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

I would like to welcome everyone to our 2026 first quarter 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 a consecutive interpretation into English. During the Q&A session, we will accept questions in both English and Chinese with alternating 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.

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

Zou.

Zou Tao. 大家好，欢迎参加金山软件2026年第一季度业绩电话会。一季度，我们坚持技术立业，保持战略定力。金山办公持续深化AI、协作、国际化核心战略布局，稳步推进AI全场景赋能能力的落地。网络游戏业务聚焦精品游戏与长线运营，加大对原有核心游戏的投入，同时积极拓展新游戏。

Hello everyone, and thank you all for joining Kingsoft's 2026 first quarter earnings call. In the first quarter, we remained committed to technology empowerment and maintained strategic focus.

Kingsoft Office Group continued to deepen its core strategy of AI, collaboration, and internationalization, and steadily advanced the implementation of AI service capabilities across office scenarios. For the online games business, we focused on premium games and long-term operations.

We increased the investment in our existing core games and actively expanding into new game genres.

一季度，集团总收入为人民币24.2亿元，同比增长3%。其中，办公软件及服务业务收入为人民币16.1亿元，同比增长24%，保持稳健增长态势。网络游戏及其他业务收入为人民币8.04亿元，受存量游戏收入回落的影响，同比下降22%。《鹅鸭杀》自1月上线以来，持续聚焦用户增长，稳步夯实商业化基础。

In the first quarter, the group recorded revenue of RMB 2.42 billion, representing a year-on-year increase of 3%. Revenue from the office software and services business reached RMB 1.61 billion, up 24% year-on-year, maintaining steady growth.

Revenue from online games and others business amounted to RMB 804 million, down 22% year-on-year. This was primarily due to the decline in revenue from existing games.

Since its launch in January, Goose Goose Duck has focused on growing its user base with monetization in its early stage.

下面，我向大家具体介绍2026年第一季度的业绩情况。金山办公在AI协作领域的研发投入成效逐步显现，叠加精品化、精细化运营效率提升，三大核心业务全线增长，盈利质量持续优化。WPS个人业务实现收入9.8亿元，同比增长14%。我们持续推进AI产品迭代升级，深化海内外市场精细化运营。AI功能的持续完善有效带动了WPS AI的月活、用户付费转化率及客单价的同步提升，收入保持稳定增长。WPS 365业务实现收入2.4亿元，同比增长61%。我们持续迭代AI与协作产品能力，企业级赛道成长动能不断增强，规模性客户订单量持续增加，推动收入实现高速增长。WPS软件业务实现收入3.5亿元，同比增长32%，党政信创采购需求持续释放。政务AI产品已在党政机关有序落地推广，为客户数字化转型提供有力支撑，带动收入实现快速增长。

Now, I will walk you through the business highlights for the first quarter 2026. During the quarter, the results of the Kingsoft Office Group's R&D investment in AI and collaboration gradually became evident.

Together with improved efficiency from refined operations, all three core business segments achieved growth, and the quality of earnings continued to improve. For WPS individual business, revenue reached RMB 975 million, representing a year-on-year increase of 14%.

We continue to upgrade and iterate its AI products, while further enhance refined operations in both domestic and overseas markets. The continued enhancement of AI features effectively drove simultaneous growth in WPS AI monthly active users, paid conversion rates, and average revenue per paying user.

This supported stable revenue growth for the business. For WPS 365 business, revenue reached RMB 244 million, representing a year-on-year increase of 61%.

We continued to upgrade our AI and collaboration product capabilities, which further strengthened our growth momentum in the enterprise market. Orders from large-scale customers continued to increase, driving rapid revenue growth.

For WPS software business, revenue reached RMB 347 million, representing a year-on-year increase of 32%. Procurement demand for localization continued to grow, and the government AI products have been rolled out in orderly manner across government departments.

This provided stronger support for customers' digital and intelligent transformation, and drove rapid revenue growth.

