業績會第一現場

was live · ·

金山軟件2025年全年業績直播

Key Takeaways (AI-Generated)

Financial Performance

- Total revenue decreased 6% year-on-year to RMB 9.68 billion in 2025

- Office software and services revenue increased 16% year-on-year to RMB 5.93 billion

- Online games revenue decreased 28% year-on-year to RMB 3.75 billion

- Strong cash position with RMB 27 billion in cash resources

Business Highlights

- WPS AI domestic monthly active users surpassed 80 million, up 307% year-on-year

- WPS 365 revenue reached RMB 720 million, up 65% year-on-year

- Goose Goose Duck launched with 30 million cumulative users and 3 million DAU

- WPS 365 officially integrated OpenAI capabilities in early 2026

Opportunities

- Developing AI-native office products with WPS Lingxi as all-around AI companion

- Accelerating global expansion with WPS 365 International integrated office capabilities

- OpenAI integration enhancing enterprise collaboration and productivity

- Digital employee ecosystem achieving large-scale standardized delivery

Risks

- Existing games revenue decline due to competitive market environment

- High base comparison from previous year affecting growth metrics

Full Transcript (AI-Generated)

Operator

Thank you for standing by. Welcome to Kingsoft Corporation Fourth Quarter 2025 and Annual Results Conference Call. At this time all participants are in a listen only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded and I'd like to hand the conference over to your first speaker today, Miss Ena Lee, IR Director of Kingsoft. Please go ahead.

Ena Lee

Thank you, operator. Ladies and gentlemen, good evening and good morning. I would like to welcome everyone to our 2025 fourth quarter and annual result earnings call. I'm Li Li Nan, the IR Director of Kingsoft. I would like to start by reminding you that some information provided during the earnings call may include forward-looking statements, which may not be relied upon in the future for various reasons. These forward-looking statements are based on our information and information from other sources which we believe to be reliable. They refer to the other publicly disclosed documents for detailed discussion on risk factors which may affect our business and operation.

Additionally, in today's earnings call, the management will deliver prepared remarks in both Chinese and English. A third party interpreter will provide a consecutive interpretation into English. During the Q&A section, we will accept questions in both English and Chinese with alternating interpretation provided by the third party interpreter. On site translation is provided to facilitate communication during the conference call. In case of any discrepancies between the original remarks and the translation, the statements made by the management will prevail. Having said that, please allow me to introduce our management team who joined us today, Mr. Zou, our Executive Director and CEO and Miss Li Yi, our Acting CFO. Now I'm turning the call to Mr. Zou.

Mr. Zou

大家好，欢迎参加金山软件2025年第四季度及全年业绩电话会。2025年，集团坚持技术立业，着力提升核心能力。金山办公持续聚焦AI协作国际化的核心战略，深耕AI办公赛道，围绕个人及企业级用户全场景办公需求，打造面向未来的智能办公产品。网络游戏业务方面，持续深耕武侠经典IP，同时积极拓展多元品类与全球市场。

Hello everyone and thank you all for joining Kingsoft 2025 fourth quarter and annual results earnings call. In 2025, we remained committed to technology empowerment and focused on enhancing our core capabilities. Kingsoft Office Group continues to prioritize its core strategy of AI collaboration and internationalization, deepened its presence in the AI office market and the development of future oriented intelligent office products tailored to the full scenario office needs of both individual and enterprise users. In the online game business, we further deepened our expertise in classical Wuxia IP and actively expanding into diversified game categories and global markets.

2025年集团总收入为人民币96.8亿元，同比下降6%，其中办公软件及服务业务总收入为人民币59.3亿元，同比增长16%，保持稳健增长的态势。网络游戏及其他业务总收入为人民币37.5亿元，受去年同期较高基数以及现有游戏流水下滑的影响，同比下降28%。2026年初鹅鸭杀上线取得良好的市场反应反馈，上线后累计新增用户突破三千万，验证了我们在新品类拓展的能力，为游戏业务注入新的增长动能。

In 2025 the group's total revenue was RMB 9.68 billion, representing a year on year decrease of 6%. Among this, revenue from the office software and services business recorded revenue of RMB 5.93 billion, up 16% year on year and maintaining steady growth. Revenue from the online games and other business amounted to RMB 3.75 billion, down 28% year on year, primarily due to the high base in the same period last year and the decline in revenue from existing games. After release in early 2026, Goose Goose Duck has received positive market reception and surpassed 30 million cumulative new users. This demonstrated our potential in expanding into new game genres and injected fresh growth momentum into the online game business.

