机构：中银国际 研究员：Alex LIN/Alina LIN 1Q25 results review: Revenue grew 9% YoY to RMB2.3bn, missing BOCIe and consensus by 9% and 6% respectively, due to sluggish office business growth (+6% YoY). GPM dipped 1.9ppts QoQ to 82.1%, also a miss, dragged by games business (GPM -5.7ppts QoQ) amid rising channel costs for new games. OPM declined 13.9ppts QoQ mainly due to heavy R&D expense (ratio +9ppts QoQ) on AI and games development. Net income was flat YoY, missing BOCIe and consensus by 36% and 31% respectively. Ki ...