Core Viewpoint - The Hong Kong stock market has seen significant gains, with Kingsoft Cloud leading the way with a 37.80% increase, driven by increased demand for computing power due to Xiaomi's plans to integrate AI into its ecosystem [1] Group 1: Company Performance - Kingsoft Cloud recorded a leading gain of 37.80% among Hong Kong Stock Connect stocks [1] - Hongteng Precision and Yika followed with increases of 17.76% and 17.05%, respectively [1] - Other companies such as Changfei Optical Fiber, ZTE, Smoore International, Sensong International, Lenovo Holdings, and Jingtai Holdings also performed well, each with gains exceeding 10% [1] Group 2: Market Analysis - Market analysts believe that Xiaomi's strategy to deeply integrate AI will significantly increase the demand for computing power [1] - As a strategic partner of Xiaomi, Kingsoft Cloud is expected to benefit from this increased demand [1]

根据界面新闻消息，小米正在着手搭建自己的GPU万卡集群，将对AI大模型大力投入。 财联社12月27日电，截至发稿，金山云(03896.HK)涨41.68%、小米集团-W(01810.HK)涨5.95%、金山软 件(03888.HK)涨2.38%。 ...

Summary of Conference Call Company and Industry - The conference call pertains to **Kingsoft Cloud** and its performance in the **cloud computing** industry, particularly focusing on AI and traditional cloud services. Key Points and Arguments 1. **Financial Performance**: Kingsoft Cloud reported a significant improvement in its financial metrics, with adjusted EBITDA reaching nearly 10% in the latest quarter, indicating a positive trend post-profitability [2][4][11]. 2. **Revenue Composition**: AI-related revenue now constitutes 31% of the company's total revenue, showing substantial year-over-year growth. Traditional business segments, such as CDN, are experiencing a contraction, with CDN revenue dropping to approximately 16% of total revenue [2][5][6]. 3. **Strategic Shifts**: The company has undergone significant strategic changes over the past quarters, leading to a recovery in revenue and an increase in profit margins. The focus has shifted towards high-margin AI and industry cloud services [3][4][11]. 4. **Client Dependency**: Kingsoft Cloud has reduced its reliance on a single large client, with external clients now contributing about 10% of revenue, down from one-third previously. The company anticipates that revenue from Xiaomi and Kingsoft will grow to 30-40% in the next couple of years [9][13]. 5. **Investment in R&D**: The company is committed to maintaining a strong R&D presence, with plans to establish a second R&D center in Wuhan. This is aimed at supporting the growing demand for AI computing power [10][14]. 6. **AI Revenue Growth**: The company expects AI revenue to exceed 50% of public cloud revenue in the coming years, driven by the increasing demand from the Xiaomi ecosystem [16][17]. 7. **Cost Structure**: The primary costs associated with AI services are attributed to machine procurement, with IDC costs being lower due to strategic location choices. The company is also focused on maintaining a competitive edge in GPU procurement [33][34]. 8. **Future Outlook**: Kingsoft Cloud anticipates stable growth in industry cloud services, with a focus on profitable projects. The company aims to optimize its cost structure and improve profit margins across all business segments [37][39]. Other Important but Possibly Overlooked Content 1. **Capital Expenditure**: The company reported a capital expenditure of approximately 12 billion in Q3, with a total of over 40 billion year-over-year [28][26]. 2. **Market Positioning**: Kingsoft Cloud is positioned as a leading player in the AI cloud segment, with a competitive advantage over smaller firms due to its established client relationships and technological capabilities [24][25]. 3. **Profitability Trends**: The company is targeting a long-term profit margin in the range of 10-20%, aligning with industry standards for leading cloud service providers in China [39][40]. 4. **Ecosystem Collaboration**: The collaboration with Xiaomi is expected to yield stable revenue growth, particularly in the automotive sector, as the demand for AI applications in vehicles increases [7][8][20]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the cloud computing industry.

Kingsoft Cloud Holdings Limited 金山雲控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 3896) (Nasdaq Stock Ticker 納斯達克股票代碼: KC) Date as postmarked 1. NOTICE OF PUBLICATION OF CIRCULAR, NOTICE AND PROXY FORM OF EXTRAORDINARY GENERAL MEETING (THE "CURRENT CORPORATE COMMUNICATION") ON THE WEBSITES The Current Corporate Communication of Kingsoft Cloud Holdings Limited (the "Company") is now available under Investor Relations section of the Company's website at i ...

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) If you would like to receive the Current Corporate Communication in printed form, please complete and sign the Request Form printed at the reverse side of this letter and return it by post to the Company c/o the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong. You may use t ...

