Third Quarter 2025 Financial Results Total Revenues reached RMB2,478.0 million (US$348.1 million), increased by 31.4% year-over-year from RMB1,885.6 million in the same quarter of 2024 and increased by 5.5% quarter-over-quarter from RMB2,349.2 million in the second quarter of 2025. The increase was mainly due to the expanded revenue from AI related customers, with AI infrastructure and products keep upgrading. Revenues from public cloud services were RMB1,752.3 million (US$246.1 million), significantly incr ...

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） 內幕消息 截至二零二五年九月三十日止三個月的 未經審計財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條例 （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」）欣然宣佈本公司、 其子公司及併表聯屬實體（統稱「本集團」）根據美國證券交易委員會（「美國證交 會」）適用規則刊發的截至二零二五年九月三十日止三個月未經審計簡明合併業績 （「第三季度業績」）。 第三季度業績乃根據美利堅合眾國公認會計準則（「美國公認會計準則」）編製，其 有別於國際財務報告準則。 本公告附件一為本公司於二零二五年十一月十九日（美國東部時間）就第三季度業 績刊發的新聞稿全文，其中部分內容可能構 ...

Core Insights - Kingsoft Software celebrated its eighth anniversary in Wuhan, showcasing its commitment to the "Ten Thousand R&D Center" strategy proposed by Chairman Lei Jun [1][3] - The Wuhan R&D center plays a crucial role in Kingsoft's talent and technology layout in Central China, complementing its operations in Beijing and Zhuhai [3][5] Group 1 - The Wuhan headquarters has grown from a few hundred employees to nearly 4,000, contributing significantly to the development of core products like Kingsoft Office and Kingsoft Cloud [3][5] - Kingsoft has established deep collaborations with local universities, creating a strong talent attraction and retention ecosystem through training camps and targeted recruitment [5][7] Group 2 - The anniversary event featured performances from Kingsoft employees and students from four universities, providing an opportunity for students to engage with the company and understand career paths early [5][7] - Looking ahead, Kingsoft aims to enhance its investment in the Wuhan R&D center and deepen collaborations with local industries and universities to drive innovation in office software, big data, cloud computing, and artificial intelligence [7]

Group 1 - The current A-shares and Hong Kong stocks are entering a "new four bulls" upward corridor, driven by four forces, with the market expected to maintain a "slow bull" pattern into 2026 [2] - The central tendency of the Chinese stock market is anticipated to gradually rise, indicating a positive outlook for the market [2] Group 2 - The fixed income market is undergoing changes, with a focus on the latest applications and thoughts on the analysis framework [4] - The 2025 "fixed income +" market is expected to maintain its popularity and continue expanding, with a focus on core asset allocation directions [8] Group 3 - The upcoming earnings call for Kingsoft Cloud will be a critical point to validate its narrative as the "AI cloud first stock," with expectations for data and guidance to exceed forecasts, boosting market confidence in its long-term growth potential [10]

Core Viewpoint - The performance of popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index increasing by 0.42% [1] Group 1: Stock Performance - iQIYI saw a significant increase, rising over 6% [1] - Baidu, Huya, and Kingsoft Cloud each rose by more than 2% [1] - Alibaba and NetEase experienced gains of over 1% [1] - Pinduoduo faced a notable decline, dropping 7.33%, marking its largest drop since May 27 [1] - Tiger Brokers fell by more than 2% [1] - NIO decreased by over 1% [1] - Li Auto and JD.com had slight declines [1]

每经AI快讯，金山云(03896.HK)涨超4%，截至发稿，涨4.44%，报6.12港元，成交额3.4亿港元。 ...

