本公告並不構成出售任何證券的要約或招攬購買任何證券的要約，亦不會於有關要約、招攬或 出售即屬違法的任何國家或司法權區出售證券。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 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。 （於開曼群島註冊成立的有限公司） （納斯達克股票代碼：KC） 內幕消息 建議根據一般授權配售新股份 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第571章）第XIVA部刊發。 金山云控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，於二零 二五年九月二十三日（美國東部時間）╱ 二零二五年九月二十三日（北京及香港時 間），其擬根據1933年美國證券法（經修訂）（「證券法」）項下的S規例於美國境外 以離岸交易方式向非美國人士發售282,000,000股本公司普通股（「配售股份」）；本 次配售將受市場狀況及其他因素所規限（「配 ...

Investment Rating - The report maintains a "Positive" outlook on the internet cloud + chip and gaming sectors, while indicating a policy bottom for long videos [2][4]. Core Insights - The report emphasizes the importance of the internet cloud computing sector, driven by AI advancements and self-developed chips, which are expected to enhance profitability and avoid homogenization in competition [4]. - The gaming sector is projected to experience continued growth, with a PE range of 15-20x for 2026, indicating potential for valuation uplift [4]. - Long video content policies are improving, which may enhance project turnover and investment ROI in the film sector [4]. Summary by Sections Internet Cloud Computing - The domestic internet cloud computing sector is replicating the growth trajectory seen in North American giants, with AI driving increased capital expenditure and revenue growth [4]. - Key players recommended include Alibaba, Tencent, Kingsoft Cloud, and Baidu, with a focus on their self-developed chips and AI applications [4]. Gaming Sector - The gaming sector is expected to see a positive trend in Q3 2025, with a historical PE range of 10-40x, suggesting that current valuations are not excessive [4]. - Recommended companies include Tencent, Giant Network, and Huya, with a focus on their ability to develop and operate enduring game products [4]. Long Video and Film Industry - Recent policy changes are expected to improve the operational environment for long video content, with upcoming films in the National Day release schedule [4]. - Companies like Mango TV and Reading Group are highlighted for their potential recovery in fundamentals [4]. Consumer and Entertainment - Continued recommendations for consumer entertainment companies such as NetEase Cloud Music, Pop Mart, and Damai Entertainment [4].

Summary of Key Takeaways from the Conference Call on China's Software and Data Center Industry Industry Overview - The conference focused on the software and data center industry in China, highlighting the significant role of AI as a growth driver for the sector [1][2]. Core Insights 1. **AI as a Growth Driver**: AI is identified as the key growth driver for software companies, with notable progress in AI monetization and increasing AI-related contract values [1][2]. 2. **Operational Efficiency**: Deployment of AI agents and coding is enhancing operational efficiency for software companies [1]. 3. **Subscription Revenue**: Companies with a higher share of subscription revenue, such as Kingdee and Meitu, are showing better growth visibility [1][2]. 4. **Data Center Demand**: There is strong demand for data centers driven by AI, with positive developments in domestic AI chip production to support order visibility [1]. 5. **Public Cloud Growth**: The AI-driven public cloud business is experiencing strong growth momentum [1]. Financial Performance 1. **2Q25 Results**: Software companies reported mostly in-line results for 2Q25, with 1 beat, 12 in-line, and 3 misses. Companies with solid downstream demand and higher recurring revenue performed better [3]. 2. **Data Center Performance**: Companies like VNET, GDS, and Kingsoft Cloud exceeded expectations due to strong AI demand [3]. Market Data 1. **Revenue Growth**: The revenue of China's software and IT services industry grew by 12.3% YoY to Rmb8.32 trillion in the first seven months of 2025, with net profit increasing by 12.4% YoY to Rmb1.09 trillion [4]. 2. **Sector Performance**: In July 2025, the sector's revenue growth accelerated to 14.6% YoY, and net profit growth reached 13.9% YoY [4]. Investment Recommendations 1. **Top Picks**: The preferred companies in the software sector include Kingdee and Meitu for their solid growth and improving profitability. In the data center/public cloud space, VNET, GDS, and Kingsoft Cloud are favored for their strong growth driven by AI [2][9]. 2. **Price Objective Changes**: Price objectives for several companies were revised, reflecting changes in market conditions and company performance [7][11]. Employee Trends - The total number of employees in software companies under coverage declined by an average of 5% in 1H25 compared to FY24, indicating potential cost-cutting measures [13]. Margin Trends - There is an observed improvement in profitability across software and data center companies, with gross profit margins (GPM) and net profit margins (NPM) showing positive trends [14]. Conclusion The conference highlighted the robust growth potential of the software and data center industry in China, driven primarily by AI advancements. Companies with strong subscription models and operational efficiencies are positioned favorably for future growth. The overall financial performance indicates a healthy demand environment, although some segments, particularly cybersecurity, are facing challenges.

