Revenue Growth - Total revenue for Q4 2024 reached RMB 2,232.1 million (USD 305.8 million), a year-on-year increase of 29.6% compared to RMB 1,722.5 million in Q4 2023[12] - The company achieved a sequential revenue increase of 18.4% from Q3 2024, which was RMB 1,885.6 million[14] - Total revenue reached RMB 7,785.2 million ($1,066.6 million), an increase of 10.5% from RMB 7,047.5 million in 2023, driven by strong demand in AI and industry cloud projects[21] - The company expects total revenue for the fiscal year 2024 to be between RMB 7,785,180,000 and RMB 8,000,000,000, indicating a growth outlook[38] AI Business Performance - AI business revenue grew by 300% year-on-year to RMB 474 million, accounting for 34% of public cloud revenue[14] - Public cloud service revenue was RMB 1,409.8 million ($193.1 million), a 34.0% increase year-over-year from RMB 1,052.0 million, primarily due to rising AI demand[16] - Industry cloud service revenue was RMB 822.3 million ($112.7 million), a 22.7% increase year-over-year from RMB 670.3 million, focusing on specific verticals enhanced by AI capabilities[16] Profitability and Losses - Non-GAAP operating profit reached RMB 24.4 million (USD 3.3 million), a significant improvement from a loss of RMB 187.6 million in Q4 2023[12] - Operating loss decreased to RMB 43.5 million (USD 6.0 million) from RMB 342.7 million in Q4 2023[12] - Net loss narrowed to RMB 200.6 million ($27.5 million), down from RMB 286.8 million and RMB 1,061.1 million in the same quarter and previous quarter of 2023[18] - Non-GAAP operating loss narrowed significantly to RMB 431.3 million (USD 59.1 million) from RMB 1,092.8 million in 2023, with a non-GAAP operating loss margin of 5.5%, improving from 15.5% in 2023[24] - Net loss for 2024 was RMB 1,979.0 million (USD 271.1 million), a significant reduction from RMB 2,183.6 million in 2023[24] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 2,648.8 million ($362.9 million) as of December 31, 2024, up from RMB 1,617.9 million as of September 30, 2024, due to increased cash from operating activities[20] - The net increase in cash and cash equivalents for the three months ended December 31, 2023, was RMB 1,019,712 thousand, a significant recovery from a decrease of RMB (1,044,245) thousand in the same period last year[46] - The cash flow from financing activities for the three months ended December 31, 2024, was RMB 246,977 thousand, indicating strong financing support[46] Operating Expenses - Operating costs were RMB 6,444.3 million ($882.9 million), a slight increase of 4.0% compared to RMB 6,197.3 million in 2023[22] - Research and development expenses were RMB 174.2 million ($23.9 million), a slight decrease of 0.6% from RMB 175.2 million in 2023, attributed to reduced equity incentive costs[17] - Sales and marketing expenses rose to RMB 479.4 million (USD 65.7 million) from RMB 460.2 million in 2023, mainly due to increased equity incentive expenses[24] Asset and Liability Management - The total liabilities increased from RMB 7,824,374 in 2023 to RMB 12,087,334 in 2024, indicating a significant rise in financial obligations[36] - The company's total equity decreased from RMB 6,890,152 in 2023 to RMB 5,168,040 in 2024, reflecting a decline in shareholder value[36] - Long-term borrowings surged from RMB 100,000 in 2023 to RMB 1,660,584 in 2024, indicating increased leverage[36] Future Outlook - The company is focused on building advanced cloud infrastructure to support the growing demand in the AI sector[12] - The company plans to focus on market expansion and new product development in the upcoming quarters[41] - The company will hold an earnings conference call on March 19, 2025, at 8:15 AM ET[26]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 7,785,180, representing a 10.5% increase from RMB 7,047,461 in 2023[4] - Gross profit for the same period was RMB 1,340,926, a significant increase of 57.7% compared to RMB 850,169 in 2023[4] - The company reported a pre-tax loss of RMB (1,980,566), which is an 8.5% improvement from the loss of RMB (2,165,688) in the previous year[4] - Net loss for the fiscal year was RMB (1,979,042), reflecting a 9.4% decrease from RMB (2,183,647) in 2023[4] - Total revenue for 2024 reached RMB 7,785.2 million (USD 1,066.6 million), an increase of 10.5% year-over-year[16] - Public cloud service revenue was RMB 5,007.3 million (USD 686.0 million), up 14.3% year-over-year[16] - Gross profit increased to RMB 1,340.9 million (USD 183.7 million), a 57.7% increase from RMB 850.2 million in 2023, with a gross margin of 17.2%[16] - The net loss for 2024 was RMB 1,979.0 million (USD 271.1 million), a decrease from RMB 2,183.6 million in 2023[12] - Adjusted net loss margin improved to (10.6%) in 2024 from (18.3%) in 2023[13] - Operating loss narrowed to RMB 1,739.0 million (USD 238.2 million) from RMB 2,108.6 million in 2023, with a significant improvement in non-GAAP operating loss margin from 15.5% to 5.5%[31] Adjusted Metrics - The adjusted gross profit for 2024 was RMB 1,357,794, with an adjusted gross margin of 17.4%, up from 12.2% in 2023[10] - The adjusted net loss for 2024 was RMB (1,966,680), with an adjusted net loss margin of 25.3%[11] - Adjusted EBITDA for 2024 was RMB 638.9 million (USD 87.5 million), compared to a loss of RMB 265.1 million in 2023, marking the first year of profitability[16] Investment and Development - The company plans to continue focusing on product development and market expansion strategies to drive future growth[4] - The company is committed to enhancing its technology offerings and exploring potential mergers and acquisitions to strengthen its market position[4] - The company plans to maintain a high-quality and sustainable development strategy, continuously investing in technology R&D and enhancing AI capabilities[25] - Research and development expenses amounted to RMB 846.0 million (USD 115.9 million), an increase from RMB 784.8 million in 2023, primarily due to higher personnel-related costs[30] - R&D personnel reached 1,188 as of December 31, 2024, reflecting the company's ongoing investment in talent[23] Cash and Liabilities - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 2,648.8 million (USD 362.9 million), representing a 17.4% increase from RMB 2,255.3 million as of December 31, 2023[32] - The company's capital debt ratio as of December 31, 2024, was 127.2%, a significant increase from 36.2% as of December 31, 2023[35] - The company reported a net cash inflow from operating activities of RMB 628,419 for the year, compared to an outflow of RMB 169,070 in 2023[59] - The company reported a cumulative loss of RMB 14,291,957 (USD 1,957,990) and net current liabilities of RMB 2,318,649 (USD 317,653) as of December 31, 2024[63] Market Position and Strategy - The company continues to focus on high-quality cloud services and cost control, leading to improved revenue structure and profitability[15] - The company has expanded its business into selected vertical industries, enhancing its market position through industry-specific solutions[17] - Ongoing investment in infrastructure aims to enhance cloud service quality and achieve economies of scale[19] - The total revenue from customer contracts for the year ended December 31, 2024, was RMB 7,785,180, an increase from RMB 7,047,461 in 2023, representing a growth of approximately 10.5%[69] - The revenue from public cloud services recognized over time for the year ended December 31, 2024, was RMB 5,007,251, up from RMB 4,381,741 in 2023, indicating a growth of about 14.2%[69] Corporate Governance and Compliance - The company has integrated ESG into its daily operations and management, with a commitment to publish its fifth ESG report in April 2025[24] - The audit committee reviewed the unaudited financial results for the year ending December 31, 2024, and agreed with the accounting policies adopted by the company[46] - The company has no significant litigation or arbitration that could adversely affect its operations[45] - There were no significant events affecting the company reported after December 31, 2024[49] Shareholder Information - The company does not plan to declare a final dividend for the year ending December 31, 2024[50] - The group did not declare any dividends for the years ended December 31, 2023, and 2024[75] - Basic and diluted loss per share was RMB 0.61 for 2023, improving to RMB 0.54 for 2024[75] - The weighted average number of ordinary shares outstanding was 3,558,354,940 for 2023, increasing to 3,658,088,876 for 2024[75]

