金山办公（买入）- 尽管人工智能热度高涨，2025 年第二季度业绩喜忧参半

Kingsoft Office 688111.SS 688111 CH EQUITY: TECHNOLOGY Mixed 2Q25 results despite strong AI sentiment Quick Note Kingsoft Office (KO) reported 1H25 results on 20 August after market close. KO recorded 1H25 revenue/earnings growth of 10%/4% y-y, translating into changes of 14%/-3% y-y in 2Q25. We note its top-line growth accelerated in 2Q25 (14% y-y vs 6% y-y in 1Q25), driven by accelerated growth in WPS software (27% y-y in 2Q25 vs. -21% in 1Q25), likely owing to a low base effect, and certain delayed proje ...