证券时报网讯，金山云股价显著上涨。 截至9:43，金山云股价为3.87港元，较前一交易日上涨0.46港元，涨幅为13.49%，振幅为8.50%，换手率 为1.52%。 由于公有云和企业云的良好表现，里昂和中金分别将金山云的目标价上调至5.5美元和6.5美元，美银证 券也将其2024至2026年的收入预测上调4%至8%。 校对：杨舒欣 ...

2024 年 11 月 22 日 公司研究 3Q24 调整 EBITDA 率实现 9.8%，来自小米&金山软件生态的收入有望加速增长 —— 金山云（3896.HK）3Q24 业绩点评 要点 事件：公司发布 3Q24 业绩，实现总收入 18.9 亿元，同比增长 16.0%，主 要受益于 AI 业务加速增长。3Q24 毛利润 3.0 亿元，同比增长 54.6%；毛利 率 16.1%，同比提升 4.0pcts，系公司收入结构改善（AI 等高毛利率业务营 收占比提升+低毛利率的 CDN 业务战略收缩）、优化行业云项目选择及有效 的成本控制。3Q24 经调整 EBITDA 利润 1.85 亿元，经调整 EBITDA 利润率 达 9.8%，作为对比，本季度阿里云经调整 EBITDA 率为 9.0%。 持续赋能小米&金山生态系统，2025-27 三年框架协议收入上限总额达 113 亿元。11 月 19 日公司发布关联交易公告， 2025-2027 年公司预计将继续为 金山软件和小米集团提供云服务（包括但不限于云存储、云计算、算力服 务、综合云解决方案，以及技术支持、维护升级等其他相关或相似服务）， 同时受益于 1)金山软件 ...

证券时报网讯，美银证券报告指出，金山云第三季度收入同比增长16%，达到18.9亿元，略高于市场预 期，主要得益于人工智能收入大幅增长和企业云业务的复苏。 毛利率同比提升4个百分点。 美银预计，随着AI业务的扩展和企业云项目的调整，第四季度毛利率将进一步改善，目标价由1.7港元 上调至3.4港元，并重申"中性"评级。 校对：冉燕青 ...

证券时报网讯，美股三大指数涨跌不一，道指涨139.53点，涨幅为0.32%，报43408.47点；纳指跌21.32 点，跌幅为0.11%，报18966.14点；标普500指数涨0.13点，报5917.11点。 大型科技股涨跌不一，奈飞涨超1%创新高，苹果、Meta小幅上涨；特斯拉、谷歌跌超1%，亚马逊、微 软、英伟达、英特尔小幅下跌。 热门中概股多数上涨，纳斯达克中国金龙指数收涨1.44%，金山云涨超42%，爱奇艺涨超4%，哔哩哔哩 涨超3%，新东方、好未来涨超2%，小鹏汽车、百度、蔚来涨幅不足1%，理想汽车跌超1%。 校对：苏焕文 ...

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） 內幕消息 截至二零二四年九月三十日止三個月的 未經審核財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條例 （第571章）第XIVA部刊發。 金山云控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司、 其子公司及併表聯屬實體（統稱「本集團」）根據美國證券交易委員會（「美國證交 會」）適用規則刊發的截至二零二四年九月三十日止三個月未經審核簡明綜合業績 （「第三季度業績」）。 第三季度業績乃根據美利堅合眾國公認會計準則（「美國公認會計準則」）編製，其 有別於國際財務報告準則。 本公告附件一為本公司於二零二四年十一月十九日（美國東部時間）就第三季度業 績刊發的新聞稿全文，其中部分內容可能構 ...

比较高的这个业务的占比是在逐步增加的,这是收入组合的一个变化。那另外相对应的就是说客户组合变化,因为大家可能比较熟悉我们过往最大的这个客户是这个头部的一家短视频公司啊,然后他的这个用的产品主要也是CPN相关的,那最最早的时候基本上能占我们三分之一的整体收入贡献, 到2Q的话这个数字基本上是降到了10%左右,未来可能也是保持相近的这样的一个占比,但准论额可能是稳定的,会是这样的一个情况,所以大家过往很担心的这个大客户,特别是外部的大客户集中度的问题可能就会有一个很好的缓解。 那我们现在最大的客户也是大家非常熟悉的是我们小米自家人现在的占比是有一个很明显的提升包括它原有的手机的业务整个IoT的业务包括现在有新的EV的业务等等现在小米加上金山整个生态占到金山云的收入比例已经到了20%而且我们预期后面的一年多的时间可能还会有比较明显的一个提升 这个是客户组合的一个变化所以我们相当于说从最开始更多的去依赖外部的客户现在看到了其实在AI这个时代我们自己生态内有非常多很好的AI的应用场景所以我们也更多的去挖掘生态内的一些未来的业务机会所以这是客户组合的一个变化 那最后说这个三个战略部署,一个就是all in AI,这部分的 ...