下面我向大家具体介绍2025年全年及第四季度的业绩情况。2025年金山办公持续推进AI协作与国际化核心战略，全年总收入达59.3亿元，同比增长16%，四季度收入17.5亿元，同比增长17%。在AI进展方面，并行推进Office AI重构升级与AI Office原生探索。一方面围绕现有的WPS组件体系，推进全面智能化升级，重构全场景办公体验。另一方面，探索以智能体为核心的原生办公形态，办公智能体WPS灵犀迭代升级为AI办公全能伙伴，率先开启办公智能时代。

在协作方面，WPS 365以AI为核心完成全域升级，从技术框架协作体系智能检索数字员工生态等多维度系统布局，全方位赋能企业数字化转型，提升办公协同与运营效能。同时在国际化布局方面，我们也在稳步推进，WPS国际个人版完成产品升级，以海外节点部署WPS 365国际版已具备全球一体化办公能力。

Now I will walk you through the business highlights of the full year and fourth quarter 2025. In 2025, Kingsoft Office Group continues to advance its core strategy of AI collaboration and internationalization. Total annual revenue reached RMB 5.93 billion, up 16% year on year. Fourth quarter revenue reached RMB 1.75 billion, also up 17% year on year. The company is pursuing a dual track approach in AI office, AI reconstruction and upgrade and AI office native exploration. On one hand, it's driving a comprehensive intelligent upgrade across its existing WPS component suite to reshape the full scenario office experience. On the other hand, it is exploring an Agent native office paradigm with its Office AI Agent WPS Lingxi evolving into all around AI office companion, marking an early entry into the era of Office AI Agent.

WPS 365 has undergone a comprehensive AI driven upgrade, establishing a multi dimensional framework that encompasses technology infrastructure, collaboration system and intelligent search and digital employee ecosystems, comprehensively empowering enterprises in their digital and intelligent transformation while enhancing office collaboration and operational efficiency. The company's international expansion has progressed steadily with completed product upgrades and overseas node deployment, WPS 365 International now offering globally integrated office capabilities.

个人业务方面，用户规模稳步扩大，海内外业务双线提质增长。全年总收入36.3亿元人民币，同比增长14%。四季度延续增长趋势，实现收入9.8亿元人民币，同比增长提速至14%。国内累计年度付费个人用户数达4615万，同比增长11%。截至2025年底，WPS AI国内月活用户已超八千万，同比增长307%。WPS AI服务产生的日均token调用量超过两千亿，同比增长超12倍。海外累计年度付费个人用户数大幅增长，付费用户数增长亮眼。海外PC版月活跃设备数达4247万，同比增长54%。

For WPS individual business, the user base continued to expand steadily with both domestic and international operations achieving quality growth. Total annual revenue reached RMB 3.63 billion, up 14% year over year. The growth trend continued in the fourth quarter with revenue reaching RMB 980 million, the year on year growth rate accelerating to 14%. The cumulative number of annual paid individual users domestically reached 46.15 million, up 11% year on year. By the end of 2025, WPS AI domestic monthly active users have surpassed 80 million, presenting a year on year increase of 307%. Daily average token calls generated by WPS AI services exceeded 200 billion, up more than 12 times year on year. In overseas markets, the cumulative number of paying users grew substantially, with particularly strong growth among paying users. The monthly active devices for the overseas PC version reached 42.47 million, up 54% year on year.

WPS 365业务继续保持高质量高速增长，全年总收入达7.2亿元，同比增长65%，四季度收入2.4亿元，同比增长63%，已经连续四个季度保持60%以上的同比增长。我们以一体化智能化国际化为核心导向，持续推进产品及服务的升级迭代，推出行业专属版本，同时持续巩固央国企领域客户的优势，加速拓展民营企业外资企业及地方国企市场，同步推进渠道生态建设，进一步提升产品的市场影响力。

2025年，WPS 365不断完善数字员工生态布局，推动AI技术在办公场景的深度应用，官方数字员工已实现规模化标准化交付。2026年初，WPS 365正式集成了OpenAI能力，为企业协同办公提质增效注入新动能。此次功能集成进一步丰富了我们对AI办公生态的布局。

For WPS 365 business, we maintain high quality and rapid growth. Total annual revenue reached RMB 720 million, up 65% year over year. Fourth quarter revenue was RMB 240 million, also up 63% year over year, marking the fourth consecutive quarter of over 60% year on year growth. We continue to advance products and service upgrades guided by the core principles of integration, intelligence and internationalization, launching industry specific editions. The company continues to consolidate its advantages among central and state owned enterprises while accelerating expansion into private enterprises, foreign invested enterprises and local state owned enterprises. We also advanced our channel ecosystem development to further enhance market presence.

In 2025, WPS 365 continued to improve its digital employee ecosystem layout, promoting the deep application of AI technology in office scenarios. Our official digital employees have already achieved large scale standardized delivery. In early 2026, WPS 365 officially integrated OpenAI capabilities, injecting new momentum into improving the quality and effectiveness of enterprise collaboration and office work. This functional integration further enriched our AI office ecosystem layout.

WPS软件业务方面，全年收入14.6亿元，同比增长15%，四季度收入5.4亿元，同比增长16%。我们积极参与中央及地方政企客户国产办公软件招标，在流式及版式文档市场的占有率继续保持领先地位，并持续推进政务数字化项目落地，支持多地数字平台建设，有效赋能政府办公智能化升级。

For WPS software business, total annual revenue reached RMB 1.46 billion, up 15% year on year. Fourth quarter revenue was RMB 540 million, up 16% year over year. We actively participated in tenders for domestic office software by central and local government and enterprise clients, continue to maintain a leading market share in both streaming and layout document software markets. We continue to advance the implementation of government digitalization projects, support the development of digital platforms in multiple regions, and effectively empower the intelligent upgrading of government office operations.

