长江商报消息 在AI技术爆发与行业云需求复苏的双重驱动下，国内独立云服务商金山云（03896.HK） 业绩大幅增长。 5月28日，金山云发布2025年一季度财报，公司实现营业收入19.7亿元，同比增长10.9%。其中，人工智 能业务收入同比增长228%至5.25亿元，占公有云收入比例攀升至39%。 作为小米金山生态唯一的战略云平台，金山云与生态企业的业务合作顺利推进。本季度，小米和金山生 态收入达5.0亿元，同比增长50.0%，占收入比例进一步提升至25%。 随着与小米金山在AI领域的合作持续推进且日益深入，各方将充分整合优势资源，共同扩张AI时代的 云基础设施。 首季营收19.7亿增10.9% 金山云创立于2012年，是金山集团旗下云计算企业，中国知名的独立云服务商。近两年，公司业绩表现 亮眼。 2024年，公司实现营收77.85亿元，较上年增长10.5%。其中，公有云营收50.07亿元，较上年增长 14.3%，行业云营收27.78亿元，较上年增长4.3%，调整后经营亏损4.3亿元，较上年收窄60.5%。 进入2025年，公司高质量可持续发展战略的成效持续显现，整体业绩实现韧性增长。 在人工智能需求强劲的推 ...

Core Viewpoint - Kingsoft Cloud's Q1 2025 performance fell short of expectations, with significant declines in key metrics such as gross margin and profit, leading to a sharp drop in stock prices in both US and Hong Kong markets [1][2]. Financial Performance - In Q1 2025, Kingsoft Cloud reported revenue of 1.97 billion yuan, a year-on-year increase of 10.9% but a quarter-on-quarter decline of 11.7%, which was below market expectations [1]. - The gross profit for Q1 was 318 million yuan, a year-on-year increase of 8.5% but a quarter-on-quarter decline of 25.3%, resulting in a gross margin of 16.2%, down 2.9 percentage points from the previous quarter [2]. - The net loss narrowed to 316 million yuan from 364 million yuan year-on-year, but widened from a loss of 200 million yuan in the previous quarter [2]. Business Segmentation - Public cloud services generated revenue of 1.354 billion yuan, a year-on-year increase of 14.0% but a quarter-on-quarter decline of 4.0% [1]. - Industry cloud revenue significantly slowed, reaching 617 million yuan, with a year-on-year increase of 4.8% but a quarter-on-quarter decline of 25.0% [1]. - AI business emerged as a core growth driver, with revenue of 525 million yuan, a staggering year-on-year increase of 228% [1]. Market Outlook - Citibank downgraded Kingsoft Cloud's revenue forecasts for 2025, 2026, and 2027 by 2% due to weaker-than-expected Q1 performance, lowering the target price from $21.5 to $19 [2]. - Nomura's report highlighted that Kingsoft Cloud is expected to benefit from the accelerating AI investment cycle in China, projecting a 20% year-on-year revenue growth in 2025, primarily driven by a 91% increase in AI revenue [3].

