1. What are the Q3 performance expectations for Kingsoft Corporation Limited? As of October 30, 2025, according to quarterly performance forecast data: The company's Q3 consensus revenue is projected at RMB2.44 billion, reflecting a year-on-year decline of 16.2%. The Q3 consensus net profit is forecasted at RMB172 million, down 58.4% YoY. Investors should monitor whether actual results exceed expectations upon the earnings release.
2. How do sell-side analysts view Kingsoft? Guangfa Securities provides the following insights: - **Gaming**: Q3 gaming revenue is expected to decline 3% quarter-on-quarter, primarily due to the underperformance of *Jie Xian Ji* post-launch, which is still undergoing optimization. Key titles like *JX Online 3* and *Chen Bai* focus on maintaining user engagement. The upcoming mobile game *Goose Goose Duck* has surpassed 6 million pre-registrations, potentially offering a turnaround. Pipeline IP games include *Angry Birds*. - **Office Software**: Based on Kingsoft Office's Q3 report, office-related revenue grew 25.33% YoY. WPS365 revenue reached RMB201 million (+71.61% YoY), driven by enhanced collaboration and AI product lines, as well as deeper penetration in private enterprises and local state-owned markets. WPS software revenue rose 50.52% YoY to RMB391 million, supported by accelerated government procurement and AI adoption in public sectors. Personal user revenue increased 11.18% YoY to RMB899 million, with global MAUs reaching 669 million (+8.83% YoY). Kingsoft Office continues integrating AI into workflows, launching WPS_AI_3.0 and the native Office agent *WPS Lingxi* in July 2025, featuring multi-turn dialogue and format retention capabilities.
Analysts revised down 2025 gaming revenue estimates but project ~10% growth for 2026–27, maintaining office software forecasts and expecting reduced losses in cloud services. Using peer valuations, the target price is set at HK$44.37/share (13x 2025 gaming PE, 40x office PE, 4x cloud PS).
**Risk Warning**: The data or cases mentioned are for reference only and should not serve as future investment guidance. Stock investments carry risks, including market volatility, corporate performance, and policy changes. Conduct thorough research and assess personal risk tolerance before investing.