在过去的一年里，AI热度持续攀升，且以惊人的速度、广度和深度改变着千行百业，开启无限可能的 新纪元。 在这场技术变革中，AI与云计算的深度融合成为推动社会进步的重要力量。AI的每一步进展，都在深 刻影响并激发云计算的无限潜能，而云计算的每一次技术创新，又成为AI发展的强大助燃器。展望未 来十年，云计算无疑将成为AI发展的坚实基石与核心驱动力。 在AI浪潮下，金山云积极拥抱机遇，全面助力大模型在产业中的应用落地。目前，我们已广泛覆盖头 部AI大模型公司，不仅积累了深厚的技术和服务经验，且在长期陪伴客户的过程中，我们收获了良好 的口碑，与客户在相互支持中实现共同成长。 当前，AI和大模型正加速从技术创新走向产业变革，而AI Agent作为行业的下一个引爆点，已备受瞩 目。面对这一机遇，云厂商唯有坚持技术创新，深化与产业伙伴的合作，才能将人工智能与大模型的落 地价值广泛惠及各行各业，为社会发展注入更多活力。 《科创板日报》1月15日讯（记者 郭辉） ChatGPT横空出世以来，AI已渗透至经济、社会与生活的方方 面面。刚刚过去的2024年，中外AI及大模型在技术与产业落地上取得了令人瞩目的进展。新的2025 年，A ...

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Kingsoft Cloud Holdings Limited 香港，2025年1月10日 於本公告日期，本公司董事會包括董事長兼非執行董事雷軍先生、副董事長兼執 行董事鄒濤先生、執行董事何海建先生、非執行董事馮宏華先生，以及獨立非執 行董事喻銘鐸先生、王航先生及曲靜淵女士。 （股份代號：3896） （納斯達克股票代碼：KC） 更改香港主要營業地點的地址 金山云控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，由2025年1月10 日起，本公司於香港的主要營業地點的地址將更改為香港銅鑼灣希慎道33號利園 一期19樓1928室。 承董事會命 金山云控股有限公司 副董事長、執行董事兼代理首席執行官 鄒濤先生 金山云控股有限公司 （於開曼群島註冊成立的有限公司） ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call primarily discusses **Xiaomi** and its AI developments, as well as **Kingsoft Cloud** as a key infrastructure provider for Xiaomi's AI initiatives. Core Insights and Arguments - **Xiaomi AI Progress**: In 2023, Xiaomi made significant advancements in AI, launching a second-generation large model with over a 45% improvement in performance compared to the first generation. This model is now integrated into smart driving technology, enhancing capabilities with the VLM visual language model [2][3]. - **Ecosystem Demand for AI**: Xiaomi's ecosystem, which includes smart driving, IoT, and mobile phones, has a strong demand for AI. The delivery volume of Xiaomi cars is projected to increase from over 130,000 units this year to a target of 300,000 units, driving up the demand for ASM (Autonomous System Management) [3][4]. - **Kingsoft Cloud's AI Revenue Growth**: Kingsoft Cloud reported rapid growth in AI revenue, reaching 1.05 billion yuan in the first three quarters of 2024, accounting for over 20% of total revenue. This growth is primarily driven by transactions with Xiaomi and external clients [3][5]. - **Profitability Improvements**: Kingsoft Cloud has optimized its revenue mix by reducing reliance on CDN services and focusing on Xiaomi's ecosystem, resulting in a significant increase in gross margin and EBITDA margin, which reached nearly 10% in Q3 2024 [3][6]. - **Future Revenue Projections**: Kingsoft Cloud anticipates revenue from Xiaomi to grow significantly, with projections of 2.3 billion, 3.1 billion, and 4 billion yuan from 2025 to 2027, respectively. This growth is expected to be bolstered by the increasing demand for Xiaomi's AI developments [3][7]. Other Important but Potentially Overlooked Content - **Customer Base of Kingsoft Cloud**: Kingsoft Cloud serves a diverse customer base, including Xiaomi, Kingsoft, and various external clients such as major AI model companies and internet firms. This broad customer base helps mitigate direct competition [3][8]. - **Market Positioning**: Kingsoft Cloud maintains an independent and neutral market position, avoiding direct competition with external clients in the C-end model business. This positioning provides a unique advantage in servicing external clients while still relying heavily on Xiaomi for growth [3][10]. - **Overall Revenue Performance**: Kingsoft Cloud's revenue showed a recovery with a 16% growth rate in Q3 2024, and the company is on track to achieve a 5%-10% growth target for the year, indicating a positive trend in market share acquisition [3][11]. - **Impact of Xiaomi's AI Investments**: Increased investment by Xiaomi in AI is expected to create more opportunities for Kingsoft Cloud, suggesting that investors should closely monitor Xiaomi's developments in the AI sector for potential investment opportunities [3][13].