Core Viewpoint - The article highlights the increasing interest of private equity firms in Hong Kong stocks, particularly in the technology sector, as they seek to capitalize on perceived undervaluation in Chinese assets [1][2]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index opened high, with the Hang Seng Tech Index increasing by 3% [1]. - The Hong Kong Technology 30 ETF (513160) opened strongly, rising by 2.39% with a trading volume nearing 200 million yuan within the first 15 minutes [1]. - Major tech stocks such as Kingsoft Cloud surged over 6%, while Alibaba-W and Kuaishou-W saw increases close to 6% and 5%, respectively [1]. Group 2: Private Equity Activity - Private equity giants are actively investing in Hong Kong stocks, viewing them as a value opportunity amid a global shift towards Chinese assets [1]. - Notably, high-profile private equity firms like Jinglin Asset have sold off their U.S. holdings to focus on Hong Kong stocks [1]. - The article mentions that several well-known private equity firms are targeting sectors such as technology and pharmaceuticals for investment [1]. Group 3: Market Outlook - Analysts suggest that the recent rally in Hong Kong stocks is driven by improved earnings expectations and a stabilization of the Chinese economy [2]. - The long-term investment themes in the Hong Kong market include technology stocks with promising earnings, consumer sectors supported by government policies, and high-dividend yielding stocks [2]. - The article indicates that foreign capital is expected to gradually return to the Chinese market as economic reforms and technology value reassessment unfold [2].

