance and future potential [1]

Group 1 - The core viewpoint emphasizes that the implementation of AI is a gradual process, requiring the selection of small, high-value scenarios for effective deployment [1][3] - Kingsoft Office has launched an integrated AI solution that includes smart document libraries, digital employees 2.0, and private cloud deployment, focusing on data aggregation, task execution, and security [3][4] - The CEO of Kingsoft Office, Zhang Qingyuan, notes that the concept of an "enterprise brain" lacks a unified definition but should include an AI engine driven by large models, execution capabilities, and private domain knowledge [3] Group 2 - The current industry status is described as "no AI, no project," indicating that demand for AI is driving functionality optimization, although client needs vary based on their development stages [3][4] - Kingsoft Office's Vice President, Wang Dong, highlights the differences in work habits between overseas clients, who primarily use email, and Chinese clients, who prefer various office chat tools for work handover [4] - The third-quarter financial report shows that WPS personal business revenue accounts for 59.1%, with a year-on-year growth of 11.18%, while WPS 365 business revenue accounts for 13.22%, with a year-on-year growth of 71.61% [4]

里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入同比下降47%，较该 行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加速，同比升26%，受 政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳 定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头;将2025及26年 收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持跑赢大 市评级。 ...

智通财经APP获悉，里昂发布研报称，金山软件(03888)第三季收入逊预期，受游戏业务拖累。游戏收入 同比下降47%，较该行预期低8%，因主要游戏作品在去年异常高基数下承压。办公室软件收入增长加 速，同比升26%，受政府信息技术应用创新进展与WPS365推动。个人付费用户增长稳固，每用户平均 收入(ARPU)趋于稳定。该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲 势头;将2025及26年收入预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至 35.5港元，维持跑赢大市评级。 ...

该行认为游戏业务在未来几季将持续面临压力，但办公室软件业务或维持强劲势头；将2025及26年收入 预测分别下调3%及4%，净利润预测下调15%及18%，目标价由37.8港元降至35.5港元，维持"跑赢大 市"评级。 里昂发表研究报告指，金山软件第三季收入逊预期，游戏收入按年下降47%，较该行预期低8%，因主 要游戏作品在去年异常高基数下承压；办公室软件收入增长加速，按年升26%，受政府信息技术应用创 新进展与WPS365推动。个人付费用户增长稳固，每用户平均收入(ARPU)趋于稳定。 ...

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]

金山软件(03888)绩后跌超7%，截至发稿，跌6.51%，报28.72港元，成交额1.61亿港元。 消息面上，金山软件发布2025年第三季度业绩，该集团收益约人民币24.19亿元，同比下降17%，环比 增长5%。营运溢利约2.77亿元，同比减少76%，环比减少28%。母公司拥有人应占溢利约2.13亿元，同 比减少48%，环比减少60%。每股基本盈利0.15元。 其中，办公软件及服务业务表现强劲。第三季度收入15.21亿元，同比增长26%，环比增长12%。WPS软 件业务显著增长，WPS365业务快速增长，WPS个人业务稳健增长。此外，网络游戏及其他业务第三季 度收入8.98亿元，同比下降约47%。 ...