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses **Xiaomi** and its developments in the **AI**, **smart driving**, **IoT**, and **mobile phone** sectors [1][2][3][4]. Core Points and Arguments - **Leadership and Talent Acquisition**: Xiaomi has appointed Zhang Bo to lead its AI brand department, indicating a strategic focus on AI development. The company has also recruited talent from DeepSeek, enhancing its AI capabilities [1]. - **AI Model Development**: Xiaomi launched its second-generation AI model, which has a significantly larger training dataset and improved functionalities, showing an enhancement of over 45% compared to the first generation [1]. - **Smart Driving Sector Growth**: The smart driving segment is expected to see substantial growth, with a delivery target of over 300,000 vehicles for the year, up from over 130,000 last year. This growth will increase the demand for AI functionalities in smart driving applications [2][4]. - **IoT and Mobile Phone Integration**: Xiaomi's IoT business is leading in domestic shipments of smart speakers, and the mobile phone user base has reached 120 million. The integration of cloud-based AI models into mobile devices is anticipated to create strong demand for computational power [3][4]. - **AI Revenue Growth**: AI revenue has shown rapid growth, increasing from 180 million in the previous year to 360 million in the third quarter of the current year, indicating a significant upward trend [5]. - **Profitability and Margin Improvement**: The company has seen improvements in profit margins, with gross margins rising from single digits to approximately 16-17% due to a shift in revenue composition towards AI and away from traditional business segments [6][7]. - **Research and Development Strategy**: Xiaomi is relocating a portion of its R&D team to Wuhan, which may further enhance its innovation capabilities [7]. - **Financial Performance of Subsidiaries**: The financial performance of Kingsoft Cloud, a subsidiary, has improved, with a notable increase in revenue growth driven by AI initiatives [11]. - **Future Projections**: The company anticipates that its revenue from AI-related transactions with Xiaomi will increase in the coming years, with projected revenues of 900 million, 1.1 billion, 1.3 billion, and 1.6 billion over the next three years [9][10]. Other Important but Possibly Overlooked Content - **Market Positioning**: Kingsoft Cloud has established itself as an independent entity, no longer a consolidated subsidiary of Kingsoft, which may enhance its market positioning and operational flexibility [8]. - **External Client Relationships**: The company has begun to engage with external clients, including large model companies, which could diversify its revenue streams beyond Xiaomi [10][11]. - **Investment Opportunities**: There is a suggestion for investors to closely monitor Xiaomi's AI developments, as changes in this area could catalyze growth for related companies like Kingsoft Cloud [12].

本公司董事會（「董事會」）宣佈，長江聯合金融租賃有限公司已同意通過售後回租 若干服務器的方式向金山雲（慶陽）數據信息科技有限公司（「金山雲（慶陽）」）（本 公司的併表聯屬實體）提供融資租賃服務（「建議交易」），融資租賃本金總額為人 民幣500百萬元，期限為3年，由本公司的併表聯屬實體及金山雲（慶陽）的母公司 北京金山雲網絡技術有限公司提供擔保（「擔保」），年利率約為3.88%。 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） 有關融資租賃的自願性公告 本公告乃由金山云控股有限公司（「本公司」）根據融資租賃協議條款自願作出。 本公司相信，建議交易將通過補充營運資金，拓寬本公司的融資渠道、增加本公 司的流動資金來源及優化本公司資本架構。 於本公告日期，建議交易及擔保不構成《香港聯合交易所有 ...

Group 1 - The core viewpoint highlights the strong performance of various companies in the stock market, particularly in the technology and pharmaceutical sectors [1][2][3] - Kingsoft Cloud saw an increase of 11.79%, indicating sustained market confidence in its cloud services business [1] - Notable stock increases include Shandong Xinhua Pharmaceutical at 8.14%, Minmetals Resources at 6.77%, and China General Nuclear Power at 7.32% [2] Group 2 - Technology stocks performed exceptionally well, with SUTENG Technology leading the market with a 12.84% increase [3] - Other companies such as Hisense Home Appliances and Lai Kai Pharmaceutical-B also showed significant gains of 6.19% and 6.12% respectively [2] - The overall market sentiment appears positive, with multiple companies experiencing gains exceeding 5% [2]

