Group 1 - The company, Kingsoft Cloud, announced a public offering of 18,500,000 American Depositary Shares (ADS), with each ADS representing 15 shares of common stock [1] - The offering is supported by strategic shareholders, and Kingsoft Software Group will additionally subscribe to 20% of the total offering size [1] - Proceeds from the ADS issuance will be used for upgrading and expanding infrastructure, investing in technology and product development, and for general corporate and working capital purposes [1]

受人工智能发展带动，云计算业务正处在其高速发展的历史阶段。深耕云计算十余载，金山云已占据行 业中独特的定位和技术服务先发优势。受益于此，2024年金山云业务表现强劲，全年总收入同比增长超 过10%，且收入组合健康，Q4单季度AI账单收入占公有云比例达34%，同比增长近500%，处行业领先 水平。金山云的高质量可持续发展战略已取得阶段性成果，年度毛利率同比提升超过5个百分点。Q4单 季度调整后经营利润率首次转正。这为后续盈利能力的持续提升打下了坚实基础。 鉴于人工智能领域强劲且高度可见的市场需求，金山云积极拥抱人工智能，持续聚焦核心技术进行能力 建设，已围绕基础云、智算网及智算平台全面升级智算能力体系。目前，金山云已在公有云场景和国资 云/政务云场景支持DeepSeek-R1/V3，且已完成基于国产芯片的DeepSeek满血版适配。作为生态内唯一 的战略云平台，金山云将持续受益于生态客户人工智能业务布局带来的需求增量。 2025年4月16日，金山云(NASDAQ:KC，HKEX:3896)宣布，将公开发行18,500,000股美国存托股 （ADS），每ADS代表该公司15股普通股。同时，金山云还授予ADS承销商 ...

AI and Technological Development - Kingsoft Cloud aims to enhance its AI capabilities and invest in technological R&D to drive high-quality sustainable development[15]. - The company emphasizes low-carbon and green development, focusing on making data centers greener and achieving carbon neutrality commitments[16]. - Kingsoft Cloud's KDX Industry DaaS Platform and other products were recognized in the Panorama of High-Quality Development for Digital Medical Products and Services[30]. - The company was included in the leader quadrant of the "Quadrant Analysis Chart for Competitiveness of Service Providers in China's Government Cloud Market in 2023"[31]. - Kingsoft Cloud's cloud products are tailored to various industry verticals, including healthcare, AI, and financial services, enhancing its market position[26]. Healthcare Initiatives - Kingsoft Cloud has established five core business models in healthcare, including Regional Health Cloud and Smart Hospitals, to strengthen healthcare systems[19]. Intellectual Property Management - The company continues to refine its intellectual property management system to protect its innovations and foster a healthy ecosystem for innovation[17]. - Kingsoft Cloud secured a cumulative total of 1,304 granted patents worldwide by the end of 2024, including 1,168 invention patents, 135 design patents, and 1 utility model patent[49]. - Kingsoft Cloud emphasizes the importance of intellectual property management, ensuring compliance with relevant laws and enhancing protection of its innovations[101]. - The company has upgraded its intellectual property management system, conducting regular patent monitoring and data analyses to safeguard proprietary IP[105]. - In 2024, Kingsoft Cloud conducted 10 IP-related training sessions, with over 240 participants from various R&D departments[118][122]. - The "426 Intellectual Property Drive" attracted 759 participants in online quizzes and over 560 participants in offline activities, enhancing employee engagement in IP protection[119]. - Kingsoft Cloud received the Excellence Award in the 25th China Patent Awards, recognizing its achievements in intellectual property management[113]. Corporate Social Responsibility and ESG - The company is focused on delivering reliable cloud services while actively engaging in corporate social responsibility initiatives[19]. - Kingsoft Cloud won the "Best ESG Enterprise Award" in the 9th ranking of listed companies by Zhitong Caijing[40]. - Kingsoft Cloud has established environmental management targets and the Board has reviewed the achievement of these targets to promote ESG management[79]. - The company has identified 18 key ESG topics through materiality analysis, with 9 highly material topics prioritized for action[94]. - Kingsoft Cloud actively engages with stakeholders, focusing on privacy and data security, product stability, and business compliance among other ESG issues[92]. - The company has integrated ESG objectives into the performance evaluation for management and employees, linking compensation to sustainability performance[87]. - Kingsoft Cloud has developed processes for identifying and managing climate change-related risks and opportunities within its risk management system[78]. - The Company is committed to building sustainable supply chains and promoting public welfare through collaboration with stakeholders[90]. Quality Management and Operational Efficiency - The Company established a dedicated Quality Department to oversee quality management across core business operations, including public cloud, edge cloud, and galaxy cloud product lines[166]. - The Company