Thank you, operator. Ladies and gentlemen, good evening and good morning.

I would like to welcome everyone to our 2025 fourth quarter and annual results earnings call. I'm Li Yinan, 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.

Please refer to the other publicly disclosed documents for detailed discussion on risk factors which may affect our business and operations. Additionally, in today's earnings call, the management will deliver prepared remarks in both Chinese and English.

A third-party interpreter will provide consecutive interpretation into English. During the Q&A section, we will accept questions in both English and Chinese, with alternate interpretation provided by the third-party interpreter.

On-site translation is solely 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 Tao, our Executive Director and CEO, and Ms.

Li Yi, our acting CFO. Now, I'm turning the call to Mr.

Zou.

Zou Zong. 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，集团坚实技术立业，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's 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 continued to prioritize its core strategy of AI, collaboration, and internationalization, deepened its presence in the AI office market, and developed future-oriented intelligent office products tailored to the full-scenario office needs of both individual and enterprise users. In the online games business, we further deepened our expertise in classical wuxia IP and actively expanded 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响反馈，上线后累计新增用户突破3,000万，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 reached 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 games 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灵犀已迭代升级为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与海外节点部署，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 the fourth quarter 2025. In 2025, Kingsoft Office Group continued 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, encompassing 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 an all-around AI office companion, marking an early entry into the era of office AI agents. WPS 365 has undergone a comprehensive AI-driven upgrade, established a multi-dimensional framework that spans technology infrastructure, collaborative 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 is progressing steadily, with completed product upgrades and overseas node deployment, now offering globally integrated office capabilities.

WPS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10%；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4,615万，同比增长11%。截至2025年底，WPS AI国内月活用户已超8,000万，同比增长307%；WPS AI服务产生的日均Token调用量超过2,000亿，同比增长超12倍。海外累计年度付费个人用户数大幅增长，大屏用户数增长亮眼，海外PC版月活跃设备数达4,247万，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 10% year-on-year.

The growth trend continued in the fourth quarter, with revenue reaching RMB 918 million, the year-on-year growth rate accelerating to 14%. The cumulative number of annual paid individual users in domestic reached 46.2 million, up 11% year-on-year.

By the end of 2025, WPS AI's monthly active users have surpassed 80 million, representing a year-on-year increase of 307%. Over overseas markets, the cumulative number of paying users grew substantially, with particularly stronger growth among large-screen users.

The monthly active devices of the overseas PC version reached 42.5 million, up 54% year-on-year.

WPS 365业务方面，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技术在办公场景深入落地，官方数字员工已实现规模化、标准化交付。2026年初，WPS 365正式接通了OpenClaw能力，为企业协同办公提质增效注入新动能。此项功能融合进一步丰富了我们对AI办公生态的布局。

For WPS 365 business, we maintained high quality and rapid growth. Total annual revenue reached RMB 720 million, up 65% year-on-year.

Fourth quarter revenue was RMB 210 million, also up 63% year-on-year, marking the fourth consecutive quarter of year-on-year growth above 60%. We continue to advance product and service upgrades, guided by the core principle of integration, intelligence, and industry-specific editions.

The company further consolidated its advantage 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 its market presence.

In 2025, WPS 365 continued to improve the implementation of AI technology in office scenarios. Our official digital employee has already achieved large-scale, standardized delivery.

In early 2026, WPS 365 officially integrated OpenClaw capabilities, injecting new momentum into improving the quality and effectiveness of enterprise collaboration and office work. This integration further enriched our AI office ecosystems.

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投标，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 reached RMB 513 million, up 16% year-on-year.

We actively participated in biddings for domestic office software by central and local governments and state-owned enterprise clients, continued to maintain a leading share in both flow layout and fixed layout document software market. We continue to advance the implementation of government digitalization projects, supported the development of digital platforms in multiple regions, and effectively empowered the intelligent upgrading of government office operations.

