{"slug":"beijing-kingsoft-office-software","name":"킹소프트 오피스","name_en":"Beijing Kingsoft Office Software","ticker":"688111.SS","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/beijing-kingsoft-office-software","citable":"밸류체인 그래프 기준 킹소프트 오피스의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Beijing Kingsoft Office Software is directly linked to 3 companies (2 supply, 0 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"SSE 50(상해) · 오피스 SW · MS오피스 국산 대체","kicker_en":"SSE 50 · Office software · China's MS-Office alternative","lead":"중국에서 마이크로소프트 오피스를 대체하는 국산 표준으로, 습관성 개인 구독이라는 안정적 현금흐름 위에 정부·기관의 정책 수요를 얹은 이중 엔진이 강점이다(688111, 상하이 STAR·모회사 킹소프트 3888.HK). FY2025 매출 59.29억위안(+15.78%)의 60%+가 개인 유료 구독이라 이익 기반은 견고한데, 진짜 재평가 축은 두 갈래다 — 信创(신창) 국산화가 밀어올린 WPS 365(기관 구독)가 +64.93%로 가속하며 일회성 라이선스를 반복 매출로 갈아끼우고, WPS AI 국내 MAU가 8,013만(+307%)으로 폭증하며 오피스 트래픽을 AI 과금으로 전환할 옵션이 열렸다. 매출의 35%(R&D 20.95억위안)를 태우는 것은 이 AI 전환에 건 선투자로, 단기 마진을 눌러도 성공 시 새 과금 축을 여는 베팅이다.","lead_en":"China's homegrown standard for replacing Microsoft Office, its edge is a dual engine that layers government and institutional policy demand on top of the steady cash flow of habitual individual subscriptions (688111, Shanghai STAR; parent Kingsoft Corp, 3888.HK). Over 60% of FY2025 revenue of RMB 5.929bn (+15.78%) is individual paid subscriptions, keeping the profit base solid, but the real re-rating runs on two tracks — WPS 365 (institutional subscription), pushed by the Xinchuang localization drive, is accelerating at +64.93% and converting one-off licenses into recurring revenue, while WPS AI's domestic MAU has exploded to 80.13M (+307%), opening the option to turn office traffic into AI monetization. Spending 35% of revenue on R&D (RMB 2.095bn) is the upfront bet on that AI shift — margin-dilutive now, but it opens a new monetization axis if it lands.","segments":{"fy":2025,"parts":[{"desc":"습관성 개인 구독이 이익의 저수지 — 매출 36.26억위안(+10.42%), 유료 4,615만명 중 해외분(+53.7%)이 다음 성장 여지다","name":"WPS 개인 업무"},{"desc":"信创 국산화가 당정기관 수요를 구조적으로 밀어주는 축 — 매출 14.61억위안(+15.24%), 다만 일회성 라이선스라 반복성은 낮다","name":"WPS 소프트웨어(기관 라이선스)"},{"desc":"라이선스를 반복 구독으로 갈아끼우는 전환 엔진 — 매출 7.20억위안이지만 +64.93%·4개 분기 연속 +60%로 기관 매출의 질을 바꾼다","name":"WPS 365(기관 구독)"}],"total":"59.29억 위안 (FY2025 연결, +15.78%)","source":"2025 연차보고서(SSE 688111)","concentration":"개인 구독의 예측 가능한 현금흐름 위에 信创 기관 수요와 WPS AI 과금 옵션을 얹는 구조 — R&D 35% 선투자가 AI 전환 베팅이다."},"segments_en":{"fy":2025,"parts":[{"desc":"Habitual individual subscriptions are the profit reservoir — revenue RMB 3.626bn (+10.42%); among 46.15M payers, the overseas cohort (+53.7%) is the next growth lever","name":"WPS personal"},{"desc":"Xinchuang localization structurally drives government demand — revenue RMB 1.461bn (+15.24%), though one-off licensing carries little recurrence","name":"WPS software (institutional licensing)"},{"desc":"The engine converting licenses into recurring subscriptions — revenue RMB 720m but +64.93% (four straight quarters >60%), reshaping the quality of institutional revenue","name":"WPS 365 (institutional subscription)"}],"total":"RMB 5.929bn (FY2025 consolidated, +15.78%)","source":"FY2025 Annual Report (SSE 688111)","concentration":"Layers Xinchuang institutional demand and a WPS AI monetization option on top of predictable subscription cash flow — the 35% R&D spend is the AI-transition bet."},"returns_yearly":{"2021":-41.3,"2022":16,"2023":-23.7,"2024":47.1,"2025":7.6,"2026":-30.