Revenue and Profitability - Revenue for the first six months of 2024 was RMB 3,667,464 thousand, a slight decrease of 0.9% compared to the same period in 2023[7] - Gross profit increased significantly by 52.6% to RMB 611,600 thousand in the first half of 2024[7] - Net loss decreased by 35.2% to RMB 717,334 thousand in the first six months of 2024[7] - Gross margin improved to 16.7% in 2024, up from 10.8% in 2023[9] - Adjusted gross margin (non-GAAP) reached 17.0% in 2024[9] - Adjusted EBITDA margin (non-GAAP) turned positive at 2.6% in 2024, compared to -5.2% in 2023[13] - Adjusted net loss margin (non-GAAP) improved to -14.1% in 2024 from -19.7% in 2023[13] - Normalized adjusted EBITDA margin was 1.9% in 2024, up from -4.6% in 2023[13] - Adjusted net loss decreased to RMB 518.4 million (USD 71.3 million) from RMB 727.4 million in the same period last year[15] - Adjusted EBITDA turned positive to RMB 93.8 million (USD 12.9 million) compared to a loss of RMB 191.9 million in the previous year[15] - Total revenue reached RMB 3,667.5 million (USD 504.7 million), with public cloud services contributing RMB 2,421.9 million (USD 333.3 million) and industry cloud services contributing RMB 1,245.4 million (USD 171.4 million)[16] - Gross profit increased by 52.6% to RMB 611.6 million (USD 84.2 million), with a gross margin of 16.7%, up from 10.8% in the same period last year[16] - Adjusted EBITDA margin improved to 2.6%, a 7.8 percentage point increase from -5.2% in the previous year[16] - Total revenue reached RMB 3,667.5 million (USD 504.7 million), a decrease of 0.9% compared to RMB 3,699.8 million in the same period of 2023, primarily due to the reduction of services to CDN customers, offset by strong revenue growth from AI-related customers[24] - Revenue from public cloud services increased by 4.7% to RMB 2,421.9 million (USD 333.3 million) from RMB 2,313.2 million in the same period of 2023, driven by growth in AI-related services[24] - Revenue from industry cloud services decreased by 10.1% to RMB 1,245.4 million (USD 171.4 million) from RMB 1,385.2 million in the same period of 2023, due to a focus on selected vertical industries and high-quality projects[24] - Gross profit increased significantly by 52.6% to RMB 611.6 million (USD 84.2 million) from RMB 400.8 million in the same period of 2023, with a gross margin of 16.7% compared to 10.8% in the previous year[25] - Net loss decreased significantly to RMB 717.3 million (USD 98.7 million) from RMB 1,107.1 million in the same period of 2023, primarily due to reduced operating losses and foreign exchange fluctuations[26] - Non-GAAP EBITDA turned positive to RMB 93.8 million (USD 12.9 million) from RMB -191.9 million in the same period of 2023, with a non-GAAP EBITDA margin of 2.6% compared to -5.2% in the previous year[26] - Total revenue for the six months ended June 30, 2024, was RMB 3,667,464 thousand, compared to RMB 3,699,803 thousand for the same period in 2023[90] - Gross profit for the six months ended June 30, 2024, was RMB 611,600 thousand, up from RMB 400,791 thousand for the same period in 2023[90] - Net loss for the six months ended June 30, 2024, was RMB 717,334 thousand, compared to RMB 1,107,093 thousand for the same period in 2023[90] - Public cloud services revenue for the six months ended June 30, 2024, was RMB 2,421,912 thousand, up from RMB 2,313,183 thousand for the same period in 2023[90] - Industry cloud services revenue for the six months ended June 30, 2024, was RMB 1,245,400 thousand, down from RMB 1,385,152 thousand for the same period in 2023[90] - Net loss for the first half of 2024 decreased to RMB 717,334 thousand (USD 98,709 thousand) compared to RMB 1,107,093 thousand in the same period of 2023[95] - Basic and diluted net loss per share improved to RMB 0.20 (USD 0.03) in the first half of 2024 from RMB 0.31 in the same period of 2023[91] - Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders decreased to RMB 692,343 thousand (USD 95,270 thousand) in the first half of 2024 from RMB 897,537 thousand in 2023[91] - The net loss attributable to Kingsoft Cloud Holdings Limited for the first six months of 2024 was RMB 712,586 ($98,056)[154] - Basic and diluted loss per share for the first six months of 2024 was RMB 0.20 ($0.03)[154] - Revenue from providing public cloud services to Xiaomi Group increased from RMB 379,893 in 2023 to RMB 490,133 ($67,445) in the first six months of 2024[157] - Revenue from providing public cloud services to Kingsoft Software Group increased from RMB 99,386 in 2023 to RMB 136,596 ($18,796) in the first six months of 2024[157] - The company's net loss under US GAAP was RMB 1,107,093, while under IFRS it was RMB 1,111,318 for the six months ended June 30, 2023[164] - The company's net loss under US GAAP was RMB 717,334, while under IFRS it was RMB 705,722 for the six months ended June 30, 2024[170] Operating Expenses and Costs - R&D expenses amounted to