金山云今日在港交所发布公告，雷军因其他工作安排，已辞任公司非执行董事，其亦不再担任董事长、董事会提名委员会主席。 ...

Kingsoft Cloud (NasdaqGS:KC) Q4 2025 Earnings call March 25, 2026 08:15 AM ET Company ParticipantsLiping Zhao - VPNicole Shan - IR DirectorTao Zou - Chairman and CEOYi Li - CFONone - TranslatorConference Call ParticipantsTimothy Zhao - Equity Research AnalystWenting Yu - Equity Research AnalystOperatorGood day, thank you for standing by. Welcome to the Kingsoft Cloud's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen only mode. After the speaker's pr ...

Financial Data and Key Metrics Changes - The company achieved a record high quarterly revenue of RMB 2.76 billion, representing a year-over-year growth of 24% [7][17] - Revenue from public cloud services increased by 35% to RMB 1.9 billion [7][19] - The gross billing of AI business reached RMB 926 million, representing a 95% year-over-year growth [7][17] - Adjusted gross margin increased to 70% from 60% in the previous quarter [18][22] - Adjusted operating profit reached RMB 55 million, with a margin of 2% [23][18] Business Line Data and Key Metrics Changes - Revenue from enterprise cloud services reached RMB 859 million, a quarter-over-quarter increase of 18% [11][19] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 804 million, a 63% year-over-year increase [8] - Revenue from top 5 non-ecosystem customers grew by 44% year-over-year [8][49] Market Data and Key Metrics Changes - The company noted strong demand from various sectors including automotive manufacturing, autonomous driving, and Fintech [10] - The AI business is expected to represent a trillion-dollar market opportunity, driving technological advancements across industries [12] Company Strategy and Development Direction - The company is committed to a high-quality and sustainable development strategy, focusing on AI-driven opportunities [6][16] - The strategy includes a "1+N" approach within the Xiaomi and Kingsoft ecosystem, emphasizing collaboration and monetization of model as a service capabilities [32][33] - The company aims to build a next-generation computing services system for LLM training and inference, transitioning to an AI-native cloud architecture [14][15] Management Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented demand for intelligent computing driven by the AI industry [6] - The company plans to further invest in infrastructure and enhance service stability to meet rising demand [26] - The outlook for 2026 includes expectations for accelerated growth and improved EBITDA margins [48] Other Important Information - The company achieved operating level profitability for two consecutive quarters, indicating improved self-funding capability [9] - Cash and cash equivalents reached RMB 6.08 billion, strengthening the company's investment capacity [18] Q&A Session Summary Question: Positioning within Xiaomi's AI strategy and pricing adjustments - Management stated that Kingsoft will focus on supporting Xiaomi's AI strategy without developing its own large language models, while pricing adjustments will depend on existing contracts and demand [31][34] Question: Shift towards model as a service and impact of Volcano Engine's pricing - Management acknowledged the trend towards model as a service, emphasizing their existing StarFlow platform, and noted that price adjustments in the market are influenced by supply chain dynamics [38][42] Question: Financial outlook and capital expenditure plans - Management expects total CapEx for 2026 to exceed RMB 10 billion, with a significant portion covered by customer prepayments, and anticipates strong growth in revenue and EBITDA [47][48]