achieved 100% monitoring of basic indicators related to physical equipment and operating systems, ensuring service stability and compliance[177]. - The Company successfully passed the ITSS Operation and Maintenance Standard Compliance Assessment with a maturity of Level 1, highlighting its industry-leading operational capabilities[192]. - The Company enhanced its change management process, achieving 0 failures due to platform changes this year[182]. - The Company introduced 29% more automated processing solutions for high-frequency alert scenarios, significantly improving operational efficiency[185]. - The Company formulated and updated 22 emergency plans for major incidents, significantly reducing the Recovery Time Objective (RTO) and enhancing business continuity capabilities[189]. - The Company implemented a comprehensive potential hazard control system to prevent system failures across product R&D, delivery management, and infrastructure development[172]. - The Company refined its quality performance assessment framework using the Objectives and Key Results (OKR) methodology, ensuring alignment with business characteristics[167]. - The Company enhanced operational stability by updating its quality management system and ensuring no incidents led to operational downtime during the reporting period[168]. - The Company developed visualization solutions for low-frequency blackout change operations, achieving 100% visualized access and elevating operational control[182]. - In 2024, frontline operations and maintenance personnel achieved a 100% pass rate in assessments, ensuring long-term stability for business operations[196]. - The Company integrated quality management into daily operations, publishing monthly quality metrics and establishing four major quality awards to recognize quality improvement efforts[195]. Customer Service and Engagement - Kingsoft Cloud has developed the Active Service Action Guide to proactively identify customer needs and provide forward-looking recommendations, enhancing service quality[198]. - The Company has optimized its after-sales service system, revising service documentation and enhancing the professionalism of after-sales teams[198]. - All service processes have been brought online to ensure the delivery of SLAs and enable visibility and traceability across the service lifecycle[199]. - A professional customer service team has been established, engaging senior technical experts to standardize workflows and improve response speed[200]. - The Company focuses on three core pillars: standardization, management, and processes, to enhance service delivery and customer satisfaction[198]. - Kingsoft Cloud emphasizes a customer-centric service philosophy, aiming to deliver a more professional and attentive service experience[198]. - The collaboration between cloud computing, edge cloud, core infrastructure, and technical support teams ensures stable and efficient services that meet diverse customer needs[200]. Employee Engagement and Integrity - Kingsoft Cloud's female members accounted for 12% of the executive management and 38% of the total workforce as of December 31, 2024[50]. - The Company organized 19 integrity-themed education activities and training sessions, resulting in 29,421 interactions across various communication channels[152]. - The Company established a whistleblowing mechanism, encouraging real-name and anonymous reporting of non-compliant behaviors[154]. - Kingsoft Cloud's integrity initiatives included the "Sunshine Classroom" program, enhancing ethical awareness among employees[146]. - In 2024, there was no fraud action or litigation proceeding against Kingsoft Cloud or its employees[140].

Kingsoft Cloud Holdings Limited 金山云控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 3896) Date as postmarked Dear Non-Registered Holder(s) (Note 1) , Notification of publication of corporate communication on the websites We hereby notify you that the English and Chinese versions of the 2024 Annual Report (the "Current Corporate Communication") and Environmental, Social and Governance Report 2024 (the "2024 ESG Report") of Kingsoft Cloud Holdings Limited ( ...

Kingsoft Cloud Holdings Limited 金山雲控股有限公司 (Incorporated in the Cayman Islands with limited liability) 2. AMENDING YOUR CHOICE OF MEANS OF RECEIPT AND LANGUAGE OF CORPORATE COMMUNICATIONS If you would like to (i) receive the Current Corporate Communication in printed form; and/or (ii) change your means of receipt (in printed form or by electronic means through our website) and/or choice of language (English and/or Chinese) of all future Corporate Communications, please complete the enclosed change request fo ...

