Core Insights - Kingsoft Cloud has been awarded the "Annual Hong Kong Stock Connect Excellence Award" at the "Jingge Award" annual selection, reflecting market recognition of its high-quality growth path in the AI era [1] Financial Performance - In Q3 2025, Kingsoft Cloud reported revenue of 2.48 billion yuan, a year-on-year increase of 31%, with adjusted net profit reaching 28.73 million yuan, marking its entry into a new phase of scalable profitability [2] - Public cloud revenue grew significantly by 49% year-on-year, with the intelligent computing cloud business seeing a remarkable increase of nearly 120%, reaching 780 million yuan, accounting for 45% of public cloud revenue [2] - The company has effectively met AI computing power demands through infrastructure upgrades and optimized intelligent computing services, supporting large-scale inference needs for major internet clients [2] Technological Development - Kingsoft Cloud has built an open model ecosystem through its "Xingliu Platform," recently adding Xiaomi's self-developed model, XiaomiMiMo-V2-Flash, which enhances platform capabilities for real-time interaction and content generation [3] - The company has covered major domestic models and offers features like model management and automatic scaling, helping clients lower the barriers to AI application [3] - IDC predicts that the scale of intelligent computing power in China will grow at a compound annual growth rate of over 46% from 2023 to 2028, positioning Kingsoft Cloud to benefit from industry growth [3] Ecosystem Collaboration - As the only strategic cloud platform within the Xiaomi Kingsoft ecosystem, Kingsoft Cloud has seen strong revenue growth from this ecosystem, reaching 690 million yuan in Q3, an increase of 84%, accounting for 28% of total revenue [4] - The planned related transactions with Xiaomi Kingsoft from 2025 to 2027 amount to 11.3 billion yuan, providing a solid foundation for future growth [4] - The company raised 2.802 billion Hong Kong dollars through a placement, with 80% allocated for AI infrastructure expansion to enhance its capacity to meet internal and external demands [4] Future Outlook - Market institutions believe Kingsoft Cloud has established a high-quality growth path through "AI demand + ecosystem collaboration," with several firms issuing "buy" ratings [5] - As enterprises accelerate cloud adoption and AI applications, Kingsoft Cloud is expected to achieve value re-evaluation amid the intelligent computing wave [5] - The company's clear AI strategy and ecosystem advantages showcase its differentiated competitiveness as an independent cloud vendor, potentially providing a sustainable growth model for the industry [5]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui announced five companies as winners of the "Annual Hong Kong Stock Connect Outstanding Award" [1] - The award aims to recognize companies with healthy governance structures, significant industry positions, and good main business performance, providing sustainable and stable value returns to investors [1] Group 1: Award Winners - The five companies awarded are: Fenbi (02469.HK), Guotai Junan International (01788.HK), Hezhima Intelligent (02533.HK), Kingsoft Cloud (03896.HK/KC.US), and Jiufang Zhitu Holdings (09636.HK) [1] - The ranking of the awarded companies is not in any specific order and is based on the first letter of their names [1] Group 2: Evaluation Criteria - The evaluation for the "Annual Hong Kong Stock Connect Outstanding Award" considered multiple factors including operational quality, liquidity indicators, and trading activity metrics such as the proportion of Hong Kong Stock Connect holdings, the volume of Hong Kong Stock Connect holdings, and turnover rates [1] - The final results were derived through quantitative data analysis and an expert review panel [1] Group 3: Broader Context - Gelonghui's selection aims to create a reference value for listed companies and unicorn companies within the investment community, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]

Core Viewpoint - Kingsoft Cloud (03896) announced the grant of a total of 4.4026 million restricted stock units to several employee participants under the 2021 equity incentive plan, which represents approximately 0.10% of the company's total issued shares as of the announcement date [1] Group 1 - The company will grant 4.4026 million restricted stock units on December 18, 2025, Eastern Time [1] - The granted units correspond to approximately 4.4026 million shares or about 293,500 American depositary shares, adjusted to the nearest whole number [1] - This issuance is part of the company's ongoing employee incentive strategy [1]

Core Viewpoint - Kingsoft Cloud (03896.HK) announced the grant of a total of 4.4 million restricted stock units to several employee participants under the 2021 equity incentive plan, which is equivalent to approximately 293,503 American depositary shares, representing about 0.10% of the company's total issued shares as of the announcement date [1]. Group 1 - The company will grant 4.4 million restricted stock units to employees [1] - The granted units correspond to approximately 293,503 American depositary shares [1] - The total issued shares of the company as of the announcement date is approximately 0.10% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3896） （納斯達克股票代碼：KC） 根據2021年股權激勵計劃授出受限制股份單位 根據香港上市規則第17.06A條、17.06B條及17.06C條，董事會宣佈，本公司於 2025年12月18日（美國東部時間）根據2021年股權激勵計劃的條款向若干僱員參 與者授出合共4,402,557個受限制股份單位，待予接納，相當於4,402,557股相關股 份或約293,503股美國存託股（向下調整至最接近之美國存託股整數）及本公告日 期本公司已發行股份總數約0.10%。 授出受限制股份單位詳情 授出日期： 2025年12月18日（美國東部時間） 購買價： 每股股份0.01美元 股份於授出日期的 收市價： 就於2025年12月18日（香港時間）在聯交所買賣的股份 而言，為每股股份5.66 ...