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"alibaba","name":"알리바바","name_en":"Alibaba 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Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":3,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog 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Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"jd-logistics","name":"징둥물류","name_en":"JD Logistics","tier":3,"returns_yearly":{"2022":-25.3,"2023":-60.7,"2024":95.3,"2025":-15.7,"2026":13.3}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"li-auto","name":"리오토(리샹)","name_en":"Li Auto","tier":3,"returns_yearly":{"2022":1.2,"2023":11.6,"2024":-12.7,"2025":-28.7,"2026":-28.1}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"jd-health","name":"징둥헬스","name_en":"JD Health","tier":3,"returns_yearly":{"2021":-59.1,"2022":3.9,"2023":-60.5,"2024":24.8,"2025":98,"2026":-41}},{"slug":"pony-ai","name":"Pony.ai","name_en":"Pony.ai","tier":3,"returns_yearly":{"2025":1,"2026":-54.6}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"킹소프트 오피스의 논지는 중국에서 마이크로소프트 오피스를 대체하는 국산 표준으로, 습관성 개인 구독 위에 정부·기관의 信创(국산화) 정책 수요를 얹은 이중 엔진이다. FY2025 매출 59.29억위안(+15.78%)의 60%+가 개인 유료 구독이라 이익 기반은 견고한데, 진짜 재평가 축은 두 갈래다 — 信创가 밀어올린 WPS 365(기관 구독)가 +64.93%로 가속하며 일회성 라이선스를 반복 매출로 갈아끼우고, WPS AI 국내 MAU가 8,013만(+307%)으로 폭증하며 오피스 트래픽을 AI 과금으로 전환할 옵션이 열렸다. 매출의 35%(R&D 20.95억위안)를 태우는 것은 이 AI 전환에 건 선투자로, 단기 마진을 눌러도 성공 시 새 과금 축을 여는 베팅이다. WPS AI Hub가 바이두 문심·알리바바 통의 등 다중 대모델을 통합해 사용자가 전환 호출하는 구조라, 자체 대모델과 외부 모델을 병행하는 유연성이 특징이다. 재평가 트리거는 WPS 365 구독 전환 속도, WPS AI의 과금화, 그리고 R&D 선투자의 회수다.","analysis_en":"Kingsoft Office's thesis is being China's domestic standard replacing Microsoft Office, a dual engine layering government/institutional domestic-substitution (信创) demand on top of sticky personal subscriptions. With 60%+ of FY2025 revenue of RMB 5.93bn (+15.78%) from personal paid subscriptions, the profit base is solid, while the real re-rating axes are two: WPS 365 (institutional subscriptions), pushed by 信创, accelerating +64.93% and converting one-time licenses into recurring revenue, and WPS AI's domestic MAU surging to 80.1M (+307%), opening the option to convert office traffic into AI monetization. Spending 35% of revenue (R&D of RMB 2.095bn) is the up-front bet on this AI transition — pressuring near-term margin but opening a new revenue axis if it succeeds. Because WPS AI Hub integrates multiple large models (Baidu ERNIE, Alibaba Tongyi and others) for users to switch between, running its own model alongside external ones is a flexibility feature. Re-rating triggers are the pace of WPS 365 subscription conversion, WPS AI monetization, and the payback on R&D.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"개인 유료 구독자 (WPS 개인)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":3626000000,"period":"FY2025 개인구독","share_pct":61,"total_revenue_cny":5929000000},"note":"습관성 개인 구독이 이익의 저수지 — FY2025 매출 36.26억위안(+10.42%)으로 총매출의 60%+를 담당하며, 정책 변수에 휘둘리는 기관 매출과 달리 예측 가능한 현금흐름을 준다. 유료 개인 4,615만명 중 해외(+53.7%)가 다음 성장 여지이고, 여기에 WPS AI(국내 MAU 8,013만·+307%)가 과금 전환 옵션을 얹는다.","note_en":"Habitual individual subscriptions are the profit reservoir — FY2025 revenue RMB 3.626bn (+10.42%), 60%+ of total, giving predictable cash flow unlike policy-driven institutional revenue. Among 46.15M payers the overseas cohort (+53.7%) is the next lever, and WPS AI (domestic MAU 80.13M, +307%) layers a monetization-conversion option on top.","sources":[{"stance":"confirms","publisher":"AIbase","publisher_en":"AIbase","kind":"news","lang":"en","published_at":"2026-03-27","url":"https://www.aibase.com/news/26597","title":"킹소프트 오피스 2025 실적 — WPS AI MAU 8천만·해외 매출 +54%","title_en":"Kingsoft Office FY2025 results — WPS AI MAU 80M, overseas revenue +54%","excerpt":"WPS AI domestic MAU exceeded 80.13M (+307%); overseas revenue up 54%","excerpt_en":"WPS AI domestic MAU 80.13M (+307%); overseas revenue +54%"},{"stance":"confirms","publisher":"상하이증권거래소 공시(SSE)","publisher_en":"Shanghai Stock