Financial Performance - Oracle reported a total revenue of $57.4 billion for the fiscal year 2025, with a net profit of $12.4 billion. The fourth quarter revenue reached $15.9 billion, marking an 11% year-over-year increase [2] - Adobe's Q2 revenue was $5.87 billion, up 11% year-over-year, exceeding analyst expectations. Adjusted EPS was $5.06, a 13% increase, but investor concerns about future competition in AI remain [3] Company Changes - ByteDance's AI Lab head, Li Hang, has officially stepped down, transitioning to a consultant role. This change follows the integration of the AI Lab into the Seed team led by former Google DeepMind VP Wu Yonghui [3][5] - Kingsoft Cloud announced the resignation of CFO He Haijian, effective June 30, 2025, due to personal reasons [6] AI Talent Acquisition - Baidu launched its largest AI talent recruitment initiative, expanding job openings by over 60% compared to last year, focusing on cutting-edge AI fields [6] AI Product Developments - ByteDance's self-developed AI IDE "TRAE" has surpassed 1 million monthly active users, with over 80% of internal engineers utilizing it for development [7] - Volcano Engine released version 1.6 of its Doubao large model, introducing a pricing model based on input length, significantly reducing costs [9] - Alibaba's Tongyi Qianwen 3 model achieved over 12.5 million downloads in its first month, with over 130,000 derivative models created [10] Corporate Investments - Amazon plans to invest AUD 20 billion in expanding its data center infrastructure in Australia from 2025 to 2029, marking the largest global tech investment in the country [18] - Meta announced the acquisition of a 49% stake in Scale AI for $14.8 billion to enhance its AI capabilities [22][23] Market Trends - IDC forecasts that the Chinese graph database market will reach RMB 644 million in 2024, growing 17% year-over-year, with major players including Huawei Cloud and Ant Group [24] - The Ministry of Transport emphasized the need for collaboration in technology transfer within the transportation sector to enhance AI applications [27]

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。 （股份代號：3896） （納斯達克股票代碼：KC） 執行董事兼首席財務官辭任 金山云控股有限公司（「本公司」或「金山云」）董事（「董事」）會（「董事會」）宣佈， 何海建先生（「何先生」）因其他個人安排，已提出辭任本公司執行董事兼首席財務 官，自二零二五年六月三十日起生效。在何先生辭任後，彼亦不再擔任董事會轄 下公司治理委員會的成員。 何先生確認，彼並無向本公司提出任何申索，與董事會亦無意見分歧，且概無有 關彼辭任的其他事宜需提請本公司股東或香港聯合交易所有限公司（「香港聯合交 易所」）垂注。 金山云董事長雷軍先生表示：「我謹代表董事會對海建在過去五年中的卓越領導和 寶貴貢獻表示衷心感謝。彼於金山云任職期間，展現了其遠見、堅韌不拔及出色 的執行力。我們完全尊重其決定，並祝願他在未來的事業中繼續取得成功。」 本公司擬適時委任本公司新任首席財務官。董事會及高級管理層仍將全力執行本 公司的戰略重點，並對本公司的長 ...

Market Performance - The three major US stock indices closed mixed, with the Nasdaq rising by 0.31% and the S&P 500 increasing by 0.09%, while the Dow Jones remained flat [1][4] - Both the Nasdaq and S&P 500 reached their highest closing levels since late February [6] - Major tech stocks mostly rose, with Tesla up over 4%, Intel up over 2%, and Google and Amazon rising more than 1% [1][6] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by over 2%, with notable gains in Chinese stocks such as Kingsoft Cloud rising nearly 10% and iQIYI up over 4% [1][9] - Other Chinese stocks like Bilibili, Xpeng Motors, and Baidu rose over 3%, while JD.com and NetEase increased by over 2% [1][9] Commodity Market - COMEX gold futures rose by 0.04% to $3347.8 per ounce, while COMEX silver futures increased by 2.07% to $36.915 per ounce [3] - International crude oil futures settled approximately 1% higher, with WTI crude oil for July rising by $0.71 to $65.29 per barrel and Brent crude for August increasing by $0.57 to $67.04 per barrel [3] Economic Indicators - The offshore RMB (CNH) against the US dollar was reported at 7.1826, showing a decrease of 60 points from the previous Friday [2] - The US 10-year Treasury yield fell by 3.18 basis points to 4.4738%, while the 2-year yield decreased by 3.32 basis points to 4.0034% [2] Analyst Predictions - Citigroup has delayed its forecast for the Federal Reserve's interest rate cuts from July to September, now predicting three rate cuts this year instead of four [13] - Morgan Stanley's chief strategist has expressed optimism about the S&P 500's performance, projecting a target of 6500 points within the next 12 months, indicating a potential increase of about 8% from current levels [14]