Group 1 - Kingsoft Cloud (KC.US) saw a 6% increase in stock price, reaching $17.03 [1] - Bank of America reported positive insights from an investor event with management from various Chinese software companies and cloud computing firms, indicating steady progress in AI monetization and increasing contract values related to AI [1] - AI agency and AI coding deployment are enhancing operational efficiency for software companies [1] Group 2 - In the data center and public cloud sector, Bank of America has a favorable outlook on companies such as GDS Holdings, Century Internet, and Kingsoft Cloud, driven by strong AI demand [1] - All mentioned companies exceeded performance expectations, with a "buy" rating assigned to each [1]

Core Viewpoint - Kingsoft Cloud (KC.US) experienced a 6% increase in stock price, reaching $17.03, following a report from Bank of America highlighting positive developments in AI monetization among Chinese software companies and strong demand in the data center and public cloud sectors [1] Group 1: AI Monetization and Software Companies - AI monetization progress among software companies is steady, with an increase in AI-related contract values [1] - AI agency and AI coding deployment are enhancing operational efficiency for software companies [1] Group 2: Data Center and Public Cloud Outlook - Bank of America expresses a favorable outlook for data center and public cloud companies, specifically highlighting Kingsoft Cloud, GDS Holdings, and Century Internet [1] - Strong AI demand is driving performance, with all mentioned companies exceeding expectations [1] - The rating for these companies is set at "Buy" [1]

Group 1 - Kingsoft Cloud (KC.US) saw a pre-market increase of over 7%, reaching $17.2, while GDS Holdings (GDS.US) and Century Internet (VNET.US) both rose over 2% in pre-market trading [1] - Bank of America Securities reported that during a recent investor event, discussions with management from various software companies, data centers, and cloud computing firms revealed steady progress in AI monetization, with the value of AI-related contracts continuing to rise [1] - The report highlighted that AI agents and AI coding deployment are enhancing operational efficiency for software companies [1] Group 2 - In the data center and public cloud sectors, Bank of America is optimistic about GDS Holdings, Century Internet, and Kingsoft Cloud, citing strong AI demand driving performance above expectations, with all receiving a "buy" rating [1] - Goldman Sachs also indicated a preference for the gaming, transportation, cloud computing, and data center sub-sectors within the Chinese internet sector, particularly favoring Century Internet and GDS Holdings in the cloud computing and data center space [1]

Core Viewpoint - The report from Bank of America Securities highlights the robust progress in AI monetization among Chinese software companies, with increasing contract values related to AI and improvements in operational efficiency driven by AI deployment [1] Group 1: Software Companies - Companies like Kingdee International (00268) and Meitu (01357) are expected to show higher growth visibility due to their significant subscription revenue [1] - The development of AI is driving strong demand for data centers, with advancements in domestic AI chip research supporting increased orders [1] - The report favors companies with stable downstream demand and high recurring revenue, recommending Kingdee and Meitu as top picks with target prices of HKD 20.7 and HKD 13.5, respectively [1] Group 2: Data Centers and Public Cloud - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings (09698, GDS.US), CenturyLink (VNET.US), and Kingsoft Cloud (03896, KC.US), all benefiting from strong AI demand [1] - All these companies are expected to exceed performance expectations, with a "buy" rating assigned to each [1] - The target price for Mingyuan Cloud (00909) has been raised from HKD 3.7 to HKD 4, maintaining a "neutral" rating [1]

Group 1 - The core viewpoint of the article highlights that software companies in China, such as Kingdee International, Meitu, Kingsoft Office, and Yonyou Network, are making steady progress in monetizing AI, with increasing contract values related to AI [1] - AI-driven demand is expected to significantly boost the growth of data centers, supported by advancements in domestic AI chip research, which will lead to increased orders [1] - The report favors companies with robust downstream demand and high recurring revenue, identifying Kingdee and Meitu as top picks in the software sector, both rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2 - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with performance exceeding expectations and rated "Buy" [1] - The target price for Mingyuan Cloud has been raised from HKD 3.7 to HKD 4, while maintaining a "Neutral" rating [1]

Group 1 - Kingsoft Cloud (03896.HK) experienced a nearly 10% increase in stock price, reaching a rise of 9.76% to HKD 8.99 [1] - The trading volume for Kingsoft Cloud amounted to HKD 1.558 billion [1]

Core Viewpoint - Kingsoft Cloud (03896) experienced a nearly 10% increase in stock price, attributed to a strong Q2 performance driven by AI, with revenue growth of 24.2% year-on-year [1] Financial Performance - Q2 revenue reached 2.35 billion yuan, marking a year-on-year increase of 24.2% [1] - Public cloud revenue was 1.63 billion yuan, up 31.7% year-on-year [1] - Industry cloud revenue amounted to 720 million yuan, reflecting a year-on-year growth of 10.1% [1] AI Impact - AI has had a positive impact on the main business, contributing to the overall strong performance of the company [1] Analyst Ratings - Bank of America issued a report indicating that AI development is driving robust growth in the public cloud business [1] - The firm has a "Buy" rating on Kingsoft Cloud, with a target price of 10.6 Hong Kong dollars [1]