Kingsoft Office increases profit as subscription income grows

Kingsoft Office, whose product WPS is regarded as the Chinese equivalent of Microsoft Office, posted profit growth of 18 percent in 2023, thanks to increased subscription income from individual and business users, the STAR-listed firm said.

The WPS AI, an advanced office application with generative AI features, would be commercialized and would boost business results in 2024, said Kingsoft Office, the No. 4 STAR-listed firm with market value of 153.4 billion yuan (US$21.2 billion) by Thursday.

In 2023, the company posted revenue of 4.56 billion yuan with 17.3 percent growth. Net profit reached 1.32 billion yuan, 17.9 percent growth from a year earlier.

Kingsoft Office halted its advertising business in 2023 as it was considered to disturb personal users. Instead, personal and institution subscription income became its core business engine, contributing 79 percent of its total revenue.

By the end of 2023, Kingsoft Office products were used in 598 million devices globally, with 35.5 million paid subscribers, 18.4 percent more than the previous year.

WPS AI, the company's generative AI product, has been approved for public release in November. It now features AIGC (AI generated contents), Copilot as intelligent assistant, and Insight (knowledge analysis) features. It is now being trialled by major organizations in China, including banks, airports, and universities.