TacticScaleWhat Beijing Kingsoft Office Software (金山办公) Does & How It Makes Money (688111.SS)
Updated October 2026 · reflects Beijing Kingsoft Office Software's latest reported financials
Chinese office software maker behind WPS Office and cloud productivity tools. It sells office software and services to individual users and enterprises, including enterprise editions of WPS for PC and mobile and cloud office products.
How Beijing Kingsoft Office Software makes money
It sells office software and services to individual users and enterprises, including enterprise editions of WPS for PC and mobile and cloud office products. Paid tools such as the professional PDF edition and AI features like WPS AIPPT add further revenue.
What Beijing Kingsoft Office Software does
Beijing Kingsoft Office Software, founded in 1988 and based in Beijing, develops the WPS Office suite for documents, spreadsheets and presentations. WPS runs on Windows, Mac, Linux, Android, iOS and HarmonyOS, and comes in enterprise PC and mobile versions. The company is a subsidiary of Kingsoft WPS Corporation Limited and serves users in China and abroad. Beyond the core suite, it offers cloud office products (Kingsoft Docs, WPS Collaboration, WPS Email, WPS Calendar, WPS Meeting). Other products include AI-assisted slide creation (WPS AIPPT), PDF tools, the Kingsoft PowerWord dictionary, WPS Dark Horse Proofreader and Kingsoft Typing Tutor.
Products & services
- WPS Office
- Kingsoft Docs
- WPS Collaboration
- WPS AIPPT
- WPS PDF Professional Edition
- Kingsoft PowerWord
金山办公是做什么的？
北京金山办公软件股份有限公司成立于1988年，总部位于北京，是Kingsoft WPS Corporation Limited的子公司，主要产品为WPS Office办公套件，覆盖Windows、Mac、Linux、安卓、iOS、鸿蒙等平台，并提供企业版PC和移动端。 公司还提供金山文档、WPS协作、WPS邮箱、WPS日历、WPS会议等云办公产品，以及WPS AIPPT、WPS PDF、金山词霸、WPS黑马校对、金山打字通等软件，面向中国及海外的个人和企业用户。
What is Beijing Kingsoft Office Software worth?
On an owner-earnings DCF, Beijing Kingsoft Office Software's most-likely value is about ¥133 versus a recent price near ¥228 (71% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥33) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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