Financial Data and Key Metrics Changes - The company achieved a record high quarterly revenue of RMB 2.76 billion, representing a year-over-year growth of 24% [6][17] - Revenue from public cloud services increased by 35% to RMB 1.9 billion [6][19] - The gross billing of AI business reached RMB 926 million, representing a 95% year-over-year growth [6][17] - Adjusted gross margin increased to 70% from 60% in the previous quarter [17][21] - Adjusted operating profit reached RMB 55 million, marking a 124% increase from the previous year [23] Business Line Data and Key Metrics Changes - Revenue from enterprise cloud services reached RMB 859 million, a quarter-over-quarter increase of 18% [11][19] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 804 million, a 63% year-over-year increase [8] - Revenue from top 5 non-ecosystem customers grew by 44% year-over-year [8][49] Market Data and Key Metrics Changes - The company serves a diversified customer base, including automotive manufacturing, autonomous driving, and Fintech sectors [10] - The demand for AI services is driving significant growth, with external customers accounting for around 70% of total revenue [8] Company Strategy and Development Direction - The company is committed to a high-quality and sustainable development strategy, focusing on AI-driven opportunities [5][16] - The strategy includes a "1+N" model, where the Xiaomi MiMo model serves as a key component of the inference strategy [32][33] - The company aims to enhance its capabilities in AI and cloud computing, positioning itself to capture industrial transformation opportunities [12][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented demand for intelligent computing driven by the AI era [5][6] - The company plans to invest further in infrastructure to support AI business growth and improve operating efficiency [26][48] - The outlook for 2026 includes expectations for accelerated growth and improved EBITDA margins [48] Other Important Information - The company achieved operating level profitability for two consecutive quarters, indicating improved self-funding capability [9] - Total cash and cash equivalents reached RMB 6.08 billion, strengthening the company's investment capacity [18] Q&A Session Summary Question: Role within Xiaomi's AI strategy and future plans - The company will focus on supporting Xiaomi's AI strategy without developing its own large language models, adhering to a collaborative ecosystem approach [32][33] Question: Current pricing trends in the cloud service industry - The company plans to maintain pricing for existing contracts but may increase prices for new customers based on demand and cost increases [34] Question: Shift towards a model as a service strategy - The company is already implementing a model as a service strategy through its StarFlow platform, which is experiencing rapid growth [40] Question: Impact of Volcano Engine's pricing strategy - Management noted that while there is significant demand growth, lowering prices in the current market dynamics may not be feasible [41]

Revenue Growth - Kingsoft Cloud's total revenue for Q4 2025 reached RMB 2,761.4 million (approximately USD 394.91 million), representing a year-over-year increase of 23.7%[9] - Public cloud service revenue significantly increased by 34.9% year-over-year to RMB 1,902.4 million (approximately USD 272.0 million) in Q4 2025[9] - The intelligent cloud business's billing revenue soared by 95% year-over-year, reaching RMB 926 million in Q4 2025[8] - Total revenue reached RMB 9,558.6 million (USD 1,366.9 million), a 22.8% increase from RMB 7,785.2 million in the previous year, driven by strong demand in intelligent cloud and industry cloud projects[17] - Public cloud service revenue was RMB 6,633.5 million (USD 948.6 million), a 32.5% increase from RMB 5,007.3 million in the previous year[17] Profitability Metrics - Adjusted gross profit for Q4 2025 was RMB 470.9 million, reflecting a year-over-year growth of 10.1% and a quarter-over-quarter increase of 19.9%[8] - Adjusted EBITDA profit for Q4 2025 reached RMB 785.2 million, a substantial year-over-year increase of 118.3%[8] - Adjusted EBITDA margin improved to 28.4%, up 12.3 percentage points year-over-year, primarily due to better cost and expense control[8] - Non-GAAP EBITDA was RMB 785.2 million (USD 112.3 million), an increase of 118.3% year-over-year, with an EBITDA margin of 28.4%[15] - The adjusted net loss for the twelve months ending December 2025 was RMB 556,930,000, showing a reduction from the previous year's loss of RMB 