1 務實聚勢 築牢企業發展基石 錨定可持續發展坐標 循勢謀遠 支持創新 構建誠信發展生態 同心致遠 共饗企業發展碩果 穩定運營 打造值得信賴的雲服務 綠色行動 共築生態和諧家園 源頭管理 共建可持續供應鏈 立足自身 共繪公益慈善藍圖 目 錄 | CONTENTS | 關於本報告 | 01 | 董事長致辭 | 02 | 關於金山雲 | 03 | | --- | --- | --- | --- | --- | --- | --- | | | 01 務實聚勢 築牢企業發展基石 | | 02 循勢謀遠 錨定可持續發展坐標 | | 03 支持創新 構建誠信發展生態 | | | | 治理架構 | 09 | 董事會聲明 | 12 | 知識産權管理 | 16 | | | 董事會獨立性及多元化 | 09 | ESG 管治架構 | 12 | 廉潔建設 | 20 | | | 風險管理與内部控制 | 10 | 利益相關方溝通 | 13 | | | | | | | 重要性議題分析 | 14 | | | | | 04 穩定運營 打造值得信賴的雲服務 | | 05 同心致遠 共饗企業發展碩果 | | 06 綠色行動 共築生態和諧家園 | ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 7,785,180, representing a 10.5% increase from RMB 7,047,461 in 2023[10] - Gross profit increased by 57.7% to RMB 1,340,926 in 2024, up from RMB 850,169 in 2023[10] - The net loss for 2024 was RMB 1,979,042, a decrease of 9.4% compared to a net loss of RMB 2,183,647 in 2023[10] - Adjusted gross profit for 2024 was RMB 1,357,794, with an adjusted gross margin of 17.4%, up from 12.2% in 2023[15] - The company reported a pre-tax loss of RMB 1,980,566 for 2024, which is an 8.5% improvement from the previous year's loss of RMB 2,165,688[10] - Adjusted EBITDA for 2024 reached RMB 638.9 million, a significant turnaround from a negative RMB 265.1 million in 2023, resulting in an EBITDA margin of 8.2%[26] - Total revenue for 2024 was RMB 7,785.2 million, representing a year-over-year increase of 10.5%[26] - Gross profit for 2024 was RMB 1,340.9 million, up 57.7% from RMB 850.2 million in 2023, with a gross margin improvement from 12.1% to 17.2%[26] - Adjusted operating loss for 2024 is projected to be RMB 1,739.0 million, down from RMB 2,108.6 million in 2023, with an adjusted operating loss rate improving from 15.5% to 5.5%[20][24] - The adjusted net loss for 2024 is expected to be RMB 825.3 million, with an adjusted net loss rate of 10.6%[18][20] - Operating loss for the year ended December 31, 2024, was RMB 1,739.0 million, a reduction from RMB 2,108.6 million in 2023, showing improved operational efficiency[39] - Net loss narrowed to RMB 1,979.0 million from RMB 2,183.6 million in 2023[45] Revenue Breakdown - Public cloud service revenue increased by 14.3% year-over-year to RMB 5,007.3 million, while industry cloud service revenue grew by 4.3% to RMB 2,777.8 million[26] - Public cloud services revenue increased to RMB 5,007.3 million in 2024, up from RMB 4,381.7 million in 2023, reflecting a growth of approximately 14.2%[39] - The number of premium public cloud service customers increased from 214 in 2023 to 219 in 2024, while the average revenue per premium customer decreased from RMB 20.1 million to RMB 19.7 million[23] Cost Management and Efficiency - The increase in gross profit was attributed to improved operational efficiency and cost management strategies implemented during the year[10] - The company is focusing on high-quality cloud services and strict cost control, leading to improved revenue structure and profitability[25] - Operating costs were RMB 6,444.3 million, a slight increase of 4.0% from RMB 6,197.3 million in 2023[42] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[10] - Future guidance indicates a continued emphasis on revenue growth and profitability improvement in the upcoming fiscal year[10] - The company aims to enhance market influence by adopting a premium customer strategy in selected vertical industries[22] - The company aims to continue investing in technology R&D and enhance AI capabilities to meet the growing cloud demand driven by AI applications[31] Research and Development - Research and development expenses for 2024 were RMB 846.0 million, with a total of 1,188 R&D personnel as of December 31, 2024[35] - The company launched the Star Stream computing platform and upgraded its Galaxy Cloud operations platform, enhancing resource density and reducing cloud construction costs[33] Capital Expenditures - Capital expenditures for 2024 totaled RMB 4,124.7 million, significantly higher than RMB 1,964.7 million in 2023[30] Employee and Corporate Governance - The company had 12,335 employees as of December 31, 2024, with 82.4% in solution development and services[59] - The board includes independent directors with significant financial expertise, enhancing corporate governance[186] - The company has fully complied with all provisions of the corporate governance code during the reporting period[199] Related Party Transactions - The company entered into a framework agreement with Kingsoft Group to provide