旗舰游戏《剑网3》整体运行态势稳健，活跃用户保持稳定。在内容上，不仅在春节及元宵节期间推出创新活动，更在4月上上线了全新资料片《暗影千重机》，持续丰富内容供给。在产品上，旗舰版完成画质优化并推进玩法迭代，同时进行了双端技术升级。我们将加大研发投入，持续提升游戏品质，进一步巩固核心用户生态。经典剑侠系列端游深耕长线运营，以持续的内容创新夯实产品底蕴，深耕社区生态，凝聚玩家向心力。《鹅鸭杀》国服表现良好，凭借本土化内容创新与社交玩法获得玩家认可，用户基本盘持续扩大，流水逐步提升，4月进入App Store畅销榜游戏前五，拓展了我们在派对游戏与社交推理赛道上的布局。未来，我们将聚焦产品精细化打磨与社区生态长线运营，以优质的互动体验加深用户粘性。

For online games business, our flagship game JX3 Online continued to operate steadily, with its active user base remaining stable. In terms of content, we not only launched the innovative in-game event during the Spring Festival and the Lantern Festival, but also released a new extension pack, Shadows of Solvent Machines, in April, continuously enriching our content offerings.

In terms of product, the flagship version completed graphic quality optimization, advanced the gameplay iteration, and underwent dual-platform technology upgrades. Going forward, we will increase R&D investment, continue to enhance game quality, and further consolidate our core user ecosystem.

Our classical JX series IP of PC games remained deeply committed to long-term operations, continuously innovating content to strengthen the product heritage and cultivation and the community ecosystem to foster player loyalty. Goose Goose Duck performed well in the domestic market, gaining player recognition from localized content innovation and social gameplay.

Its user base continued to expand. In April, it entered the top of the Apple Store top gross chart, with gross receipts gradually increasing, broadening our strategic presence in the party game and social deduction segments.

Moving forward, we will focus on continued product refinement and long-term community operations, enhancing user engagement through high-quality interactive experience.

展望未来，金山办公将持续深化AI能力布局，重点推进Agent产品落地，以WPS 365赋能智能办公场景，并推动国际化进程。网络游戏业务将继续强化对核心游戏的研发投入，以AI赋能内容创作，为玩家提供优质的游戏体验。接下来，有请CFO李翊为大家介绍一季度财务业绩，谢谢。

Looking ahead, Kingsoft Office Group will continue to deepen its AI capabilities. We will focus on advancing the implementation of AI agent products, empowering intelligent office scenarios through WPS 365, and accelerating our international expansion.

The online games business will continue to strengthen R&D investment in core games and leverage AI to enhance content creation, providing players with high-quality gaming experience. Next, I would like to invite Ms.

Li Yi to introduce the financial performance for the first quarter of 2026. Thank you.

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

I will now discuss the first quarter financial results using RMB as currency. Revenue increased 3% year-over-year and decreased 8% quarter-over-quarter to 2,417 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 24% year-over-year and decreased 8% quarter-over-quarter to 1,613 million.

The year-over-year increase was primarily attributable to the growth across three principal business of Kingsoft Office Group. The steady growth in WPS individual business was primarily driven by the ongoing enhancement of AI capabilities, which drove growth in WPS AI monthly active users and commercial rates.

The strong growth in WPS 365 business was mainly driven by continuous integration of AI and collaboration capabilities, as well as the broader and deeper customer penetration in private enterprise and local state-owned enterprises. The growth in WPS software business was primarily supported by increasing demand from localization.

The quarter-over-quarter decrease mainly reflected the seasonal decrease from WPS software business, partially offset by continued growth in WPS 365 business. Revenue from the online games and others business decreased 22% year-over-year and 7% quarter-over-quarter to 803 million.

The decreases were mainly due to declined revenue from certain existing games, partially offset by revenue contributions from new games. Cost of revenue increased 16% year-over-year and 3% quarter-over-quarter to 487 million.

The year-over-year increase was primarily due to higher revenue-sharing cost of new games, as well as greater server and bandwidth cost driven by the growing user base of the office software and services business. Gross profit increased 1% year-over-year and decreased 10% quarter-over-quarter to 1,930 million.

Gross profit margin decreased by 2 percentage points year-over-year and quarter-over-quarter to 80%. Research and development costs increased 40% year-over-year and decreased 1% quarter-over-quarter to 942 million.

The year-over-year increase was primarily driven by increased headcount and AI-related expenditures, reflecting the group's strategic focus of advancing AI capabilities. Selling and distribution expenses increased 60% year-over-year and decreased 50% quarter-over-quarter to 395 million.

The year-over-year increase primarily reflected higher personnel-related expenses and increased marketing expenditures for Kingsoft Office Group. The quarter-over-quarter decrease was mainly due to high base effect from promotional activities for Kingsoft Office Group in the prior quarter.

Administrative expenses increased 80% year-over-year and decreased 7% quarter-over-quarter to 188 million. The year-over-year increase was mainly due to higher personnel-related expenses and increased depreciation arising from the completion and operation of Wuhan campus.

The quarter-over-quarter decrease primarily reflected a reduction in professional service fees. Share-based compensation cost increased 65% year-over-year and decreased 3% quarter-over-quarter to 89 million.

The year-over-year increase was mainly due to the grant of awarded shares to the selected employees of certain subsidiaries of the company in the last year. Operating profit before share-based compensation cost decreased 26% year-over-year and 20% quarter-over-quarter to 484 million.

Net other gains were 82 million for this quarter, compared with losses of 22 million and gains of 890 million for the first and the fourth quarter of 2025 respectively. The gains in the fourth quarter of 2025 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 profits of joint venture were 1,859 million for this quarter, compared with losses of 12 million for the first quarter of 2025, and profits of 163 million for the fourth quarter of 2025, respectively. The profits in this quarter were primarily due to the net unrealized gains on equity investments.

Share of losses of associates were 111 million for this quarter, compared with losses of 153 million and 132 million for the first and fourth quarter of 2025, respectively. Income tax expenses were 230 million for this quarter, compared with expenses of 48 million and 280 million for the first and fourth quarter of 2025, respectively.

As a result of the reasons discussed above, profit attributable to owners of the parent was 1,091 million for this quarter, compared with profit of 284 million and 975 million for the first and the fourth quarter of 2025. Profit attributable to owners of the parent excluding share-based compensation cost was 1,139 million for this quarter, compared with profit of 360 million and 1,026 million for the first and fourth quarter of 2025.

The net profit margin excluding share-based compensation cost was 47%, 40%, and 39% for this quarter, the first and fourth quarter of 2025. The group had a strong cash position towards the end of the reporting period.

As at 31st March 2026, the group had cash resources of 27 billion. Net cash generated from operating activities was 89 million for this quarter, and net cash used in operating activities was 102 million for the first quarter of 2025, and net cash generated from operating activities was 1,133 million for the fourth quarter of 2025.

Capital expenditure was 81 million, 121 million, and 67 million for this quarter, the first and the fourth quarter of 2025, respectively. That's all for the introduction of our operational and financial results.

Thank you all. Operator, now we are ready for the Q&A session.

Thank you.

哎，邹总、李总晚上好，感谢接受我的提问。我这边两个问题都是关于游戏板块的啊。第一个是，我们看到一季度这个游戏板块还是经历了一些战略调整，那么收入端是有这样一个同期的下滑。那想请问站在目前这个时间点，公司对于这个板块的收入利润水平是怎么去展望的？我们有没有一个时间点预期，就是游戏收入能够重回到这个增长的轨道上来？然后第二个问题呢，想问一下就是接下来一到两个Q吧，我们整个游戏发行的这个管线是怎么样的？我自己快速翻译一下。Good

evening, Mr. Zou and Ms.

Li. Thanks for taking my questions.

I got two questions about the gaming business. The company has undergone some strategic adjustment in your gaming segment.

What is the revenue and profit margin outlooks for this division? When do you anticipate the gaming revenue returning to a growth trajectory?

Second, could you walk us through the upcoming game release pipeline? Thank you.

