Kingsoft (3888) Q4 2025 earnings summary

Executive summary

• Total revenue for 2025 was RMB 9.68 billion, down 6% year-over-year, with office software and services up 16% and online games and others down 28%.

• Profit attributable to owners rose 29% year-over-year to RMB 2,004.4 million, with basic EPS up 26%.

• Office business saw robust growth driven by AI integration, international expansion, and strong user base increases, especially in WPS AI and WPS 365.

• Online games faced revenue decline due to a high base last year and existing game performance, but new titles like Goose Goose Duck showed strong user growth and market reception.

• Gross profit margin decreased by two percentage points to 81%.

Financial highlights

• Q4 2025 revenue was RMB 2.68 billion, down 6% year-over-year but up 8% sequentially; office software and services contributed 67%, online games and others 33%.

• Office software and services revenue reached RMB 5,928.7 million, up 16% year-over-year.

• Online games and others revenue fell to RMB 3,754.1 million, down 28% year-over-year.

• Net profit attributable to owners for Q4 was RMB 975 million, more than double the prior year’s Q4.

• Operating profit dropped 51% to RMB 1,775.1 million; operating profit before share-based compensation fell 47%.

Outlook and guidance

• Plans to deepen AI agent technology in office scenarios, strengthen WPS 365’s intelligent collaboration, and accelerate global expansion.

• Online games will focus on premium content, global publishing, and nurturing new genres for sustainable growth.

• Goose Goose Duck, launched in early 2026, surpassed 30 million new users, signaling growth potential.