Core Insights - Kingsoft Cloud (KC.US) and Kingsoft Office launched the Kingsoft Government AI Integrated Machine, marking a significant breakthrough in the "AI + Government Office" application field [1] - The integrated machine combines Kingsoft Cloud's full-stack AI capabilities with Kingsoft Office's 37 years of document experience, creating a dual-integration model of "domestic computing power + privatized AI" [3] Product Features - The integrated machine covers 15 types of statutory document writing scenarios and 61 detailed creation scenarios, offering three intelligent creation methods: free writing, template writing, and AI imitation writing [3] - It features fully domestic AI computing servers and integrates Kingsoft's government office large model and DeepSeek-R1 model, improving inference efficiency by 50% through various technical enhancements [3] Security and Compliance - The integrated machine ensures data security through a dedicated government network, with triple protection measures including access control, transmission encryption, and compliance auditing [3] - It has integrated authoritative media resources, allowing the model to access the latest policy documents, ensuring timely and accurate information [3] Pilot Implementation - The integrated machine has been piloted in over 20 government departments in Zhuhai High-tech Zone, with significant improvements in document processing efficiency, achieving a 45% increase in writing efficiency and reducing document review time by approximately 60% [4] - The collaboration between Kingsoft Cloud and Kingsoft Office aims to drive technological integration and practical implementation in the government and enterprise AI sector [4] Future Outlook - Kingsoft Cloud plans to continue expanding its technological capabilities and service boundaries, collaborating with ecosystem partners to enhance products and services for government and enterprise clients [5]

Market Capitalization Summary - TAL Education Group has a market capitalization of 15.459 billion [2] - Vipshop Holdings has a market capitalization of 9.189 billion [2] - 51Talk has a market capitalization of 8.648 billion [2] - The market capitalization of various companies shows fluctuations, with TAL Education Group increasing by 9.21% [2] Stock Performance - TAL Education Group's stock price increased by 1.63, representing a 9.21% rise [2] - Vipshop Holdings' stock price decreased by 0.06, reflecting a 0.40% decline [2] - 51Talk's stock price increased by 0.36, indicating a 0.68% rise [2] - Other companies like Miniso and Weibo also show varied stock performance, with Miniso's stock price decreasing by 1.97% [2] Company Specifics - New Oriental Education has a market capitalization of 7.728 billion, with a stock price increase of 6.18% [2] - JD.com has a market capitalization of 64.38 billion, with a stock price decrease of 0.40% [2] - Other companies like Huya and Sohu have market capitalizations of 5.70 billion and 4.19 billion respectively, with mixed stock performance [2][3] Emerging Companies - Companies like Xunlei and Yunmi have market capitalizations of 3.85 million and 1.97 million respectively, with Xunlei's stock price decreasing by 2.94% [3] - New entrants like Tianjing Bio and Cheetah Mobile show market capitalizations of 1.67 million and 1.52 million respectively, with varied stock performance [3] Overall Market Trends - The overall market shows a mix of gains and losses across various sectors, indicating a volatile trading environment [2][3]

金十图示：2025年07月10日（周四）热门中概股行情一览（美股盘中） UNIO.COM UNIO.COM IN 10.COM 154.15亿市值 91.24亿市值 87.06亿市值 19.27 53.24 21.68 +1.57(+8.90%) -0.09(-0.41%) +0.71(+1.35%) TALHAN 好未来 唯品会 唯品会 会 明 77.34亿市值 64.23亿市值 81.48亿市值 15.02 10.53 3.60 +0.12(+3.39%) -0.05(-0.33%) -0.01(-0.09%) 再鼎医药 | 奇富科技 so 名创优品 zai....... 57.15亿市值 56.47亿市值 38.01亿市值 42.50 18.05 34.22 -0.10(-0.55%) -1.18(-2.70%) -1.44(-4.04%) 雾芯科技 金山云 =2 汽车之家 RELX 32.34亿市值 31.73亿市值 27.60亿市值 2.27 11.57 26.79 -0.23(-1.97%) +0.03(+0.09%) +0.01(+0.22%) 陆金所控股 > 微博 LU com m 老虎证券 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

