Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant paradigm shift brought by OpenClaw, transitioning from a "dialogue tool" to a "digital employee," enabling autonomous execution of tasks through a four-layer architecture [4] - OpenClaw has sparked a nationwide technological craze, with its GitHub stars surpassing 270,000, leading to widespread adaptation by domestic manufacturers [4] - The demand for AI infrastructure is expected to grow exponentially due to OpenClaw's token consumption model, which has shifted from "human-machine dialogue" to "machine self-circulation" [4] Summary by Relevant Sections Industry Overview - The closing index for the industry is 5311.29, with a 52-week high of 6151.34 and a low of 4080.58 [1] Investment Recommendations - The report suggests focusing on: 1. Large models benefiting from API call surges: MiniMax, Zhipu, etc. 2. Instant Messaging (IM) entry points: Alibaba, Tencent, etc. 3. Cloud services as direct beneficiaries of user growth: UCloud, QingCloud, Wangsu Technology, etc. 4. Computing power leasing/IDC due to rising demand: Dazhi Technology, Dongyangguang, etc. 5. Computing hardware for foundational support: Cambricon, Haiguang Information, etc. [5]

Company Overview - Kingsoft Cloud Holdings Limited Sponsored ADR (KC) shares increased by 19% to $14.27 in the last trading session, following a significant trading volume, contrasting with a 7.3% loss over the previous four weeks [1] - The company benefits from advancements in AI and Intelligent Cloud, as well as Public Cloud and Enterprise Cloud Services, leveraging the Xiaomi and Kingsoft ecosystem for technology and product development [1] Financial Performance - Kingsoft Cloud is projected to report a quarterly loss of $0.07 per share, reflecting a year-over-year decline of 75%, while revenues are expected to reach $378.12 million, marking a 23.7% increase from the same quarter last year [2] - The consensus EPS estimate for Kingsoft Cloud has been revised down by 27.3% over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [3] Industry Context - Kingsoft Cloud is categorized under the Zacks Internet - Software industry, which includes other companies like Getty Images Holdings, Inc. (GETY), whose stock closed 2.8% lower at $0.82, with a month-to-date return of -28.1% [3] - Getty Images Holdings, Inc. has an unchanged consensus EPS estimate of $0.03 for the upcoming report, representing a 400% increase compared to the previous year's EPS [4]

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 本公司的管理層將於北京╱香港時間二零二六年三月二十五日（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、個 人辨識碼（個人進入碼）、撥號以及一封載有如何連入電話會議的詳細指示電子郵 件）。 參與者在線登記： https://register-conf.media-server.com/register/BI62cd2e3d362448ba8a49e0d8c7304f2c （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 零二六年三月二十五日（星期三）舉行董事會會議，以（其中包 ...

Market Overview - The A-share market opened with all three major indices rising, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 1.22%, and the ChiNext Index up 2.29% [4][5]. - The Hong Kong market also saw a positive opening, with the Hang Seng Index rising 1.31% and the Hang Seng Tech Index increasing by 2% [7][8]. Sector Performance - CPO concept stocks experienced a strong opening, with companies like Ruiskanda hitting the daily limit and Tianfu Communication rising over 7% [3]. - The oil and gas sector faced significant declines, with multiple companies such as Intercontinental Oil and Shandong Molong hitting the daily limit down, and others like Keli Co. and Tress dropping over 10% [3]. - The computing hardware industry chain rebounded, with CPO and memory sectors leading the gains, while sectors like coal, shipping, and chemicals saw substantial corrections [5]. AI and Technology Trends - In the Hong Kong market, AI concept stocks opened strongly, with Zhiyu rising 12% and Kingsoft Cloud increasing over 5% [6]. - A new open-source AI assistant named OpenClaw has gained significant traction in China, with daily token consumption of major models skyrocketing from 100 billion in early 2024 to 180 trillion by February 2026, and the number of intelligent agents expected to exceed 350 million by 2031 [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD ...

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之內容概不負責，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分內容而產生或因倚 賴該等內容而引致之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） 本次交易 董事會欣然宣佈，於二零二六年三月三日（交易時段後），迅雷與武漢金山雲 （本公司之附屬公司）及星漢智聯訂立股權轉讓協議，據此，迅雷將(1)以人民幣 5,000萬元（含稅）的價格向武漢金山雲轉讓其所持有的目標公司20%的股權；及 (2)以人民幣7,500萬元（含稅）的價格向星漢智聯轉讓其所持有的目標公司30% 的股權。 香港上市規則之涵義 於本公告日期，迅雷為本公司主要股東小米（直接及間接持有本公司合共約 10.29%股份）的30%受控公司，故迅雷為本公司的關連人士（定義見香港上市規 則）。據此，根據香港上市規則第十四A章，本次交易構成本公司的關連交易。 由於有關本次交易的適用百分比率均超過0.1%但低於5%，故本次交易須遵守香 ...