Exchange filing","kind":"filing","lang":"zh","published_at":"2026-03-26","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-26/12019050.PDF","title":"베이징 킹소프트 오피스 소프트웨어 2025년 연차보고서","title_en":"Beijing Kingsoft Office Software — 2025 Annual Report","excerpt":"2025년 영업수입 59.29억위안, 전년比 +15.78%; WPS 개인업무 36.26억위안","excerpt_en":"FY2025 operating revenue RMB 5.929bn (+15.78%); WPS personal RMB 3.626bn"},{"stance":"confirms","publisher":"21세기경제보도","publisher_en":"21st Century Business Herald","kind":"news","lang":"zh","published_at":"2026-03-26","url":"http://www.21jingji.com/article/20260326/herald/f3127f95f5016c25411c898b1c4da454.html","title":"킹소프트 오피스 2025 실적: 매출·순익 동반 증가, WPS 365 +64.93%","title_en":"Kingsoft Office FY2025: revenue and profit both up, WPS 365 +64.93%","excerpt":"WPS 개인업무 36.26억(+10.42%), 국내 개인 33.44억·해외 개인 2.82억(+53.67%)","excerpt_en":"WPS personal RMB 3.626bn (+10.42%); domestic 3.344bn, overseas 282m (+53.67%)"},{"stance":"mentions","publisher":"국신증권","publisher_en":"Guosen Securities","kind":"research","lang":"zh","published_at":"2026-03-26","url":"https://pdf.dfcfw.com/pdf/H3_AP202603261820770467_1.pdf","title":"국신증권 — 킹소프트 오피스(688111) 2025 연보 점검: 우량대시(Outperform)","title_en":"Guosen Securities — Kingsoft Office (688111.SH) FY2025 review, Outperform","excerpt":"국신증권 우량대시(Outperform); FY25-27 귀모순익 18.96/23.16/28.41억위안 추정","excerpt_en":"Guosen Outperform; FY25-27 net profit RMB 1.896/2.316/2.841bn est."}]},{"direction":"cost","counterparty":"연구개발 인력·기술 투자","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":2095000000,"period":"FY2025 R&D","yoy_pct":23.57,"of_revenue_pct":35.3},"note":"매출의 35%(20.95억위안, +23.57%)를 R&D에 태우는 것은 오피스 트래픽을 AI 과금으로 바꾸려는 선투자 — WPS AI 3.0·자체 대모델·네이티브 오피스 에이전트가 그 대상이다. 단기 마진을 누르지만, 전환에 성공하면 구독 위에 AI 과금이라는 새 축을 얹는 베팅이다.","note_en":"Spending 35% of revenue on R&D (RMB 2.095bn, +23.57%) is the upfront investment to turn office traffic into AI monetization — targeting WPS AI 3.0, self-developed models and native office agents. It dilutes near-term margin, but if the shift lands it adds a new AI-monetization axis on top of subscriptions.","sources":[{"stance":"confirms","publisher":"상하이증권거래소 공시(SSE)","publisher_en":"Shanghai Stock Exchange filing","kind":"filing","lang":"zh","published_at":"2026-03-26","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-26/12019050.PDF","title":"베이징 킹소프트 오피스 소프트웨어 2025년 연차보고서","title_en":"Beijing Kingsoft Office Software — 2025 Annual Report","excerpt":"2025년 연구개발 투입 20.95억위안, 전년比 +23.57%","excerpt_en":"FY2025 R&D investment RMB 2.095bn (+23.57%)"}]},{"direction":"revenue","counterparty":"당정기관·대기업 (WPS 소프트웨어·WPS 365)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"CNY","parts":{"wps365_cny":720000000,"wps365_yoy_pct":64.93,"wps_software_cny":1461000000},"value":2181000000,"period":"FY2025 기관(소프트웨어+365)"},"note":"信创 국산화가 당정기관 수요를 구조적으로 밀어주는 축 — 라이선스(14.61억, +15.24%)는 일회성이지만 WPS 365 구독(7.20억, +64.93%)이 이를 반복 매출로 전환하며 기관 매출의 질을 높인다. 다만 당정기관 커버리지 80%+는 신규 침투 여력이 좁아졌다는 뜻이기도 해, 성장은 라이선스→구독 전환에 달렸다.","note_en":"Xinchuang localization structurally drives government demand — licensing (RMB 1.461bn, +15.24%) is one-off, but WPS 365 subscriptions (RMB 720m, +64.93%) convert it into recurring revenue, raising the quality of institutional sales. Yet 80%+ government coverage means new-penetration headroom is narrowing, so growth hinges on the license-to-subscription shift.","sources":[{"stance":"confirms","publisher":"상하이증권거래소 공시(SSE)","publisher_en":"Shanghai Stock Exchange filing","kind":"filing","lang":"zh","published_at":"2026-03-26","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-26/12019050.PDF","title":"베이징 킹소프트 오피스 소프트웨어 2025년 연차보고서","title_en":"Beijing Kingsoft