cloud services and receive property management and administrative services, effective until December 31, 2024[91] - The annual cap for cloud services provided by Kingsoft under the 2022 agreement is RMB 330.5 million, with actual transactions amounting to approximately RMB 296.8 million for the year ending December 31, 2024[94] - The company entered into a loan financing framework agreement with Kingsoft allowing for up to RMB 1.5 billion in loans, with actual withdrawals under secured loans amounting to approximately RMB 1 billion for the year ending December 31, 2024[95][96] Risks and Challenges - The company faces intense market competition, which could adversely affect its business and financial condition if it cannot compete effectively[70] - The company may face additional tax liabilities as determined by Chinese tax authorities, which could negatively impact its financial condition and investment value[136] - The company is subject to significant uncertainties regarding the interpretation and application of current and future Chinese laws and regulations, which may impact the enforceability of contractual arrangements[136] Acquisitions - The company acquired Camelot through a statutory merger under the Cayman Companies Law, with a total consideration of approximately RMB 1,223.5 million for the acquisition[158] - Approximately 73.7% of the Camelot consideration is expected to be settled through a combination of a one-time cash payment and cash installments before the end of 2025[159]

Customer Metrics - The total number of Premium Customers decreased from 537 in 2022 to 486 in 2023, with a slight recovery to 492 in 2024[533]. - Average revenues per Premium Customer decreased from RMB 14.9 million in 2022 to RMB 14.2 million in 2023, and further to RMB 14.0 million in 2024[542]. Revenue Performance - Public Cloud Services revenues were RMB 5,360,282 thousand in 2022, decreasing to RMB 4,381,741 thousand in 2023, but projected to rise to RMB 5,007,251 thousand in 2024, representing 64.3% of total revenues[544]. - Enterprise Cloud Services revenues were RMB 2,816,976 thousand in 2022, slightly declining to RMB 2,663,993 thousand in 2023, with a forecasted increase to RMB 2,777,777 thousand in 2024, accounting for 35.7% of total revenues[544]. - Revenues increased by 10.5% from RMB7,047.5 million in 2023 to RMB7,785.2 million (US$1,066.6 million) in 2024, driven by strong demand from AI business and enterprise cloud projects[559]. - Revenues from public cloud services rose by 14.3% from RMB4,381.7 million in 2023 to RMB5,007.3 million (US$686.0 million) in 2024, primarily due to AI business demand[560]. Profitability and Losses - Gross profit increased by 57.7% from RMB850.2 million in 2023 to RMB1,340.9 million (US$183.7 million) in 2024, with gross profit margin improving from 12.1% to 17.2%[563]. - Operating loss decreased by 17.5% from RMB2,108.6 million in 2023 to RMB1,739.0 million (US$238.2 million) in 2024, with operating loss margin improving from 29.9% to 22.3%[567]. - Net loss decreased by 9.4% from RMB2,183.6 million in 2023 to RMB1,979.0 million (US$271.1 million) in 2024, with net loss margin improving from 31.0% to 25.4%[574][575]. - The adjusted net loss for Kingsoft Cloud decreased from RMB 2.69 billion in 2022 to RMB 1.98 billion in 2024, indicating an improvement of about 26%[603]. - The adjusted EBITDA is projected to turn positive in 2024, reaching RMB 638.9 million, compared to a loss of RMB 755 million in 2022[603]. - The adjusted gross margin improved from 5.3% in 2022 to an estimated 17.2% in 2024, showing a significant increase of 224%[601]. Expenses - Research and development expenses were RMB 971,216 thousand in 2022, decreasing to RMB 784,807 thousand in 2023, and projected to rise to RMB 845,989 thousand in 2024[551]. - Research and development expenses increased by 7.8% from RMB784.8 million in 2023 to RMB846.0 million (US$115.9 million) in 2024, mainly due to rising personnel-related expenses[564]. - Operating expenses increased from RMB 2,680,952 thousand in 2022 to RMB 2,958,720 thousand in 2023, with a forecast of RMB 3,079,936 thousand in 2024[551]. - General and administrative expenses decreased by 21.2% from RMB1,060.0 million in 2023 to RMB834.9 million (US$114.4 million) in 2024, primarily due to reduced credit loss expenses[566]. Cash Flow and Financing - The company generated net cash from operating activities of RMB628.4 million (US$86.1 