一季度净利环比跌38%，金山软件股价三日累跌超10%

Core Viewpoint - Kingsoft Software's stock has been on a downward trend, with a significant drop of 4.98% on May 30, reaching a new low of HKD 33.4 per share, resulting in a market capitalization of HKD 46.8 billion [1] Financial Performance - For Q1 2025, Kingsoft Software reported revenue of RMB 2.338 billion, a year-on-year increase of 9% but a quarter-on-quarter decrease of 16% [2] - The net profit for the same period was RMB 284 million, remaining flat year-on-year but down 38% quarter-on-quarter [1][2] - The gross profit margin for Q1 was 82%, up 1 percentage point year-on-year but down 2 percentage points quarter-on-quarter [1] Business Segments - The office software and services segment generated revenue of RMB 1.302 billion, a year-on-year increase of 6%, accounting for 56% of total revenue [4] - The gaming and other businesses segment reported revenue of RMB 1.037 billion, a year-on-year increase of 14%, making up 44% of total revenue [5] Market Reactions - Following the financial report, several institutions downgraded their target prices or ratings for Kingsoft Software, with Daiwa reducing its target price from HKD 55 to HKD 47 due to underwhelming Q1 performance and increased competition in online gaming [4] - The company’s cloud revenue growth has slowed, but progress in AI development is expected to offset some of the slowdown [4] User Growth and Product Development - WPS Office's monthly active devices reached 647 million, a year-on-year increase of 8%, with paid user numbers growing by 17% to 41.7 million [5] - The upcoming game "Limitless Mecha" is set to be officially announced in early June, following a successful global test that attracted over 2.26 million players [8]