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） 於二零二四年十二月三十一日舉行的股東特別大會的投票結果 茲提述金山云控股有限公司（「本公司」）日期為二零二四年十一月二十九日的通 函（「該通函」），當中載列（其中包括）本公司股東特別大會（「股東特別大會」）通 告。除本公告另有界定外，本公告所用詞彙與該通函所界定者具有相同涵義。 董事會欣然宣佈，於股東特別大會上提呈的所有決議案已獲股東以投票表決方式 正式通過。投票結果如下： | | 普通決議案 | | 所投票數及百分比(%) | | | --- | --- | --- | --- | --- | | | | 贊成 | 反對 | 放棄 | | 1. | 動議批准及確認本公司與金山軟件於二零二 | 571,621,983 | 192,030 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [5]. Core Insights - The company has strategically optimized its revenue mix, leveraging AI to drive a recovery in high-speed growth. Revenue grew from RMB 3.96 billion in 2019 to RMB 9.06 billion in 2021, with a CAGR of 51.3%. However, revenues declined in 2022 and 2023 due to the pandemic and strategic CDN reductions, recording RMB 8.18 billion and RMB 7.05 billion respectively [2][35]. - The company is a leading cloud service provider in China, focusing on enhancing technology, products, and services. The shift towards AI and revenue optimization has yielded significant results, with expectations for public cloud revenue to grow rapidly in the coming years [4][40]. Summary by Sections Company Overview - Founded in 2012, the company has built a comprehensive cloud infrastructure and operations system, offering over 150 solutions to more than 500 premium clients. Its business is divided into public and industry cloud services, with a strong focus on AI-driven product upgrades [1][36]. Financial Performance - In 2023, the company reported a gross profit of RMB 850 million, a 97.9% increase YoY, with a gross profit margin (GPM) of 12.1%, up 6.8 percentage points. The net profit attributable to shareholders was RMB -2.176 billion, an 18.1% improvement YoY [2][35]. AI and Strategic Initiatives - The establishment of an AI R&D center in 2023 has focused on applications, algorithms, and platforms. The company has formed strategic partnerships to enhance its AI capabilities, with AI revenue reaching RMB 360 million in Q3 2024, accounting for approximately 31% of public cloud revenue [3][48]. Revenue Forecast - The company anticipates public cloud revenue growth of 15.0%, 20.0%, and 22.5% YoY from 2024 to 2026, while industry cloud revenue is expected to grow at a stable rate of 3.0%, 4.0%, and 5.0% YoY during the same period. The gross profit margin is projected to rise to 17.0%, 21.0%, and 24.0% for 2024-2026 [4][40]. Target Price and Valuation - The forecasted revenues for 2024-2026 are RMB 7.784 billion, RMB 8.902 billion, and RMB 10.405 billion, representing YoY growth of 10.5%, 14.4%, and 16.9%. The target price is set at HKD 7.63, based on a 2025 price-to-sales ratio of 3.0x [5][40].

Key Points Industry and Company Involved - **Industry**: Cloud Computing, AI Applications - **Company**: Kingsoft Cloud (KSC), Kingsoft Corporation (KS) Core Views and Arguments - **KSC Growth**: KSC's revenue growth has been robust from 2019 to 2021. However, in 2022, annual revenue decreased by approximately 10%. Despite this, gross margin improved significantly, with adjusted EBITDA margin rising from a loss of 8.6% in Q2 2022 to a positive 9.8% [doc 2][doc 4]. - **KSC Revenue Projections**: KSC's revenue from Kingsoft Software and Xiaomi is expected to grow significantly, with a projected annual growth rate of nearly threefold from 2024 to 2026 [doc 5][doc 6]. - **KSC Valuation**: The target market capitalization for KSC is estimated at around 300 billion HKD [doc 7]. - **KS Financials**: KS's revenue for the first three quarters of 2023 was 29 billion RMB, a 40% increase year-on-year. Profit increased by 200% to 11.5 billion RMB [doc 9][doc 10]. - **KS Valuation**: The total valuation of KS, including the equity value of KSC and Kingsoft Office, could reach 1300-1400 billion RMB under an optimistic scenario [doc 11]. Other Important Points - **KSC's AI Business**: KSC's AI business revenue is expected to be significant by the third quarter of 2023 [doc 4]. - **KSC's Cloud Service Contracts**: KSC has cloud service contracts with Kingsoft Software and Xiaomi, with revenue ceilings of 4.7 billion, 6 billion, and 7.8 billion RMB for 2024, 2025, and 2026 respectively [doc 5]. - **KS's Game Business**: KS's game business, including West Mountain Games and Kingsoft Office, has seen significant growth, with revenue from games increasing by 77% year-on-year and 32% sequentially [doc 9][doc 10]. - **KS's Equity Value**: The equity value of KS, including the equity value of KSC and Kingsoft Office, is estimated at around 800 billion RMB [doc 11]. - **KS's Cash Position**: KS has a cash position of over 240 billion RMB [doc 11]. Recommendations - **KSC**: KSC is recommended for investment, with a target market capitalization of around 300 billion HKD [doc 7]. - **KS**: KS is recommended for investment, with a total valuation of 1300-1400 billion RMB under an optimistic scenario [doc 11]. - **Kingsoft Office**: Kingsoft Office is a core AI application investment target in A-share [doc 13].

Group 1 - Major technology stocks experienced a decline, with Tesla dropping nearly 5%, Nvidia falling over 2%, and Apple, Microsoft, Netflix, Google, and Amazon all decreasing by over 1% [1] - The three major U.S. stock indices closed lower, with the Dow Jones down 333.59 points (0.77%) at 42,992.21 points, the Nasdaq down 298.33 points (1.49%) at 19,722.03 points, and the S&P 500 down 66.75 points (1.11%) at 5,970.84 points [1] Group 2 - Most popular Chinese concept stocks also saw declines, with the Nasdaq Golden Dragon China Index falling by 1.54% [2] - Zeekr and Fangdd both dropped over 9%, while XPeng and NIO fell over 4%. JD.com and Futu Holdings decreased by over 3%, and Bilibili dropped over 2% [2] - Kingsoft Cloud experienced a significant increase, rising by 23.24% [2]