四季度，旗舰游戏《剑网3》通过技术升级，提升外装表现，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于游戏玩法与机型体验的投入。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 costume design through technological upgrades, and its aesthetic style was widely accepted by players. The version optimization and service upgrade completed at the end of 2025 received positive market feedback, and we will further increase investments in gameplay and device experience.

Our classic Jianxia series PC games and their spin-off mobile game World of Sword: Origin continued to iterate its content, maintaining stable operations in both domestic and overseas markets.

社交推理游戏《鹅鸭杀》于2026年1月正式上线，上线首日新增用户突破500万，上线后累计新增用户突破3,000万，连续登顶iOS的免费榜，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, topped over 5 million new users on launch day, surpassed 30 million cumulative new users, and ranked number one on iOS free chart for most of the days, driven by word of mouth and organic traffic, penetrated the broad social circle. Two casual games from the Angry Birds series also received publishing licenses and are expected to launch in China in 2026, further enriching our casual games portfolio.

Starsand Island, our healing-themed pastoral life simulation game, began early access in February 2026. With its unique art style and gameplay, the game 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.

展望未来，金山办公将深化AI Agent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与全球化发行，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李懿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 various office environments, strengthening the core competitiveness of WPS 365 as an intelligent collaboration platform, and accelerate its international strategy. For online games business, we will continue to focus on premium content development and global publishing, enhance the vitality of classical IPs, 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 Ms.

Li Yi to introduce the financial performance for the fourth quarter and annual.

Thank you, Zou Zong and Yinan. Good evening and good morning, everyone.

As for the financial results, I'm starting for the Q4, use RMB as the currency. Revenue decreased 6% year-on-year and increased 8% quarter-on-quarter to 2,618 million.

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 15% quarter-on-quarter to 1,750 million.

The increases were primarily attributable to the growth across three principal business of Kingsoft Office Group. The steady increase of WPS individual business was primarily driven by the expanded number of paying subscribers, attributable to continuous interaction of AI capabilities and improvement 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 flow layout and fixed layout document market.

Revenue from the online games and others business decreased 33% year-on-year and 3% quarter-on-quarter to 868 million. The decreases were mainly due to declining revenue from certain existing games.

Cost of revenue increased 12% year-on-year and decreased 1% quarter-on-quarter to 471 million. Gross profit decreased 8% year-on-year and increased 10% quarter-on-quarter to 2,148 million.

Gross profit margin decreased by 2 percentage points year-on-year and increased by 2 percentage points quarter-on-quarter to 82%. Research and development costs increased 13% year-on-year and 6% quarter-on-quarter to 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 18% quarter-on-quarter to 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 base from promotion for new game launches in the prior quarter, partially offset by increased spending on marketing activities for Kingsoft Office Group.

Administrative expenses increased 33% year-on-year and 40% quarter-on-quarter to 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 92 million. The increase was mainly due to the grants of awarded shares to selected 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 606 million. Net other gains for the fourth quarter of 2025 were 890 million, compared with losses of 74 million for the fourth quarter of 2024 and gains of 13 million for the third quarter of 2025, respectively.

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

Income tax expense was 220 million for the fourth quarter of 2025, compared with expenses of 212 million and 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 975 million for the fourth quarter of 2025, compared with a profit of 460 million and 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 costs was 1,026 million for the fourth quarter of 2025, compared with the profit of 496 million and 277 million for the fourth quarter of 2024 and the third quarter of 2025. The net profit margin excluding share-based compensation costs was 39%, 18%, and 11% for this quarter, the fourth quarter of 2024, and the third quarter of 2025, respectively.

Now on the year 2025: Revenue decreased 6% year-on-year to 9,683 million. Office software and services made up 61%, increased 16% year-on-year to 5,929 million.

Online games and others made up 39% and decreased 28% year-on-year to 3,754 million. Gross profit margin decreased by 2 percentage points year-on-year to 81%.

Operating profit before share-based compensation costs decreased 47% year-on-year to 2,072 million. Profit to owners of the parent was 2,004 million for the year of 2025, compared with the profit of 1,552 million for the last year.