RMB 435.9 million (USD 60.0 million), with 1,186 R&D personnel as of June 30, 2024[20] - Operating expenses totaled RMB 1,163.3 million (USD 160.1 million), a decrease from RMB 1,361.8 million in the same period of 2023, with reductions in general and administrative expenses due to improved business quality[26] - Depreciation and amortization expenses increased to RMB 528,450 thousand (USD 72,717 thousand) in the first half of 2024 from RMB 510,519 thousand in 2023[95] - Employee benefit expenses for the six months ended June 30, 2024, amounted to RMB 214.3 million (USD 29.5 million)[33] - Equity incentive expenses for the first six months of 2023 and 2024 were RMB 43,106 and RMB 149,244 ($20,537) respectively[146] Cash Flow and Financial Position - Cash and cash equivalents decreased by 18.5% to RMB 1,837.8 million (USD 252.9 million) as of June 30, 2024, compared to RMB 2,255.3 million as of December 31, 2023[27] - Cash outflow from operating activities reduced to RMB 170,167 thousand (USD 23,415 thousand) in the first half of 2024 from RMB 206,157 thousand in 2023[95] - Investment activities resulted in a net cash outflow of RMB 1,823,846 thousand (USD 250,970 thousand) in the first half of 2024, primarily due to purchases of property and equipment[95] - Net cash generated from financing activities was RMB 1,636,046 thousand (USD 225,127 thousand) in the first half of 2024, a significant increase from RMB (118,773) thousand in the same period of 2023[96] - Cash and cash equivalents, including restricted cash, decreased to RMB 2,096,404 thousand (USD 288,475 thousand) as of June 30, 2024, down from RMB 3,823,087 thousand as of June 30, 2023[96] - Total assets increased from RMB 15,070,278 thousand as of December 31, 2023, to RMB 16,460,960 thousand as of June 30, 2024[84] - Cash and cash equivalents decreased from RMB 2,255,287 thousand as of December 31, 2023, to RMB 1,837,757 thousand as of June 30, 2024[84] - Property and equipment net increased from RMB 2,186,145 thousand as of December 31, 2023, to RMB 3,882,522 thousand as of June 30, 2024[84] - Total liabilities increased from RMB 7,824,374 thousand as of December 31, 2023, to RMB 9,759,174 thousand as of June 30, 2024[88] - Total equity decreased from RMB 7,245,904 thousand as of December 31, 2023, to RMB 6,701,786 thousand as of June 30, 2024[86] - Accumulated deficit increased to RMB 13,027,627 thousand (USD 1,792,661 thousand) as of June 30, 2024, from RMB 11,237,969 thousand as of December 31, 2023[92] - The number of ordinary shares outstanding increased to 3,596,874,352 as of June 30, 2024, from 3,539,136,595 as of December 31, 2023[92] - Short-term borrowings increased to RMB 834,519 thousand (USD 114,834 thousand) in the first half of 2024, up from RMB 544,002 thousand in the same period of 2023[96] - Long-term borrowings amounted to RMB 226,861 thousand (USD 31,217 thousand) in the first half of 2024, compared to none in the same period of 2023[96] - The company's cumulative deficit reached RMB 13,027,627 thousand (USD 1,792,661 thousand) as of June 30, 2024[99] - Net current liabilities stood at RMB 1,181,377 thousand (USD 162,563 thousand) as of June 30, 2024[99] - The company's operations are primarily funded through customer contracts, equity financing, and borrowings from third parties and related parties[99] - The company maintains existing credit facilities with Xiaomi Group, its subsidiaries, and banks[99] - Total borrowings to be repaid in the remaining six months of 2024 amount to RMB 1,584,865 thousand (USD 218,085 thousand)[144] - Borrowings scheduled for repayment in 2025 total RMB 2,025,554 thousand (USD 278,726 thousand)[144] - The company has an unfulfilled purchase commitment of RMB 553,942 (USD 76,225) for internet data center services as of June 30, 2024[161] - The company's cumulative other comprehensive income was RMB 575,585 (USD 79,203) as of June 30, 2024[162] Equity and Shareholder Information - Lei Jun, the company's director, holds a 12.25% stake in the company through controlled entities[35] - Kingsoft Software is the largest shareholder with a 37.40% stake in the company as of June 30, 2024[38] - The total number of issued shares as of June 30, 2024, is 3,805,284,801 shares[39] - The Bank of New York Mellon Corporation holds 1,073,779,732 shares (long position) and 1,063,142,295 shares (short position) in The Bank of New York Mellon[39] - Xiaomi beneficially holds 449,701,000 shares, and its wholly-owned subsidiary Green Better Limited holds 16,460,000 shares[39] - The total number of shares available for issuance under the 2013 Share Option Plan is 26,330,754 shares, representing approximately 0.69% of the total issued shares[42] - The 2013 Share Option Plan has a 10-year validity period starting from February 27, 2013, and has expired as of the latest practicable date[45] - The total number of shares available for issuance under the 2013 Share Award Plan is 