好，丽萍我来回答这两个问题。第一个，确实就是我们今年Q1啊，就是同比去年Q1的游戏，主要是《剑网3》当然包括《尘白》的下滑引起。所以你也看到了下滑。这种趋势呢，还会延续未来一到两个Q吧。因为我们内部也在做积极的调整。刚才电话会我也谈到了，总体策略呢其实就对于这种，我们对像《剑网3》这种旗舰产品呢，我们依然要加大投入，丰富游戏内容，然后进一步改善用户体验。其实从今年4月的《暗影千机》这个资料片呢，我们明显还是能感受到用户的反馈吧，就是越来越多的用户在感受到了我们这种积极的变化，还是给予了很高的评价。当然我们重点的版本是在Q3、Q4才会正式上线。对，所以在未来Q2呢，虽然用户本身对我们这个产品的满意度在重新回升啊，但从收入上来看呢，要放到Q3、Q4才能逐渐明显。这是这一块。此外呢，我们其实也在积极的布局一些新的产品和品类啊。基本上都会放到Q3甚至在Q4才会去上线。如果上线达到预期的话，通常财务上的体现呢也基本上会回到明年，或者说最早也是在Q4才会陆陆续续体现。好吧，这其实就是今年整个情况。然后第二个问题呢，就我们一到二季度，就未来一到两个季度游戏这边有哪些，基本上我们目前有版号确定的啊，就像这个《猫汤》啊、《愤怒的小鸟》啊、《剑侠情缘4》啊等。我们有些还没拿到版号的呢，就暂时就先不赘述去讲了。好吧，包括我们今年的一些重点产品，等我们拿到版号再陆陆续续跟大家去交流。好吧，反正我把这两个问题就当做一个问题回答。好，一起翻译一下。

I would like to answer the two questions. Regarding the first question, that is true that in the Q1 of this year, compared with last Q1, it is true that we have like the products for like the JX3 and also for the Snowbreak, we have a little bit drop.

This trend is going to continue to the next sections. We actually doing the like internal adjustment.

Our general strategy is that for the JX3, we're going to do a further investment, and also to reach the more content for this game, and we could be able to further improve the customer experience. I can feel that the feedback from the customer is that it's going to be more and more positive, and they can feel our change, and also give a pretty high reputation and also comments for our games.

That is why we believe that for the key point is that we're going to focus on the Q3 and Q4. Also in the future for the Q2, although the customer is going to have a better positive feedback to ours, and this comments is going to recome back, but from the income perspective, we believe that it's going to until Q3 and Q4 we could have a significantly increase.

The second point is that for this products like variety and categories is that in the Q3 and Q4, we're going to have some new type of the products launched. In that case, we probably is going to reach to our expectations financially.

We believe that it's going to until next year, or the earliest is going to be Q4 this year. The general situation of this year is going to be like the like the we would like to answer like the third question is that for this like first and second like section, the Q1, Q2, for this game perspective, we already have some got the some some license.

Like for example, we're going to have like for example, we're going to have like Cats & Soup, and also for like Angry Birds, and also like we have like the Fate of the Sword for the 4. This type of product, we're going to launch very quickly.

For the others we didn't get the license, we're not not going to talk too much about it. This is going to be the core product for this year.

That's it. 哎好的，谢谢邹总，非常清楚。

邹总、李总，各位好，感谢接受我提问。我这边先请教两个问题吧。第一个关于咱们游戏，邹总上季度会也提到了咱们在做一些业务的调整啊，想问一下就是咱们最后可能期待达到怎样的效果，以及目前一个调整的进展是怎么样。然后其次是对咱们核心的存量游戏的一个策略，包括刚才也提到一些下半年一些新业务啊，大概可能名字不方便说，可能大概的这种游戏类型或者是方向上可以进行分享吗？然后第二个问题是关于我们办公业务，想理解一下今年咱们办公业务的一个主要的增长点，或者是主力在聚焦在哪边，比如说WPS 365或者是海外订阅这些方面吧，就是如何实现这些更快的一个增长。那我这边简单翻译一下。Thanks

management taking my question. I have two questions here.

One is regarding our game business. Management mentioned we're going to have business adjustments in last earnings call, and could you update us how is the progress and what results we are looking for?

What will be our strategy for the core game business we have, and in second half this year, what type of new game we are trying to launch? My second question is about the office business.

What will be the key growth driver for this year, and for example WPS 365 or individual overseas business, and what will be our strategy to accelerate the business growth? Thank you.