Office Software — 2025 Annual Report","excerpt":"WPS 소프트웨어 14.61억(+15.24%), WPS 365 7.20억(+64.93%)","excerpt_en":"WPS software RMB 1.461bn (+15.24%); WPS 365 RMB 720m (+64.93%)"},{"stance":"confirms","publisher":"21세기경제보도","publisher_en":"21st Century Business Herald","kind":"news","lang":"zh","published_at":"2026-03-26","url":"http://www.21jingji.com/article/20260326/herald/f3127f95f5016c25411c898b1c4da454.html","title":"킹소프트 오피스 2025 실적: 매출·순익 동반 증가, WPS 365 +64.93%","title_en":"Kingsoft Office FY2025: revenue and profit both up, WPS 365 +64.93%","excerpt":"WPS 365 4개 분기 연속 매출 +60%; 세계 500대·당정기관 표준고객 확보","excerpt_en":"WPS 365 four straight quarters >60% growth; Fortune 500 & government benchmark clients"}]},{"direction":"investor","counterparty":"텐센트 (모회사 킹소프트 지분)","counterparty_slug":"tencent-holdings-limited","confidence":"low","metric":{"qualifier":"indirect_via_parent","parent_stake_pct":32.5},"note":"직접 지분 아님 — 텐센트는 모회사 킹소프트(3888.HK) 주요주주(2011년 15.68% 취득, 이후 약 6.9%). 킹소프트(3888.HK)가 688111 지분 약 32.5% 보유한 지배주주로, 텐센트 노출은 모회사를 통한 간접.","note_en":"Indirect, not a direct holding — Tencent is a substantial shareholder of parent Kingsoft Corp (3888.HK) (acquired 15.68% in 2011, ~6.9% recently). Kingsoft Corp is the controlling shareholder of 688111 (~32.5%), so Tencent's exposure runs through the parent.","sources":[{"stance":"confirms","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.marketscreener.com/quote/stock/KINGSOFT-CORPORATION-LIMI-6171050/company/","title":"킹소프트 그룹 지배구조 — 모회사 킹소프트(3888.HK)·텐센트 지분","title_en":"Kingsoft group ownership — parent Kingsoft Corp (3888.HK), Tencent stake","excerpt":"모회사 킹소프트(3888.HK) 688111 지배주주(~32.5%); 텐센트는 킹소프트 주요주주","excerpt_en":"Parent Kingsoft Corp (3888.HK) controls 688111 (~32.5%); Tencent is a Kingsoft Corp shareholder"}]},{"direction":"cost","counterparty":"바이두 (문심 대모델 공급)","counterparty_slug":"baidu","confidence":"low","metric":{"terms":"undisclosed","qualifier":"integrated_model_supplier"},"note":"WPS AI Hub가 다중 제3자 대모델을 통합해 사용자가 전환 호출 — 바이두 문심(ERNIE)이 통합 모델 중 하나(그 외 MiniMax·즈푸·통의·상탕). AI 역량 공급 관계로 상업 조건은 미공개.","note_en":"WPS AI Hub integrates multiple third-party LLMs users can switch between — Baidu Wenxin (ERNIE) is one of them (alongside MiniMax, Zhipu, Tongyi, SenseTime). AI-capability supplier relationship; commercial terms undisclosed.","sources":[{"stance":"mentions","publisher":"InfoQ China","publisher_en":"InfoQ China","kind":"news","lang":"zh","published_at":"2025-01-15","url":"https://www.infoq.cn/article/pg1og0e8kcobqm1r04xw","title":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","title_en":"WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)","excerpt":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","excerpt_en":"WPS AI enterprise supports switching among MiniMax, Zhipu, Baidu Wenxin, etc."}]},{"direction":"cost","counterparty":"알리바바 (통의천문 대모델 공급)","counterparty_slug":"alibaba","confidence":"low","metric":{"terms":"undisclosed","qualifier":"integrated_model_supplier"},"note":"WPS AI Hub 통합 제3자 대모델 중 알리바바 통의천문(Tongyi Qianwen) 포함. AI 역량 공급 관계로 상업 조건 미공개.","note_en":"Alibaba's Tongyi Qianwen is among the third-party LLMs integrated into WPS AI Hub. AI-capability supplier relationship; commercial terms undisclosed.","sources":[{"stance":"mentions","publisher":"InfoQ China","publisher_en":"InfoQ China","kind":"news","lang":"zh","published_at":"2025-01-15","url":"https://www.infoq.cn/article/pg1og0e8kcobqm1r04xw","title":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","title_en":"WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)","excerpt":"WPS AI Hub 통합 대모델에 알리바바 통의천문 포함","excerpt_en":"WPS AI Hub integrated models include Alibaba Tongyi Qianwen"}]}]}