金山办公_WPS 会员降价吸引 AI 新用户、推动 ARPU 增长；买入评级

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 ...