{
|
"snapshot_id": "03888-HK-20260905-current",
|
"meta": {
|
"company": "金山软件",
|
"code": "03888.HK",
|
"market": "香港联合交易所主板",
|
"as_of_date": "2026-09-05",
|
"currency": "HKD",
|
"report_period_end": "2026-06-30",
|
"latest_operating_info_date": "2026-08-19"
|
},
|
"market": {
|
"price": 25.60,
|
"price_type": "香港市场最新完整交易日未复权收盘价",
|
"price_timestamp": "2026-09-04T16:00:00+08:00",
|
"diluted_shares": 1374440310,
|
"shares_date": "2026-09-05",
|
"platform_market_cap": 35185671936
|
},
|
"financials": {
|
"annual": {
|
"period_end": "2025-12-31",
|
"basis": "audited_converted_to_hkd_at_2026-09-04_central_parity",
|
"revenue": 11199519998.15,
|
"attributable_profit": 2318337227.32,
|
"deduct_profit": 2318337227.32,
|
"cfo": 2650558652.76,
|
"capex": null
|
},
|
"current_cumulative": {
|
"period_end": "2026-06-30",
|
"basis": "interim_report_unaudited_converted_to_hkd_at_2026-09-04_central_parity",
|
"revenue": 5698873441.44,
|
"attributable_profit": 1896037382.31,
|
"deduct_profit": 671511022.69,
|
"cfo": 820797381.39,
|
"capex": null
|
},
|
"prior_year_same_period": {
|
"period_end": "2025-06-30",
|
"basis": "reported_comparative_converted_to_hkd_at_2026-09-04_central_parity",
|
"revenue": 5373021582.73,
|
"attributable_profit": 944174049.83,
|
"deduct_profit": 770798538.02,
|
"cfo": 768999976.87,
|
"capex": null
|
}
|
},
|
"balance_sheet": {
|
"period_end": "2026-06-30",
|
"equity": 31325134747.51,
|
"cash_available": 28330625274.70,
|
"non_operating_financial_assets": 3903786809.78,
|
"interest_bearing_debt": 255509033.29,
|
"minority_interest": 9237049193.60
|
},
|
"normalization": {
|
"adjustments": [
|
{
|
"description": "2026H1以公司披露的经调整归母净利润替代受未实现投资收益显著影响的IFRS归母利润",
|
"amount": -1224526359.62,
|
"basis": "2026H1 IFRS归母16.393亿元人民币，非IFRS经调整归母5.806亿元人民币"
|
}
|
]
|
},
|
"valuation": {
|
"scenarios": [
|
{
|
"name": "悲观",
|
"role": "pessimistic",
|
"method": "pe",
|
"profit_low": 925767889.61,
|
"profit_high": 1272298688.84,
|
"multiple_low": 12,
|
"multiple_high": 18,
|
"assumption": "游戏继续收缩、AI投入压制费用率，经调整利润低于H1年化水平。"
|
},
|
{
|
"name": "基准",
|
"role": "base",
|
"method": "pe",
|
"profit_low": 1387957158.85,
|
"profit_high": 1850609561.40,
|
"multiple_low": 18,
|
"multiple_high": 24,
|
"assumption": "WPS维持较快增长，游戏降幅逐步收窄，估值以经调整利润并保留控股折价。"
|
},
|
{
|
"name": "乐观",
|
"role": "optimistic",
|
"method": "pe",
|
"profit_low": 1966291112.45,
|
"profit_high": 2549237761.23,
|
"multiple_low": 24,
|
"multiple_high": 30,
|
"assumption": "WPS AI商业化超预期、游戏新品改善，经常利润恢复且投资收益占比下降。"
|
}
|
],
|
"reverse_pe_multiples": [12, 15, 18, 20, 22, 24, 25, 30, 35, 40],
|
"exit_pe_multiples": [12, 15, 18, 20, 22, 24, 25, 30],
|
"holding_period": {
|
"years": 5,
|
"required_return": 0.1,
|
"cumulative_dividend_per_share": 0.13
|
}
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"forecasts": []
|
},
|
"sources": [
|
{
|
"id": "SRC-HKEX-03888-H1-20260819",
|
"source_type": "archived_primary",
|
"title": "金山软件截至2026年6月30日止六个月及三个月业绩公告",
|
"publish_date": "2026-08-19",
|
"period_end": "2026-06-30",
|
"url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0819/2026081901069.pdf",
|
"supports": ["financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity", "balance_sheet.cash_available", "balance_sheet.interest_bearing_debt", "analysis"],
|
"revision_status": "current"
|
},
|
{
|
"id": "SRC-HKEX-03888-ANNUAL-2025",
|
"source_type": "archived_primary",
|
"title": "金山软件2025年年度业绩公告",
|
"publish_date": "2026-03-25",
|
"period_end": "2025-12-31",
|
"url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0325/2026032500615.pdf",
|
"supports": ["financials.annual"],
|
"revision_status": "current"
|
},
|
{
|
"id": "SRC-EM-03888-20260904",
|
"source_type": "quote_provider",
|
"title": "东方财富金山软件2026-09-04未复权日K与总股本",
|
"publish_date": "2026-09-05",
|
"period_end": "2026-09-04",
|
"url": "https://push2his.eastmoney.com/api/qt/stock/kline/get?secid=116.03888",
|
"supports": ["market.price", "market.diluted_shares", "market.platform_market_cap"],
|
"revision_status": "current"
|
},
|
{
|
"id": "SRC-FX-HKD-CNY-20260904",
|
"source_type": "professional_database",
|
"title": "2026-09-04人民币汇率中间价：1港元兑0.86458人民币",
|
"publish_date": "2026-09-04",
|
"period_end": "2026-09-04",
|
"url": "https://hzf.mofcom.gov.cn/article/zyfw/jrfw/jrfwywzn/jrfwwh/hlfxglzy/202609/7872.html",
|
"supports": ["financials", "balance_sheet", "valuation"],
|
"revision_status": "current"
|
}
|
],
|
"analysis": {
|
"company_type": "控股型软件集团，核心为金山办公与网络游戏",
|
"primary_model": "经调整归母利润PE，控股折价、净现金和分部趋势交叉验证",
|
"cross_checks": ["2026H1经调整归母利润", "WPS与游戏分部趋势", "净现金", "控股公司折价"],
|
"profit_sources": ["2026H1办公软件及服务收入33.13亿元人民币，同比增长25%；游戏及其他收入16.14亿元，同比下降19%。"],
|
"profit_source_quality": ["H1 IFRS归母16.39亿元含大额合营及联营投资未实现收益，经调整归母仅5.81亿元且同比下降13%，估值必须采用后者。"],
|
"risks": ["游戏收入继续下滑。", "WPS AI研发和营销投入可能压制利润率。", "投资收益波动会显著扭曲报表利润。", "控股折价与所持上市资产价格波动影响SOTP。"],
|
"upgrade_triggers": ["WPS AI付费和WPS 365加速且利润率稳定。", "游戏新品带动经常利润恢复。"],
|
"downgrade_triggers": ["经调整利润继续下滑或游戏收入维持双位数下降。", "控股折价扩大。"],
|
"fx_rate_cny_per_hkd": 0.86458,
|
"executive_conclusion": "25.60港元位于基准合理区间约18.18—32.31港元，判断为基本合理；估值安全垫主要来自净现金，但经常利润仍受游戏下滑与AI投入约束。",
|
"information_cutoff": "2026-09-05T23:30:00+08:00"
|
}
|
}
|
