Core Viewpoint - Kingsoft Cloud (NASDAQ: KC, HKEX: 3896) has demonstrated resilient growth in its core business, driven by the steady implementation of its artificial intelligence strategy, as evidenced by its Q3 2025 financial results showing a revenue of 2.48 billion yuan, a year-on-year increase of 31% [1] Financial Performance - Q3 revenue reached 2.48 billion yuan, marking a 31% year-on-year growth [1] - Public cloud revenue was 1.75 billion yuan, while industry cloud revenue was 730 million yuan, both showing sequential and year-on-year growth [1] Business Strategy - The company is focusing on providing stable and efficient training and inference integrated intelligent computing services, while also developing a model API business to create new growth engines in inference scenarios [1] - Kingsoft Cloud is leveraging its "to B" enterprise service capabilities by selecting advantageous vertical industries and geographic regions to build future core competitiveness [1] Talent Development - The company has established dual R&D centers in Beijing and Wuhan since 2022, implementing a long-term talent strategy [1] - As of this quarter, the number of employees in Wuhan has increased by 1.8 times compared to the initial announcement of the Wuhan strategy in 2022 [1]

Core Insights - Kingsoft Cloud (NASDAQ: KC, HKEX: 3896) reported a Q3 revenue of 2.48 billion yuan, representing a 31% year-over-year growth, with public cloud revenue at 1.75 billion yuan and industry cloud revenue at 730 million yuan, both showing sequential growth [1][2] Group 1 - The company is implementing its AI strategy steadily, with core business showing resilient growth [1] - Kingsoft Cloud is enhancing its model API business to create new growth engines in reasoning scenarios [1] - The company is focusing on "to B" enterprise services, selecting advantageous vertical industries and geographic areas to build future core competitiveness [1] Group 2 - Kingsoft Cloud continues to invest in infrastructure and refine its intelligent cloud products and solutions [2] - The company aims to attract AI talent through its dual R&D centers in Beijing and Wuhan, promoting product innovation [2] - The workforce in Wuhan has increased 1.8 times since the strategic announcement in 2022 [1]

Core Insights - The company achieved a significant turnaround in profitability during Q3 2025, with adjusted net profit reaching 0.29 billion yuan, compared to a loss of 2.4 billion yuan in the same period last year, indicating a clear inflection point in earnings [1][4] Revenue Growth - In Q3 2025, the company reported total revenue of 2.478 billion yuan, representing a year-over-year increase of 31.4% and a quarter-over-quarter increase of 5.5%, primarily driven by the continued high growth of its AI business [1] - Public cloud revenue reached 1.752 billion yuan in Q3 2025, up 49.1% year-over-year and 7.8% quarter-over-quarter, with AI billing revenue contributing 780 million yuan, marking a nearly 120% increase year-over-year [2] Profitability Metrics - The adjusted EBITDA for Q3 2025 was 827 million yuan, a substantial increase of 345.9% year-over-year, leading to an adjusted EBITDA margin of 33.4%, which improved by 23.6 percentage points year-over-year and 16.1 percentage points quarter-over-quarter [1][4] - The company successfully turned around both adjusted operating profit and adjusted net profit, achieving 0.15 billion yuan and 0.29 billion yuan respectively, compared to losses of 1.4 billion yuan and 2.4 billion yuan in the previous year [1] Ecosystem and Industry Cloud - Revenue from the Xiaomi & Kingsoft ecosystem reached 690 million yuan in Q3 2025, reflecting an 84% year-over-year increase and accounting for 28% of total revenue [3] - The industry cloud segment also showed stable growth, with revenue of 726 million yuan in Q3 2025, up 2.2% year-over-year and 0.2% quarter-over-quarter, indicating ongoing collaboration and project advancements [3] Future Outlook - The company anticipates strong customer demand for AI services, with high-margin inference business expected to increase in proportion, potentially leading to new growth points in robotics and API services [2] - The company maintains revenue forecasts of 9.5 billion yuan, 11.03 billion yuan, and 12.55 billion yuan for 2025, 2026, and 2027 respectively, while adjusting the projected adjusted net profit for 2025 to -548 million yuan, reflecting improved profitability expectations [4][6]

Group 1 - The AI sector remains highly active, with major companies like Nvidia surpassing a market value of $5 trillion, Amazon accelerating AI deployment, and Microsoft Azure experiencing a 40% growth driven by AI [1] - AI-related companies have shown a significant return rate of 165% over the past three years, compared to 24% for non-AI companies, indicating a clear distinction in asset performance [1] - Investment in AI is now considered a crucial long-term strategy for companies, as it is seen as a genuine and lasting productivity revolution [1] Group 2 - Market focus is shifting from "growth speed" to "return cycle," with companies like Volcano Engine and SenseTime gaining attention for their strong AI growth performance [2] - Kingsoft Cloud, referred to as the "AI market army," reported a nearly 120% year-on-year growth in intelligent computing cloud revenue, contributing to a total revenue increase of 31% to 2.48 billion yuan [2] - Kingsoft Cloud's unique position within the Xiaomi ecosystem enhances its growth potential, benefiting from increased demand for computing power driven by AI developments [3] Group 3 - Kingsoft Cloud's stock price surged by 90% in February due to the AI boom, and despite fluctuations, it continues to reach new highs, with a maximum single-day increase of nearly 15% [3] - Multiple financial institutions, including Citigroup, have a positive outlook on Kingsoft Cloud, with Citigroup setting a target price of $21.5 per share, indicating significant upside potential [3] - Kingsoft Cloud is viewed as a core asset to capitalize on the AI era, with its recent performance showing a turning point and a combination of profitability and rapid growth in its intelligent computing cloud business [3]