四季度旗舰游戏剑网三通过技术升级提升画面表现，国风设计获得玩家广泛好评，2025年底完成的版本调优及服务升级已获得市场正向验证。我们将进一步加强对游戏玩法与体验的投入。经典剑侠系列端游及手游剑侠世界起源持续迭代内容与版本，海内外运营保持稳健。

In the fourth quarter, our flagship PC game JX3 Online enhanced its visual performance through technological upgrading and Chinese aesthetic style was widely praised by players. The version optimization and service upgrades completed at the end of 2025 have received positive market validation and we will further increase investments in gameplay and user experience. Our classic JX series PC games and mobile game JX World Origin continue to iterate content and versions with stable operations in both domestic and overseas markets.

推理游戏鹅鸭杀于2026年1月正式上线，上线首日新增用户突破五百万，上线后累计新增用户突破三千万，连续登顶iOS免费榜，凭口碑驱动自然流量，并穿透泛社交圈层。愤怒的小鸟系列两款休闲益智游戏也获得了版号，预计2026年国内上线，进一步丰富休闲产品矩阵。治愈系田园生活模拟游戏星沙岛于2026年2月开启抢先体验，凭借其独特的画风与玩法，在全球核心玩家圈层建立起良好口碑。后续我们将结合玩家反馈，积极优化产品，为下半年的正式版上线奠定基础。

Social deduction game Goose Goose Duck officially launched in January 2026, gaining over 5 million new users on launch day and surpassing 30 million cumulative new users. It topped the iOS free charts consecutively, driven by word of mouth and organic traffic, penetrating broad social circles. Two casual puzzle games from the Angry Birds series also received publishing licenses and are expected to launch domestically in 2026, further enriching our casual games portfolio. Healing pastoral life simulation game Star Sand Island began early access in February 2026, and with its unique art style and gameplay, the game has established a strong reputation among core players worldwide. Going forward, we will actively optimize the product based on player feedback to lay a solid foundation for the official version launch in the second half of the year.

而未来，金山办公将深化AI智能体技术在办公全场景的应用落地，强化WPS 365作为智能协作平台的核心竞争力，并加速推进全球化战略布局。网络游戏业务将继续聚焦精品内容开发，以全球化发行，持续强化经典IP生命力，同时积极推动新品类的成长，实现可持续发展。我们将不断深化技术创新与商业化布局，积极拓展全球市场机遇，持续为股东创造长期价值。接下来有请CFO李毅为大家介绍四季度及全年财务业绩。谢谢。

Looking ahead, Kingsoft Office group will deepen the application of AI agent technology across all office scenarios, strengthen WPS 365 as an intelligent collaboration platform's core competitiveness, and accelerate its global strategic layout. For online games business, we will continue to focus on premium content development and global publishing, continuously strengthen the vitality of classical IP and foster the growth of new game genres to achieve sustainable growth. We will deepen technological innovation and commercial expansion, actively expand global market opportunities and create long term value for our shareholders. Next, I would like to invite Miss Li Yi to introduce the financial performance for the fourth quarter and full year. Thank you.

Li Yi

Thank you, Mr. Zou and Ena. Good evening and good morning, everyone. As for the financial results, I'm starting with Q4 using RMB as the currency. Revenue decreased 6% year on year and increased 8% quarter on quarter to RMB 2.618 billion. The revenue split was 67% for office software and services and 33% for online games and others. Revenue from the office software and services business increased 17% year on year and 5% quarter on quarter to RMB 1.75 billion. The increases were primarily attributable to the growth across 3 principal businesses of Kingsoft Office Group.

The steady increase of WPS individual business was primarily driven by the expanded number of paying subscribers attributable to continuous integration of AI capabilities and improvements in intelligent office experience. The strong growth in WPS 365 business was mainly driven by the deep integration of documents, AI and collaboration capabilities along with continued customer expansion among private and local state owned enterprises. The growth in WPS software business was mainly supported by sustained demand from government and enterprise clients, further consolidating our leading position in the streaming and fixed layout document market.

Revenue from the online games and others business decreased 33% year on year and 3% quarter on quarter to RMB 868 million. The decreases were mainly due to declined revenue from certain existing games. Cost of revenue increased 5% year on year and decreased 1% quarter on quarter to RMB 471 million. Gross profit decreased 8% year on year and increased 10% quarter on quarter to RMB 2.148 billion. Gross profit margin decreased by two percentage points year on year and increased by 2 percentage points quarter on quarter to 82%.

Research and development costs increased 30% year on year and 6% quarter on quarter to RMB 953 million. The increases were primarily driven by increased headcount and AI related expenditure reflecting our strategic focus on advancing AI and collaboration capabilities. Selling and distribution expenses increased 36% year on year and decreased 8% quarter on quarter to RMB 462 million. The year on year increase was mainly due to higher marketing expenditures in both office software and services and online games business. The quarter on quarter decrease was mainly due to high spending from promotions for new game launches in the prior quarter, partially offset by increased spending on marketing activities for Kingsoft office groups.

Administrative expenses increased 33% year on year and 40% quarter on quarter to RMB 202 million. The increases were mainly due to higher personnel related expenses and increased depreciation arising from the completion and operation of our Wuhan campus. Share based compensation costs increased 55% year on year and 15% quarter on quarter to RMB 92 million. The increase was mainly due to the growth of awarded shares to senior employees of certain subsidiaries of the company. Operating profit before share based compensation costs decreased 48% year on year and increased 70% quarter on quarter to RMB 606 million.