The group had a strong cash position towards the end of the 2025. At 31st December 2025, the group had cash resources of 27 billion.

Net cash generated from operating activities was 2,292 million and 4,587 million for the years ended 31st December 2025 and 31st December 2024, respectively. Capital expenditure was 342 million and 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. Thank you.

欸，邹总、李总晚上好，感谢接受我的提问啊。我这边问两个关于游戏的问题。首先第一个是邹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？好，我自己快快翻译一下。Good evening, Mr.

Zou and Ms. Li.

Thanks for taking my questions. I have two questions on the gaming business.

First, after Mr. Zou recently took on the role as the CEO of Seasun, what strategic adjustments have been made regarding to the future development of the gaming business, and are there any opportunities or possibilities for implementing AI to improve efficiency in the game development?

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.

我先说《鹅鸭杀》的吧。呃，《鹅鸭杀》呢从1月7号上线，呃，反正累计截止到新增用户数肯定就超过3,000万了。然后目前呢基本上是在大体上就是DAU稳定在300万上下。对，这是目前的一个一个一个成绩。当然我们现在正在规划，呃，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，能够去持续稳定的这个，呃，把这个游戏往上做。我们我们怎么中长期考虑这款游戏啊？第一个呢是通过上线到现在的留存数据来看，我们我们有信心，呃，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。就是说白了就先写能做人数我们先做人数。然后从营收角度看呢，就这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作它。对。呃，然后依照此类游戏的一个行业平均表现吧，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。对。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，呃，未来还有很大的成长空间。这里头还包含这个这个未来我们还要去海外发，这个这个这个的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，然后在这个逐步逐步开始进行商业化的发掘。啊，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，把这个在线人数先在这个进一步持续做高。好吧？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，呃，基于这个IP如何拓展周边的，或者说这个这个叫IP衍生的，我们也有很多想法，但是呢那个都当把它放到未来吧。当务之急就是稳定运营，持续把人数接着再创新高。好，先把这个翻译一下。 好的。So,

firstly I would like to talk about the Goose Goose Duck. Actually, since we have launched on the 7th of January, we accumulated a reach of over 30 million new users.

Up to now, generally speaking, and the total users could be quite stable at the 3 million up and down. We are actually during this planning, that is from the Spring Festival up to here the summer holiday, we're going to prepare a series of different versions and with different stages, and we would like to have a stable and continued stable game.

This is actually for the mid and long consideration for this game. Is that firstly, through this launch, we could actually have some of the remaining data, and we have confidence that for this continued versions, we could generation, and so we could make the DAU higher.

This is actually the most important priority for us. It means that we need to make enough users.

Once the product has launched, for the income perspective, we didn't do that much work on it. Because for the industry, for the game industry's average performances, in the future, we will consider about the payable rate and also the ARP value.

We still have a very big space for it. For this game, since launch up to now, the total performance is more than over our expectation.

In the future, we still have a very big space for the growth. In the future, we also would like to launch in the games base, and from the users' perspective, we would like to make it stable and make it continued stable.

Then step-by-step digging the commercialization possibilities. This is the first stage, is that we need to make sure this version is stable, have a good quality service, and also with this new version, make sure that the total quantity of the users online is good enough, and then furthermore, make it higher.

In the long-term perspective for this IP, we're going to consider how to have expand different surroundings products and also for the other accessories. We have different ideas for it, let's put it in the future.

Currently, the most important thing is that have a stable operation and make the users have a higher user quantity.