好，我来回答一下这个关于问题。第一个其实关于整个，应该是不是游戏啊，是西山居的调整。因为我们的游戏分两块，一个是西山居，一个是适游。对，西山居的调整呢，总体来讲是分三大块吧。第一大块呢，其实就是关停并转。我们应该说是把力量更聚焦吧，把一些不具备战略发展的项目，无论是老的和新的都会做些调整，市场上也陆陆续续看到了这些动作啊，对。第二块呢，其实还是要将基本盘做扎实。这个对西山居来讲最核心的就是剑侠情缘系列，其中又以《剑三》为最重吧。所以呢，在过去几个月吧，我们也是加大了对剑侠情缘系列这个产品的投入。从结果上看呢，用户也感受比较明显，陆陆续续我们也是收获了很多用户的这个点赞。对，第三部分其实就是肯定新的布局啊。新的布局呢，具体的一些游戏啊，包括今年我们有可能就会上的呢，可能暂时还不太方便去，因为版号也没拿到，产品呢也还没有进入到测试期吧，我们也还在内部研发当中，所以我暂时就不跟大家公布。但另外一个方向是基于AI创作的新范式，这也是整个西山居调整的一个未来一个核心方向。实际上呢，在过去的这一个月，我们已经举办了第一期吧，就是基于这个AI的游戏创作比赛。实际上呢涌现出非常多的优秀产品，我们一共有1,000多同事积极参与，提交了将近300款产品，其中内部评价优秀的就是将近有七八十款。所以总体来讲，这种新范式的尝试，我们目前认为是取得了阶段性成功。对，当然我们也在仔细思考，第一个是怎么持续的把这种从活动性质变成一种常态化内容开发的方式。第二个呢，怎么把这些优秀的作品，甄选出来的优秀作品，怎么样的在商业化，考虑未来商业化的取得成功，好吧。所以简单讲其实就这三大块调整，把过去的关停并转，然后加大对基本盘的投入，以及面对这个AI的新范式，我们如何去创作更好的内容和给用户更好的体验。我们也已经开始完成了第一阶段的这个尝试，好吧。先翻译一下这个第一个。 Okay.

Actually, we can answer this question is that we cannot say the whole adjustment, because that it is actually belongs to the whole season the section, and we actually did some adjustment. One part is for the season section, the other part is others.

We're going to separate into three parts. The first is that for our operation perspective, we would like to put more energy and more focusing on the projects which has a future good development potential.

For some other projects which doesn't have a strategic way to have a proper development, we're going to do some adjustments, no matter for the old project or new project. The second is that we need to have a solid foundation.

Especially for the JX series, especially for the JX3, it is the most important. In the past three months, we actually have strengthened their investment for the JX3 series, our customers can significantly feel it.

Third is about the new layout. Typically for the game is that for this year we plan to launch, but right now at this moment is not that convenient to release that information, because we didn't receive the license yet, and the product didn't get into the test section, and we are still doing the internal development, it's not that convenient for us to release the name.

Second part is about AI creation, the new creation style. Actually in the past one month, we have already finished the phase one.

Based on the AI competition, we actually have a lot of new products comes out. We have more than 1,000 colleagues actively get involved, which has submitted more than 300 products, and we have selected all of them, which is 70 to 80 of the products were excellent.

We can expect that it is new paradigm that achieved a first results. We need to think about it.

The first is that how we could successfully commercialize the excellent works, and also we could make this activity into a regular development. Second is that how we can make a pretty successful commercialization for this excellent products.

Third is that how we can do a proper adjustments, we could do some further investment for the foundation, and also facing to this AI new way of the creation, how we could be able to create a better content and also provide a better service, better experience for our customers. In that case, we could be able to finish the first stage trial.