825,346,000[37] Operating Performance - The operating profit for Q4 2025 was RMB 54.6 million, compared to RMB 24.4 million in the same quarter last year[8] - Operating loss was RMB 66.5 million (USD 9.5 million), compared to RMB 43.5 million in the same quarter last year and RMB 145.3 million in the previous quarter[13] - The operating loss was RMB 772.9 million (USD 110.5 million), significantly narrowed from RMB 1,739.0 million in 2024[21] - The non-GAAP operating loss was RMB 152.2 million (USD 21.8 million), a substantial improvement from RMB 431.3 million in 2024, with a non-GAAP operating loss margin of 1.6%, compared to 5.5% in 2024[21] Expenses and Costs - Operating costs for Q4 2025 increased by 27.1% year-over-year to RMB 2,296.0 million, driven by investments in AI computing resources[10] - Total operating expenses amounted to RMB 531.8 million (USD 76.0 million), a 13.3% increase year-over-year and a 1.1% increase quarter-over-quarter, with sales and marketing expenses at RMB 122.9 million (USD 17.6 million), up 6.2% year-over-year[12][13] - Research and development expenses were RMB 190.2 million (USD 27.2 million), a 9.2% increase year-over-year, attributed to higher employee costs and stock incentive expenses[13][20] Cash and Liquidity - Cash and cash equivalents as of December 31, 2025, were RMB 6,018.0 million (USD 860.6 million), up from RMB 3,954.5 million as of September 30, 2025, primarily due to net proceeds from equity financing[16] - Cash and cash equivalents rose significantly from RMB 2,648,764 thousand in 2024 to RMB 6,018,043 thousand in 2025, an increase of about 127.5%[32] - The company experienced a significant increase in cash and cash equivalents, with a total of RMB 6,117,237 thousand at the end of December 2025[40] Losses and Shareholder Impact - Net loss was RMB 162.9 million (USD 23.3 million), compared to RMB 200.6 million in the same quarter last year and RMB 7.8 million in the previous quarter[15] - The net loss was RMB 943.7 million (USD 134.9 million), reduced from a net loss of RMB 1,979.0 million in 2024[21] - Basic and diluted net loss per share was RMB 0.23 (USD 0.03), compared to RMB 0.54 in 2024[22] - The total equity attributable to shareholders increased from RMB 5,168,040 thousand in 2024 to RMB 9,317,026 thousand in 2025, representing a growth of about 80.5%[33] Future Outlook - The company expects strong demand for intelligent cloud computing to continue into 2026, capitalizing on opportunities presented by AI advancements[8] - The company emphasizes the use of non-GAAP financial metrics to assess operational performance and business planning[25]

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） 2026年股權激勵計劃旨在透過將本集團之董事及僱員以及服務提供者之利益與股 東之利益掛鈎，並為該等人士之卓越表現提供激勵，從而為股東創造優厚回報， 以促進本公司之成功及提升本公司之價值。該計劃進一步旨在為本公司提供靈活 性，以激勵、吸引及挽留本集團之董事及僱員以及服務提供者提供服務。 2026年股權激勵計劃須待(i)股東於股東大會上通過決議案批准採納2026年股權激 勵計劃；及(ii)香港聯交所批准就根據2026年股權激勵計劃之條款及條件可能授出 之任何獎勵而將予配發及發行之股份上市及買賣後，方可作實。 於本公告日期，除本公司於2021年11月15日採納的2021年股權激勵計劃外，本公 司並無任何其他仍然有效之存續股份計劃。為進一步優化本集團股權激勵安排並 經考慮香港上市規則之更新（包括但 ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 9,558,619 thousand, representing a 22.8% increase compared to RMB 7,785,180 thousand in 2024[4] - Gross profit for the same period was RMB 1,503,408 thousand, a 12.1% increase from RMB 1,340,926 thousand in 2024[4] - Loss before income tax decreased by 52.1% to RMB (947,895) thousand from RMB (1,980,566) thousand in 2024[4] - Net loss for the year was RMB (943,692) thousand, down 52.3% from RMB (1,979,042) thousand in 2024[4] - Adjusted gross profit for 2025 was RMB 1,541,683 thousand, with an adjusted gross margin of 16.1% compared to 17.4% in 2024[9] - Adjusted net loss for 2025 was RMB (936,251) thousand, with an adjusted net loss margin of 9.8%[10] - The company reported an adjusted EBITDA for 2025, reflecting operational performance improvements[10] - Total revenue for 2025 reached RMB 9,558.6 million (USD 1,366.9 million), an increase of 22.8% year-over-year[14] - Adjusted EBITDA for 2025 was RMB 2,336.4 million (USD 334.1 million), a significant increase of 265.7% compared to 