Kingsoft Cloud Q1 2025 Earnings Call Summary Company Overview - **Company**: Kingsoft Cloud - **Quarter**: Q1 2025 - **Revenue**: RMB 1.97 billion, an 11% year-over-year increase [2][3][11] Key Financial Highlights - **Public Cloud Revenue**: Grew 14% YoY to RMB 1.35 billion, driven by strong performance in core business segments [2][3][11] - **AI Business**: Gross billing surged over 200% YoY to RMB 525 million, accounting for 39% of public cloud revenue [2][3][11] - **Xiaomi and Kingsoft Ecosystem Revenue**: Increased by approximately 50% YoY to RMB 500 million, contributing 25% of total revenue [2][3][4][5] - **Non-GAAP Gross Profit**: Rose 9.6% YoY to RMB 327 million, with a non-GAAP EBITDA margin of 16.2%, a 14.3 percentage point increase YoY [2][3][11] - **Non-GAAP Operating Profit**: Resulted in a loss of RMB 55.8 million due to lower enterprise cloud profits and upfront investments in computing resources [2][3][11] - **Enterprise Cloud Revenue**: Increased by 5% YoY to RMB 616 million but saw a 25% sequential decrease due to seasonal slowdowns [2][3][11] Strategic Partnerships - **Xiaomi Collaboration**: Kingsoft Cloud serves as the exclusive strategic cloud platform within the Xiaomi ecosystem, enhancing AI capabilities and driving revenue growth [4][5][10] AI Business Development - **AI Infrastructure**: Accelerating construction of computing clusters with flexible capital deployment, expected to launch services in Q2 2025 [3][6] - **AI Applications**: Advancing AI in public service and healthcare sectors, including a platform for mutual recognition of test results in Wuhan [8][9] Capital Expenditure and Cost Management - **Capital Expenditure**: Reached RMB 605 million, with total cost of revenue increasing by 11% YoY to RMB 1,081.7 million [2][12][13] - **Cost Control**: CRC costs decreased by 6% YoY due to effective cost management [2][13] Market Challenges and Outlook - **Seasonality Impact**: Q1 growth was affected by seasonal factors, including the Chinese New Year, impacting project initiation [17] - **Chip Demand Issues**: Ongoing semiconductor shortages may affect Capex momentum, but short-term impacts are minimal due to prior inventory preparations [24][28] - **Future Growth**: Anticipated better margin profiles driven by AI projects and partnerships, particularly with Xiaomi, in subsequent quarters [21] Industry Trends - **Shift to Smaller Models**: The trend towards smaller AI models is influencing cloud revenue dynamics, with overall cloud usage remaining substantial [25][29] - **Competitive Pricing Pressure**: Aggressive price competition in AI cloud leasing services is impacting gross margins, particularly for new projects [32] Conclusion Kingsoft Cloud's Q1 2025 performance reflects strong growth in public cloud and AI segments, supported by strategic partnerships and effective cost management. However, market challenges such as seasonality and chip demand issues may impact future growth trajectories. The company remains focused on leveraging its ecosystem and advancing AI capabilities to drive long-term value creation.

Group 1: HuanShi Logistics IPO - HuanShi International Logistics Holdings Limited submitted its IPO application to the Hong Kong Stock Exchange on May 27, aiming to list on the main board [1] - The company operates a comprehensive cross-border logistics service with over 6,000 cross-border routes covering approximately 200 countries and regions [1] - Revenue for HuanShi Logistics was reported at $2.06 billion, $776 million, and $1.25 billion for the years 2022, 2023, and 2024 respectively, indicating significant financial improvement [1] Group 2: Kingsoft Cloud Q1 Performance - Kingsoft Cloud announced a total revenue of 1.97 billion yuan for the first quarter ending March 31, 2025, representing a year-on-year growth of 10.9% [2] - Adjusted EBITDA increased 8.6 times to 320 million yuan, with an adjusted EBITDA margin of 16.2%, up 14.3 percentage points year-on-year, driven by the rising contribution of AI revenue [2] - The growth in AI technology application positions Kingsoft Cloud favorably in the competitive cloud computing market [2] Group 3: Basic Semiconductor IPO - Shenzhen Basic Semiconductor Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on May 27, focusing on the research, development, manufacturing, and sales of silicon carbide power devices [3] - The company is recognized as the only Chinese enterprise with comprehensive capabilities in silicon carbide chip design, wafer manufacturing, module packaging, and gate driver design and testing [3] - The IPO is expected to enhance the company's R&D and production capabilities, promoting technological breakthroughs and market expansion in China's silicon carbide power device industry [3] Group 4: Qingke Investment Strategy - Qingke Chuangye announced the subscription of financial products totaling 16 million yuan on May 28, issued by Yinhe Jinhui [4] - Prior to this, the company had subscribed to financial products totaling 64 million yuan between April 17, 2024, and November 18, 2024 [4] - This investment strategy aims to optimize the company's capital allocation and improve capital efficiency [4]