第一个问题呢，比较复杂啊，我尽我尽可能简单讲。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啊，首先肯定是对于我们经典的剑侠系列，也包括《剑网3》，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这个些许影响啊，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，这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，这个肯定是我们最基本的要要受保障的。所以这是作为第一条。第二条，实际上就是把把一些不具备战略性的这个这个项目吧，我们还是会适度的进行调整和收缩。对，这样的话，应该说是腾出兵力吧，放在我们认为从从长其实是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5月份，下个季度来沟通的时候，可能就会跟大家正式的去去去介绍。这是第二块。第三块呢，其实是跟丽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了啊，而不是说即将到来。尤其是对于我自己在这个游戏内容创制作这个行业呆了很多年，我自己认为是一次大变革。它绝对不是仅仅的这个这个这个增效或者怎么样，实际上是是会颠覆过去的内容创作模式。所以呢，这个自打我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啊，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。说简单点，其实就是说通过AI平台，AI创作平台的这个完成AI的创作平台的建设，未来更多的是这个这个这个创作者在这个平台上，去创作更多更多有意思的这个内容。甚至我们内部会定期的进行评选，在内部创作之后呢，这个涌现比较优秀的项目了，我们才会我们才会集公司之力再再去把它商业化推向市场。所以呢，就简单讲其实就是也是也是也是为了或者这么说吧，我们我们也认为未来整个行业的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，人人都是这个这个内容的创作者。你甚至可以简单理解就是就是全民这个这个创作的时代到来了，这是我的我非常坚信的一个观点。实际上就是随着这个这几年在这个内容创作的各种工具，基于AI工具的完善吧和丰富，我觉得这一点到了今年已经已经应该说是在整个行业也好，整个产业也好，已经是不争的无庸置疑了。所以我也认为就是这个时机点也也基本上是成熟的。对。这这这第三点其实这点是对整个西山居是更为有战略意义的一点。对。虽然这个去年游戏啊，我们我们的旗舰机遇到点，上线之后确实是不达预期，一些老的游戏也有一定的下滑。但但但但我们自己内部的这个这个总结分析来看呢，就恰好是处于一个除旧迎新的一个一个时机点上。对。我相信啊，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这个想象空间的這個或者说我西山居这种在未来这种这种模式下吧，我我认为可能会迸发出更更高的生产效率和效能。对，所以呢有的时候想的，反正就是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这个迎接一个新时代的一个开端吧。对，这就是我想表达的，好吧，翻译一下。 好的。So,

actually for this first question, it's quite complex. I would like to make it simplified is that, since I've become the CEO on the 1st of December last year, up to now it's already three months passed.

Generally speaking, firstly is for the series of the the Fate of the Swords and also for the JX3, for the business is actually the basic of our business. We would like to continue for the investment of the basic space.

In the past few years, we always have a lot of very honest fans and loyal users. Although we have collected some infections of the external competition and infection, but generally speaking, the customers are quite the customer quantity is quite stable.

That is why we believe that so the currently the customer service, we're going to provide a better service for the customers and higher quality for them, especially for the content. This is actually our guarantee, the basic guarantee.

Secondly is that we need to make some projects which doesn't have strategic weight. We need to do some adjustment, and also maybe shrink that business.

It means that we could have enough space, enough ability to make it into the middle and long-term strategy. Especially for them, we're going to have some strategic value.

Currently, it's not that convenient for me to release some of the information about it, but probably in May, when we do this seasonal report, it's going to be more convenient for me to have an official introduction for it. Thirdly is about relevant to the second part of the question is that the AI is going to be completely new area, is already arrived, especially for ourselves.

We can say is that for the industry of the game, actually for the manufacture, the production of the game, in many years, we have a lot of revolution. It's not just to have a higher efficiency, but this is actually completely changed the way of the mode, production.

Since I've become the CEO on the 1st of December last year, and we could completely carry out of the AI the different policies, especially not only for the that thoughts, thinking, and also the the platforms of the AI building. In the future, we're going to base on this platform to doesn't have that much identification for the profession, but we're going to highlight the innovation through the platforms of AI construction.

In the future, mostly is that the creator is going to create the game on the platform. They can have a lot of the creations, they can have some meaningful content, and internally, we're going to select some excellent project, and commercialized and promote it into this market.

Simplified is that we think in the whole industry of the organization, the content creation organization will completely change, and also the way of working will be completely change. Basically based on the platform creation under AI, everybody's going to be a producer, and everybody's going to be the creator for content.

This is actually everybody could do the creation. This is the time, the time has arrived.