23,383,090 shares, representing approximately 0.61% of the total issued shares[48] - The 2013 Share Award Plan has a 10-year validity period starting from February 22, 2013, and has expired as of the latest practicable date[50] - The 2021 Equity Incentive Plan was adopted on November 15, 2021, and amendments were approved by the board on December 20, 2022, effective after the Hong Kong listing[51] - The total number of shares that may be issued upon exercise of all options and awards under the 2021 Equity Incentive Plan and any other share plans of the company shall not exceed 10% of the total issued shares immediately following the Hong Kong listing, amounting to 380,528,480 shares[55] - The total number of shares that may be issued upon exercise of all options and awards granted to service provider participants under the 2021 Equity Incentive Plan and any other share plans of the company shall not exceed 1% of the total issued shares immediately following the Hong Kong listing, amounting to 38,052,848 shares[55] - As of January 1, 2024, and June 30, 2024, the number of options and awards available for grant under the plan authorization limit were 226,083,503 and 191,111,525 shares, respectively, while the number of options and awards available for grant under the service provider sub-limit remained at 38,052,848 shares[56] - The total number of shares that may be issued under the 2021 Equity Incentive Plan as of the latest practicable date is 341,294,939 shares, representing approximately 8.97% of the total issued shares[56] - The total number of shares issued and to be issued to each selected participant upon vesting or exercise of awards granted and to be granted under the 2021 Equity Incentive Plan and any other share plans of the company within any 12-month period shall not exceed 1% of the total issued shares, unless approved by shareholders[57] - The 2021 Equity Incentive Plan has a remaining term of approximately 7 years and 2 months as of the latest practicable date[62] - The exercise price of stock options cannot be lower than the fair market value of the shares on the grant date, and post-Hong Kong listing, it must not be lower than the higher of the closing price on the grant date or the average closing price over the preceding 5 trading days[61] - No consideration is required for accepting awards under the 2021 Equity Incentive Plan, including restricted stock units, stock options, or other types of awards[60] - The vesting period for awards under the 2021 Equity Incentive Plan is generally not less than 12 months, unless the Board approves a shorter period under specific circumstances[59] - As of June 30, 2024, 25,629,891 stock options remain unexercised by grantees, with a weighted average exercise price of $0.07422 per share[64] - During the reporting period, no stock options were granted, and 220,188 options expired[64] - The 2021 Equity Incentive Plan allows for accelerated vesting in cases of death, disability, or uncontrollable events[59] - The exercise price for stock options granted to directors and senior management ranges from $0.07422 to $2.91 per share[64] - The 2021 Equity Incentive Plan permits mixed or accelerated vesting schedules, such as vesting evenly over 12 months[59] - Stock options can be exercised after vesting and before the expiration date[65] - Restricted stock units granted on January 19, 2024, with a fair value of $0.17 per unit[67] - Restricted stock units granted on March 22, 2024, with a fair value of $0.21 per unit[68] - Restricted stock units granted on June 3, 2024, with a fair value of $0.17 per unit[68] - 29,332,770 restricted stock units granted during the reporting period[67] - 9,362,539 restricted stock units exercised during the reporting period[67] - 2,080,000 restricted stock units unexercised as of the reporting period[67] - No performance targets attached to any restricted stock units granted during the reporting period[68] - The company granted 36,867,275 equity awards under the 2021 Equity Incentive Plan as of June 30, 2024[145] - The fair value of share awards granted in 2023 was $0.44, while for the first six months of 2024, it ranged from $0.17 to $0.21[146] - Kingsoft Cloud Holdings Limited was incorporated on January 3, 2012, in the Cayman Islands as an exempted company[178] - The company's American Depositary Shares (ADS) represent 15 ordinary shares each[178] - The reporting period for the interim report is the six months ended June 30, 2024[179] - Kingsoft Cloud's shares were listed on the Hong Kong Stock Exchange on December 30, 2022[179] - The company's primary shareholder is Xiaomi Group, listed on the Hong Kong Stock Exchange under the stock code 1810[180] - The company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[180] - Kingsoft Cloud's subsidiaries and consolidated affiliated entities are controlled through contractual arrangements[178] - The company's shares are denominated in