Net other gains for the fourth quarter of 2025 were RMB 819 million compared with losses of RMB 74 million for the fourth quarter of 2024 and gains of RMB 30 million for the third quarter of 2025 respectively. The gains in this quarter were mainly due to that we recognized the gain on deemed disposal of Kingsoft Cloud as a result of the dilution impact of the issuance of new shares by it. Share of losses of associates were RMB 132 million for the fourth quarter of 2025 compared with losses of RMB 148 million and profits of RMB 5 million for the fourth quarter of 2024 and the third quarter of 2025 respectively.

Income tax expense was RMB 220 million for the fourth quarter of 2025 compared with expenses of RMB 212 million and RMB 66 million for the fourth quarter of 2024 and the third quarter of 2025. As a result of the reasons discussed above, profit attributable to owners of the parent was RMB 975 million for the fourth quarter of 2025 compared with profit of RMB 460 million and RMB 213 million for the fourth quarter of 2024 and the third quarter of 2025. Profit attributable to owners of the parent excluding share based compensation cost was RMB 1.026 billion for the fourth quarter of 2025 compared with profit of RMB 496 million and RMB 277 million for the fourth quarter of 2024 and the third quarter of 2025.

The net profit margin excluding share based compensation cost was 39%, 18% and 11% for this quarter, the fourth quarter of 2024 and the third quarter of 2025 respectively. And now for the year 2025, revenue decreased 6% year on year to RMB 9.683 billion. Office software services made up 61%, increased 16% year on year to RMB 5.929 billion. Online games and others made up 39% and decreased 28% year on year to RMB 3.754 billion. Gross profit margin decreased by two percentage points year on year to 81%. Operating profit before share based compensation cost decreased 47% year on year to RMB 2.072 billion.

Profit attributable to owners of the parent was RMB 2.004 billion for the year of 2025 compared with profit of RMB 1.552 billion for the prior year. The group had a strong cash position towards the end of 2025. As at 31st December 2025, the Group had cash resources of RMB 27 billion. The cash generated from operating activities was RMB 2.292 billion and RMB 4.787 billion for the years ended 31st December 2025 and 31st December 2024 respectively. Capital expenditure was RMB 342 million and RMB 426 million for the years ended 31st December 2025 and 31st December 2024. That's all for the introduction of our operational and financial results. Thank you all. Now we are ready for the Q&A section.

Operator

Thank you. We will now begin the question and answer session. As a reminder, to ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11 again. We will now take our first question from the line of Li Ping Chao of CICC. Your line is open. Li Ping, please ask your question.

Li Ping Chao

苏总，李总晚上好，感谢接受我的提问。我这边问两个关于游戏的问题，首先第一个是苏总在去年底兼任西山居的CEO之后，对于整体游戏业务未来发展的战略有没有什么调整？那未来来看是否有AI落地增效的这个空间或者可能性？然后第二个问题是关于我们那个参与发行的这个鹅鸭杀，我们看到整个游戏的热度还是不错的，能否分享一下目前的用户规模以及留存情况？也想了解一下后续商业化的节奏，以及对整体收入利润贡献增量的这个想象空间能有多大？

Good evening, Mr. Zou and Mr. Li. Thanks for taking my questions. I have two questions on the gaming business. So first, after Mr. Zou recently took on the role as the CEO of Seasun, what strategic adjustments have been made regarding the future development of the gaming business? And are there any opportunities or possibilities for implementing AI to improve efficiency in game development? And second, we have observed that Goose Goose Duck is performing well in terms of popularity. Could you share some insights on the current user base and retention metrics? I'd also like to understand the timeline for future monetization and potential incremental contribution to the overall revenue and profit. Thank you.

Mr. Zou

我先说鹅鸭杀的吧。鹅鸭杀呢，从1月7号上线，累计新增用户数肯定是超过三千万了，然后目前呢基本是稳定在三百万上下的DAU。这是目前的一个成绩，当然我们现在正在规划春节后一直规划到了暑期的一系列版本，我们还是希望通过一个阶段一个阶段能够去持续稳定的把这个游戏往上做。我们中长期考虑这款游戏，第一个呢是通过上线到现在的流水数据来看，我们有信心，通过后续版本的持续迭代，争取把这个DAU呢，应该有望做得更高，这也是我们的第一优先级，就是说白了就先做人数。

我们先做人数，然后从营收角度看呢，这不是我们目前的重点，实际上整个产品上线运营之后呢，基本上在收入这块，我们没有刻意去做它。然后依照此类游戏的一个行业的平均表现吧，我们认为未来在付费率以及ARPU值上都依然会有很大的空间。所以呢，简单说这个游戏上线到现在肯定是超出了我们的预期，甚至也超出了市场的预期。我们认为，未来还有很大的成长空间，这里头还包含这个未来我们还要去海外发行这个游戏，进一步去拓展这个游戏的空间吧。