I have a strong confidence for it. In the past few years, the AI tools have completely become more mature, and especially this year, the whole industry, for the products, we have no doubt about it.

AI has already come. That is why I think that the time is already mature.

Thirdly is for the Seasun, they have a actually a strategic meaning. Last year for the game we [unclear] has launched, it's not it doesn't have reached our expectation, and also the performances of the old game is a little bit slow.

This is actually we make and analyze internally and make a conclusion. This is actually a good point for us, because we could detect some of the old things and also welcome something new.

I think that as when we move forward of this is that we're going to have more space, and this is going to be our opportunity for Seasun. In the future, under this mode, we're going to have a higher product efficiency and so that is why I think that sometimes the bad thing is not actually a bad thing.

From the challenges and difficulties last year, we actually have some challenges facing, but this is going to let us to get to welcome this a new page for Seasun.

好的。那个邹总、李总晚上好。我想请教两方面问题啊。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模然后也有在推进，想问一下最新的这个推进的一些情况啊。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，包括对金山办公这个就是具体的影响啊。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，其实对市场上影响也比较大嘛。可能对咱们办公这一块直接的影响没那么大，那就基于这个就是行业的情况怎么去看。然后那我们也有服务于这些企业客户嘛，那企业客户他对AI的这些主要诉求，然后我们现在服务于他，比如说我们还需要补齐哪些能力？对吧。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？那我简单翻译一下。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 industry. Recently, the view 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 service.

What is what is your opinion about this this question? When you serve enterprise customers, what are their key demands for AI, and what capabilities do you need to strengthen?

Recently, Xiaomi has MiLM v2, a trillion-parameter large language model, as well as a lineup of associate models. In what ways will the MiLM model further empower and enhance the WPS business?

Thank you.

这个前两个问题我来回答，第三个那个李懿帮帮回答一下。第一个比较相对简单啊，其实就是软金山软件这边从去年4月份成立了这个AI产品中心，呃，进展情况，包括今年的展望啊。去年呢成立之后呢，我们呃更主要的工作啊，是配合金山云这边在一些具体落地场景中的一种一种协同性。其实也是呃呃应该说是呃AI落地企业的一些实践吧，包括在法律场景、金融场景等等。呃，实际上已经有呃当然有些我们金山云那边已经披露了啊，像江苏交工、呃中行的那个那个那个项目，我们已经已经落地交付了，已经在跑了。呃，像呃计算小法呀等等，其实在我们内部，包括在一些呃审司其实也像合同审核这些已经在已经用了。所以去年总结一句话呢，其实就说要真正到一些行业当中去，去摸索AI怎么真正赋能行业的 这个路径，对。呃，今年的重点其实是围绕这个更深入，尤其是 那个随着模型能力的提升，呃当然也包括 像今年这个OpenClaw这个出现啊，养虾子风靡 这个全全球了。其实也是启发，也是一个新，应该说是一个启发，就是说 呃呃 呃

呃AI赋能个人也好，赋能企业也好，它有很多种不同的形式，都都能去实现啊，不一定是要按原原有的那种逻辑去思考。对。所以今年的 最核心的其实就是 呃结合整个AI的发展形态吧，我的要求就是 还是要聚焦在 呃某些领域、某些行业去深耕。 呃呃呃其其实这就是这就是今年 跟去年最大的区别。去年呢叫做呃尝试一些赛道，去摸索AI落地的这个路径。今年 就是要具体，落具体沉到某一两个领域去，真正做深做透。好吧？这是这是AI产品中心的這個一个进展。呃要么先把它先翻译一下。

好的。So, we would like to answer the first two questions, and then Ms. Yi is going to answer the third question.

This is actually quite easy, is that since last April, we have set up the AI product center. This year, we actually have the forecast.

We would like to cooperate with Kingsoft Cloud to have some collaborations all together. Actually, Kingsoft Cloud, we already have delivered some of the products.

For example, Kingsoft Legal, and also internally, the target for the assessment, we already used some of the products. We make a conclusion since the last year that we would like to really get into this typical industry and trying to figure out the way of the road, AI how to have this empowered for different industries.