Summary of Kingsoft Cloud Conference Call Company Overview - Kingsoft Cloud primarily operates in the IaaS layer, focusing on public cloud and industry cloud, with a project-based delivery model in sectors such as government, healthcare, and finance [2][4] - The company is actively reducing its CDN business to concentrate on gaming, video, and intelligent computing operations, optimizing its revenue structure [2] Key Insights - In 2024, Kingsoft Cloud is expected to benefit from business structure optimization and increased demand from Xiaomi and AI model clients, leading to revenue growth and improved net profit trends [2] - The improvement in gross margin and EBITDA is attributed to operational and revenue structure adjustments [2][5] - Kingsoft Cloud is positioned as a financially strong independent cloud vendor, with advantages in acquiring computing resources through long-term contracts and economies of scale [2][6] Historical Development - The company's development can be divided into three phases, with the early CDN business driving rapid growth until market competition intensified, leading to a strategic shift to reduce CDN operations [7] - The transition from a growth engine to a contraction phase for the CDN business began around 2015 due to increased competition and pricing pressures, culminating in a strategic adjustment completed by Q4 2023 [7] AI Demand and Business Growth - Since 2022, AI demand has driven business growth, focusing on training needs with key clients including Xiaomi and other leading third-party players [8][9] - AI revenue is expected to account for over 60% of the ecosystem by Q1 2025, with potential for increased contributions from inference revenue [9] Ecosystem and Strategic Positioning - Kingsoft Cloud is the only strategic cloud platform within the Xiaomi-Kingsoft ecosystem, with a stable governance structure concentrated among major shareholders [3] - The ecosystem's certainty is bolstered by Xiaomi's commitment to increasing AI investments and evolving interaction models [10] Financial Projections - Revenue for 2026 is projected to be at least 12 billion, with a favorable PS ratio indicating potential for long-term growth [12] - The company anticipates a supply-demand imbalance in AI computing resources, necessitating ongoing capital expenditures supported by prepayments from Xiaomi [10][11] Conclusion - Kingsoft Cloud is strategically positioned to leverage AI demand and ecosystem synergies, with a focus on optimizing its revenue structure and enhancing profitability through targeted investments and operational adjustments [2][5][10]

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之內容概不負責，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分內容而產生或因倚 賴該等內容而引致之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） 香港上市規則之涵義 於本公告日期，金山軟件直接持有約32.94%股份，故為本公司的關連人士（定 義見香港上市規則）。據此，根據香港上市規則第十四A章，二零二四年金山軟 件框架協議及其項下擬進行的交易構成本公司的持續關連交易。 由於二零二四年金山軟件框架協議項下之金山軟件集團向本集團提供之綜合物 業服務及物業租賃服務二零二六年及二零二七年兩個年度的經修訂年度上限之 最高適用百分比率均高於0.1%但不超過5%，故根據香港上市規則第十四A章， 二零二四年金山軟件框架協議下金山軟件集團向本集團提供之綜合物業服務及 物業租賃服務須遵守申報、公告及年度審閱的規定，但可豁免遵守獨立股東批 准的規定。 自二零二六年一月一日至本公告日期，二零二四年金山軟件框架協議下金山軟 件集團向本集團提供之綜合物業服務 ...

Group 1 - AI-related stocks experienced significant gains in the morning session, with Kingsoft Cloud (03896) rising by 9.35% to HKD 7.25 [1] - Xunke (03317) saw an increase of 8.88%, trading at HKD 89.50 [1] - Huoliang Technology (01860) rose by 5.58%, reaching HKD 12.30 [1] - Kingdee International (00268) increased by 4.66%, priced at HKD 10.34 [1]

Group 1 - AI-related stocks have seen significant gains, with Kingsoft Cloud (03896) up 9.05% to HKD 7.23, XunCe (03317) up 8.82% to HKD 89.45, Huily Technology (01860) up 6.27% to HKD 12.38, and Kingdee International (00268) up 4.76% to HKD 10.35 [1] - DeepSeek is reportedly testing the V4 Lite model, codenamed "Sealion-lite," which supports a context window of 1 million tokens and native multimodal reasoning [1] - Nomura's research indicates that the technological breakthroughs of DS-V4 will effectively break the "chip wall" and "memory wall," enabling the dual development of domestic computing hardware and AI applications, thus advancing the maturity of China's open-source large model ecosystem [1] - Industrial Securities believes that V4 is expected to be released in February, with significant potential in its application ecosystem [1] Group 2 - OpenRouter, the world's largest AI model API aggregation platform, reported that from September 9 to 15, Chinese models achieved a call volume of 41.2 trillion tokens, surpassing the 29.4 trillion tokens of U.S. models for the first time, with four domestic large models ranking among the top five globally [1]