股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2025年9月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | 本月底法定/註冊股本總額： USD 40,000,0 ...

Key Takeaways from Kingsoft Cloud (KC) at Asia Leaders Conference 2025 Company Overview - **Company**: Kingsoft Cloud (KC) - **Event**: GS Asia Leaders Conference 2025 - **Date**: September 3, 2025 - **Location**: Hong Kong Industry Insights - **Industry**: Cloud Services, specifically focusing on AI-related services Core Points and Arguments 1. **AI Revenue Growth**: Kingsoft Cloud reported robust growth in AI-related revenue, driven by strong demand for AI training services. AI contributed 45% of public cloud revenue in 2Q25, with expectations to exceed 50% in the second half of 2025 [6][9][10] 2. **Xiaomi and Kingsoft Ecosystem**: Revenue contribution from Xiaomi and Kingsoft Group reached approximately 26.8% in 2Q25, marking a 70% year-over-year increase. Both companies accounted for around 40% of AI revenue in the same quarter [6][9] 3. **Gross Profit Margin (GPM) Trends**: The GPM for AI training has declined to approximately 20% from a previous range of 25-30%, influenced by larger projects from Xiaomi at lower wholesale prices. However, the inference GPM remains profitable due to optimized engineering capabilities [8][10] 4. **Operational Margin (OPM) and EBITDA Outlook**: Management expects higher EBITDA margins in the second half of 2025, despite a lower EBITDA margin reported in 2Q25 due to one-off bad debt provisions. The company aims for full-year OPM break-even by 2026 [11][12] 5. **Investment Thesis**: Kingsoft Cloud is positioned as a leading cloud service provider in China, with a significant AI revenue contribution and strong growth visibility from related parties. However, there are concerns regarding rising reliance on these parties for revenue growth and funding support [9][10] 6. **Price Target and Risks**: The company is rated Neutral with a 12-month target price of US$13.5. Key risks include slower third-party AI demand growth and heightened competitive pressure from peers [10][12] Additional Important Insights - **Chips Supply Chain**: Kingsoft Cloud maintains a mix of self-procured and leased GPUs, with foreign chips being preferred by most customers. The company is monitoring pricing and efficiency comparisons among different chip suppliers [11] - **Future Demand**: Management remains optimistic about future AI inference demand, particularly from Xiaomi's investments in LLM training and assisted driving [6][7][9] Financial Metrics - **Market Capitalization**: Approximately $3.7 billion - **Enterprise Value**: Approximately $4.6 billion - **Revenue Forecasts**: Expected revenue growth from RMB 7,785.2 million in 2024 to RMB 12,923.2 million by 2027 [13] This summary encapsulates the key insights and financial outlook for Kingsoft Cloud as discussed during the conference, highlighting both opportunities and risks within the cloud services industry.

Core Insights - The rapid pace of AI development is transforming the venture capital (VC) landscape, leading to quicker decision-making processes and a shift from broad investment strategies to specialized, agile teams [1][2][3] - Zhang Qian, founder of Tianji Capital, has successfully navigated multiple technology cycles, making significant investments in early-stage cloud services and AI companies, achieving top-tier exit performance [1][2] - The emergence of content creation and personal branding among VCs is becoming a common practice, as it reduces communication costs and enhances connections with entrepreneurs and like-minded investors [2][3][4] Investment Strategy - Tianji Capital's investment philosophy, termed the "Tianji Iron Triangle," focuses on three key aspects: identifying market demand, analyzing technological and product competitiveness, and evaluating the founding team [6][41] - The firm has strategically chosen to invest in AI applications and hardware, rather than following the trend of investing in large model projects, due to concerns over unclear business models and market saturation [5][22][23] Market Trends - The current wave of AI entrepreneurship is characterized by increased competition and higher entry barriers, requiring founders to possess strong technical capabilities and a deep understanding of AI applications [19][31] - The role of large tech companies in the AI space has shifted from passive to proactive, with significant investments in technology development and market positioning [19][20] Content Creation and Communication - The use of video content by VCs, as demonstrated by Zhang Qian, serves as an effective communication tool that fosters connections with entrepreneurs and enhances the understanding of investment logic within the firm [3][4][11] - The trend of entrepreneurs building personal brands and engaging in content creation is seen as a valuable marketing strategy, allowing for more efficient outreach and connection with potential investors [15][16] Challenges and Opportunities - The AI sector is marked by uncertainty and rapid technological changes, leading to a heightened sense of urgency among investors to identify and capitalize on emerging opportunities [6][43] - Despite the challenges, there remains a belief in the vast potential of the AI market, with many investors still optimistic about future growth and opportunities [7][41]