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通告的內容概不負責，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通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） 普通決議案 股份登記日期及美國存託股登記日期 董事會已將香港時間二零二四年十一月二十九日營業時間結束時定為股份的登記 日期（「股份登記日期」）。截至股份登記日期，股份持有人有權出席股東特別大會及其 任何續會並於會上投票。 – 1 – 1. 「動議批准及確認本公司與金山軟件於二零二四年十一月十九日訂立的二零 二四年金山軟件框架協議的條款以及其項下擬進行的雲服務（包括截至二零 二七年十二月三十一日止三個年度的建議年度上限）。」 2. 「動議批准及確認本公司與小米於二零二四年十一月十九日訂立的二零二四 年小米框架協議的條款以及其項下擬進行的交易（包括截至二零二七年十二 月三十一日止三個年度的建議年度上限）。」 3. 「動議授權任何一名執行董事( ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、專業會計師或其 他專業顧問。 閣下如已售出或轉讓名下全部金山云控股有限公司的股份，應立即將本通函交予買主或承讓人，或送交經手買賣或轉 讓的銀行、持牌證券交易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不會就本通函全部或任何部分內容而產生或因依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） (1) 重續及修訂有關二零二二年金山軟件框架 協議的持續關連交易； (2) 重續及修訂有關二零二二年小米框架 協議的持續關連交易；及 (3) 股東特別大會通告 獨立董事委員會及獨立股東之獨立財務顧問 董事會函件載於本通函第6至33頁。獨立董事委員會函件載於本通函第34至35頁。獨立財務顧問函件載於本通函第36 至57頁。於二零二四年十二月三十 ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses **Kingsoft Cloud** and its strategic direction under the leadership of the new CEO, **Zou**, who has made adjustments to the company's business strategy since mid-2022 [1][14]. Key Financial Metrics - The company has shown a positive trend in financial performance, with a gross profit margin reaching **16.3%** in Q3, indicating room for further improvement [4]. - Adjusted profit margins have also improved, with the adjusted EBITDA margin reaching **9.8%** in Q3, with expectations for further growth in Q4 [5][34]. - The revenue composition is shifting, with a decrease in the CDN business and an increase in the AI business, which is expected to contribute significantly to future revenue [2][6]. Strategic Focus Areas - The company emphasizes its commitment to **AI** and has seen AI revenue account for **31%** of its cloud revenue by Q3, reflecting rapid growth in this segment [9]. - Collaboration with **Xiaomi** and **Kingsoft** is highlighted as a key opportunity, particularly in AI applications and cloud services [3][8]. - The company is investing in R&D, with new centers established in **Beijing** and **Wuhan**, aiming to leverage local talent and reduce costs [10][26]. Customer and Revenue Dynamics - The customer base is diversifying, with a notable reduction in reliance on a single large client, which now accounts for about **10%** of total revenue [7][8]. - Revenue from Xiaomi and Kingsoft has increased significantly, contributing to over **36%** of total revenue growth in Q3 [8]. - The company is also focusing on sustainable growth through strategic partnerships and ecosystem development, which is expected to enhance its market position [9][10]. Market Challenges and Opportunities - The company faces challenges related to bandwidth cost increases and pricing pressures, which have impacted profit margins [7]. - Despite these challenges, the company anticipates a healthy growth trajectory in the AI and industry cloud sectors, with expectations for continued double-digit growth [6][39]. - The overall market for AI cloud services has shown robust demand, with the company positioned to capitalize on this trend [21][41]. Future Outlook - The company is optimistic about its future, with plans to enhance its AI capabilities and expand its market share in the cloud services sector [12][41]. - There is a focus on maintaining a balance between revenue growth and cost management, ensuring sustainable profitability [25][34]. - The management is confident in achieving operational profitability in the near term, driven by improved margins and cost efficiencies [34][35]. Additional Insights - The company is exploring innovative financing options to support its growth initiatives, including potential collaborations with Xiaomi and Kingsoft for funding [24][25]. - The strategic direction includes a commitment to maintaining a multi-cloud approach to mitigate risks associated with dependency on single cloud providers [29][31]. This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic focus, financial performance, and market outlook.

（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 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 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 2024年11月26日（美國時間）根據2021年股權激勵計劃的條款向一名僱員參與 者授出962,007個受限制股份單位，待予接納，相當於962,007股相關股份或約 64,133股美國存託股（向下調整至最接近之美國存託股整數）及本公司於本公告日 期已發行股份總數的約0.03%。 授出受限制股份單位詳情 | 授出日期： | | --- | | 2024年11月26日（美國東部時間） | 購買價： 每股0.01美元 股份於授出日期的 收市價： 就於2024年11月26日（香港時間）在聯交所買賣的股份 而言，為每 ...

Group 1 - The stock price of Kingsoft Cloud has significantly increased, reaching HKD 3.87, which is an increase of HKD 0.46 or 13.49% compared to the previous trading day [1] - The stock exhibited a volatility of 8.50% and a turnover rate of 1.52% [1] - Analysts from Credit Lyonnais and CICC have raised their target prices for Kingsoft Cloud to USD 5.5 and USD 6.5 respectively [1] Group 2 - Bank of America has also revised its revenue forecasts for Kingsoft Cloud upwards by 4% to 8% for the years 2024 to 2026 [1]