第二个问题呢，我就先从那个还是那个金山办公整体的这个发展特质上讲讲。我自己是，我用我自己的话术啊，我觉得金山办公就是一横三纵吧。这一横呢是贯穿的，这个三纵呢其实就是AI。实际上从2023年开始吧，金山办公经历了在这个我就从WPS AI向AI WPS的这个进化的一个过程。中间陆陆续续也推出了灵犀1.0、2.0等等。所以这是主线，就是大模型加持下的整个这个新型态的办公协作体系的建设。当然我们近期也推出了WPS AI伴写啊，陆陆续续结合还会推出那个一系列围绕AI型形态的一个产品。这是一个整个横线吧，就是AI贯穿整个横线。从竖线来看呢，无非就是个人版、个人WPS 365以及那个国产自算信创。从目前来看呢，那个我们WPS 365依然保持了60%以上的增速吧。从这个结果上看，也就说越来越多的企业接受了我们这个WPS 365。我认为这依然是一个核心的增长的动力。第二个呢，其实就是我也注意到其实我们在整个的自算信创这个领域呢，依然也保持了30%以上的这个增速。而我自己个人的判断，未来其实现在的这波的信创其实还是处于老信创和新信创过度吧。我自己的观点，未来整个自算升级这个机会可能会更大。因为随着今年龙虾的诞生吧或者普及，其实越来越多的人认可了，我刚才讲的那一横吧，这个AI本身对整个各行各业这个生产效率的提升起着巨大的推动作用。所以呢，我自己的判断未来就是整个自算信创升级依然是有很大的空间。然后个人版这边，我们也看到我们无论是这个PC的，我们以PC用户数为衡量啊，我们PC用户数的增速在3亿的基数上，我们依然做到了10%以上的增速啊。所以我们可以看到用户数的增长还是保持了一个在比较高基数下的一个高增长。包括我们的AI本身的会员数，以及也是啊，这个越来越多的人意识到了这个AI真正能够帮助个人提效赋能，甚至说实现替代。所以呢，我认为这块未来的从用户数、从付费率、从ARPU值上依然有很大的空间，对。所以呢，总体来看呢，我觉得办公业务呢还是处于一个非常好的发展阶段。从2023年我们抓住了这个AI给过战略机遇啊，从用AI去增强我们的这个Office，到逐渐向AI native原生态去逐步进化。这么一个技术演进的一个过程吧。所以呢，我自己认为就是总体来讲办公，无论是C端、B端，当然也包括海外啊，海外只是说从区域划分，但也是这个一横三纵，我觉得总体来讲都依然还有很旺盛的或者还是有比较大的一个增长空间的。好吧。随着我们7月份陆陆续续推出越来越多的AI原生态的产品，我估计大家应该能够越来越感受到了这点。好吧，谢谢，翻译一下。 Okay.

Actually regarding this part is that for the second question, for the Kingsoft Office, the general development strategy is that we can call it as one horizontal and three vertical directions. The three vertical direction, we can call it AI.

Since 2023, the Kingsoft Office has passed about the development of the AI from the 1.0 to 2.0. This is actually the master line.

Based on together with the big model, have the new way, and then the office a collaboration system construction. At the beginning, we have the CoMate, and we also have a series of different AI products comes out.

We can say is that the whole horizontal line, the AI is actually goes through all of them. From the vertical line, we can see is that the personal WPS 365, and also we have self-creative, and currently we can see that WPS 365 still keep a 65% more than 65% increase.

We can see that more and more companies could accept the WPS 365. This is actually the call driving to drive the increase.

Secondly is about the self-creation. We can say is that it still have kept for more than 30% increase.

My personal judgment is that in the future, and why we have new style and also old style to have the transformation in the future, the development space is going to have a more and more opportunity, and together with OpenCloud, this year has widely coverage, and more and more people is going to recognize it and would like to use it. The AI is actually for their working efficiency is going to have a tremendous increase.

That is why we believe that this is going to have a bigger space for the increase then in the future. From the individuals perspective, we believe that no matter for the PC users, we can say that for the PC users perspective the increase, they are based on the 300 millions basic users we have, we still keep a 10% increase.

That is why more and more customers has recognized that AI could help them to increase their working efficiency a lot. Also the number of the users, and also the payer rate is going to be increased quite a lot.

That is why we can see is that we still have a very big space for the increasement for the office business. This is actually a very good development stage.

Since 2023, we have our strategic opportunity that AI is going to strengthen the office, and from the AI to native is going to have a step-by-step different increasements, and also the technology also have a very big improvement. Generally speaking, from the office, either for the B-end or C-end, and also for the overseas, we can also separate into different sections, it's actually the same.

It's have a very big demand. We can see is that we have a very big space, and we believe that our customer is going to feel it together with us, and this is going to be our core driving power for us to through us to develop in the future.