金山云深度研究：领先的独立云厂商，背靠小米金山，AI 为翼，发展再提速 20250312 摘要 Q&A 金山云的发展历程及其各阶段的特点是什么？ 金山云的发展历程可以分为三个主要阶段。第一阶段是从 2012 年公司成立到 2021 年，这一时期公司通过积累客户和拓展业务，逐步成为国内领先的云服务 商。2014 年开始，公司全面布局云业务，推出公有云服务，向外部客户提供云 • 金山云经历了三个发展阶段：2012-2021 年，通过公有云业务快速扩张， 复合增长率达 64.5%；2022-2023 上半年，调整策略，提升盈利能力，收缩 CDN 业务；2023 下半年至今，受益于 AI 算力需求增长，AI 业务收入占比 快速提升，24Q3 收入同比增长 16%，经调整 EBITDA 率接近 10%。 • 金山云的股权结构中，金山软件与小米合计持股约 50%，雷军为实际控制 人。小米和金山办公是其重要战略客户，小米在自动驾驶和 IOT 端侧 AI 能 力提升，金山办公加大 AI 技术投入，均依赖金山云提供支持。 • 金山云 24Q3 总收入达 18.86 亿，同比增长 16%。毛利率提升，经调整毛利 率约 16.76 ...

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） | [Table_ 单位 Finance] :人民币百万元 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,180 | 7,047 | 7,696 | 9,321 | 11,151 | | 增长率 （ ） % | -9.7% | -13.8% | 9.2% | 21.1% | 19.6% | | 经调整EBITDA（百万元） | -755 | -265 | 613 | 2,417 | 3,487 | | 经调整净利润（百万元） | -1,994 | -1,291 | -858 | -170 | 147 | | EPS（元/股） | -0.73 | -0.61 ...