Core Viewpoint - The Hong Kong stock market has seen a surge in refinancing activities this year, with placements becoming the preferred method for companies due to their efficiency, flexibility, and cost advantages [1][3]. Group 1: Market Activity - Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for almost 90% of the total [1][3]. - The total amount raised through placements alone reached approximately 312.4 billion HKD, representing 89.61% of the total refinancing [3][7]. Group 2: Industry Insights - Key industries leading the placements include hardware equipment, automotive and parts, biomedicine, and software services, with hardware equipment raising 600.07 billion HKD [4][5]. - Notable contributions from specific companies include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435.09 billion HKD in the automotive sector [4][7]. Group 3: Fund Utilization - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and optimizing capital structure [9]. - Companies like SenseTime and BYD have specified that their raised funds will support core business development, AI infrastructure, and overseas market expansion [9]. Group 4: Market Conditions - The active refinancing in the Hong Kong market is attributed to increased market activity, rising trading volumes, and valuation recovery, providing an excellent window for companies to refinance [10]. - Analysts predict that the liquidity in the Hong Kong market will continue to improve, driven by the "wealth effect" and increasing participation from mainland investors [10].

Core Insights - Kingsoft Cloud's Starry Flow platform has officially launched the Xiaomi MiMo-V2-Flash model, enhancing its model ecosystem [1] - The integration of Xiaomi MiMo-V2-Flash allows users to conveniently access the model through Kingsoft Cloud's platform, leveraging its powerful computing capabilities and optimized inference layer [1] - Xiaomi MiMo-V2-Flash is a self-developed MoE model with a total parameter count of 309 billion (with 15 billion activated), designed for extreme inference efficiency and applicable in real-time interaction and content generation scenarios [1] Company Developments - The launch of Xiaomi MiMo-V2-Flash on Kingsoft Cloud's Starry Flow platform signifies a strategic enhancement in the platform's offerings [1] - The collaboration with Xiaomi indicates a focus on providing developers and enterprise users with tools to easily build intelligent applications [1] Industry Trends - The introduction of advanced models like Xiaomi MiMo-V2-Flash reflects the growing demand for high-performance AI solutions in various applications [1] - The emphasis on low latency and high stability in inference experiences aligns with industry trends towards improving user experience in AI-driven applications [1]

Core Viewpoint - Kingsoft Cloud (KC.US) has officially launched the Xiaomi MiMo-V2-Flash model on its Starry Flow platform, enhancing its model ecosystem and providing users with advanced capabilities for building intelligent applications [1] Group 1: Product Launch - The Xiaomi MiMo-V2-Flash model is designed for extreme inference efficiency, featuring a total of 309 billion parameters (with 15 billion activated) [1] - The integration of this model allows developers and enterprise users to easily create intelligent applications leveraging Kingsoft Cloud's powerful computing capabilities and optimized inference layer [1] Group 2: User Experience - Users can conveniently access the Xiaomi MiMo-V2-Flash model through the Kingsoft Cloud Starry Flow platform, benefiting from low latency and high stability in inference experiences [1] - The model is applicable in various scenarios, including real-time interaction and content generation [1]

Core Viewpoint - Kingsoft Cloud (KC) shows a positive market performance with a stock price increase and significant revenue growth, indicating strong operational capabilities and market position in the cloud service industry [1] Financial Performance - As of September 30, 2025, Kingsoft Cloud's total revenue is 6.797 billion RMB, reflecting a year-on-year growth of 22.41% [1] - The company's net profit attributable to shareholders is -0.776 billion RMB, with a year-on-year increase of 56.15% [1] Company Background - Kingsoft Cloud Holdings Limited was founded in 2012 and is recognized as a leading independent cloud service provider in China, with operations extending globally [1] - The company went public on NASDAQ in May 2020 (stock code: KC.NASDAQ) and completed a dual primary listing on the Hong Kong Stock Exchange in December 2022 (stock code: 3896.HK) [1] - Leveraging 36 years of enterprise service experience from Kingsoft Group, Kingsoft Cloud has developed a comprehensive cloud computing infrastructure and operational system [1] Service Offerings - Kingsoft Cloud provides over 150 solutions tailored for various sectors, including internet, public services, digital health, and finance, serving more than 500 high-quality clients [1]

Market Performance - On Monday, major U.S. stock indices collectively declined, with the Dow Jones down 0.09% at 48,416.56 points, the Nasdaq down 0.59% at 23,057.41 points, and the S&P 500 down 0.16% at 6,816.51 points [1][2]. Tesla Highlights - Tesla's stock rose over 3%, reaching a nearly one-year high, with a market value increase of over $53 billion in one night [1][4]. - CEO Elon Musk's net worth surpassed $600 billion, making him the first person in history to achieve this milestone [4]. iRobot Situation - iRobot's stock plummeted over 72% after the company filed for bankruptcy protection, planning to be taken over by its main Chinese supplier and manufacturer, leading to its delisting [1][5]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 2.17%, with notable declines in stocks such as Baidu (down nearly 5%) and Alibaba (down over 3%) [1][7]. Nasdaq Trading Mechanism - Nasdaq plans to submit a proposal to the SEC to introduce a near-around-the-clock trading mechanism, extending trading hours from 16 to 23 hours per week [1][14]. - The new trading schedule would include two trading periods: a daytime session starting at 4 AM and ending at 8 PM, and a night session from 9 PM to 4 AM [14][15].