Revenue Performance - Total revenue for the first quarter reached RMB 1,970.0 million (approximately USD 271.51 million), representing a year-on-year increase of 10.9% compared to RMB 1,775.7 million in the same quarter of 2024[9]. - Revenue from public cloud services was RMB 1,353.5 million (USD 186.5 million), a year-on-year increase of 14.0% from RMB 1,187.4 million, driven primarily by growing demand for artificial intelligence[9]. - Revenue from industry cloud services was RMB 616.5 million (USD 85.0 million), a year-on-year increase of 4.8% from RMB 588.2 million, but a quarter-on-quarter decrease of 25.0% due to seasonal impacts[11]. - The company experienced a seasonal decline in revenue, with a quarter-on-quarter decrease of 11.7% from RMB 2,232.1 million in the previous quarter[9]. - Kingsoft Cloud's public cloud services revenue for the three months ended March 31, 2025, was RMB 1,353,479 thousand (approximately USD 186,514 thousand), a decrease from RMB 1,409,804 thousand in the previous quarter[30]. Profitability and Loss - Adjusted gross profit was RMB 327.7 million (USD 45.2 million), a year-on-year increase of 9.6%, with an adjusted gross margin of 16.6% compared to 16.8% in the same quarter of 2024[8]. - Operating loss was RMB 234.2 million (USD 32.3 million), improving from RMB 274.2 million in the same quarter last year and from RMB 43.5 million in the previous quarter[15]. - Net loss was RMB 316.1 million (USD 43.6 million), compared to RMB 363.6 million in the same quarter last year and RMB 200.6 million in the previous quarter[16]. - Non-GAAP EBITDA was RMB 318.5 million (USD 43.9 million), with an EBITDA margin of 16.2%, compared to 1.9% in the same quarter last year and 16.1% in the previous quarter[16]. - The improvement in net loss is attributed to enhanced revenue quality, revenue mix adjustment, and strict cost control measures[16]. Operating Expenses - Operating expenses totaled RMB 552.5 million (USD 76.1 million), a decrease of 2.6% year-on-year, but an increase of 17.7% quarter-on-quarter[13]. - General and administrative expenses were RMB 182.0 million (USD 25.1 million), a decrease of 16.8% year-over-year from RMB 218.7 million and a slight increase of 1.4% quarter-over-quarter from RMB 179.5 million[14]. - Research and development expenses were RMB 226.2 million (USD 31.2 million), a decrease of 2.5% year-over-year from RMB 232.0 million and an increase of 29.9% quarter-over-quarter from RMB 174.2 million[15]. - The increase in operating costs was primarily due to investments in AI computing resources[12]. Cash Flow and Financial Position - Cash and cash equivalents as of March 31, 2025, were RMB 2,322.7 million (USD 320.1 million), down from RMB 2,648.8 million as of December 31, 2024, primarily due to operational investments and procurement of computing power equipment[17]. - Total assets increased to RMB 19,721,074 thousand (approximately USD 2,717,636 thousand) as of March 31, 2025, from RMB 17,592,654 thousand as of December 31, 2024[27]. - Total liabilities as of March 31, 2025, were RMB 14,376,429 thousand (approximately USD 1,981,124 thousand), an increase from RMB 12,087,334 thousand as of December 31, 2024[28]. - The company reported a significant increase in accounts receivable, net amounting to RMB 1,807,011 thousand (approximately USD 249,013 thousand) as of March 31, 2025, compared to RMB 1,468,663 thousand as of December 31, 2024[27]. Future Outlook and Strategic Focus - The CEO highlighted a 228% year-on-year growth in AI business revenue, amounting to RMB 525 million, which accounted for 39% of public cloud services[8]. - The company is confident in the sustainable development of its AI-related investments and business[8]. - The company continues to focus on strategic vertical industries, leveraging its extensive cloud infrastructure and advanced cloud-native products[24]. - The company plans to hold an earnings conference call on May 28, 2025, to discuss financial results and future outlook[18].