所以呢，我们总体策略就是先把用户数持续稳定的做上去，然后在逐步逐步开始进行商业化的挖掘。所以现阶段的重点呢是在第一阶段就重点，我们还是在保证这个版本稳定服务品质优良的前提下呢，通过各种版本吧，或者运营把这个在线人数先再进一步持续做高。这就是基本上就是相当于把我们的这个策略介绍了一遍。当然更长远基于这块IP如何拓展周边的，或者说这个叫IP衍生的，我们也有很多想法，但是呢，那个都当把它放在未来吧，当务之急就是稳定运营，持续把人数接着再创新高。

Firstly, I would like to talk about Goose Goose Duck. Since we launched on the 7th of January, we have reached over 30 million new users and currently we are generally stable at around 3 million DAU. So we are actually planning from the Spring Festival up to the summer holiday, we're gonna prepare a series of different versions and with different stages we would like to have stable and continuous growth for this game. This is actually the mid and long term consideration for this game. Firstly, through the launch data, we have confidence that through continuous version iterations, we could make the DAU higher. This is actually the most important priority for us and it means that we need to make enough users first.

We focus on user numbers first, then from the revenue perspective, this is not our current focus. Actually after the product launched, we didn't do that much work on monetization. According to the industry average performance for this type of games, we believe in the future we will have very big space for payment rate and ARPU value. So simply speaking, this game since launch up till now has definitely exceeded our expectations and even exceeded market expectations. We believe in the future we still have very big growth space, and in the future we also would like to launch overseas to further expand the game's potential.

So our overall strategy is to first make the user numbers continuously stable and grow, and then step by step start commercialization exploration. So the current focus is in the first stage, we need to make sure this version is stable with good quality service, and through different versions and operations make the online user numbers continuously higher. This is basically introducing our strategy. Of course in the longer term, based on this IP how to expand peripheral products or IP derivatives, we have many ideas for it. But let's put it in the future. Currently the most important thing is stable operation and continuously make the user numbers reach new highs.

第一个问题呢，比较复杂，我尽可能简单讲。就是我是从去年12月1号，又兼任了西山居的CEO，已经过去了三个多月了。现在总体的思考是这样，首先肯定是对于我们经典的剑侠系列，也包括剑网三，这肯定是整个西山居的这个业务的底盘。说简单点就是这个要持续加大对这个基本盘的投入。过去这么多年，我们还是有很多忠实于这个IP的玩家和粉丝，虽然受外部竞争环境的一些影响，但总体来讲呢，这个用户数，包括活跃用户还是非常稳定。所以呢，就是我们认为把现有用户服务好，提供更好的体验和品质，更高品质的游戏内容，这个肯定是我们的最基本的要保障的，所以这是作为第一条。

第二条就是把一些不具备战略性的这个项目吧，我们还是会适度的进行调整和收缩。这样的话，应该说是腾出兵力吧，放在我们认为从中长期甚至更长期对西山居有战略价值的这个产品方向上来。这个目前暂时不方便对外去谈，但实际上我们是这么在部署的。到五月份下个季度，来沟通的时候，可能会跟大家正式的去介绍，这是第二块。

第三块呢，其实是跟李萍这个问题的后半部分是相关的。实际上我的观点是，一个AI全新的时代已经已经到来，而不是说即将到来。尤其是对于我自己在这个游戏内容制作这个行业待了很多年，我自己认为是是是一次大变革。他绝对不是仅仅的这个增效或者怎么样，实际上是会颠覆过去的内容创作模式。所以呢，这个自从我12月1号接手以来呢，应该是在全面这个落实AI具体举措呢，就是这个员工的思想层面的不用说，更实在的是在于这个打造，整个西山居基于AI创作的这么一个平台。

未来基于这个平台，我们会弱化工种更多凸显创意的价值。说简单一点，其实就是说通过AI平台创作平台的这个完成AI的创作平台的建设，未来更多的是这个创意者在这个平台上去创作更多更有意思的这个内容。甚至我们内部会会定期的进行评选，在内部创作之后呢，这个涌现比较优秀的项目呢，我们才会集公司之力，再去把它商业化推向市场。所以呢，就简单讲，其实就是，也是为了这么说吧，我们也认为未来整个行业的这个组织内容创作的组织形式会发生根本性变化，甚至包括这个工种也不会像以前那样。

这是我非常坚信的一个基本上都是围绕在这个AI这个创作平台上人人都是这个制作人，人人都是这个内容的创作者。你甚至可以简单理解就是全民这个创作的时代到来，这是我的非常坚信的一个观点。实际上就是随着这几年在这个游戏内容创作的各种基于AI工具的完善和丰富，我觉得这一点到了今年已经应该说是在整个行业也好，整个产业也好，已经是毋庸置疑了，所以我也认为就是这个时间时机点也基本上是成熟的。

这第三点，其实这一点是对整个西山居是更为有战略意义的一点。虽然这个去年游戏，我们的剑侠情缘遇到点上线之后确实是不达预期，一些老的游戏也有一定的下滑，但但但我们自己内部的这个总结分析来看呢，就恰好是处于一个除旧迎新的一个时机点上。我相信，就是随着我们在这一步的完成可能会迸发出比以前更有这个想象空间的这个或者说西山居这种在未来这种模式下吧，我认为可能会迸发出更高的生产效率和效能。所以呢，有的时候讲的就反正就是说坏事也不一定真的是坏事，没有这么没有去年的一些困难和挫折，也许这种变革或者说改革也许就不会那么彻底。反正我觉得恰好是让西山居这个迎接一个新时代的一个开端吧，这是我想表达的。

So actually for this first question, it is quite complex. I would like to make it simplified. Since I became the CEO on the 1st of December last year of Seasun, it's already three months passed. So generally speaking, firstly is for the classic JX series and also for JX3, this is actually the foundation of our business. So we would like to continue investment in this basic foundation. And in the past few years, we always have a lot of loyal fans and although we have some impact from external competition, but generally speaking, the user numbers including active users are quite stable. That is why we believe that we need to serve current customers well, provide better service for the customers and higher quality content. This is actually our basic guarantee.