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） [分析师： Table_Author]杨琳琳 SAC 执证号：S0260514050004 SFC CE No. BNC117 0755-23480370 yll@gf.com.cn 分析师： 刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 gfliuxuefeng@gf.com.cn 分析师： 吴祖鹏 SAC 执证号：S0260521040003 wuzupeng@gf.com.cn -32% 91% 214% 336% 459% 582% 03/24 05/24 07/24 09/24 11/24 01/25 03/25 金山云 恒生指数 请注意，吴祖鹏并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | ...

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） 董事會會議召開日期 金山云控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於二 零二五年三月十九日（星期三）舉行董事會會議，以（其中包括）考慮及通過(i)本 公司、其子公司及併表聯屬實體（統稱「本集團」）截至二零二四年十二月三十一日 止三個月的未經審計第四季度業績及其發佈，以及(ii)本集團截至二零二四年十二 月三十一日止年度未經審計全年業績及其發佈。 本公司的管理層將於北京╱香港時間二零二五年三月十九日（星期三）下午八時十 五分（即美國東部時間同日上午八時十五分）舉行業績電話會議。 有意參加電話會議的參與者請在會議計劃開始時間前使用下文提供的連結完成在 線登記。於登記後，參與者將收到電話會議進入信息（包括電話會議進入碼 ...

上 市 公 司 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 02 月 10 日 | | --- | --- | | 收盘价（港币） | 9.33 | | 恒生中国企业指数 | 7946.81 | | 52 周最高/最低（港币） | 9.58/1.08 | | H 股市值（亿港币） | 355.03 | | 流通 H 股（百万股） | 3,805.28 | | 汇率（人民币/港币） | 1.0863 | 公 计算机 2025 年 02 月 11 日 金山云 (03896) ——金山小米生态核心云厂，AI+智驾乘风而上 一年内股价与基准指数对比走势： -15% 985% 02/14 03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/14 HSCEI 金山云 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 戴文杰 A0230522100006 daiwj ...

2月3日，全球股市大幅调整，港股开盘也未能幸免，恒生科技指数早盘一度下跌超3%。不过，随着人 工智能和半导体概念的走热，港股跌幅持续收窄，恒生科技指数盘中翻红。截至收盘，恒指微跌 0.04%，早盘一度跌超2%；恒生科技指数涨0.29%。 全球大跌背景下，港股表现强势。 从全球范围来看，今日日韩股市均大幅下跌，主要指数跌幅均超过2%，韩国KOSDAQ指数跌幅超过 3%。欧股方面，欧股全线低开，欧洲斯托克50指数跌2%，德国DAX指数跌1.9%，英国富时100指数跌 1.2%，法国CAC40指数跌1.5%。 AI、半导体双双发力 在今天的港股市场上，人工智能和半导体成为"最靓的仔"，其中大数据概念涨幅超15%，半导体概念、 云计算涨超4%。 在这一轮涨幅中，金山云和中芯国际贡献巨大。其中，金山云盘中一度涨超37%，收涨超31%；中芯国 际涨超10%。 金山云官网显示，金山云创立于2012年，作为中国知名的独立云服务商，业务范围遍及全球多个国家和 地区。2020年5月，金山云在美国纳斯达克上市（股票代码：KC.NASDAQ）；2022年12月，以介绍形 式于香港交易所主板完成双重主要上市（股票代码：3896.HK） ...

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） 根據2021年股權激勵計劃授出受限制股份單位 根據香港上市規則第17.06A條、17.06B條及17.06C條，董事會宣佈，本公司於 2025年1月24日（美國東部時間）根據2021年股權激勵計劃的條款向若干僱員參與 者授出合共97,075,903個受限制股份單位，待予接納，相當於97,075,903股相關股 份或約6,471,726股美國存託股（向下調整至最接近之美國存託股整數）。 股份於授出日期的 收市價： 就於2025年1月24日（香港時間）在聯交所買賣的股份 而言，為每股5.52港元 就於2025年1月23日（美國東部時間）（即緊接授出日期 前的交易日）在納斯達克全球精選市場交易的美國存託 股而言，為每股美國存託股9.54美元 1 ...