交银国际发表研究报告指，金山软件(03888.HK) 第二季因重点游戏面临高基数的影响而导致收入受压，利润率因收入下降及AI投入、新游戏营销费用增加等影响而下降。另一方面，《解限机》上线的初步数据不如预期，但标志着公司在新品类和全球拓展取得进展，市场关注后续生态调整后游戏数据的恢复情况。办公业务增长依然稳健，AI月活达到近3,000万人，按年增50%，并预计下半年仍将快速增长，巩固其在知识文档办公场景的领先优势。
该行下调金山软件今年的游戏收入预测及盈利预测，目标价由46元下调至42元，维持“买入”评级。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。)
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