金山软件遭恒科指剔除小米却逆势增持消息人士称此举意在强化双方战略协同

时代周报06-09

6月8日，据港交所权益披露信息，小米集团（01810.HK）在公开市场增持金山软件（03888.HK）。截至当日收盘，小米集团持股比例由4.96%上升至5.39%。　　这一增持带来小米创始人雷军个人在金山软件的持股比例增加。据港交所披露易数据，雷军当日增持600万股金山软件，平均成交价22.0587港元，涉资约1.32亿港元。增持完成后，雷军合计持有约3.39亿股。　　对此，小米集团董事长特别助理...

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excluded from millet by Hengke, but increased its holdings against the trend. Sources said this move was intended to strengthen the strategic synergy between the two sides","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/ac622c669a5e2679ce38a3c362325b93","symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"MIUmain":0.6,"XIACY":1.93,"01810":1.93,"03888":1.98},"content_text":"6月8日，据港交所权益披露信息，小米集团（01810.HK）在公开市场增持金山软件（03888.HK）。截至当日收盘，小米集团持股比例由4.96%上升至5.39%。　　这一增持带来小米创始人雷军个人在金山软件的持股比例增加。据港交所披露易数据，雷军当日增持600万股金山软件，平均成交价22.0587港元，涉资约1.32亿港元。增持完成后，雷军合计持有约3.39亿股。　　对此，小米集团董事长特别助理、公关部总经理徐洁云回应称：这是小米在公开市场增持金山软件，并做合规披露。雷军持股比例增加，是由于小米增持，并非个人买入。小米坚定看好金山的长期发展，以及双方的战略协同前景。　　一位消息人士告诉时代周报记者，小米集团此次增持的重要目的之一，是强化双方在技术和业务层面的战略协同。　　业绩增长乏力　　现阶段的金山软件正处于业绩增长乏力、利润依赖非经营性收益状态。　　金山软件始创于1988年，是国内最早的互联网软件企业之一。2007年10月9日，金山软件上市港交所主板。经过38年发展，金山软件目前业务范围主要包括金山办公、西山居、金山世游、金山云等。金山办公主要业务涉及WPS Office办公软件产品及服务的设计研发及销售推广；西山居及金山世游从事游戏研发及运营；金山云提供云计算服务。　　2025年，金山软件营收为96.83亿元，同比下降6%；归母净利润20.04亿元，同比增长29%。2026年第一季度，金山软件营收为24.17亿元，同比小幅增长3%；归母净利润为10.91亿元，同比增长284%。　　时代周报记者注意到，2026年第一季度，金山软件归母净利润出现大幅增长主要是因为子公司金山办公（688111.SH）部分对外投资基金项目产生大额投资收益贡献显著。　　金山办公2026年第一季度财报显示，归母净利润21.95亿元，同比增长444.97%。而2025年报告期内，金山办公盈利效率虽然持续提升，但其归属于母公司所有者净利润为18.36亿元，同比增长仅11.63%。据金山办公2026年第一季度合并利润表，公司实现投资收益19.37亿元，而去年同期这一数字仅为0.69亿元。进一步拆解可以发现，金山办公对联营企业和合营企业的投资收益高达18.62亿元，而去年同期该项目亏损0.37亿元。　　根据金山办公财报，金山软件通过旗下主体Kingsoft WPS Corporation Limited持有金山办公约51.47%的股份，后者贡献了金山软件超过六成的营收，为金山软件最大业务板块。　　也就是说，非经营性项目对金山软件净利润产生显著影响。但金山软件各业务板块在2026年一季度业绩表现不一。一方面是办公软件业务的稳健增长：金山办公实现营业收入16.13亿元，同比增长23.95%，得益于WPS个人、WPS 365、WPS软件三大核心业务全线增长；另一方面则是游戏业务的持续疲软，网络游戏及其他业务收益为8.04亿元，同比下降22%，主因是若干现有游戏的收入下降。　　在3月25日举行的金山软件财报电话会议上，金山软件CEO邹涛称，第一季度游戏收入同比下滑的趋势，还会延续未来一到两个季度。　　