里昂研究报告指，金山软件(03888.HK) 次季游戏收入与利润逊预期，下半年游戏业务前景面临挑战。金山办公(688111.SH) 企业端(2B)收入增速加快，WPS365表现稳健，且传统软件业务增长，但个人端(2C)收入放缓。金山云(03896.HK) (KC.US) 收入保持强劲，尤其AI相关业务表现突出。
该行指，各个业务的利润均承压，当中游戏业务出现负经营杠杆，软件业务在AI与海外市场的人力扩张，以及云业务租用服务器占比提升。因此，该行同时调整金山系3间公司的盈利预测。金山软件目标价由38.4港元降至37.8港元；金山云目标价由17.3美元上调至17.7美元；金山办公目标价则维持375元人民币。三间公司均获“跑赢大市”评级。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。) (A股报价延迟最少十五分钟。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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