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） 董事名單與其角色及職能 金山雲控股有限公司（「本公司」）董事會（「董事會」）成員載列如下。 獨立非執行董事： 喻銘鐸 王航 曲靜淵 | | 董事會轄下 的委員會 | 審計 | 薪酬 | 提名 | 公司治理 | | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | | 雷軍 | | | M | C | | | 鄒濤 | | | | | C | | 何海建 | | | | | M | | 張鐸 | | | | | M | | 喻銘鐸 | | C | M | M | | | 王航 | | M | | M | | | 曲靜淵 | | M | C | M | M | 附註： C 相關董事會轄下的委員會的主席 雷軍 執行董事： 鄒濤 （副董事長） 何海建 非執行董事： 張鐸 董事長兼非執行董事： M 相關董事會轄下的委員會的成員 香港 2025年6月9日 ...

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 2 | | 普通決議案 | | 所投票數及百分比(%) | | | --- | --- | --- | --- | --- | | | | 贊成 | 反對 | 棄權 | | 11. | 批准、確認及╱或追認 | 587,324,114 | 1,558,000 | 260,000 | | | | (99.74%) | (0.26%) | | | | 本公司（作為發行人）與金山軟件有 (a) | | | | | | 限公司（作為認購人（「認購人」）） | | | | | | 所訂立之日期為2025年4月16日之 | | | | | | 認購協議（「認購協議」），內容有關 | | | | | | 本公司按認購價每股5.83港元發行 | | | | | | 69,375,000股本公司普通股（「認購股 | | | | | | 份」 ...

美股盘前中概股多数上涨，金山云涨近8%，万国数据涨近5%，京东涨近3%，携程、小鹏汽车涨超 2%。 ...

Investment Rating - The report maintains an "Overweight" rating for Kingsoft Cloud with a target price of $18.50 for KC US and HKD 10.00 for 3896 HK [1][2][16] Core Insights - Kingsoft Cloud's stock price has increased by 140% since the release of its Q3 2024 results, outperforming the Chinese internet index fund which rose by 8% during the same period [1][12] - The company's strategic shift towards artificial intelligence and its integration within the Xiaomi and Kingsoft Group ecosystems are yielding positive financial results [1][12] - The growth prospects for Kingsoft Cloud's AI revenue are considered more certain compared to many other AI stocks due to its unique relationships and increasing demand for GPU computing power [1][12] - The introduction of third-party computing providers is expected to negatively impact Kingsoft Cloud's profit margins due to the complexities in supply chain management [1][12] Summary by Sections Investment Thesis - Kingsoft Cloud's AI revenue has shown significant growth, with total AI revenue rising from RMB 360 million in Q3 2024 to RMB 474 million in Q4 2024 (approximately 500% year-on-year) and RMB 530 million in Q1 2025 (228% year-on-year) [3][12] - The company has achieved three consecutive quarters of triple-digit year-on-year growth in AI revenue, which has improved overall profitability, with adjusted EBITDA margins increasing from 2% in Q1 2024 to 16% in Q1 2025 [3][12] Financial Projections - Revenue forecasts for 2025 have been raised to RMB 9,355 million, reflecting a 17% increase from previous estimates [4][16] - Adjusted net loss for 2025 is projected to be RMB 874 million, revised from RMB 602 million due to the new computing procurement model [4][12] - The target price is based on a 4x EV/Sales multiple for 2025, positioned between the average multiples of U.S. single-business cloud service providers (5.9x) and small-cap SaaS stocks (3.8x) [8][12] Valuation - The target price for Kingsoft Cloud is set at $18.50 based on a 4x EV/Sales multiple for 2025, reflecting a positive adjustment in valuation due to the company's narrative shift [1][8][12] - The report indicates that Kingsoft Cloud's valuation should be adjusted upwards due to the positive changes in the company's narrative and financial performance [1][12]

