Loading…
Maker of WPS Office, a widely used productivity-software suite in China and internationally, competing with Microsoft Office.
Maker of WPS Office, a widely used productivity-software suite in China and internationally, competing with Microsoft Office.
Individuals pay subscriptions to unlock premium features, government agencies and companies buy licences and projects, and the free version brings in advertising. The institutional side gains from rules favoring domestic software. Hong Kong-listed Kingsoft Corp is its parent shareholder.
In one line: China's Microsoft Office.
Moat: narrow (installed base, brand, switching costs). Large installed user base and government procurement preference for a domestic office-software alternative.
Headquarters: Beijing, China · Founded: 1988 · Employees: 6,048
Size Beijing Kingsoft Office Software (688111.SS) is a China Information Technology company (Packaged Software) with a market value of $16.1B, the 142nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥232.00 on 6 Nov 2026.
Performance Over six months the shares fell 7.9%, against +33.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +17.2%); the operating margin is 22.0% (peer median 16.0%).
Valuation It trades at 35.6× forward earnings against a peer median of 22.2× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points above its cost of capital (8.1% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.83B | CN¥5.87B | CN¥5.08B | CN¥4.52B | CN¥3.85B |
| Revenue growth | — | +16% | +12% | +17% | — |
| Gross profit | CN¥5.85B | CN¥4.95B | CN¥4.24B | CN¥3.76B | CN¥3.17B |
| EBITDA | n/a | CN¥1.63B | CN¥1.45B | CN¥1.19B | CN¥985M |
| Net income | CN¥3.30B | CN¥1.84B | CN¥1.65B | CN¥1.32B | CN¥1.12B |
| Free cash flow | CN¥2.47B | CN¥2.51B | CN¥2.28B | CN¥2.02B | CN¥1.66B |
| Capital expenditure | CN¥80.7M | CN¥97.9M | CN¥175M | CN¥166M | CN¥176M |
| Total debt | CN¥52.7M | CN¥36.7M | CN¥126M | CN¥78.4M | CN¥135M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Beijing Kingsoft Office Software 688111.SS | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688111.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | +5.4% | 11th highest of 21 |
| 6-month return | -7.9% | +33.0% | 6th lowest of 20 |
| Distance from 52-week high | -44.1% | -12.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +20.4% | +17.2% | 8th highest of 21 |
| Operating margin | 22.0% | 16.0% | 9th highest of 21 |
| Forward P/E | 35.6× | 22.2× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 32.7% | 16.7% | 4th most demanding of 19 |
| Growth delivered (Del g) | +21.3% | +18.2% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | +11.4 pp | -3.5 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | +0.7 pp | +5.4 pp | 9th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |