机构：中银国际 研究员：Alex LIN/Alina LIN Key Risks for Rating 1) High reliance on JX game IP; 2) Xinchuang demand may fluctuate in short term; 3) online collaboration software competition; 4) AI product development. Valuation We apply 11x 2026 P/S on Office Software, 3.0x 2026 P/S on Cloud, 8x 2026 P/E on Online Game and a 35% holding company discount. Upgrade from HOLD to BUY with new target price of HK$40.0 (was HK$41.7). 3Q25 missed: Revenue declined 17% YoY to RMB2.4bn, missing BOCIe and consensus by 11% and 8% r ...