CITIC Securities: Maintains a "buy" rating for Kingsoft Office, expects accelerated progress in Xinchuang bidding and revenue recognition.

CITIC Securities Research Report pointed out that Kingsoft Office achieved a net profit of 1.178 billion yuan in the first three quarters before 2025, a year-on-year increase of 13.32%. In Q3 alone, WPS personal business revenue was 899 million yuan, a year-on-year increase of 11.18%; WPS365 revenue was 201 million yuan, a year-on-year increase of 71.61%. The revenue and profit continued to grow steadily, with increased investment in AI research and development. Considering the approaching key point of the information technology and creative industry, combined with the company's full embrace of AI transformation, the rapid growth of WPS AI monthly active users, it is believed that the company is expected to convert AI product monthly active users into paid users, driving performance improvement, and maintaining a "buy" rating.