The key point of this year is that we need to target for the element the target, the aim, especially we can see that this year, the OpenClaw is show that appeared, and it's very popular the whole world. This is actually a great remind for us.

AI is going to have empowered for different person, AI could be able to empower for enterprises, and they have different ways to show up, and all this could be able to be realized. We are not only needs to based on the initial thinking.

Actually, the key things of this year is that we need [unclear] scenario, and also to focus on different industries to get into that industry. This is actually the biggest differences between last year and this year, is that last year, we are trying different roads and trying to localize in different ways, maybe that AI works for that industry.

This year, we have to get deeply into a typical industries in probably one to two different regions, and then make actual work. This is actually the AI product center's development and also the progress.

第二个问题，呃我理解啊，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。 呃 这样啊，包括近期啊也有说SaaS已亡啊，或者说AI吃掉软件等等的说法啊，我先谈我的观点。

呃，其实从23年开始，我在内部就谈过，并且到现在呃也都没变过啊，我我说基于大语言模型的AI来了， 其实我更喜欢用数智系统啊。 呃，所有的数智系统都会基于AI重构。

所以到今天来看呢，这个趋势是越来越明显。 对。所以你你问我怎么看呢，我我我认为我23年就是这样看的，就是几乎都会重构。

呃呃都会以AI或者以以大模型为核心了。对。 只是随着这几年，这个AI不断的能力不断地增强，这点被越来越多的这个大家所认可。好吧？所以也就是说， 呃简单说，对行业的影响就是所有的数智系统都会重构。

对。 至于呃近期有叫所谓的AI吃掉软件 这种观点，说实话我我是觉得这个这种描述是不准确的。

所谓的软件，对吧，是相对于过去硬件来说的啊，就是hardware，有software。 当然今天我们可能叫AIware，对。

实际上就是我更喜欢用数智系统，对。 你你呃结结合我刚才讲的第一个观点，所有的数智系统它都会基于AI重构。

对。你不用你说它是软件，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，你说豆包是个软件吗？它也是个软件。

只是说今天的软件 跟你以前的软件，它无论从它的功能的强大性， 还是从它使用交互、人机界面等等， 呃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，呃这种描述是对的。但你如果说把AI吃掉软件，这种描述是 是是不科学，也不精确的。好吧？

所以这这这这这这就是我我的观点，就是23年就就以来我就是这个观点。 那对于我们办公的影响，实际上从23年开始，AI出现， 呃 我就谈过我的观点。我说我们先是做 WPS AI， 呃现在我们又改了啊，就是那个时候我是说先做WPS AI，说白了什么的，把AI往后放。

什么意思？就是那个时候是 AI用来增强我们WPS。 然后我也说了，我说未来一定是AI WPS。

当然我们现在把WPS改成Office啊，就就说实话，也就是23年的提法就是说，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，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， 就就必然就会逐步 转向呃我们所谓Native AI 这个Office，往这个方向发展。

实际上办公呢从 去年，从23年开始啊，这个灵犀就发过这个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，呃也就是说从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 这个这个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，我们的我们所有的重重重心都是叫做AI Office了。 好吧？所以呢就是 这这是我我说的第二点啊，其实就是我们怎么去适应这个 这个这个时代的，也就是从23年开始。所以刚才在刚才电话会我也谈过，我们的我们的WPS的AI会员，去年暴涨307%， 也是得益于我们去年下半年开始灵犀 这个这个这个这个发布。好吧？

这是这是你这个问题的我第二部分吧。 第三部分呢， 就是小米呃这个这个呃MiLM v2 Pro， 呃这个是毋庸置疑的。其实 呃我无论是在 集团金山软软件的 这个这个沟通会上，还是在云的沟通会上，我都表达过。

