WPS 于7 月升级AI 战略，发布WPS AI 2.0，面向个人级企业客户升级AI 产品体验，提升用户粘性。《剑网3 无界》手游6 月上线，打通端游数据，带来全平台日活用户数超过1100 万，62%为老用户回归，预计将带动3 季度流水显著提升。10 月《剑网3》将推出资料片，进一步增强IP 生命周期。《解限机》于8 月完成国内首次公开测试。Jinshan Software (3888 HK) revenue for the second quarter of 2024 increased 13% year over year, adjusted operating profit increased 14% year over year. Gaming revenue was better than expected. WPS's revenue growth slowed in the short term due to the transformation of the B-side business model to SaaS. We have fine-tuned the company's revenue forecast for 2024. Among them, the impact of lowering the WPS business was offset by an increase in game revenue forecasts. “Sword Net 3: Unbounded” drove the return of old players better than expected. It is expected to drive accelerated game growth in the 3rd quarter. The game achieved double-digit growth throughout the year, and maintained a target price of HK$30 and a purchase rating.
In the second quarter, the company's total revenue increased 13% year on year to 2.47 billion yuan (RMB, same below). Among them, game/WPS increased 20%/6% year on year, respectively, and adjusted operating profit increased 14% year on year to 0.88 billion yuan, corresponding operating margin of 35%.
WPS revenue growth slowed from 17% in the first quarter, mainly due to the transformation of the B-side business model to SaaS, but contract debt increased 24% year over year, laying the foundation for long-term steady growth. In the second quarter, WPS personal subscription/institutional licensing/institutional subscription business revenue was +20%/-2%/-27%, respectively. The increase in game revenue was mainly contributed by the increase in mobile games, partly offset by the decline in the “Sword Net 3” mobile game's high base compared to last year.
WPS upgraded its AI strategy in July and released WPS AI 2.0 to upgrade the AI product experience for individual enterprise customers and enhance user stickiness. The mobile game “Sword Net 3: Unbounded” was launched in June, bringing the number of daily active users on all platforms to more than 11 million, with 62% returning to old users, which is expected to drive a significant increase in turnover in the 3rd quarter. In October, “Sword Net 3” will launch an infographic to further enhance the IP lifecycle. “Unrestricted Machine” completed its first public test in China in August.
