Kingsoft Cloud Holdings Limited 金山云控股有限公司 股份代號 : 3896 （於開曼群島註冊成立的有限公司） 2025 中期報告 目 錄 2 公司資料 4 主要摘要 8 業務回顧及展望 11 管理層討論與分析 16 其他資料 42 未經審計中期簡明合併財務報表附註 70 釋義 二零二五 中期報告 2 公司資料 董事會 董事長兼非執行董事 雷軍先生 執行董事 鄒濤先生 （副董事長） 何海建先生 （於二零二五年六月三十日辭任） 非執行董事 張鐸先生 （於二零二五年六月九日獲委任） 馮宏華先生 （於二零二五年六月九日辭任） 獨立非執行董事 審計委員會 喻銘鐸先生 （主席） 曲靜淵女士 王航先生 薪酬委員會 曲靜淵女士 （主席） 雷軍先生 喻銘鐸先生 提名委員會 雷軍先生 （主席） 曲靜淵女士 喻銘鐸先生 王航先生 公司治理委員會 鄒濤先生 （主席） 曲靜淵女士 張鐸先生 （於二零二五年六月九日獲委任） 馮宏華先生 （於二零二五年六月九日辭任） 何海建先生 （於二零二五年六月三十日辭任） 公司秘書 蘇嘉敏女士 喻銘鐸先生 王航先生 曲靜淵女士 授權代表 鄒濤先生 蘇嘉敏女士 中國總部及 ...

（原标题：恒生指数收盘跌1.35% 恒生科技指数跌2.89%） 人民财讯9月26日电，恒生指数收盘跌1.35%，恒生科技指数跌2.89%。小米集团、金山云跌超8%，京东 集团跌超3%。 ...

金山云跌约8%，万国数据跌约4%，京东集团跌约4%，阿里巴巴跌约3%。 来源：滚动播报 ...

Core Viewpoint - Kingsoft Cloud (KC.US) has seen a stock price increase of over 7%, reaching $17.655, amidst a broader market rise of 2.69% in Hong Kong stocks [1] Group 1: Fundraising and Financials - Kingsoft Cloud announced a placement of 338 million new shares at HKD 8.29 per share, expecting net proceeds of approximately HKD 27.6 billion [1] - 80% of the proceeds will be allocated to AI business expansion, including upgrading infrastructure and cloud service capabilities, while the remaining funds will support operational needs [1] - Post-placement, Kingsoft Software will hold 32.94% of the shares, and Xiaomi will hold 10.29% [1] Group 2: Competitive Advantage and Growth Potential - The collaboration between Kingsoft Cloud, Kingsoft Group, and Xiaomi Group forms a unique ecosystem that differentiates it from other cloud providers, serving as a significant competitive moat and a key driver for future growth [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and improving overall profitability [1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy contribute to its solid competitive moat and future growth potential [1]

Core Viewpoint - Kingsoft Cloud (KC.US) has seen a stock increase of over 7%, reaching $17.655, amidst a broader market rise in Hong Kong [1] Group 1: Fundraising and Allocation - Kingsoft Cloud announced a placement of 338 million new shares at HKD 8.29 per share, expecting net proceeds of approximately HKD 2.76 billion [1] - 80% of the proceeds will be allocated to AI business expansion, including upgrading infrastructure and cloud service capabilities, while the remaining funds will support operational needs [1] Group 2: Shareholding Structure - Following the placement, Kingsoft Software's shareholding will be 32.94%, and Xiaomi's shareholding will be 10.29% [1] Group 3: Competitive Advantage and Growth Potential - Guoyuan International highlighted that the ecosystem formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi Group distinguishes it from other cloud providers, serving as a unique competitive moat and a significant factor for future growth potential [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud while ensuring steady development in industry cloud and overall profitability improvement [1] - Kingsoft Cloud's first-mover advantage in the AI sector and deep ecosystem synergy contribute to its solid competitive moat and future growth potential [1]

Core Viewpoint - Kingsoft Cloud (03896) has announced a share placement to raise approximately HKD 27.6 billion, with 80% of the proceeds allocated for AI business expansion, indicating a strong focus on enhancing infrastructure and cloud service capabilities [1][1][1] Group 1: Financial Details - The company plans to issue 338 million new shares at a price of HKD 8.29 per share, which has led to a stock price increase of over 5% in early trading [1][1] - After the placement, Kingsoft Software will hold 32.94% of the shares, while Xiaomi will hold 10.29% [1][1] Group 2: Strategic Insights - Guoyuan International highlights that the ecosystem formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi is a unique competitive advantage that differentiates it from other cloud providers [1][1] - The company has demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and overall profitability [1][1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy are key components of its competitive moat and future growth potential [1][1]