Group 1 - Baidu announced a senior management personnel adjustment with Henry He, former CFO of Kingsoft Cloud, officially joining as the Group CFO, taking over the financial management of Baidu [1] - Senior Vice President He Junjie ended his acting CFO role and will transition to a position in human resources and administrative management, continuing to leverage his management experience [3] - Senior Vice President Cui Shanshan's role has changed; she will no longer oversee human resources and administrative management but will remain as the Secretary-General of the Cultural Committee [3] Group 2 - In October 2024, Baidu made another round of senior personnel adjustments, with Executive Vice President Luo Rong moving to lead the mobile ecosystem group, stepping down as Group CFO [4] - He Junjie took on the acting CFO role, succeeding Luo Rong, but this position was short-lived due to Henry He's formal appointment [4] - These adjustments reflect Baidu's commitment to a rotation system in senior management and its efforts to optimize management structure and improve corporate governance [4]

| = US 30 | 42,261.50 | 42.718.50 | 42,080.50 | +162.80 | +0.39% | | --- | --- | --- | --- | --- | --- | | = US 500 | 5,940.40 | 5,995.80 | 5,904.70 | +51.80 | +0.88% | | 트 US Tech 100 | 21,603.90 | 21,806.60 | 21,438.30 | +285.70 | +1.34% | 2. 截至发稿，德国DAX指数涨0.13%，英国富时100指数涨0.05%，法国CAC40指数涨0.63%，欧洲斯托克50指数涨0.50%。 盘前市场动向 1. 5月29日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.39%，标普500指数期货涨0.88%，纳指期货涨 1.34%。 | 德国DAX30 | 24,099.41 | 24,300.00 | 24,078.52 | +32.35 | +0.13% | | --- | --- | --- | --- | --- | --- | | 瑞 英国富时100 | 8 ...

Kingsoft Cloud Holdings (KC) Q1 2025 Earnings Call May 28, 2025 08:15 AM ET Company Participants Nicole Shan - Investor Relations OfficerHaijian He - CFO & DirectorBrian Gong - Internet & Media ResearchThomas Chong - Managing Director Conference Call Participants Xiaodan Zhang - Equity Research AnalystWenting Yu - Equity Research Analyst Operator and thank you for standing by. Welcome to the Kingsford Cloud First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a li ...

Kingsoft Cloud Holdings (KC) Q1 2025 Earnings Call May 28, 2025 08:15 AM ET Speaker0 and thank you for standing by. Welcome to the Kingsford Cloud First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nicole Schen, IR Director of Kingsoft Cl ...

[First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Kingsoft Cloud reported strong Q1 2025 performance with 228% AI business gross billing growth, 10.9% revenue increase to RMB 1,970.0 million, significantly narrowed adjusted operating loss, and positive adjusted EBITDA of RMB 318.5 million [Management Commentary](index=1&type=section&id=Management%20Commentary) Kingsoft Cloud reported strong Q1 2025 performance with 228% AI business gross billing growth, 10.9% revenue increase to RMB 1,970.0 million, significantly narrowed adjusted operating loss, and positive adjusted EBITDA of RMB 318.5 million - The gross billing of the AI business surged by **228% year-over-year**, reaching **RMB 525 million** and constituting **39% of public cloud services revenue**[3](index=3&type=chunk) Financial Metrics (RMB) | Financial Metric | Q1 2025 (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenues | 1,970.0M | +10.9% | -11.7% | | Adjusted Gross Profit | 327.7M | +9.6% | -23.4% | | Adjusted Gross Margin | 16.6% | -0.2 p.p. | -2.6 p.p. | | Adjusted Operating Loss | 55.8M | Narrowed by 56% | - | | Adjusted EBITDA Profit | 318.5M | - | - | | Adjusted EBITDA Margin | 16.2% | - | - | [Detailed Financial Results](index=1&type=section&id=First%20Quarter%2025%20Financial%20Results) This section provides a comprehensive breakdown of the company's financial performance for the first quarter of 2025, covering revenues, costs, profits, and key financial positions [Revenues](index=1&type=section&id=Revenues) Total revenues for Q1 2025 increased 10.9% year-over-year to RMB 1,970.0 million, driven by ecosystem and AI growth, despite a seasonal 11.7% sequential decrease Total Revenues (RMB) | Period | Total Revenues (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Q1 2025 | 1,970.0 M | +10.9% | -11.7% | | Q4 2024 | 2,232.1 M | - | - | | Q1 2024 | 1,775.7 M | - | - | - The year-over-year increase was mainly attributed to expanded revenue from Xiaomi and Kingsoft Ecosystem, growth in AI-related customers, and deeper penetration into enterprise cloud customers[4](index=4&type=chunk) [Public Cloud Services Revenue](index=1&type=section&id=Public%20cloud%20services) Public cloud services revenue grew 14.0% year-over-year to RMB 1,353.5 million, driven by AI demand, despite a 4.0% sequential decrease Public Cloud Revenue (RMB) | Period | Public Cloud Revenue (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Q1 2025 | 1,353.5 M | +14.0% | -4.0% | | Q4 2024 | 1,409.8 M | - | - | | Q1 2024 | 1,187.4 M | - | - | - The year-over-year growth was mainly driven by increased AI demands[5](index=5&type=chunk) [Enterprise Cloud Services Revenue](index=1&type=section&id=Enterprise%20cloud%20services) Enterprise cloud services revenue increased 4.8% year-over-year to RMB 616.5 million, but saw a 25.0% sequential decrease due to seasonal and project delivery impacts Enterprise Cloud Revenue (RMB) | Period | Enterprise Cloud Revenue (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Q1 2025 | 616.5 M | +4.8% | -25.0% | | Q4 2024 | 822.3 M | - | - | | Q1 2024 | 588.2 M | - | - | - The sequential decrease was attributed to the Chinese New Year impact and different delivery schedules for projects[6](index=6&type=chunk) [Cost of Revenues](index=2&type=section&id=Cost%20of%20revenues) Cost of revenues rose 11.4% year-over-year to RMB 1,651.7 million due to AI investments, despite lower IDC costs, while depreciation significantly increased from new AI servers Cost Components (RMB) | Cost Component | Q1 2025 (RMB) | Q1 2024 (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | IDC Costs | 722.8 M | 768.5 M | -6.0% | Strict procurement cost control | | Depreciation & Amortization | 378.5 M | 183.5 M | +106.3% | Depreciation of new servers for AI | | Solution Development & Services | 505.2 M | 446.0 M | +13.3% | Solution personnel expansion | [Gross Profit and Gross Margin](index=2&type=section&id=Gross%20profit) Gross profit increased 8.5% year-over-year to RMB 318.3 million with a 16.2% margin, while sequential margin decreased due to AI investments and delayed high-margin projects Gross Profit and Margin (RMB) | Metric | Q1 2025 (RMB) | Q1 2024 (RMB) | Q4 2024 (RMB) | | :--- | :--- | :--- | :--- | | Gross Profit (GAAP) | 318.3 M | 293.3 M | 426.0 M | | Gross Margin (GAAP) | 16.2% | 16.5% | 19.1% | | Gross Profit (Non-GAAP) | 327.7 M | 299.1 M | 427.7 M | | Gross Margin (Non-GAAP) | 16.6% | 16.8% | 19.2% | - The sequential decrease in margin was mainly due to growing investment in AI and the delay of high-margin enterprise cloud projects in the first quarter[9](index=9&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20expenses) Total operating expenses were RMB 552.5 million, decreasing 2.6% YoY due to cost control but increasing 17.7% QoQ from higher selling, marketing, and R&D expenses Total Operating Expenses (RMB) | Period | Total Operating Expenses (RMB) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Q1 2025 | 552.5 M | -2.6% | +17.7% | | Q4 2024 | 469.5 M | - | - | | Q1 2024 | 567.4 M | - | - | [Selling and Marketing Expenses](index=2&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses increased to RMB 144.3 million, up 23.6% YoY and 24.7% QoQ, primarily due to a one-time share-based compensation bonus - The increase in S&M expenses was due to a one-time bonus of share-based compensation[10](index=10&type=chunk) [General and Administrative