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

Market Performance - On September 4, US stock indices closed higher, with the Dow Jones Industrial Average up 0.77%, the Nasdaq up 0.98%, and the S&P 500 up 0.83%, reaching new closing highs [1] - Major tech stocks saw significant gains, with Amazon rising over 4%, Netflix over 2%, and Google reaching a historical high with a 0.68% increase [1] - Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index down 1.11%, and several companies like Alibaba and NIO dropping over 3% [1] Federal Reserve Developments - The Federal Reserve is experiencing internal divisions regarding interest rate decisions, with some members advocating for rate cuts while others emphasize inflation risks [6] - The probability of the Fed maintaining rates in September is 0.6%, while the likelihood of a 25 basis point cut is 99.4% [6] - Recent comments from New York Fed President John Williams suggest that while a rate cut may be appropriate over time, the impact of tariffs on inflation has been less severe than initially feared [6] Legal and Political Context - The Trump administration has urged the Supreme Court to expedite a ruling on tariffs, claiming that a recent appellate court decision undermines presidential authority in foreign trade matters [3] - The investigation into Federal Reserve Governor Lisa Cook by the Justice Department raises questions about her potential dismissal by Trump, marking a significant escalation in tensions between the administration and the Fed [4][5] - Trump's recent actions, including submitting new arguments to the Supreme Court, reflect ongoing conflicts regarding economic policy and the independence of the Federal Reserve [3][4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年8月31日 | | --- | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,0 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Kingsoft Cloud (金山云) - **Industry**: Cloud Computing and Artificial Intelligence Core Insights and Arguments 1. **Strong Demand for AI**: Kingsoft Cloud's revenue for Q2 2025 increased by 24% year-on-year, driven primarily by strong demand for artificial intelligence services, which saw a revenue growth of over 120% to 729 million yuan, accounting for 45% of the public cloud business [1][4][9] 2. **Partnership with Xiaomi**: The unique relationship with Xiaomi and Kingsoft Group is expected to drive significant AI computing expenditures towards Kingsoft Cloud, enhancing revenue visibility compared to other AI stocks [1][9][21] 3. **Profitability Challenges**: Adjusted net profit was a loss of 300 million yuan, which was worse than Morgan Stanley's forecast of a loss of 248 million yuan, primarily due to higher-than-expected depreciation costs [1][4][9] 4. **Gross Margin Decline**: Gross margin decreased by 2.4 percentage points year-on-year to 14.4%, attributed to increasingly complex supply chain management and the introduction of third-party computing providers. However, it is expected to stabilize around 15% in the future [1][4][9] 5. **Future Growth Expectations**: Management anticipates that the growth rate of cloud business in the second half of 2025 will exceed that of the first half, supported by the Xiaomi-Kingsoft ecosystem, which saw a 70% year-on-year revenue increase to 629 million yuan in Q2 2025 [1][4][9] Financial Performance Highlights 1. **Q2 2025 Financials**: - **Net Revenue**: 2,349 million yuan, exceeding market expectations by 3% [5] - **Gross Profit**: 339 million yuan, a 6% increase year-on-year [5] - **Operating Loss**: 327 million yuan, with adjusted operating loss at 166 million yuan [5] - **EBITDA**: Adjusted EBITDA was 406 million yuan, reflecting a 570% increase year-on-year [5] - **Net Profit Margin**: Reported net profit margin was -19.5% [5] 2. **Revised Target Price**: The target price for Kingsoft Cloud is maintained at $19.00 (previously $18.50) based on a 4x enterprise value/sales multiple for 2025 [1][10][21] Risks and Considerations 1. **Revenue Recovery Risks**: Potential slower-than-expected revenue rebound could impact the company's financial outlook [11][23] 2. **Margin Improvement Risks**: Profit margin improvements may not materialize as quickly as anticipated due to ongoing supply chain complexities [11][23] 3. **Increased Competition**: The cloud computing industry is facing intensified competition, which could affect market share and profitability [11][23] Additional Important Insights 1. **Market Positioning**: Kingsoft Cloud's valuation is positioned between the average multiples of single business cloud service providers (5.9x) and small/mid-cap SaaS stocks (3.8x) [10][22] 2. **Stock Performance**: Year-to-date stock performance shows a significant increase of 40.8%, indicating strong market interest [13] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of Kingsoft Cloud's current performance, future outlook, and associated risks.

