Core Viewpoint - Kingsoft Cloud (03896.HK) announced that it will hold a board meeting on November 19, 2025, to consider and approve the unaudited third-quarter results for the three months ending September 30, 2025, for the company, its subsidiaries, and consolidated affiliated entities [1] Group 1 - The board meeting is scheduled for November 19, 2025 [1] - The meeting will focus on the unaudited third-quarter performance [1] - The reporting period for the performance is the three months ending September 30, 2025 [1]

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 零二五年十一月十九日（星期三）舉行董事會會議，以（其中包括）考慮及通過本公 司、其子公司及併表聯屬實體截至二零二五年九月三十日止三個月的未經審計第 三季度業績及其發佈。 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/BIc28eb3aabf504060b ...

Core Insights - Kingsoft Cloud has launched the Starflow platform model API service, aimed at facilitating efficient integration of multi-model services for enterprises and developers, accelerating the deployment of intelligent applications [1] Product Features - The Starflow platform provides high availability and easy integration for model invocation and management, covering the entire lifecycle of model usage [1] - Key advantages include model invocation as a service, enterprise-level security guarantees, multi-model support, and flexible billing options [1][4] Technical Architecture - The API service is built on a high-performance architecture utilizing the KCE container engine, high-performance GPUs, and RoCE networks to provide low-latency and high-bandwidth inference environments [5] - It supports various acceleration methods such as PD separation, KV Cache reuse, and parallel/distributed execution to enhance model inference throughput and response performance [6] Unified Management - A unified service gateway connects underlying resources to the service layer, offering multi-model management, invocation authentication, and traffic control [8] - The built-in intelligent routing mechanism features load awareness and dynamic traffic scheduling capabilities, ensuring high availability and efficient service access [8] Ecosystem and Integration - The platform supports integration with mainstream large models (e.g., DeepSeek, Kimi-K2) and provides unified model version management [9] - Users can quickly integrate with business systems through OpenAPI and SDK, enabling the construction of diverse intelligent applications [9] Security and Compliance - The service includes a comprehensive security and compliance framework covering input/output security checks, user behavior audits, data encryption, and access control [10] - It offers fine-grained access control and multi-tenant isolation mechanisms to ensure secure and compliant model invocation [10] Application Scenarios - The platform addresses pain points such as the complexity of deploying and maintaining model services, inconsistent model interface standards, and performance bottlenecks during high concurrency [12][13] - It provides a unified OpenAPI and SDK for rapid integration of mainstream large models, ensuring a seamless "plug-and-play" service experience [13]

Core Insights - Kingsoft Cloud's subsidiary in Hainan has increased its registered capital from $500 million to $600 million, representing a 20% increase [1] Company Summary - Kingsoft Cloud (Hainan Yangpu) Information Technology Co., Ltd. was established in August 2022 [1] - The legal representative, executive director, and general manager of the company is Zou Tao [1] - The company is wholly owned by Kingsoft Cloud Corporation Limited [1]

Market Overview - Netflix and Texas Instruments reported weak earnings, exacerbated by escalating global trade tensions, negatively impacting risk appetite. The Nasdaq Composite led declines among major U.S. stock indices, with the S&P 500 down 0.53%, the Dow Jones down 0.71%, and the Nasdaq down 0.93% [1] - Apple ended its consecutive gains, falling by 1.64%. Quantum computing stocks plummeted following Google's announcement of a significant breakthrough with its quantum chip "Willow," leading to QBTS dropping 15% and RGTI nearly 10% [1] Economic Indicators - The 10-year U.S. Treasury yield fell for the third consecutive day, decreasing by 0.58 basis points. The U.S. dollar ended its three-day rise, experiencing a drop of 0.36% from its daily high [2] - Gold prices fluctuated, dipping close to $4000 before stabilizing, with a daily volatility of 3.7%. Silver prices also declined but found support at $48 [2] Industry Developments - Google announced a major breakthrough with its quantum chip "Willow," claiming the algorithm can be verified repeatedly and may become practical within five years [2] - The U.S. Federal Reserve held a "historic" Fintech conference, where Waller emphasized the importance of embracing payment innovations, suggesting that stablecoin issuers and crypto payment companies could directly access the Federal Reserve's payment system [2] Corporate Actions - Apple has reduced its production plan for the iPhone Air while increasing orders for other iPhone 17 models [4] - Indian media reported that India and the U.S. are nearing a trade agreement, reducing tariffs from 50% to 15% [5] Domestic Events - The Ministry of Industry and Information Technology initiated the 2025 annual smart manufacturing system solution project application [6] - The Shenzhen Municipal Financial Management Bureau released an action plan for promoting high-quality development of mergers and acquisitions from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, AI, new energy, and biomedicine [6][8] Stock Market Insights - According to a report from Fangzheng Securities, the Shanghai Composite Index is at a phase high, with increased capital divergence, suggesting a short-term high-level fluctuation. The market style may undergo a rebalancing process in the fourth quarter [7] - The AI glasses market has seen explosive growth, with nearly 30 new AI glasses products launched in the first half of 2025, and the global market expected to reach $300-500 million by 2026 [10] Company Announcements - China Unicom reported a third-quarter net profit of 2.423 billion yuan, a year-on-year increase of 5.4%, with cloud revenue reaching 52.9 billion yuan [12] - Dazhu Laser reported a third-quarter net profit of 375 million yuan, a year-on-year increase of 86.51% [14]