Group 1 - The Hong Kong stock market closed significantly higher, with the Hang Seng Index rising by 1.74% [1] - The Hang Seng Tech Index increased by 3.08%, indicating strong performance in the technology sector [1] - Major tech stocks saw substantial gains, with Xiaomi Group up over 6%, Alibaba rising by 3.8%, Tencent increasing by 2.56%, and Kingsoft Cloud gaining over 4% [1]

Market Performance - Dow futures increased by 0.01%, while S&P 500 futures decreased by 0.15% and Nasdaq futures fell by 0.26% [1] Chinese Stocks - Popular Chinese stocks saw pre-market gains, with Alibaba up by 1.62%, Pinduoduo up by 0.48%, NetEase up by 0.41%, and Xpeng Motors up by 0.48% [1] UBS Financial Results - UBS reported a net profit of $1.7 billion for Q1 2025, exceeding expectations, driven by a 32% increase in trading income from stock and foreign exchange trading [1] AMD Preliminary Earnings - AMD's preliminary earnings for Q3 showed revenue between $4.5 billion and $4.6 billion, significantly below the analyst expectation of $5.35 billion; adjusted EPS was projected between $0.29 and $0.31, compared to the expected $0.53 [1] Starbucks Financial Results - Starbucks reported a decline in same-store sales by 1% for Q2 2025, worse than the expected decline of 0.59%; North American same-store sales also fell by 1%, against an expected decline of 0.44% [1] TSMC Expansion - TSMC has commenced construction of its third semiconductor fab in Arizona, enhancing its expansion efforts in the U.S.; TSMC shares rose by 1.3% [1] Toyota and Waymo Partnership - Toyota and Waymo have reached a preliminary agreement to collaborate on the development of an autonomous driving platform, aiming to advance the research and deployment of autonomous driving technology [2] Xiaomi AI Model - Xiaomi announced the open-sourcing of its first inference model, Xiaomi MiMo, which outperformed OpenAI's o1-mini in mathematical reasoning and coding assessments; Kingsoft Cloud shares rose over 13% as it is a core cloud provider for Xiaomi [2] Barclays Financial Results - Barclays reported a pre-tax profit of £2.7 billion for Q1, an 11% year-over-year increase, surpassing the analyst expectation of £2.49 billion; total group revenue reached £7.7 billion, exceeding the expected £7.33 billion, with investment banking revenue growing by 16% to £3.87 billion [2]

Group 1 - The Hong Kong cloud computing sector continues to rise, with Kingsoft Cloud increasing by over 10% [1] - Kingsoft Software has seen an increase of over 5% [1] - Other companies such as Kingdee International, Alibaba-W, and China Software International have also experienced gains [1]

Group 1 - The Nasdaq China Golden Dragon Index has increased by 4.3% [1] - XPeng Motors (XPEV.N) has risen by 8% [1] - Kingsoft Cloud (KC.O) has gained 9% [1] - GDS Holdings (GDS.O) has seen a rise of 7% [1]

Core Viewpoint - Kingsoft Cloud's stock has experienced significant declines following its announcement of a large capital raise, reflecting investor concerns about its financial health and market position [1][2]. Group 1: Company Financials - Kingsoft Cloud's stock price dropped 5.32% in Hong Kong, closing at HKD 6.05, with a market capitalization of HKD 23.02 billion [1]. - The company announced a capital raise of up to HKD 22.64 billion through the issuance of American Depositary Shares and shares at HKD 5.83 each [1]. - Kingsoft Cloud reported a loss of RMB 1.967 billion for the year 2024 [1]. Group 2: Market Reactions - The stock price of Kingsoft Cloud in the U.S. fell by 16.82%, indicating a stronger negative market reaction compared to its Hong Kong counterpart [1]. - Analysts suggest that the large capital raise is a response to the company's ongoing financial struggles and high cash burn in its cloud computing business [1][2]. - There are concerns among investors that the capital raise may signal a lack of confidence in the company's ability to generate profits [2]. Group 3: Industry Context - The rapid development of AI is expected to drive significant investment in the sector, with projections indicating that China's total investment in AI could exceed USD 100 billion by 2028, with a compound annual growth rate of 35.2% from 2024 to 2028 [2]. - Cloud computing is viewed as a foundational technology for AI, suggesting that Kingsoft Cloud's fundraising efforts could strengthen its infrastructure and research capabilities to capitalize on emerging market opportunities [2].