Core Viewpoint - Kingsoft Cloud (03896) has shown a strong upward movement in stock price, increasing by 4.44% to HKD 6.12, with a trading volume of HKD 340 million, indicating positive market sentiment ahead of its upcoming board meeting to discuss Q3 results [1] Group 1: Financial Performance - The company plans to hold a board meeting on November 19 to consider and approve its unaudited Q3 results for the three months ending September 30, 2025 [1] - Previous reports highlighted a clear AI-driven growth path in Q2, showcasing robust growth in public cloud services while maintaining steady development in industry cloud and improving overall profitability [1] Group 2: Competitive Advantage - Kingsoft Cloud possesses a first-mover advantage in the AI sector, supported by a strong ecosystem and collaborative synergies, which together form a solid competitive moat and future growth potential [1] - The company is expected to continue benefiting from its revenue growth potential in the coming periods [1]

消息面上，金山云拟11月19日（本周三）举行董事会会议，以（其中包括）考虑及通过公司、其子公司 及并表联属实体截至2025年9月30日止三个月的未经审计第三季度业绩及其发布。国元国际此前指出， 公司第二季度清晰地展示了一条由AI驱动的强劲增长路径，在保持公有云高速增长的同时，兼顾了行 业云的稳健发展和整体盈利能力的改善。其在AI领域的先发优势和深厚的生态系统协同效应，共同构 成了其坚实的护城河和未来的增长潜力。看好公司未来收入增长潜力。 智通财经APP获悉，金山云(03896)涨超4%，截至发稿，涨4.44%，报6.12港元，成交额3.4亿港元。 ...

Market Performance - On November 17, US stock indices closed lower, with the Dow Jones down 1.18% at 46,590.24 points, the S&P 500 down 0.92% at 6,672.41 points, and the Nasdaq down 0.84% at 22,708.07 points [2][10] - The Wind US Technology Seven Giants Index fell by 0.47%, with major tech stocks like Nvidia and Apple dropping nearly 2%, while Google rose over 3% [4][10] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 1.21%, with notable declines in Chinese stocks such as Arctech Solar down over 15% and XPeng Motors down over 10%. However, JinkoSolar rose over 13% and Kingsoft Cloud increased nearly 9% [7][8] Federal Reserve Commentary - Federal Reserve Vice Chairman Jefferson emphasized the need for caution in further interest rate cuts to avoid undermining anti-inflation efforts, indicating a downward risk in the labor market [11] - Another Fed official, Waller, suggested that a rate cut in December could be warranted due to a weak labor market and its impact on low-income consumers [11] Commodity Market - International precious metal futures generally fell, with COMEX gold futures down 1.2% at $4,045.1 per ounce and silver futures down 1.25% at $50.05 per ounce. Crude oil prices also declined, with US oil down 0.62% at $59.72 per barrel [12]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.84% at 46,912.3 points, the S&P 500 down 1.12% at 6,720.32 points, and the Nasdaq down 1.9% at 23,053.99 points [1] - Major tech stocks fell, with Nvidia and Tesla dropping over 3%, Intel, Amazon, and Meta down over 2%, and Microsoft down over 1% [1] - Popular Chinese concept stocks showed mixed results, with Xiaoma Zhixing down over 8%, Zai Ding Pharmaceutical down over 6%, and NIO down over 1%, while XPeng Motors rose over 9% and Baidu up over 3% [1] European Market - European stock indices also closed lower, with Germany's DAX down 1.29% at 23,740.38 points, France's CAC40 down 1.36% at 7,964.77 points, and the UK's FTSE 100 down 0.42% at 9,735.78 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.20% at $3,984.80 per ounce and COMEX silver futures down 0.37% at $47.85 per ounce [1] - U.S. oil futures fell slightly, with the main contract down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [1] Currency and Bond Markets - The U.S. dollar index decreased by 0.45% to 99.70, while the offshore RMB appreciated against the dollar by 104 basis points to 7.1209 [1] - U.S. Treasury yields collectively fell, with the 2-year yield down 7.20 basis points to 3.553% and the 10-year yield down 7.60 basis points to 4.083% [1] - European bond yields also declined, with the UK 10-year yield down 2.9 basis points to 4.432% and Germany's 10-year yield down 2.3 basis points to 2.648% [1]