恒生科技指数涨超1%，成分股中，金山软件(03888.HK)涨超5%，小米集团(01810.HK)涨超4%。 ...

雷递网 乐天 4月17日 , 1 2 4 % and the may be and 7 t 201 1 : 1 1 P the 11/2 aria 1 1 1 1 1 7 ter the -25 AN s S S .. 3 r r 1 r per 60 878 14 11 p p 1 2 6 - 9 l ger 3 8 . id . . 23 f 发行固定美国存托股及增发美国存托股所得款项总额预期介乎1.95亿美元（相等于约15.12亿港元）（假设期权未获行使）至2.26亿美元（相等于约17.55亿港 元）（假设期权获悉数行使）。 金山云(NASDAQ:KC，HKEX:3896)今日发布公告，于2025年4月16日，公司就发售与承销商订立承销协议。 据此，公司同意以每股固定美国存托股11.27美元向承销商发行及出售合共17,300,000股固定美国存托股（代表总面值为259,500美元的259,500,000股相关股 份）；及以每股发售股份5.83港元向承销商发行及出售合计总面值为18,000美元的18,000,000股发售股份。 金山云亦授予承销商30日期权，以每股固定美国存托股11.27美元购买最多2,7 ...

智通财经4月17日电，金山软件在港交所公告，与金山云订立认购协议。 ...

Kingsoft (03888) Q4 2024 Earnings Call April 16, 2025 09:26 AM ET Company Participants Li Yinan - Investor Relation Operator Good day and thank you for standing by. Welcome to Q4 twenty '20 '4 Kingsoft Corporation's Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that this call is being recorded. I would now like to hand the call over to your host today, Ms. Li Jinan, IR Direc ...

金山軟件有限公司 二零二四年年度報告 2024 ANNUAL REPORT 金山軟件有限公司二零二四年年度報告 2024 ANNUAL REPORT 劍俠情緣網絡版叁 新劍俠情緣手游 目 錄 二零二四年年報 金山軟件有限公司 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 主席報告書 | 5 | | 管理層討論及分析 | 6 | | 董事及高級管理層 | 11 | | 企業管治報告 | 15 | | 董事報告書 | 29 | | 獨立核數師報告 | 64 | | 合併損益表 | 69 | | 合併綜合收益表 | 70 | | 合併財務狀況表 | 71 | | 合併權益變動表 | 73 | | 合併現金流量表 | 75 | | 財務報表附註 | 78 | | 術語及詞彙 | 190 | 公司資料 公司法定名稱 金山軟件有限公司 股票代碼 03888 上市日期 二零零七年十月九日 北京主要營業地址 中國 北京 海淀區 西二旗中路33號 小米科技園 D棟 郵編：100085 香港主要經營地址 香港 九龍尖沙咀 海港城港威大廈 第5座32樓3208室 註冊辦事處 P.O. Box ...

Group 1 - Kingsoft Cloud's stock rose over 4%, reaching HKD 7.47 with a trading volume of HKD 240 million [1] - In Q4 2024, Kingsoft Cloud achieved revenue of RMB 2.2 billion, a year-on-year increase of 30%, exceeding expectations; adjusted operating profit was RMB 24.37 million, marking the first positive result with a profit margin of 1.1% [1] - The adjusted net loss for Q4 2024 was RMB 70.3 million, with a loss rate of 3.1%, which was better than expected [1] - For the full year 2024, Kingsoft Cloud's revenue was RMB 7.8 billion, a year-on-year increase of 10.5%, with an adjusted net loss of RMB 830 million, corresponding to a loss rate of 11%, narrowing by 8 percentage points year-on-year [1] Group 2 - In Q4 2024, public cloud service revenue was RMB 1.4 billion, a year-on-year increase of 34%, driven by growth in AI cloud business [1] - AI cloud business revenue in Q4 2024 grew approximately 500% year-on-year to RMB 470 million, achieving triple-digit year-on-year growth for six consecutive quarters [1] - The proportion of AI cloud revenue in public cloud services increased to 34%, up 26 percentage points year-on-year and 3 percentage points quarter-on-quarter, while its share of total revenue rose to 21% [1] Group 3 - Kingsoft Cloud is a core cloud provider for Xiaomi and Kingsoft Software Group, benefiting directly from their increased investment in AI [2] - Revenue from Xiaomi and Kingsoft Software Group grew by 76% year-on-year in Q4 2024 [2] - A strategic framework agreement was renewed with Xiaomi and Kingsoft Software Group, setting annual service caps of RMB 2.8 billion, RMB 3.7 billion, and RMB 4.8 billion for 2025-2027, representing year-on-year growth of 41%, 35%, and 29% respectively [2] - Kingsoft Cloud signed a financing service framework with Xiaomi to ensure capital expenditure [2]