Group 1 - The company was established in August 2022 and operates in internet domain registration services, wholesale of computer software and hardware, and information system integration services [1] - Recently, the registered capital of Kingsoft Cloud (Hainan Yangpu) Information Technology Co., Ltd. increased from 500 million USD to 600 million USD [2]

Core Viewpoint - The cloud computing ETF (517390) has shown significant growth in recent months, outperforming its benchmark and attracting substantial capital inflow, indicating strong investor interest in the cloud computing sector [4][5]. Fund Performance - As of October 21, 2025, the cloud computing ETF (517390) has increased by 3.81%, with a trading volume of 16.53 million yuan and a turnover rate of 3.37% [4]. - Over the past three months, the cloud computing ETF has grown by 17.4 million yuan, and in the last month, it has added 15 million shares, ranking first among comparable funds in both new scale and shares [4][5]. - In the last 15 trading days, the fund has attracted a total of 30.49 million yuan in net inflow [4]. Sector Highlights - The cloud computing ETF closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index, covering major players in the cloud computing market, including Alibaba and Tencent, which enhances its representativeness [5]. - The electronic ETF (159997) has also performed well, with a 2.96% increase and a trading volume of 20.64 million yuan, driven by strong performances from component stocks like Lixun Precision and A-share companies [4][5]. Recent Developments - Alibaba Cloud's Aegaeon solution has been recognized at the SOSP conference for significantly reducing GPU usage by 82%, marking a breakthrough in cost-effective AI and big data processing [6]. - The Ministry of Industry and Information Technology and the National Standardization Administration have announced plans to establish over 30 new cloud computing standards by 2027, aiming to enhance infrastructure and service quality in the sector [7]. - The recent Double 11 shopping event saw significant sales, with 80 brands achieving over 100 million yuan in sales within the first hour, highlighting the robust demand for cloud services in e-commerce [8].

Core Viewpoint - US stock indices rose over 1%, approaching historical highs, with the Nasdaq China Golden Dragon Index increasing by 2.39% [1] Group 1: Market Performance - Major US stock indices all closed up over 1%, indicating strong market performance [1] - The Nasdaq China Golden Dragon Index saw a rise of 2.39%, with most popular Chinese concept stocks also experiencing gains [1] Group 2: Notable Stock Movements - iQIYI surged over 8%, NIO increased nearly 5%, Kingsoft Cloud rose over 4%, and Alibaba gained nearly 4% [1] - Apple stock rose approximately 4%, reaching a historic high, with a market capitalization increase of $147.6 billion (approximately 1,051.7 billion RMB) [1] - Apple's latest market value stands at $3.89 trillion, making it the second-largest company in the US by market capitalization, surpassing Microsoft and only trailing Nvidia [1]

Market Overview - The U.S. stock market opened mixed with the Dow Jones up 0.01%, Nasdaq down 0.53%, and S&P 500 down 0.3% [1] - Notable declines were observed in pharmaceutical stocks, with Novo Nordisk down over 4% and Eli Lilly down over 3% following Trump's announcement of price reductions for weight loss drugs [1] - Bank stocks also fell, with Deutsche Bank down over 3% and Barclays down over 2% [1] - Other notable declines included Kingsoft Cloud and NIO, both down over 3% [1] Company News - Oracle reported that its AI cloud gross margin could reach 35%, citing a six-year AI infrastructure project with total revenue of $60 billion [2] - In the last 30 days, Oracle signed new cloud infrastructure supply contracts worth $65 billion, consisting of seven contracts from four different clients, including Meta but not OpenAI [2] - Alibaba and Ant Group announced a joint investment of $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial building in Hong Kong, establishing their headquarters there to expand international business [3] - Schlumberger reported a 2.5% year-over-year decrease in Q3 revenue, totaling $8.93 billion, while adjusted earnings per share were $0.69, exceeding market expectations of $0.66 [4] - Morgan Stanley predicts that the flying car industry will create a market size of $300 billion by 2030, with potential growth to $9 trillion by 2050, highlighting China's potential as the largest urban low-altitude transportation market [5]

Core Viewpoint - Kingsoft Cloud (03896) announced the grant of a total of 16.2055 million restricted stock units to several employee participants under the 2021 equity incentive plan, which is equivalent to approximately 1.0804 million American Depositary Shares, representing about 0.36% of the total shares issued by the company as of the announcement date [1] Summary by Relevant Sections - **Equity Incentive Plan** - The company is granting 16.2055 million restricted stock units to employees [1] - This grant is part of the 2021 equity incentive plan [1] - **Impact on Shares** - The granted units correspond to approximately 1.0804 million American Depositary Shares [1] - The total shares represented by the grant account for about 0.36% of the company's total issued shares as of the announcement date [1]