Macro Dynamics - The State Council has announced the fourth national agricultural census to be conducted in 2026, focusing on rural households and agricultural production conditions [1] - The People's Bank of China will conduct a 10 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months [2] Automotive Industry - The retail sales of passenger cars in China reached 1.93 million units in May, a year-on-year increase of 13%, with cumulative sales of 8.80 million units in 2023, up 9% [3] - The Ministry of Commerce emphasizes the importance of the automotive industry as a pillar of the national economy and plans to enhance policies to stimulate automotive consumption [6] Sports and Tourism - The ongoing Jiangsu Province City Football League has led to a surge in tourism, with a 305% increase in scenic area bookings from June 2 to June 8 [4] Rare Earth Exports - The Ministry of Commerce stated that China will approve export license applications for rare earths that meet regulations, emphasizing the dual-use nature of these materials [5] Financial Institutions - Citigroup announced a global simplification initiative, reducing approximately 3,500 technical staff in its global technology solutions centers, but operations in China will remain unaffected [7] Market Data - The ChiNext Index rose by 1.17%, with significant gains in CPO and computing power rental concepts, while the pharmaceutical sector experienced a pullback [8] - The financing balance of the two markets increased by 22.62 billion yuan, with the Shanghai Stock Exchange reporting a balance of 907.55 billion yuan [9] Company Dynamics - Wens Foodstuff Group reported a 14.23% year-on-year increase in pig sales revenue for May, totaling 5.32 billion yuan [12] - Yara International's supervisor is under investigation for insider trading, but the company's operations remain normal [13] - Haitai Development is planning to acquire a controlling stake in Zhixueyun Technology [14] - Wentech Technology's shareholder plans to reduce its stake by up to 3% [15]

Group 1 - The U.S. stock market opened with positive momentum, with the Dow Jones Industrial Average rising by 58 points, the S&P 500 increasing by 0.27%, and the Nasdaq gaining 0.3% [1] - The Nasdaq Golden Dragon China Index saw a rise of 0.7%, indicating a positive sentiment towards Chinese stocks listed in the U.S. [1] - Specific companies such as Kingsoft Cloud (KC.O) and GDS Holdings (GDS.O) experienced significant stock price increases, with Kingsoft Cloud rising by 9% and GDS Holdings increasing by 6.7% [1]

Core Viewpoint - The rapid growth of Kingsoft Cloud's performance is driven by the explosion of AI technology and the recovery of industry cloud demand, with significant increases in revenue and AI business contributions [1][3]. Financial Performance - In Q1 2025, Kingsoft Cloud achieved revenue of 1.97 billion yuan, a year-on-year increase of 10.9% [2][3]. - The adjusted EBITDA for Q1 2025 reached 320 million yuan, reflecting an 8.6-fold increase year-on-year, with an EBITDA margin of 16.2%, up 14.3 percentage points [3]. - The company reported a net loss of 316 million yuan in Q1 2025, an improvement of 11.7% compared to the same period in 2024 [3]. AI Business Growth - AI business revenue surged by 228% year-on-year to 525 million yuan, accounting for 39% of public cloud revenue, making it the largest revenue source for the company [4][6]. - The AI revenue includes significant contributions from large model training and inference services, which represent over 60% of AI income [4]. Strategic Partnerships - Kingsoft Cloud's collaboration with Xiaomi has been fruitful, with revenue from the Xiaomi ecosystem reaching 500 million yuan, a 50% increase year-on-year, and accounting for 25% of total revenue [5][6]. - The joint development of the "MiLM-13B" large model has been successfully implemented in smart devices, achieving over 100 million daily calls [6]. Future Outlook - Management anticipates that AI business revenue will exceed 2 billion yuan in 2025, representing over 45% of total revenue, and aims for AI revenue to account for over 30% of total revenue by 2030 [6]. - The company plans to continue deepening its collaboration with the Xiaomi ecosystem to explore new AI opportunities and enhance value for stakeholders [6].