2024[14] - Adjusted EBITDA margin improved to 24.4% in 2025 from 8.2% in 2024[12] - The company reported a net loss of RMB 943.7 million (USD 134.9 million) for 2025, with a net loss margin of (9.9)%[12] - Gross profit for 2025 was RMB 1,503.4 million (USD 215.0 million), with a gross margin of 15.7%[14] - Operating loss narrowed to RMB 772.9 million (USD 110.5 million) from RMB 1,739.0 million in 2024, with a non-GAAP operating loss of RMB 152.2 million (USD 21.8 million)[26] - The company recorded a net loss of RMB 943,692,000 for the year ended December 31, 2025, compared to a net loss of RMB 1,979,042,000 in 2024, indicating a 52.3% improvement[50] - Basic and diluted loss per share improved to RMB 0.23 from RMB 0.54 in the previous year[51] Revenue Breakdown - Public cloud service revenue was RMB 6,633.5 million (USD 948.6 million), up 32.5% year-over-year[14] - Public cloud services revenue increased to RMB 6,633,492,000, up 32.4% from RMB 5,007,251,000 in the previous year[50] - Revenue from public cloud services recognized over time was RMB 5,007,251 for 2024, expected to rise to RMB 6,633,492 in 2025, indicating a growth of about 32.5%[63] Expenses and Costs - Operating costs amounted to RMB 8,055.2 million (USD 1,151.9 million), a 25.0% increase from RMB 6,444.3 million in 2024, primarily due to increased infrastructure demand[23] - Research and development expenses for 2025 amounted to RMB 810.3 million (USD 115.9 million), with a total of 1,120 R&D personnel[18] - Research and development expenses decreased to RMB 810.3 million (USD 115.9 million) from RMB 846.0 million in 2024, mainly due to reduced personnel-related costs[26] - Operating expenses decreased to RMB 2,276,321,000 in 2025 from RMB 3,079,936,000 in 2024, reflecting a reduction of 26%[50] Cash and Liquidity - Cash and cash equivalents as of December 31, 2025, were RMB 6,018.0 million (USD 860.6 million), a 127.2% increase from RMB 2,648.8 million in 2024[29] - Cash and cash equivalents increased significantly to RMB 6,018,043,000 as of December 31, 2025, from RMB 2,648,764,000 in 2024[52] - Cash and cash equivalents, including restricted cash, increased from RMB 2,730,101 thousand in 2024 to RMB 6,117,237 thousand in 2025, marking a rise of approximately 124.4%[54] - For the year ending December 31, 2025, the company reported a net cash inflow from operating activities of RMB 3,801,028 thousand (USD 543,540 thousand) compared to RMB 628,419 thousand in 2024[54] Assets and Liabilities - Total assets increased to RMB 26,729,189,000 as of December 31, 2025, compared to RMB 17,592,654,000 in 2024[52] - The total liabilities increased from RMB 12,087,334 thousand in 2024 to RMB 17,416,155 thousand in 2025, representing a growth of approximately 44.5%[53] - The company's total equity rose from RMB 5,168,040 thousand in 2024 to RMB 9,317,026 thousand in 2025, an increase of about 80.5%[53] - The company’s long-term borrowings increased significantly from RMB 1,660,584 thousand in 2024 to RMB 3,023,538 thousand in 2025, a growth of about 82.0%[53] - The company reported a cumulative deficit of RMB 15,247,868 thousand (USD 2,180,416 thousand) as of December 31, 2025[57] Strategic Initiatives - The company plans to continue focusing on product development and market expansion strategies in the upcoming fiscal year[2] - The company continues to focus on high-quality, sustainable development and has expanded its market presence in vertical industries[13] - The launch of the new AI training and inference platform, "Xingliu," aims to support the growing demand for AI applications[16] - The company plans to continue investing in intelligent cloud computing and maintain close collaboration with partners like Xiaomi and Kingsoft[20] Governance and Compliance - The financial results were reviewed by the audit committee, ensuring compliance with US GAAP standards[2] - The company emphasizes the importance of non-GAAP financial metrics for assessing operational performance and business planning[5] - The audit committee reviewed the unaudited financial results for the year ending December 31, 