million) in 2024, contrasting with a net cash outflow of RMB169.1 million in 2023[619][620]. - Net cash used in investing activities was RMB3,620.4 million (US$496.0 million) in 2024, primarily due to the purchase of property and equipment amounting to RMB3,672.1 million (US$503.1 million)[623]. - The company recorded net cash generated from financing activities of RMB3,255.4 million (US$446.0 million) in 2024, mainly from short-term borrowings of RMB2,465.9 million (US$337.8 million)[626]. - Kingsoft Cloud's accumulated deficit reached RMB14,292.0 million (US$1,958.0 million) as of December 31, 2024, with net current liabilities of RMB2,318.6 million (US$317.7 million)[614][617]. - Kingsoft Cloud made a capital contribution of RMB 431.3 million (US$59.1 million) to its WFOEs in 2024[605]. - The company provided loans amounting to RMB 219 million (US$30 million) to the VIEs in 2024, while repaying RMB 50 million (US$6.9 million)[606]. Taxation and Regulatory - Kingsoft Cloud's PRC entities benefit from a preferential income tax rate of 15% as High New Technology Enterprises, which will continue until 2026 for several subsidiaries[595]. - The company is required to set aside at least 10% of its after-tax profits each year for statutory reserve funds, which limits the distributable profits available for dividends[611]. - Kingsoft Cloud's management believes the likelihood of incurring double taxation due to non-deductible transfers is remote, despite potential tax planning challenges[610]. Market and Competitive Landscape - The competitive landscape remains challenging, with increased competition potentially affecting the company's financial condition and results of operations[539]. - The company aims to enhance the quality and efficiency of existing products and solutions to retain and acquire new customers[534]. - The company plans to continue investing in technology and infrastructure to enhance product capabilities and expand resources[537]. Asset Management - The fair value of the Cloud service and solutions reporting unit as of September 30, 2024, was RMB4,205.0 million (US$576.1 million), exceeding its carrying amount by RMB1,169.9 million (US$160.3 million) or 39%[644]. - Impairment losses for long-lived assets associated with the public cloud asset group were recognized at RMB919.7 million (US$126.0 million) for the year ended December 31, 2024[651]. - The company entered into a non-cancelable one-year IDC service agreement with total contractual minimum purchase commitments of RMB600.0 million (US$82.2 million)[636]. - The remaining purchase commitment for IDC services as of December 31, 2024, was RMB252.9 million (US$34.6 million)[636]. - As of December 31, 2024, financial lease liabilities were RMB1,182.0 million (US$161.9 million), primarily related to electronic equipment and data center machinery[634]. Borrowings and Liabilities - As of December 31, 2024, short-term third-party borrowings amounted to RMB2,225.8 million (US$304.9 million) and long-term borrowings were RMB1,660.6 million (US$227.5 million), both with fixed annual interest rates ranging from 2.70% to 5.97%[631]. - Kingsoft Cloud has not declared or paid any dividends and intends to retain available funds for business operations and expansion[607]. - The company experienced net operating cash outflows in 2023, highlighting ongoing liquidity challenges despite improvements in cash generation in 2024[614][620]. - Kingsoft Cloud's future working capital and capital expenditures will be financed through cash generated from operations and potential additional financing, with a focus on maintaining prudent capital management[615]. - Capital expenditures for 2024 reached RMB4,124.7 million (US$565.1 million), with property and equipment purchases accounting for 99.7% of total capital expenditures[630].

3倍做多富时中国ETF-Direxion盘前涨近17%，美股中概股普遍大涨，金山云(KC.O)涨超9%，哔哩哔哩 (BILI.O)、贝壳(BEKE.N)涨超8%，京东(JD.O)、小鹏汽车(XPEV.N)涨近6%。 ...

作 者丨张赛男 编 辑丨巫燕玲 刘雪莹 ETF放量、富时中国A5 0指数期货直线拉升、创业板指反弹！ 农业股持续大涨，北大荒等1 0余股涨停。大消费股震荡反弹，零售方向领涨，永辉超市等多股涨停。中字头、基建股一度冲高，中国中车接 近涨停。 港股走强，恒生指数涨1 . 5 8%，恒生科技指数涨3 . 5 7%。金山云、越疆、茶百道涨超1 0%，小米集团涨超5%。 4 月 8 日 早 盘 ， 中 证 5 0 0ETF （ 5 1 0 5 0 0 ） 成 交 超 6 3 亿 ， 南 方 中 证 1 0 0 0ETF （ 5 1 2 1 0 0 ） 、 华 夏 中 证 1 0 0 0ETF （ 1 5 9 8 4 5 ） 、 广 发 中 证 1 0 0 0ETF （5 6 0 0 1 0）、富国中证1 0 0 0ETF（1 5 9 6 2 9）成交超1 0亿元，均超昨日全天成交额。 | 159575 | 宽 创业板200ETF银华 | 1.021 | 0.033 | 3.34% | | --- | --- | --- | --- | --- | | 589630 | 宽 科创综指ETF国泰 | 0.841 | 0.0 ...