Secondly is that we need to make some adjustments for projects which don't have strategic value, we need to do some adjustments and maybe shrink those. It means that we could have enough resources to focus on middle and long term strategy, especially for projects that have strategic value for Seasun. So currently it's not that convenient for me to release information about it. But probably in May when we do the next quarterly report, it's going to be more convenient for me to have an official introduction for it.

And thirdly is relevant to the second part of Li Ping's question. The AI completely new era has already arrived, not going to arrive, especially for myself in the game content production industry for many years, I think this is a big revolution. It's not just to have high efficiency, but this is actually completely going to change the content production model. And since I became the CEO on the 1st of December last year, we are completely carrying out AI policies, especially not only for employee thinking but also building the AI creation platform for Seasun.

In the future, based on this platform, we are going to weaken job categories and highlight the value of creativity. Through the AI creation platform construction, in the future mostly creators are going to create content on the platform. They're going to have meaningful content creation. And internally, we're going to regularly select excellent projects and then commercialize and promote them into the market. So simplified is that we think in the whole industry's organization, the content creation organization will completely change and also job categories will be completely changed.

So basically based on the AI creation platform, everybody is going to be a producer and everybody is going to be the creator for content. And this is actually the era when everybody could do creation has arrived. This is my strong belief. And in the past few years the AI tools have become more mature and especially this year for the whole industry and products, we have no doubt about it, AI has already come. That is why I think the timing is already mature.

And thirdly is for Seasun, this actually has strategic meaning. Last year for games, JX Love launched but didn't reach our expectations, and also the performance of old games declined a little bit. But we analyzed internally and made a conclusion that this is actually a good point for us because we could remove some old things and welcome something new. I believe that as we move forward, we're going to have more potential and this is going to be our opportunity for Seasun. And in the future under this mode, we're going to have higher production efficiency. And so that is why I think that sometimes bad things are not actually bad things. From the challenges last year, we actually faced some challenges, but this is going to let us welcome a new era for Seasun.

Operator

We will now take our next question from the line of Lin Ming Yang of Guangfa Securities. Please ask your question. Lin Ming, your line is now open.

Lin Ming Yang

好的，那个邹总易总晚上好，那个我想请教两方面问题。第一个是关于AI方面，首先AI方面的话，我想问一下，我们就是软件这边，之前成立这个AI业务团队嘛，然后目前的进展情况，然后之前也有提到就是包括行业，然后也有在推进，想问一下最新的这个推进的一些情况。然后第二个问题就是还是关于就是行业，然后以及就是AI对咱们的就是包括软件行业，包括对于金山办公，这个就是，具体的比如说影响，然后以及说，就是我们就是你怎么看就是这些观点吧，因为最近关于这个AI对于软件行业的这个观点，其实对市场影响也比较大嘛。可能对咱们办公这一块儿直接的影响没那么大，那就基于这个，就是行业的情况下怎么去看？然后那人也服务于这些企业客户嘛，那企业客户他的对AI的这些主要的诉求，然后我们现在服务于他，比如说我们还需要补齐哪些能力？然后还有包括这个近期小米也发了万亿参数量的大模型，那这个大模型是不是就是对办公这一块是不是也会有一些更深入的一些赋能？然后这个是第二个问题。第三个问题就是，关于那个，因为刚才业务这一块也都说的比较清楚，就想问一下我们今年的费用，怎么去展望？因为去年，去年的话可能会有一些原因吧，有一些费用会比较高嘛，那今年费用，还有研发费用怎么去展望？

I have three questions. The first is what is the progress of our AI business as well as the development and commercialization of industry specific models and products. The second question is about the AI industry. Recently there are views that AI will displace traditional software. While the core business of Kingsoft WPS has not been materially affected so far, but there is uncertainty regarding the expansion of value added services. What is your opinion about this question? And when you serve enterprise customers, what are their key demands for AI and what capabilities do you need to strengthen? And recently Xiaomi has released MiMo with a trillion parameter large language model. In what ways will the MiMo model further empower and enhance the WPS business? Thank you.