Core Insights - Goldman Sachs reports that Kingsoft Cloud's Q3 revenue growth accelerated to 31% year-on-year, surpassing the previous quarter's 24% growth and meeting market expectations [1] Revenue Performance - AI cloud business revenue grew by 7% quarter-on-quarter and 116% year-on-year, accounting for 32% of total Q3 revenue [1] - Revenue from related parties, such as Xiaomi and the Kingsoft ecosystem, increased by 84% year-on-year, up from 70% in the previous quarter, driven by stronger AI training demand, representing 28% of total revenue [1] Profitability Metrics - Adjusted EBITDA reached 652 million yuan, exceeding both Goldman Sachs' and market expectations by 8% and 9% respectively, after excluding approximately 170 million yuan in one-time government subsidies [1] - Adjusted EBITDA margin improved by 14 and 9 percentage points year-on-year and quarter-on-quarter, reaching 26.3% [1] Future Projections - The firm raised its revenue forecasts for Kingsoft Cloud for 2026 and 2027 by 3% to 5%, and adjusted EBITDA forecasts by 5% to 7% [1] - The target price for US stocks was slightly increased from $13.5 to $13.8, maintaining a "Neutral" rating [1]

Core Viewpoint - Kingsoft Cloud (03896) reported a significant increase in revenue and a reduction in net loss for Q3 2025, driven by growth in AI-related customer income [1] Financial Performance - Total revenue reached 2.478 billion yuan, representing a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [1] - Gross profit was approximately 381 million yuan, up 25.6% year-on-year [1] - Net loss narrowed to 7.847 million yuan, a reduction of 99.26% year-on-year [1] - Non-GAAP net profit was 28.7 million yuan, marking a turnaround from loss to profit year-on-year [1] Revenue Drivers - The increase in revenue is primarily attributed to the continuous upgrade of AI infrastructure and products, leading to growth in income from AI-related clients [1]

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

金山云(03896)绩后获资金追捧，盘中涨幅超6%。截至发稿，涨4.37%，报6.21港元，成交额2.04亿港 元。 消息面上，金山云发布2025年第三季度财报。财报显示，金山云Q3营收24.8亿元，同比增长31%；其 中，行业云实现收入7.3亿元。在AIGC产业快速迭代的今天，AI正从"模型能力"向"行业解决方案"演 化，赋能和重塑千行百业。金山云深度发掘"to B"企业服务的基因能力传承，精选优势垂直行业和地理 区域，打造面向未来的核心竞争力，赢得了客户与市场的广泛好评。 本季度，公司持续服务北京政务云、珠海政务云等长续客户，并推进上海国资云项目不断取得新进展； 中标广东省中医院AI项目，不仅实现了中医理论与人工智能的深度融合，还在临床层面验证了AI在提 升患者生活质量和疾病控制率的实际价值；推进与某国有大行授信报告自动化项目二期合作，持续提升 授信管理与风险控制的智能化水平。金山云携手客户加速AI应用落地，实现从项目交付到价值交付的 升级。 ...

Core Viewpoint - Kingsoft Cloud (03896) has seen a significant increase in stock price following the release of its Q3 2025 financial report, reflecting strong market interest and confidence in its growth potential [1] Financial Performance - Kingsoft Cloud reported Q3 revenue of 2.48 billion yuan, representing a year-on-year growth of 31% [1] - The industry cloud segment generated revenue of 730 million yuan [1] Strategic Initiatives - The company is focusing on "to B" enterprise services, leveraging its strengths in selected vertical industries and geographic regions to build core competitiveness [1] - Kingsoft Cloud continues to serve long-term clients such as Beijing Government Cloud and Zhuhai Government Cloud, while making progress on the Shanghai State-owned Assets Cloud project [1] - The company won the AI project for Guangdong Provincial Hospital of Traditional Chinese Medicine, integrating traditional Chinese medicine theories with AI to enhance patient quality of life and disease control rates [1] - Ongoing collaboration with a state-owned bank on the second phase of an automated credit report project aims to improve credit management and risk control through intelligent solutions [1]

金山云首席执行官邹涛先生表示："本季度，公司实现了收入加速增长与盈利能力提升，经调整经营利 润与经调整净利润均实现季度性转亏为盈。公司不仅迅速推进了公有云中智算云的扩展，亦积极布局了 行业云中人工智能与行业深度融合的战略基础。此外，本季度公司与小米-金山生态的战略合作持续攀 升，来自该生态的收入贡献同比激增83.8%至6.91亿元。公司对人工智能在生态系统及多元垂直领域的 快速普及备感振奋和乐观，这将为公司带来巨大的人工智能驱动的增长机遇。" 消息面上，11月19日，金山云公布2025年第三季度业绩，总收入达24.78亿元，同比增加31.4%，环比增 加5.5%。毛利为约3.81亿元，同比增加25.6%。净亏损为784.7万元，同比收窄99.26%；非公认会计准则 净利润为人民币2870万元，同比扭亏为盈。公告称，收入增加主要是由于随着人工智能基础设施及产品 不断升级，来自人工智能相关客户的收入增长。 金山云(03896)绩后涨超4%，截至发稿，涨4.2%，报6.2港元，成交额1480.56万港元。 ...