好，谢谢邹总，谢谢管理层。

谢谢给我提问的机会啊。邹总、李总晚上好，我这边有几个问题想请教一下。第一个问题是想问一下游戏这边，因为《鹅鸭杀》我看到在4月份达到畅销榜最高的时候排名是在第五位嘛。那最近近期它会有一些波动，那怎么看这款游戏后续的一个流水表现？那在运营这一块是有哪些这个规划？然后第二个问题是关于这个就想问一下办公这块业务。办公的话，因为我们也看到就是现在Agent在规模化的落地嘛，那按量计费的这种模式，它对于这种就现在也逐渐被越来越多的公司去采用嘛。那它也对这种传统的这种按人收费这种方式，它其实也带来了一定的冲击。所以那金山办公那后续是否也会去去调整这个定价体系？那对收入变化会有怎么样的影响？那我这边简单翻译一下啊。My

first question is about the Goose Goose Duck. As the the game peaked at number 5 on the best seller chart in April, yet ranking has fluctuated recently.

What's your outlook on its future revenue performance and operational plan? The second question is about WPS.

As agent solutions are deployed on a large scale, the new pay-as-you-go model has impacted the traditional pricing system. Will WPS adjust its pricing models going forward?

How will it affect revenue? Thank you.

先回答游戏这个啊。《鹅鸭杀》从目前截止到目前啊，这个5月份来看呢，基本上从收入侧是保持一个比较稳健的这个态势。这是因为你刚才谈到4月份，我想其实到5月份我们依然还是比较稳定的，对。那我更多还是想谈一下对这款产品我们总体的一个构想啊，我们总体的一个规划吧。第一个呢，我们还是保持啊，就是先丰富完善这个游戏内容和提高用户体验为主，这是第一点啊。第二个呢，就是我们还是判断这个市场还有还是有很多这个还没有触达到的用户吧，也就是说我们我们认为还是有继续把人数继续往上做的这种空间，所以呢我们我们还是会优先去工作重心放在这个提升人数上，然后再去逐步逐步这个去提升这个ARPU值的方式，对。第三个呢，就你谈到整个运营规划，我们基本上是基本上按照季度吧，每个季度会推推出一个比较重大的版本吧，或者说对，然后那个通过持续丰富玩法和内容这种具体的格式来拉动我们的这个在线数。总体来讲还是希望这个游戏能够稳定在一个比较高的这个在线数，这么一个目标吧，好吧。到了第二阶段，当相对人数持续相对稳定的时候，到第二阶段才会逐步逐步开始丰富商业化，提升收入，对。从目前我们总体对这款游戏上线四五个月的表现来看呢，我们对于去达成这两个这个核心目标还是比较有信心，就是把用户数相对拉到一个高一点，然后才开始精细化的进行商业化。对，好吧。当然这个近期的主要是在规划这个暑期，就7月份这个版本，这个当然具体的一些举措暂时不方便去对外沟通了，可能就我们我们目前都在积极准备7月份这个版本，好吧。先翻译一下这个问题。

Okay. From the games perspective for actually the Goose Goose Duck, and basically currently we can say is that from this income perspective, this is quite stable, and so we can say is that in the April and May is quite stable.

Most probably is that for those products the general plan and strategy, we actually separate into different parts. The firstly is that we need to maintain the rich content of this game to provide a better customer service.

This is first thing. Secondly is that we make this judgment of this market is that they still have a lot of customers we didn't get in touch with.

We would like to continue to make a bigger volume for the customers, and increase the volume for the users. This is going to be the priority, and then we could be able to increase the ARPU value.

Thirdly is that we plan based on the different seasons, each season we're going to have a tremendous version launch out. We're going to constantly reach the play way and content of the game.

In that case, we could be able to have a higher volume of the users. We hope that and when we could have a certain stable and pretty high volume of the users, then we could be able to get a more income.

This is going to be our targets. In the second stage is that once we're going to have a proper stable users, and then we can step by step get into the commercialization to increase their income.

Currently, generally speaking is that after launch of the game, and we can say the promises of this game, and basically for the two core targets, we are quite confident for it. The first is that the users' quantity will be higher, and then we could be able to trace the commercialization.

Recently that we are actually make the plan for the July version. Currently for the specific action, it's not convenient for us to release it, because we can only say is that we are actively prepare the version in July.