Investment Rating - The investment rating for Kingsoft Corporation (03888.HK) is "Buy" (maintained) [5] Core Views - The gaming business is returning to stable growth, while AI and the benefits from the new infrastructure are expected to drive the growth of WPS. Kingsoft Cloud is benefiting from AI industry trends and the Xiaomi ecosystem, which is expected to continue improving profitability. However, due to the slowdown in gaming business and the lack of acceleration in WPS C-end revenue, the forecast for net profit attributable to shareholders for 2025-2026 has been revised down from 2.05 billion/2.45 billion to 1.86 billion/2.39 billion. A new forecast for 2027 net profit of 2.71 billion is introduced, with year-on-year growth of 20%/28%/14%. The current stock price corresponds to a PE valuation of 25.8/20.1/17.7 times, maintaining the "Buy" rating [5][6][8]. Financial Summary and Valuation Indicators - For 2024, the expected revenue is 11.547 billion, with a year-on-year growth of 11.9%. The net profit is projected to be 1.864 billion, reflecting a year-on-year growth of 20.1%. The gross margin is expected to be 81.7%, and the net margin is projected at 16.1%. The return on equity (ROE) is expected to be 9.4%, with an EPS of 1.396 and a P/E ratio of 25.8 [9]. Gaming Business Performance - In Q4 2024, the gaming business achieved revenue of 1.29 billion, with a year-on-year growth of 26.0% but a quarter-on-quarter decline of 24%. The high base from Q3's 15th anniversary celebration of "Jian Wang 3" and a decrease in the release of some game monetization content contributed to this decline. The number of new users reached a record high, and the IP remains robust. Upcoming games are expected to stabilize the business [6][8]. WPS Business Performance - In Q4 2024, WPS C-end revenue growth slowed, achieving 1.5 billion with a year-on-year growth of 16.8%. Personal subscription revenue grew by 7.6%, while enterprise subscription revenue increased by 27.9%, benefiting from the cyclical recovery of new infrastructure and the SaaS process in the B-end [7][8]. Kingsoft Cloud Performance - Kingsoft Cloud's revenue in Q4 2024 reached 2.23 billion, with a year-on-year growth of 29.6%. AI-related revenue grew approximately 500%, and the company is expected to continue reducing losses in the future [8].