Mr. Zou

这个前两个问题我来回答，第三个那个李毅来回答一下。第一个相对简单，其实就是，金山软件这边从去年四月份成立了这个AI产品中心。基本情况包括今年的展望，去年呢成立之后呢，我们更主要的工作配合金山云这边的一些具体的那个落地场景中的一种协同性，其实也是，应该说是，AI落地企业的一些实践吧，包括在法律场景，金融场景等等，实际上已经有，当然有些我们金山云那边已经披露了像记录这样子，中行的那个项目我们已经落地交付了，已经在跑了，金山小法等等，其实在我们内部，包括在一些公司其实也要更审核这些已经在用了。

所以去年总结一句话呢，其实就是说要真正到一些行业当中去摸索AI怎么真正赋能行业的这个路径。今年的重点其实是围绕这个更深入，尤其是这个随着模型能力的提升，当然也包括像今年这个OpenAI这个出现，两家通用，这个全球了，其实也是提一个新的，应该说是一个启发，就是说AI赋能个人也好，赋能企业也好，它有很多种不同的形式都能去实现，不一定是要按原有的那种路径去思考。所以今年呢，最核心的其实就是结合整个AI的发展形态吧，我的要求就是还是要聚焦在某些领域某些行业去深耕，其实这是就这就是今年跟去年最大的区别。去年呢叫做尝试一些赛道去摸索AI落地的这个路径，今年就这样，具体沉到某一两个领域去，真正做深做透。这是AI产品中心的这个一个进展。

So we would like to answer the first two questions and then Li Yi is going to answer the third question. So this is actually quite easy. Last April we set up the AI product center and this year we actually cooperate with Kingsoft Cloud to have some collaborations. So actually Kingsoft Cloud has already delivered some products, like for example, the legal assistant and also internally we already used some of the products and we make a conclusion since last year that we would like to really get into typical industries and trying to figure out the way AI empowers different industries.

So the key point of this year is that we need to focus on specific targets, especially like we can see that this year OpenAI appeared and it's global. So this is actually a great reminder for us. AI is going to empower different persons and enterprises and they have different ways to be realized. So we will not only need to be based on initial thinking. Actually the key thing of this year is that we need to focus on different industries to get into that industry. And this is actually the biggest difference between last year and this year. Last year we were trying different approaches and trying to figure out how AI works for industries. But this year we have to get deeply into typical industries, probably one to two different regions and then make it work. This is actually the AI product center's development progress.

第二个问题，我理解，就是其实是想问AI对软件行业的影响，或者说进一步AI对办公软件行业的影响。这样包括近期，也有说AI吃掉软件等等的说法。我先拿我的观点，其实从23年开始，我在内部就谈过，并且到现在，也都没变的我，我说基于大语言模型的AI来了，其实我更喜欢用数字系统，所有的数字系统都会基于AI重构，所以到今天来看呢，这个趋势是越来越明显。所以你问我怎么看我，我认为我23年就是这样看的，就是几乎都会重构，都会以AI或者以模型为核心了。只是随着这几年这个AI不断的能力不断的增强，这点被越来越多的大家所认可。所以也就是说，简单说对行业的影响就是所有的数字系统都会重构。

至于近期，有所谓的AI吃掉软件这种观点，说实话，我是觉得这个这种描述是不准确的。所谓的软件，是相对于过去硬件来说的，就是hardware就是software，当然今天我们可能叫AI ware。实际上就是我更喜欢用数字系统，你结合我刚才讲的第一个观点，就所有的数字系统，它都会基于AI重构。你不你，你说它是软件，它当然是软件，如果你相对硬件来说它，它依然是叫软件，只是你是豆包是个软件吗？它也是个软件，只是说今天的软件跟以前的软件，它无论是从它的功能的强大性，还是从它使用交互，人机界面等等，它都跟以前大家理解的软件不一样了。

所以呢，如果你要是说传统软件，你说AI软件会吃掉传统软件，这种描述是对的，你说AI吃掉软件这种描述是不科学也不精确。所以，这是，这是这是我的观点就是23年以来我就是这个观点。对我们办公的影响，实际上从23年开始出现，我就谈过我的观点，我说我们先是做WPS AI，现在我们又改了，就是那个时候我是说先做WPS AI，说白了什么呢？把AI往后放什么意思？就是那个时候是AI用来增强我们的WPS，然后我也说了，我说未来一定是AI的WPS，当然我们现在把WPS改成了Office，就说实话，也就是23年提法，就是说我们先是Office AI，然后一定会逐渐向AI Office过渡。

这两个区别其实就跟我刚才讲的第一个问题是一样，刚开始我们会用AI，所以AI能力还不够强，我们会用AI去增强我们原有的Office的这个体系，但随着AI的越来越强大，就必然就会逐步转向对我们所谓的native AI这个Office往这个方向发展。实际上办公呢，从去年，从23年开始，这个WPS AI 1.0、2.0、3.0到去年的灵犀，其实就是这么一个进化的过程，进化的过程。所以也就是说从23年AI大模型开始普及，我们的金山这个Office就一直在进化，进化到了26年已经非常明确的就是说这个或者这个比重吧，从23年这个Office AI可能是占大头，但到26年我们的所有的重心都是叫做AI Office了。

所以呢，就是，这这是我说的第二点，这个也是我们怎么去适应这个时代呢，也就是从23年开始，所以刚才的电话会我也谈过，我们的AI会员去年暴涨307%，也是得益于我们去年下半年开始明晰灵犀这个发布。这是你这个问题的我第二部分。第三部分呢就是小米这个MiMo VR Pro，这个是毋庸置疑的，其实，我，我无论是在金山软件的这个沟通会上，还是在云的沟通会上，我都表达过我，我说这个基于一加N的这个，这个一就是指的小米的MiMo模型，因为这个是我们自家的。我也多次谈过，金山跟小米是一个AI的方阵，我说金山自己不会去做大模型，但小米会做。