除了业绩结构短板，金山软件近期遭遇重要市场层面冲击，市场信心持续走弱。5月22日，恒生指数公司公布季度检讨结果，金山软件被剔除恒生科技指数成分股，该调整于6月8日正式生效。指数调出通常被市场视作负面信号，加剧市场抛售压力。 来源：恒生指数　　不过，虽然金山软件短期业绩与市场表现承压，但其核心资产价值与行业壁垒并未受损。　　在信创国产化政策持续推进的背景下，WPS作为国内头部国产办公软件，是政企信创替代的核心标的，具备不可替代的行业地位。2026年一季度WPS Office全球月度活跃设备数为6.72亿，同比增长3.97%；其中PC版月度活跃设备数3.28亿，同比增长9.08%，用户基本盘扎实。　　此前中金发布研报，维持金山软件跑赢行业评级，下调目标价12.5%至28港元。办公业务方面，个人业务由AI能力持续提升驱动，带动WPS AI月活跃用户及付费转化提升，WPS 365业务在民营企业和地方国企客户中持续渗透，WPS软件业务增长由信创需求支撑。预计办公业务收入将保持双位数增速稳健增长，游戏业务短期压力或将持续。　　小米集团逆势增持　　正如上述消息人士所言，此次小米系增持更大的意义在于战略协同效应。　　作为金山软件的长期掌舵人，雷军自1992年加入金山软件，作为6号员工亲历金山从初创成长、突围微软垄断、港交所上市的完整历程，是金山发展的核心灵魂人物。2010年，雷军创办小米集团；2011年，雷军重回金山任董事长，形成“小米硬件+金山软件”的双核心布局，此后始终同时深耕两大企业的战略发展。　　专注研究AIGC、媒介大数据的中央民族大学新闻与传播学院副教授向安玲对时代周报记者表示：“SaaS等软件行业在年初已明显受到AI冲击，股市对此也有直接反应。过去软件的核心是卖功能，提供文档、表格、数据处理等工具；未来的软件则要转向帮用户直接完成任务，而非仅提供工具。相应地，软件的竞争力逻辑也在转变，不再比拼功能的多少、新旧与独特性，而是聚焦于AI Agent能力、工作流整合能力，以及最终交付内容的质量。软件行业正面临较大的转型压力，这既是挑战，也是一个关键的机会窗口期。”　　也就是说，对金山软件而言，未来走向何方才是最重要的课题。　　金山软件的AI布局起步较早。2017年，AI在金山办公内部被首次提升到战略地位。旗下金山云服务从2012年做个人网盘业务为开端，先后经历了云存储、云计算、云服务三个阶段，到2017年，通过战略布局AI，全面进入到“智慧云”时代。2023年4月，金山办公发布国内协同办公赛道首个类ChatGPT式应用“WPS AI”。同年10月的小米新品发布会上，雷军宣布小米集团从“手机 X AIoT”升级到“人车家全生态”，WPS AI也在小米14系列手机新品发布会上亮相。　　小米对于金山软件而言，无疑是未来走向的重要加持。时代周报记者注意到，双方在此次增持前就已存在广泛的业务与战略联动，合作覆盖西山居、金山办公、金山云三大板块，其中金山云与小米的合作深度尤为突出。　　产品流量端，WPS全面预装小米全系终端，互相补齐场景短板、提升用户体验与市场渗透率。算力云服务端，金山云为小米AI大模型、自动驾驶研发提供底层算力支撑，小米则为金山云提供稳定商业订单；技术端，双方AI技术、办公工具双向互通，持续赋能彼此产品迭代。　　2025年12月30日，金山软件与小米集团达成新的框架合作协议，双方将现有合作期限延长至2028年12月31日。根据协议内容，金山软件集团将继续为小米集团提供一系列综合服务。这些服务涵盖推广、邮箱定制开发、授权及订阅服务等多个方面，同时双方还将共同运营游戏业务。作为合作的一部分，小米集团也将向金山软件提供推广及其他配套服务。这种双向的服务支持，将进一步促进双方在市场拓展、品牌建设等方面的深度合作，实现资源共享和优势互补。　　上述消息人士告诉时代周报记者，金山内部设立了 AI 产品中心，旨在推动 AI 技术与西山居、金山办公、金山云等业务线的协同赋能。依托在AI算力、云端服务领域的深厚积累，金山云能够为科技企业、智能产业提供底层算力支撑。　　截至6月9日收盘，金山软件报收24.30港元/股，涨9.56%。（文章来源：时代周报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2642303499","isCrawlerRequest":true}

金山软件遭恒科指剔除 小米却逆势增持 消息人士称此举意在强化双方战略协同

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金山软件遭恒科指剔除小米却逆势增持消息人士称此举意在强化双方战略协同