Expenses](index=2&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses were RMB 182.0 million, decreasing 16.8% YoY due to lower credit loss expenses, despite a slight 1.4% QoQ increase - The year-over-year decrease was mainly due to a reduction in credit loss expense[11](index=11&type=chunk) [Research and Development Expenses](index=2&type=section&id=Research%20and%20development%20expenses) Research and development expenses were RMB 226.2 million, down 2.5% YoY but up 29.9% QoQ, reflecting continued investment in R&D personnel and share-based compensation - The sequential increase was driven by continuous investment in R&D personnel and an increase in share-based compensation[12](index=12&type=chunk) [Operating Loss](index=2&type=section&id=Operating%20loss) Operating loss narrowed year-over-year to RMB 234.2 million due to higher gross profit and expense control, though sequential loss increased from lower gross profit and higher share-based compensation Operating Loss (RMB) | Metric | Q1 2025 (RMB) | Q1 2024 (RMB) | Q4 2024 (RMB) | | :--- | :--- | :--- | :--- | | Operating Loss (GAAP) | (234.2 M) | (274.2 M) | (43.5 M) | | Operating Loss (Non-GAAP) | (55.8 M) | (127.0 M) | 24.4 M (Profit) | [Net Loss and EBITDA](index=3&type=section&id=Net%20loss%20and%20EBITDA) Net loss improved to RMB 316.1 million, with Non-GAAP net loss narrowing to RMB 190.6 million, and Non-GAAP EBITDA reaching a profit of RMB 318.5 million with a 16.2% margin, driven by AI business growth Net Loss and EBITDA (RMB) | Metric | Q1 2025 (RMB) | Q1 2024 (RMB) | Q4 2024 (RMB) | | :--- | :--- | :--- | :--- | | Net Loss (GAAP) | (316.1 M) | (363.6 M) | (200.6 M) | | Net Loss (Non-GAAP) | (190.6 M) | (217.3 M) | (70.3 M) | | Non-GAAP EBITDA | 318.5 M | 33.2 M | 359.7 M | | Non-GAAP EBITDA Margin | 16.2% | 1.9% | 16.1% | | Basic & Diluted EPS | (0.08) | (0.10) | (0.05) | [Financial Position](index=3&type=section&id=Financial%20Position) Cash and cash equivalents stood at RMB 2,322.7 million as of March 31, 2025, a decrease from year-end 2024 due to operational investments and computing power equipment procurement - Cash and cash equivalents stood at **RMB 2,322.7 million** as of March 31, 2025[18](index=18&type=chunk) - The decrease in cash was primarily due to investments in operations and the procurement of computing power equipment[18](index=18&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements, including balance sheets, statements of comprehensive loss, and cash flow statements [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets increased to RMB 19.72 billion as of March 31, 2025, driven by property and equipment, while total liabilities grew to RMB 14.38 billion and total equity slightly decreased Balance Sheet Items (in thousands RMB) | Balance Sheet Item (in thousands RMB) | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 2,322,674 | 2,648,764 | | Total current assets | 7,138,289 | 6,840,786 | | Property and equipment, net | 6,514,205 | 4,630,052 | | Total assets | 19,721,074 | 17,592,654 | | Total current liabilities | 9,797,843 | 9,159,435 | | Total liabilities | 14,376,429 | 12,087,334 | | Total equity | 5,344,645 | 5,505,320 | [Unaudited Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) For Q1 2025, the company reported total revenues of RMB 1,970.0 million, gross profit of RMB 318.3 million, and a narrowed net loss of RMB 316.1 million compared to Q1 2024 Income Statement Items (in thousands RMB) | Income Statement Item (in thousands RMB) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Total revenues | 1,969,977 | 2,232,142 | 1,775,684 | | Gross profit | 318,306 | 425,972 | 293,253 | | Operating loss | (234,201) | (43,511) | (274,157) | | Net loss | (316,110) | (200,642) | (363,616) | | Net loss per share (Basic and diluted) | (0.08) | (0.05) | (0.10) | [Reconciliation of GAAP and Non-GAAP Results](index=8&type=section&id=RECONCILIATION%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section details adjustments