实际上随着他的这个VR Pro的发布，这个，尤其是最近这几天，最近一两周的表现吧，包括它的匿名的表现，大家也都看到，实际上小米本身这块的能力也在提升，而这本身也是我们整个金山系的未来最核心的竞争力之一，我们基于我们自身的模型去加强我们自身这个生态的这个AI生态的这个建设。所以呢，基本上就是，毋庸置疑的就是甚至随着时间的推移，整个金山系的，这个应用生态会越来越多的，这个小米模型的比重会占比越来越高。

So I would like to answer this second question. Based on my understanding, the AI influence for software industry, recently there are views saying that AI is going to eat up software. So I don't personally agree on this statement because as we know, based on big language model AI, I would like to use digitalization system to describe this. All digital systems will be restructured based on AI. So this trend is quite significant recently and since 2023 we have been restructuring. I can see that AI is the core thing and as the development in the past few years, AI has constantly strengthened and more and more been recognized by people. Simplified to say, this is actually the whole restructure for digital systems.

So if we are saying that AI is going to eat up software, this description is not accurate because software is compared with hardware. So today we can see that AI, I would like to use digital system to explain that. All digital systems will be restructured based on AI. You say it is software, it is of course software. If you compare with hardware, it is still called software. But today's software compared with previous software, they have bigger functions, they have better interaction and also have more different multiple functions and abilities, which we cannot imagine previously.

So if we say traditional software, AI software could replace traditional software, that is for sure. But AI is not going to eat up software because that is not scientific. This is my opinion since 2023. And also the influence for office is that since 2023, AI has appeared. I talked about my opinion. We first did WPS AI, now we have changed it. During that time I said first do WPS AI, which means put AI behind, which means during that time AI was used to strengthen our WPS. Then I also said in the future it must be AI's WPS. Of course now we have changed WPS to Office. So honestly, this is the 2023 approach, which is we first used Office AI and then gradually transition to AI Office.

This difference is actually the same as my first question answered. Initially the AI ability was not strong enough. That is why we need to use AI to strengthen our original Office system. But as AI ability becomes stronger and stronger, we will gradually turn toward our so-called native AI Office development. Actually for office, since last year, since 2023, WPS AI 1.0, 2.0, 3.0 to last year's Lingxi, this is actually a constant evolution process. So since 2023 AI big models started to popularize, our Kingsoft Office has been constantly evolving. By 2026 it has become very clear that from 2023 Office AI might be the major part, but by 2026 all of our focus is called AI Office.

So this is the second point I mentioned, which is how we adapt to this era since 2023. So in the phone call I also mentioned, our AI membership surged 307% last year, also benefiting from our launch of Lingxi in the second half of last year. This is the second part to answer this question. And the third part is about Xiaomi's MiMo VR Pro. This is undoubtedly, whether in Kingsoft software communication meetings or cloud communication meetings, I have expressed that this is based on 1+N, this 1 refers to Xiaomi's MiMo model, because this is our own family. I have also mentioned many times, Kingsoft and Xiaomi are an AI formation. I said Kingsoft itself will not do big models, but Xiaomi will do it.

Actually with the release of VR Pro, especially recently these few days, the past one or two weeks' performance, including its anonymous performance, everyone has seen, actually Xiaomi's capability in this area is also improving, and this itself is one of our core competitiveness for the entire Kingsoft ecosystem in the future. We strengthen our own ecosystem's AI ecosystem construction based on our own models. So basically, undoubtedly, as time goes by, the entire Kingsoft ecosystem's application ecosystem will increasingly have higher proportion of Xiaomi models.

Li Yi

费用的话我就尽快的回答一下。我们费用大的原则还是说战略性的投入和效率优先并重。那么从办公的角度来讲的话，重点投的话就是AI的原生，还有WPS 365的一个企业版的市场拓展。但是办公这边的话，他们还是保持一个合理的利润水平。那游戏业务这边的话，我们长期运营的游戏就提供了一个现金流的一个支撑。那么营销的话，主要是营销费用，那营销费用这边的话，还是会配合新品节奏的话，阶段性的一个投入。那么从费用整体来看的话，我们还是动态监控游戏上线的节奏，还有整体的AI的投入产出比，我们也会确保是说我们费用效率的一个最大化。谢谢。

For expenses, I will answer quickly. Our expense principle is still strategic investment and efficiency priority. From the office perspective, the key investments are AI native and WPS 365 enterprise version market expansion. But for office, they still maintain a reasonable profit level. For gaming business, our long-term operating games provide cash flow support. For marketing, mainly marketing expenses, marketing expenses will still coordinate with new product rhythm for phased investment. From overall expenses perspective, we still dynamically monitor game launch rhythm and overall AI input-output ratio, we will also ensure maximization of our expense efficiency. Thank you.

Operator

Hello. Thank you for joining us today. And this will conclude our presentation for the 2025 fourth quarter and annual results earnings call. Thank you. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

Details at KINGSOFT IR

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