# Who are Beijing Kingsoft Office Software's customers? Who does Beijing Kingsoft Office Software earn revenue from?
Canonical: https://valuechain.wiki/beijing-kingsoft-office-software · Facet: customers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Beijing Kingsoft Office Software discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 개인 유료 구독자 (WPS 개인) (high)
- metric: Amount ¥3.6B · FY2025 개인구독
- note: Habitual individual subscriptions are the profit reservoir — FY2025 revenue RMB 3.626bn (+10.42%), 60%+ of total, giving predictable cash flow unlike policy-driven institutional revenue. Among 46.15M payers the overseas cohort (+53.7%) is the next lever, and WPS AI (domestic MAU 80.13M, +307%) layers a monetization-conversion option on top.
- [confirms] AIbase (EN, news, published 2026-03-27) https://www.aibase.com/news/26597: "WPS AI domestic MAU 80.13M (+307%); overseas revenue +54%"
- [confirms] Shanghai Stock Exchange filing (ZH, filing, published 2026-03-26) http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-26/12019050.PDF: "FY2025 operating revenue RMB 5.929bn (+15.78%); WPS personal RMB 3.626bn"
- [confirms] 21st Century Business Herald (ZH, news, published 2026-03-26) http://www.21jingji.com/article/20260326/herald/f3127f95f5016c25411c898b1c4da454.html: "WPS personal RMB 3.626bn (+10.42%); domestic 3.344bn, overseas 282m (+53.67%)"
- [mentions] Guosen Securities (ZH, research, published 2026-03-26) https://pdf.dfcfw.com/pdf/H3_AP202603261820770467_1.pdf: "Guosen Outperform; FY25-27 net profit RMB 1.896/2.316/2.841bn est."

### 당정기관·대기업 (WPS 소프트웨어·WPS 365) (mid)
- metric: Amount ¥2.2B · FY2025 기관(소프트웨어+365)
- note: Xinchuang localization structurally drives government demand — licensing (RMB 1.461bn, +15.24%) is one-off, but WPS 365 subscriptions (RMB 720m, +64.93%) convert it into recurring revenue, raising the quality of institutional sales. Yet 80%+ government coverage means new-penetration headroom is narrowing, so growth hinges on the license-to-subscription shift.
- [confirms] Shanghai Stock Exchange filing (ZH, filing, published 2026-03-26) http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-26/12019050.PDF: "WPS software RMB 1.461bn (+15.24%); WPS 365 RMB 720m (+64.93%)"
- [confirms] 21st Century Business Herald (ZH, news, published 2026-03-26) http://www.21jingji.com/article/20260326/herald/f3127f95f5016c25411c898b1c4da454.html: "WPS 365 four straight quarters >60% growth; Fortune 500 & government benchmark clients"

### 텐센트 (모회사 킹소프트 지분) (low)  → /tencent-holdings-limited.md
- note: Indirect, not a direct holding — Tencent is a substantial shareholder of parent Kingsoft Corp (3888.HK) (acquired 15.68% in 2011, ~6.9% recently). Kingsoft Corp is the controlling shareholder of 688111 (~32.5%), so Tencent's exposure runs through the parent.
- [confirms] MarketScreener (EN, news, published 2025-06-01) https://www.marketscreener.com/quote/stock/KINGSOFT-CORPORATION-LIMI-6171050/company/: "Parent Kingsoft Corp (3888.HK) controls 688111 (~32.5%); Tencent is a Kingsoft Corp shareholder"

Reverse side: https://valuechain.wiki/beijing-kingsoft-office-software/suppliers.md · Ripple: https://valuechain.wiki/beijing-kingsoft-office-software/ripple.md

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