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） 內幕消息 截至二零二四年六月三十日止三個月的 未經審核財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條例 （第571章）第XIVA部刊發。 金山云控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司、 其子公司及併表聯屬實體（統稱「本集團」）根據美國證券交易委員會（「美國證交 會」）適用規則刊發的截至二零二四年六月三十日止三個月未經審核簡明綜合業績 （「第二季度業績」）。 第二季度業績乃根據美利堅合眾國公認會計準則（「美國公認會計準則」）編製，其 有別於國際財務報告準則。 本公告附件一為本公司於二零二四年八月二十日（美國東部時間）就第二季度業績 刊發的新聞稿全文，其中部分內容可能構成 ...

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） 截至二零二四年六月三十日止六個月的中期業績公告 金山云控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈本公 司、其子公司及併表聯屬實體（統稱「本集團」）截至二零二四年六月三十日止六個 月（「報告期」）的未經審計中期綜合業績，以及二零二三年同期比較數據。該等截 至二零二四年六月三十日止六個月的未經審計簡明合併財務報表乃根據美國公認 會計準則（「美國公認會計準則」）編製，並已由本公司之審計委員會（「審計委員 會」）審閱。 於本公告中，「我們」及「我們的」指本公司及（除文義另有所指）本集團。 | --- | --- | --- | --- | |------------------------------|--------- ...

但是其实刚才我向大家介绍了这个金像银的话,实际上你记住的这个收入增长只达到了3%,并且还以一币大转正,从历史上提升了9个百分点。所以我觉得这个里面的takeaway呢,就是说中国的银行可能跟美国的那边的情况还不是太一样,那就是虽然我们体量比较小,但是我们特别是面对了AI这种机遇。 我们非常敏捷所以我们AI的收入增长更快占比更高对吧所以这个是我们的优势所在就并不一定说至少我们看一看一季度的财务数据和财务的表现并不一定说强者很强或者大者很大或者有点小规模的人才就没有生存的机会我觉得这个是第一点然后第二点我们看了一下有一些我们的友商也明确提出他们是叫做聚焦公有云并且是大幅的退出行业云的市场如果大家看我们的财务报表的话是两部分 叫做这个Public Cloud和Enterprise Cloud那Public Cloud呢就是中文翻译叫公有云Enterprise Cloud呢就翻译成这个行业云所以我们有时候是说它就聚焦于这个公有云市场大幅度是行业云市场是不是说这个行业云市场没得做这个我不是特别同意因为我们金山云这边的情况实际上是两条回头路这个事实上我们的这个Enterprise Cloud这块平均的这个毛利率是相当好的 ...