Investment Rating - The report assigns a "Buy" rating for Kingsoft Corporation (3888 HK) with a target price raised from HKD 33 to HKD 50, indicating a potential upside of 18.1% [2][11]. Core Insights - The report highlights that Kingsoft's Q4 profits exceeded expectations, with a projected 31% revenue growth in the gaming segment for 2024, driven by new game releases. The operating profit margin for the gaming business is expected to improve by 15 percentage points to 42% [2][6]. - The application of AI features in WPS is anticipated to continue driving rapid growth in WPS 365 and personal subscription services. The report adjusts profit forecasts based on a 10x/25x P/E ratio for gaming/WPS businesses and an increase in Kingsoft Cloud's market value [2][6]. - The report notes that WPS had a total of 41.7 million paid users by the end of 2024, a 17% year-on-year increase, with AI functionalities enhancing user engagement and conversion rates [6]. Financial Performance Summary - For 2025, the revenue forecast is set at RMB 11,495 million, reflecting a 4% increase from the previous estimate. The gaming segment is expected to generate RMB 5,475 million, a 6% increase, while WPS is projected to reach RMB 6,019 million, a 3% increase [5][13]. - The gross profit for 2025 is estimated at RMB 9,542 million, with a gross margin of 83%, up from 80% in the previous forecast [5][13]. - Adjusted operating profit is forecasted at RMB 4,079 million for 2025, with an adjusted operating margin of 35% [5][13]. Stock Performance - Kingsoft's stock has shown a year-to-date increase of 25.85%, with a 52-week high of HKD 46.90 and a low of HKD 20.10 [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 33 to HKD 50, indicating a potential upside of 18.1% from the current price of HKD 42.35 [1][2][11]. Core Insights - The company's fourth-quarter profits exceeded expectations, with a total revenue growth of 21% year-on-year, driven by a 26% increase in gaming revenue and a 17% increase in WPS revenue. The adjusted operating profit rose by 47% year-on-year, surpassing market expectations by 18% due to optimized expense ratios [6][7]. - The gaming business is expected to achieve a 31% revenue growth in 2024, supported by new game releases. The WPS AI features are anticipated to continue driving rapid growth in WPS 365 and personal subscription services [2][6]. - The report projects revenue for 2025 to reach RMB 11,495 million, with a gross profit of RMB 9,542 million, reflecting a gross margin of 83% [5][13]. Financial Performance Summary - Revenue for 2024 is forecasted at RMB 10,318 million, with a significant increase in adjusted operating profit to RMB 4,079 million, maintaining a robust operating margin of 35% [5][13]. - The company’s net profit for 2025 is estimated at RMB 1,819 million, with a Non-GAAP net profit of RMB 2,756 million, indicating a net profit margin of 24% [5][13]. - The company’s market capitalization stands at approximately HKD 56,188.29 million, with a year-to-date stock price change of 25.85% [4].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 10,317,904 thousand, representing a 21% increase from RMB 8,533,611 thousand in 2023[3] - Operating profit increased by 64% to RMB 3,646,623 thousand, compared to RMB 2,226,882 thousand in the previous year[3] - Profit attributable to equity holders of the parent surged by 221% to RMB 1,551,613 thousand, up from RMB 483,457 thousand in 2023[3] - Basic earnings per share rose to RMB 1.16, a 222% increase from RMB 0.36 in the prior year[3] - The company reported a net profit of RMB 2,797,096 thousand for the year, compared to RMB 1,215,188 thousand in 2023[9] - The company's profit for the year ended December 31, 2024, was RMB 2,797,096,000, a significant increase of 130.5% compared to RMB 1,215,188,000 in 2023[10] - Total comprehensive income for the year was RMB 2,853,311,000, up 122.5% from RMB 1,285,670,000 in the previous year[10] - The gross profit for 2024 was RMB 8,580.5 million, reflecting a 22% increase year-on-year, with a gross margin of 83%[76] - The operating profit before share-based compensation for 2024 grew by 54% to RMB 3,922.5 million compared to the previous year[82] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share, up from HKD 0.14 per share in 2023[5] - The company declared a dividend of RMB 170,337,000 for the year 2023, reflecting its commitment to returning value to shareholders[11] - The proposed final dividend for 2024 is HKD 0.15 per share, compared to HKD 0.14 per share in 2023, resulting in a total of RMB 184,613,000 for the year[42] - The company repurchased shares worth RMB 397,098,000 during the year, indicating a strategy to enhance shareholder value[11] - The company repurchased a total of 21,062,800 shares at a total cost of approximately HKD 435.60 million during 2024[102] Assets and Liabilities - Non-current assets totaled RMB 8,044,078 thousand, a decrease from RMB 8,301,498 thousand in 2023[6] - Current assets increased to RMB 30,240,397 thousand from RMB 26,893,214 thousand in the previous year[6] - Total liabilities increased significantly to RMB 9,872,073 thousand, compared to RMB 8,621,455 thousand in 2023[8] - The total assets of the company as of December 31, 2024, were RMB 28,412,402,000, reflecting growth from RMB 26,573,257,000 in 2023[11] - The total equity attributable to the owners of the parent company as of December 31, 2024, was RMB 22,456,276,000, an increase from RMB 21,289,033,000 in 2023[11] Cash Flow - The net cash flow from operating activities for the year ended December 31, 2024, was RMB 4,587,160, an increase from RMB 3,488,746 in 2023, representing a growth of approximately 31.5%[13] - The net cash flow used in investing activities for 2024 was RMB (8,523,733), compared to RMB (6,476,034) in 2023, indicating an increase in investment outflows of about 31.6%[13] - The net cash flow from financing activities for 2024 was RMB (1,083,680), a decrease from RMB 655,863 in 2023, reflecting a significant shift in financing strategy[13] - The total cash and cash equivalents at the end of 2024 amounted to RMB 3,703,586, down from RMB 8,707,372 at the end of 2023, a decrease of approximately 57.5%[13] - The cash and bank deposits as of December 31, 2024, totaled RMB 23,815.0 million, representing 62% of total assets[90] Research and Development - The company has been focusing on R&D for products such as WPS Office, WPS 365, and WPS AI, indicating a commitment to innovation and market expansion[17] - The company has ongoing research and development in office products and services, including WPS Office, WPS 365, and WPS AI, as well as in gaming services[23] - R&D expenses for 2024 amounted to RMB 3,045.4 million, a 13% increase from the previous year, driven by increased staffing and AI-related investments[77] - R&D expenses for Q4 2024 were RMB 730.4 million, up 7% year-on-year, primarily due to increased staff and AI-related expenditures[63] Market Performance - The revenue from office software and services was RMB 5,121,075 thousand, while revenue from online games and others was RMB 5,196,829 thousand[9] - The revenue from the office software and services business was RMB 5,121.1 million, growing by 12%, while the revenue from online games and other businesses reached RMB 5,196.8 million, significantly increasing by 31%[96] - The number of active devices using WPS Office globally reached 632 million in December 2024, a 6% increase year-on-year[54] - Cumulative paying users reached 41.70 million as of December 31, 2024, marking a 17% year-on-year growth[54] - The revenue from online games and other segments was RMB 1,291.3 million in Q4 2024, a 26% increase year-on-year[60] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards[107] - The company has adhered to the corporate governance code, except for the requirement to provide monthly updates to the board, opting instead for quarterly reports[109] - Forward-looking statements regarding the company's financial condition and operational performance are subject to inherent risks and uncertainties, which may lead to significant differences from actual results[110] - The company will publish all financial and related information as required by listing rules on the Hong Kong Stock Exchange and its own website at an appropriate time[111] Employee and Workforce - Employee benefits expenses, including salaries and wages, totaled RMB 4,070,898 thousand for 2024, up from RMB 3,765,451 thousand in 2023, reflecting an increase of approximately 8%[26] - The company has increased its workforce to approximately 8,047 full-time employees, up from 7,172 in 2023[101] - The total employee cost for 2024 was approximately RMB 4,070.9 million, compared to RMB 3,765.5 million in 2023[101]