from GAAP to non-GAAP metrics, including adding back share-based compensation and amortization for adjusted operating loss and further adjustments for adjusted EBITDA Reconciliation of Gross Profit (in thousands RMB) | | Q1 2025 (RMB) | Q1 2024 (RMB) | | :--- | :--- | :--- | | Gross profit (GAAP) | 318,306 | 293,253 | | Share-based compensation | 9,365 | 5,814 | | **Adjusted gross profit (Non-GAAP)** | **327,671** | **299,067** | Reconciliation of Net Loss to Adjusted EBITDA (in thousands RMB) | | Q1 2025 (RMB) | Q1 2024 (RMB) | | :--- | :--- | :--- | | Net Loss (GAAP) | (316,110) | (363,616) | | Share-based compensation | 134,611 | 103,595 | | Foreign exchange (loss) gain | (9,051) | 42,737 | | **Adjusted net loss (Non-GAAP)** | **(190,550)** | **(217,284)** | | Adjustments (Interest, Tax, D&A) | 509,093 | 250,471 | | **Adjusted EBITDA (Non-GAAP)** | **318,543** | **33,187** | Reconciliation of Operating Loss (in thousands RMB) | | Q1 2025 (RMB) | Q1 2024 (RMB) | | :--- | :--- | :--- | | Operating loss (GAAP) | (234,201) | (274,157) | | Share-based compensation | 134,611 | 103,595 | | Amortization of intangible assets | 43,781 | 43,517 | | **Adjusted operating loss (Non-GAAP)** | **(55,809)** | **(127,045)** | [Unaudited Condensed Consolidated Statement of Cash Flows](index=13&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) Net cash used in operating and investing activities for Q1 2025 totaled RMB 418.4 million and RMB 490.4 million respectively, partially offset by RMB 550.0 million from financing, resulting in a RMB 343.8 million net cash decrease Cash Flow Activities (in thousands RMB) | Cash Flow Activity (in thousands RMB) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | (418,390) | 570,222 | (321,336) | | Net cash used in investing activities | (490,393) | (1,337,978) | (1,169,017) | | Net cash from financing activities | 549,998 | 1,802,762 | 1,112,096 | | **Net (decrease) increase in cash** | **(343,757)** | **1,019,712** | **(398,721)** | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides additional details regarding the company's investor relations activities and the methodology for non-GAAP financial measures [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Kingsoft Cloud will host an earnings conference call on May 28, 2025, at 8:15 am U.S. Eastern Time, with pre-registration and a live webcast available on the investor relations website - The earnings call is scheduled for **May 28, 2025, at 8:15 am U.S. Eastern Time** (8:15 pm Beijing/Hong Kong Time)[20](index=20&type=chunk) - A live and archived webcast will be accessible on the company's investor relations website at **http://ir.ksyun.com**[21](index=21&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures, including gross profit, operating loss, net loss, and EBITDA, to supplement U.S. GAAP results for internal evaluation and understanding of operating performance - The company uses non-GAAP measures to review and assess operating performance, as they are used by management to evaluate performance and formulate business plans[24](index=24&type=chunk) - Key non-GAAP measures include: **Non-GAAP gross profit, Non-GAAP operating (loss) profit, Non-GAAP net loss, and Non-GAAP EBITDA**, along with their respective margins[24](index=24&type=chunk) - The company acknowledges limitations of non-GAAP measures and provides reconciliations to the nearest U.S. GAAP performance measure[25](index=25&type=chunk)[26](index=26&type=chunk)

BEIJING, May 13, 2025 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX: 3896) (“Kingsoft Cloud” or the “Company”), a leading cloud service provider in China, today announced that it will release its unaudited financial results for the first quarter 2025 ended March 31, 2025 before the open of U.S. markets on Wednesday, May 28, 2025. Kingsoft Cloud’s management will host an earnings conference call on Wednesday May 28, 2025 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Tim ...