我我说我说这个基于1+N的 这个，这个1就是指的小米的MiLM模型。因为这个是我们自家的。 呃我也多次谈过，金山跟小米是一个自AI的方阵。

我说金山自己不会去做大模型，但小米会做。 实际上随着它的这个 v2 Pro的发布啊，这个这个 尤其是最近这几天， 呃的进行的量产的表现吧，包括它的匿名的表现，其实大家也都看到，实际上小米本身这块的能力的提升。而这本身 也是 我们整个金山系的 未来的最核心的竞争力之一。

啊我们基于我们自身的游戏，去加强我们自身这个生态的这个 这个这个，AI生态的这个建设。 好吧？所以呢基本上就是 呃毋庸置疑的，就是 就甚至随着时间的推移， 呃整个整个金山系的 这个这个应用生态 会越来越多的 这个这个小米模型，这个比重会占占比越来越高。

好吧？ 好，翻译一下，快速翻译一下。

好的。So,

I would like to answer the second question is that, based on my understanding is that, the AI, the influence for the AI soft if we are saying that AI is going to eat up software, it's not I don't personally agree on this statement. Because as we know is that for the big language model, AI has bring that I would like to using the digitalized system to have to restructure the AI currently.

This trend is quite significantly recently. Since 2023, we have the restructure, I can see is that the AI is the core things.

As the development in the past few years, AI has the constantly strengthened, and more and more be recognized by people. Simplified saying is that, this is actually the whole restructure for the So AI could actually, if we are saying that AI is going to eat up the software, the description is not accurate, because the software is compared with hardware.

What exactly software and hardware? This year, you can see is that the AI scale, I would like to using the digital system to explain that, especially for the is based on the basic on the AI restructure.

For the software and compared with hardware, for example, Doubao, this is a software, right? Today we can see is that, and compared with previously, they have a bigger function, they have a better interaction, and also have more different multiple functions and abilities, which we cannot imagine previously.

This is actually our understanding. Traditional software are different, because the AI software could be replace the traditional software, that is for sure.

AI will not going to eat up the software, because that is not scientific. This is my opinion since 2023.

Also the influence for the office is that since 2023, AI has showed up, I discussed about my opinion. During that time is we can see is that AI could be strengthened, keep strengthening their ability in the future.

That is why right now we have changed the name as the Office, because 2023 we initially used the Office AI, and then we changed the name as AI Office. This is constantly of my first question's answer is that initially the AI ability is not that strong enough, that is why we need to use Office to strengthen their AI ability.

As the AI ability become stronger and stronger, for example, we have the native AI Office development since 2023, then WPS 1.0, 2.0, and 3.0, especially last year we have launched the Lingxi. This is actually the constantly development.

Up to now, this year 2023, 2026, it's significantly clear that Office AI is going to be a big part, and all of us is going to you all that is AI Office. This is second point, which is just suitable for this time since 2023.

Also for the WPS AI membership, since last year, we could increase the 307% since last year. The reason is that last year, the first last year, we have launched the Lingxi, that version.

This is actually the second part of answer this question. Third part is about Xiaomi.

Xiaomi has launched the MiLM v2 Pro. No matter for the communication meeting with the Kingsoft or the cloud communication meeting, that is based on 1+N, that is the Xiaomi's big model for MiLM.

For Kingsoft and Xiaomi, we are actually a AI mixture. Xiaomi would like to do this big model, but Kingsoft are not.

As time when we have AI launched, especially recently Xiaomi has launched that our own AI, and the performance is actually quite good. We can see that the ability of Xiaomi is increasing all the time, and the key thing is that we need to make our competition ability stronger, and also to have our own strengthen their AI ecosystem construction.

Time goes by, the whole Kingsoft's serious products could have a very competitive ecosystem together, developed together with Xiaomi. 费用的话我就尽快的回答一下哈，林林。那我们费用的大原则还是是说，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的研发，还有WPS 365的一个协作版的一个市场拓展。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，我们长青线的游戏就提供了一个现金流的一个支撑。那么营销它的变动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。那么从费用总体来看的话，我们还是动态监控一个新游的上线节奏，还有的话整体的AI的投产出比，我们也会确保是说我们费用效率的一个最大化。谢谢。

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.