Core Viewpoint - Kingsoft Cloud (KC.US) saw a pre-market increase of over 5%, reaching $14.83, following a positive report from UBS regarding its second-quarter performance [1] Financial Performance - Kingsoft Cloud reported a second-quarter revenue of 2.349 billion yuan, representing a year-on-year growth of 24.2%, which exceeded UBS's expectations by 1.5% [1] - Revenue from the Xiaomi ecosystem experienced a robust year-on-year growth of 70% during the same period [1] Future Outlook - UBS forecasts that Kingsoft Cloud's revenue growth for the third quarter will accelerate to 31% compared to the same period last year [1] - For the fiscal year 2025, UBS predicts a revenue growth of 22% for Kingsoft Cloud [1] Target Price Adjustment - UBS raised its target price for Kingsoft Cloud from $14 to $16.5 and reiterated a "Buy" rating [1]

截至2025年中报，金山云营业总收入43.19亿元、净利润-7.71亿元。 本文源自：金融界 8月26日，金山云(03896)盘中下跌2.05%，截至13:32，报7.66元/股，成交3.14亿元。 金山云控股有限公司以提供全球范围内的云服务为主营业务，构建了一整套的云计算基础架构和运营体 系，服务领域涉及互联网、公共服务、数字健康、金融等多个领域。公司运用大数据、人工智能和边缘 计算等高新技术，为500余家优质客户提供超过150种解决方案，并于2020年和2022年分别在美股和港股 完成上市。 作者：行情君 ...

Core Viewpoint - The company reported a revenue of 2.35 billion yuan in Q2 2025, representing a year-on-year growth of 24%, driven primarily by AI, slightly exceeding expectations [1] - The adjusted net loss was 300 million yuan, corresponding to a loss rate of 13% [1] - The company anticipates accelerated revenue growth in H2 2025 [1] Business Segmentation - AI is the main growth driver, with public cloud service revenue reaching 1.63 billion yuan in Q2 2025, a year-on-year increase of 32% [1] - AI revenue specifically was 730 million yuan, growing over 120% year-on-year, accounting for 45% of public cloud service revenue [1] - Industry cloud service revenue was 720 million yuan, showing a 10% year-on-year growth [1] Customer Contribution - Revenue from Kingsoft and Xiaomi increased to 630 million yuan in Q2 2025, a year-on-year growth of 69.5%, now representing 27% of total revenue [1] - The company has completed 40% of its annual related transaction cap in the first half of 2025 [1] Profitability and Cost Structure - Adjusted gross margin in Q2 2025 was 15%, showing a slight decline both year-on-year and quarter-on-quarter [1] - The decline in profit margin is attributed to a shift in computing power investment from self-purchased capital expenditure to a leasing model, which alleviates debt pressure [1] - Overall expenses remain effectively controlled, with a slight year-on-year increase in absolute values [1] Financial Position - The company completed a new round of financing in Q2, with cash, cash equivalents, and restricted cash reserves totaling 5.52 billion yuan as of the end of June [2] Future Outlook - The synergy effects from the Kingsoft and Xiaomi ecosystem are expected to continue, with ongoing iterations of domestic large models and alleviation of computing power supply concerns [2] - The release of DeepSeek-V3.1 on August 21, utilizing UE8M0 FP8 Scale parameters, is designed for the upcoming generation of domestic chips [2] - The company has slightly adjusted its revenue forecasts for 2025-2027 to 9.409 billion, 11.050 billion, and 12.491 billion yuan respectively, while maintaining a buy rating [2]