2025[44] - The company has adopted an insider trading policy in compliance with the Hong Kong Listing Rules[41] - The board has elevated ESG management to the board level, with a commitment to publish the sixth ESG report by April 2026[19] Shareholder Information - The company issued 17,300,000 American Depositary Shares at $11.27 per share, raising approximately $278,986,066[30] - The company issued 338,000,000 placement shares at HKD 8.29 per share, with net proceeds totaling approximately HKD 2,759,989,700[30] - The company did not recommend a final dividend for the year ended December 31, 2025[47] - The company did not declare any dividends for the years ending December 31, 2024, and 2025[73] Other Financial Metrics - The company experienced a foreign currency translation adjustment loss of RMB 126,272,000 in 2025, compared to a gain of RMB 11,536,000 in 2024[51] - The company’s credit loss provisions increased from RMB 57,612 in 2024 to RMB 99,422 in 2025, indicating a rise in expected credit losses[65] - The average number of ordinary shares outstanding increased from 3,658,088,876 in 2024 to 4,107,065,011 in 2025, reflecting a dilution effect on earnings per share[72] - The company had no significant investments or capital asset plans as of December 31, 2025[34] - The company has no significant contingent liabilities as of December 31, 2025[35] - The company did not engage in any significant acquisitions or disposals during the reporting period[36] - The company has no major litigation or arbitration that could significantly impact operations[43]

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 金山云控股有限公司（「本公司」）董事會（「董事會」）成員載列如下。 董事長兼執行董事： 鄒濤 非執行董事： 屈恒 張鐸 獨立非執行董事： 喻銘鐸 王航 曲靜淵 | | 董事會轄下 的委員會 | | | | 公司 | | --- | --- | --- | --- | --- | --- | | 董事 | | 審計委員會 | 薪酬委員會 | 提名委員會 | 治理委員會 | | 鄒濤 | | | | C | C | | 屈恒 | | | M | 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 M 相關董事會轄下的委員會的成員 香港 2026年3月25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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 (I) 非執行董事辭任； (II) 變更董事長及提名委員會主席；及 (III) 委任非執行董事 非執行董事辭任 金山云控股有限公司（「本公司」，連同其附屬公司及併表附屬實體統稱「本集團」） 董事（「董事」）會（「董事會」）宣佈，雷軍先生（「雷先生」）因其他工作安排，已辭 任非執行董事，自二零二六年三月二十五日起生效。於雷先生辭任非執行董事 後，其亦不再擔任董事長、董事會提名委員會（「提名委員會」）主席及董事會薪酬 委員會（「薪酬委員會」）成員。 雷先生已確認，其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 有關其辭任的其他事宜須提請本公司股東或香港聯合交易所有限公司垂注。董事 會相信雷先生的辭任不會對本集團的業務營運或財務狀況造成任何重大不利影響。 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 ...

Group 1: Company Performance - Xirui (02507) reported a revenue of $1.354 billion for 2025, a year-on-year increase of 13.13%, with a net profit of $139 million, up 15.02% [1] - Jiantao Laminates (01888) achieved a revenue of HKD 20.4 billion, a 10% increase year-on-year, and a profit attributable to shareholders of HKD 2.442 billion, up 84.16% [1] - H&H International Holdings (01112) reported a revenue of RMB 14.354 billion, a 10% year-on-year increase, with an adjusted net profit growth of 22.7% [2] - China Jinmao (00817) posted a gross profit of RMB 9.221 billion, a 7% increase year-on-year, with a gross margin improvement of 1 percentage point [3] - Kunlun Energy (00135) reported a revenue of RMB 193.979 billion, a 3.71% increase year-on-year, but a net profit decrease of 10.3% [3] - China Nonferrous Mining (01258) achieved a revenue of $3.42 billion, a decrease of 10.4% compared to 2024 [4] Group 2: Market Trends - Lithium stocks saw renewed activity, with Tianqi Lithium (09696) up 4.26% and Ganfeng Lithium (01772) up 1.61%, influenced by a rise in lithium carbonate prices [2] - The storage sector stocks showed gains, with companies like Lanke Technology (06809) and Zhaoyi Innovation (03986) experiencing increases [5] - The drone sector saw significant gains, with Swarmer (SWMR.US) up 34.22% following its IPO, highlighting the growing interest in drone technology [6] - Oil and gas stocks collectively rose, driven by a rebound in international crude oil prices, with Brent crude up over 3% [7] - The AI infrastructure expansion faces potential bottlenecks due to storage chip shortages and energy supply constraints [5]