Group 1 - The core viewpoint of the article highlights that Kingsoft Cloud (03896) has seen a significant stock price increase, attributed to its recent announcement of a share placement to fund AI business expansion [1] - Kingsoft Cloud plans to issue 338 million new shares at a price of HKD 8.29 per share, expecting net proceeds of approximately HKD 27.6 billion, with 80% allocated for AI infrastructure and cloud service upgrades [1] - Following the share placement, Kingsoft Software's ownership will be 32.94%, while Xiaomi's stake will be 10.29% [1] Group 2 - Guoyuan International emphasizes that the "large ecosystem" formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi Group distinguishes it from other cloud service providers, providing a unique competitive advantage and growth potential [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and overall profitability improvement [1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy are key components of its competitive moat and future growth potential [1]

Group 1 - Lei Jun's company, Kingsoft Cloud, announced a placement to raise approximately HKD 28 billion at a price of HKD 8.29 per share, primarily for AI business development [2][3] - The company plans to allocate 80% of the raised funds to support AI initiatives, including infrastructure expansion and cloud service enhancement, while 20% will be used for working capital and other corporate purposes [3] - Following the placement, Kingsoft Software will hold 32.94% of Kingsoft Cloud, and Xiaomi Group will hold 10.29% [4] Group 2 - Kingsoft Cloud's stock fell over 10% on the announcement of the placement, reflecting concerns about its reliance on internal business from Lei Jun's companies [6] - Analysts noted that while the recent financing indicates a strong demand for new business investments, Kingsoft Cloud's revenue is heavily dependent on Xiaomi-related businesses, which may limit its growth potential [6] - The company reported a net loss attributable to shareholders of CNY 771 million for the first half of the year, with a revenue of CNY 4.319 billion, marking a 17.8% year-on-year increase driven by strong AI-related customer revenue [7]

Core Viewpoint - Kingsoft Cloud is raising approximately HKD 2.8 billion through a share placement at HKD 8.29 per share, primarily to support its AI business, despite facing a significant drop in stock price following the announcement [2][3]. Group 1: Financing Details - The company plans to allocate 80% of the raised funds to enhance its AI infrastructure and cloud service capabilities, with the remaining 20% for working capital and other corporate purposes [3]. - If the placement is fully completed, the total funds raised will be approximately HKD 28.02 billion, with a net amount of about HKD 27.6 billion [3]. Group 2: Shareholding Structure - After the placement, Kingsoft Software will hold 32.94% of Kingsoft Cloud, while Xiaomi Group will hold 10.29% [4][5]. Group 3: Market Context and Performance - The generative AI market is expected to grow at a compound annual growth rate of about 40% from 2024 to 2029, indicating significant potential for cloud services [4]. - Kingsoft Cloud's revenue from Xiaomi-related businesses reached HKD 1.13 billion in the first half of 2025, accounting for 26% of total revenue, highlighting its reliance on the Xiaomi ecosystem [4]. - The company reported a net loss attributable to shareholders of HKD 771 million in the first half of the year, a year-on-year increase of 8.25%, while revenue grew by 17.8% to HKD 4.319 billion, driven by strong AI-related customer income [7]. Group 4: Market Reactions and Analyst Insights - Following the announcement of the share placement, Kingsoft Cloud's stock price fell by over 10%, raising concerns about its heavy reliance on internal business from Xiaomi [6]. - Analysts suggest that while the financing may pressure the stock price in the short term, the long-term growth potential remains attractive, provided the company can diversify its customer base beyond Xiaomi [6][7].

Core Viewpoint - Kingsoft Cloud (03896) plans to issue 282 million shares of common stock to non-U.S. persons through offshore transactions under Regulation S of the U.S. Securities Act of 1933, subject to market conditions and other factors [1] Fund Utilization - The company intends to use the net proceeds from the placement by December 31, 2028, with 80% allocated to support its artificial intelligence business, including infrastructure expansion and enhancement of cloud service capabilities, and 20% for working capital and other corporate purposes [1]