第二个问题呢，我觉得先要想从另外一个角度先讲讲。因为你刚才谈到的核心问题就是说Agent的这种模式流行了，像传统的这种办公模式、订阅模式是不是会受影响了？这个我更想去跟你表达一下我们现在是，我刚才在回答上一个问题讲过一横三纵啊。我更想跟你讲讲，就是面对这个或者说AI这个新技术的时代啊，我们到底发生再发生哪些变化。这里头我想你提这个问题可能还是对我们这个新的这个不是很了解。我就先跟你从To B端讲，其实我们To B端，我刚才上一个问题讲谈过我们最近发布了WPS AI伴写，其实基本上就是如果是在原有的金山协作的基础上了，如果加上WPS AI伴写的话，它本身已经组成了一个企业级的AI时代的办公矩阵了。它不太是传统的，也就是说我们不是说停留在过去传统的所谓WPS授权场地授权，或者说过去的WPS协作那样，其实我们已经是形成了AI产品矩阵。如果你本身是用WPS协作，如果再用我们的那个WPS的伴写的话，基本上会形成一种企业级的这个AI OS了。所以这个当然我们也刚发布啊，我们自己内部也在用。我觉得这种形态，我想表达的是我们本身就是在跟着这个AI的技术进步在在不断的进步，它不是说固化下固化在以前那种模式不动啊。所以呢就是，而且我们的那个客户呢也是帮助客户吧，从传统办公时代进入到一个AI办公时代，我觉得这是To B的。To C的也一样，其实当然我们灵犀不断地发布啊，灵犀1.0、2.0、3.0，实际上呢在7月份也会发布这个C端的Agent产品。其实也是帮助我们的客户从过去那种传统的这个内容创作分享这种模式啊，进入到这个AI时代的内容创作这个分享模式。所以呢所以我的观点就是不仅不仅不会影响到我们原有的，你刚才讲的是其实我更多的理解是说如果原来的定价还是原来的那些服务内容能不能撑得住啊。我想表达就是我们在不断的丰富我们的产品和内容，所以实际上呢这个从我们过去AI会员数的增速来看呢，其实用户是是接受的。我觉得本质上并不是说这个定价系统的问题，而是说你的产品赋能能力能不能跟上AI这个时代的问题。所以综合我刚才讲的To B、To C啊，我想给玲玲你你的回答是我们我们跟上了，我们不仅跟上了啊，实际上这几年我们自身啊通过在AI领域的实践呢，我们认为还是创新性的提出了怎么在办公场景下去把AI用好的这个实力。至少在我们内部，我们自己目前这个感受来讲还是非常非常适合这个时代的，好吧。翻译一下。 Actually,

regarding the second question is that I would like to say from another perspective. The call things is that from this mode, from the traditional mode is that whether we could be able to affect it.

Here is going to get back to just now I have mentioned for the one horizontal and three vertical. I would like to say is that when we are facing to the AI new technology, what executive exchange we have?

This is actually for the new things, probably the people doesn't know that much about it. I would like to firstly describe about the 2B end.

For the people's CoMate, initially for the Kingsoft collaboration plus the CoMate is going to completely realize the enterprise level of the officing mixture. It is not like traditional way.

This is actually the products automation, and all we can say is that previously you compared with the previous part, you already have this AI product matrix. It means that WPS collaboration plus the AI CoMate, this is actually a completely enterprise level of AI OS.

This is actually we just launched, and internally they also use it. This is actually tightly follow up with the AI technologies improvement.

We actually follow up with this and constantly improve our selves. This is not like a fixed mode.

We are actually together with the technology improvement, we're doing the improvement as well. This is actually the helping our customers from the traditional office to the AI office.

This is actually a 2B. We can see is that from the initially 1.0 to 2.0, in July we're going to release some different version.

Also from the C-end, we also provide these different updated agency to our customers to use it. Compared with the previously the content creation, sharing, and until right now we have the AI area to have some creations sharing mode.

We can see is that mostly we can think about is that whether our service could be good enough. Actually we are constantly rich our content, compared with the previous increased speed, we believe that our customer could still accept it, because we can see is that this is not just a pricing system strategy and question, this is actually the product service ability, whether we could be able to follow up with that.

Either for the 2B end or 2C end, we can not only could follow up with several years, but we can see is that in the AI application, they creatively mentioned that how we could be able to have a better use for the AI technology in the office area, in either for the internally or externally, we can see is that we are very suitable for this area. 嗯好的，谢谢，很清楚。

Right, thank you for joining us today, and this will conclude our presentation for the 2026 first quarter earnings call. Thank you.