Core Insights - Kingsoft Cloud Holdings Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 15, 2025 [1] - The company published its 2024 Environmental, Social and Governance (ESG) Report, detailing its progress in various ESG practices [3] Company Overview - Kingsoft Cloud is a leading cloud service provider in China, offering comprehensive and reliable cloud services through extensive infrastructure and advanced technology [4] - The company has received recognition for its legal team, being named one of the 2024 China Top 15 New Technology In-House Teams by ALB [6] ESG Initiatives - Kingsoft Cloud has made significant improvements in its ESG practices, focusing on business ethics, responsible operation, talent development, green development, sustainable supply chain, and corporate responsibility [3] - The company partnered with Xiaomi to create a platform for green and sustainable development, aligning with Xiaomi's zero-carbon philosophy [6] Talent Development - The company has implemented several talent development projects, including the Chuanyun, Lingyun, Qingyun, and Yunyi projects, to strengthen its talent pipeline [6] - Kingsoft Cloud was awarded the "2024 Most Popular Employer for Campus Recruitment" in the Top "Smart" Employer Awards [6] Social Responsibility - The company supported over 600 left-behind children and donated additional funds to impoverished students, earning the "2024 Social Responsibility Contribution Award" from the Internet Society of China [6]

1 務實聚勢 築牢企業發展基石 錨定可持續發展坐標 循勢謀遠 支持創新 構建誠信發展生態 同心致遠 共饗企業發展碩果 穩定運營 打造值得信賴的雲服務 綠色行動 共築生態和諧家園 源頭管理 共建可持續供應鏈 立足自身 共繪公益慈善藍圖 目 錄 | CONTENTS | 關於本報告 | 01 | 董事長致辭 | 02 | 關於金山雲 | 03 | | --- | --- | --- | --- | --- | --- | --- | | | 01 務實聚勢 築牢企業發展基石 | | 02 循勢謀遠 錨定可持續發展坐標 | | 03 支持創新 構建誠信發展生態 | | | | 治理架構 | 09 | 董事會聲明 | 12 | 知識産權管理 | 16 | | | 董事會獨立性及多元化 | 09 | ESG 管治架構 | 12 | 廉潔建設 | 20 | | | 風險管理與内部控制 | 10 | 利益相關方溝通 | 13 | | | | | | | 重要性議題分析 | 14 | | | | | 04 穩定運營 打造值得信賴的雲服務 | | 05 同心致遠 共饗企業發展碩果 | | 06 綠色行動 共築生態和諧家園 | ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 7,785,180, representing a 10.5% increase from RMB 7,047,461 in 2023[10] - Gross profit increased by 57.7% to RMB 1,340,926 in 2024, up from RMB 850,169 in 2023[10] - The net loss for 2024 was RMB 1,979,042, a decrease of 9.4% compared to a net loss of RMB 2,183,647 in 2023[10] - Adjusted gross profit for 2024 was RMB 1,357,794, with an adjusted gross margin of 17.4%, up from 12.2% in 2023[15] - The company reported a pre-tax loss of RMB 1,980,566 for 2024, which is an 8.5% improvement from the previous year's loss of RMB 2,165,688[10] - Adjusted EBITDA for 2024 reached RMB 638.9 million, a significant turnaround from a negative RMB 265.1 million in 2023, resulting in an EBITDA margin of 8.2%[26] - Total revenue for 2024 was RMB 7,785.2 million, representing a year-over-year increase of 10.5%[26] - Gross profit for 2024 was RMB 1,340.9 million, up 57.7% from RMB 850.2 million in 2023, with a gross margin improvement from 12.1% to 17.2%[26] - Adjusted operating loss for 2024 is projected to be RMB 1,739.0 million, down from RMB 2,108.6 million in 2023, with an adjusted operating loss rate improving from 15.5% to 5.5%[20][24] - The adjusted net loss for 2024 is expected to be RMB 825.3 million, with an adjusted net loss rate of 10.6%[18][20] - Operating loss for the year ended December 31, 2024, was RMB 1,739.0 million, a reduction from RMB 2,108.6 million in 2023, showing improved operational efficiency[39] - Net loss narrowed to RMB 1,979.0 million from RMB 2,183.6 million in 2023[45] Revenue Breakdown - Public cloud service revenue increased by 14.3% year-over-year to RMB 5,007.3 million, while industry cloud service revenue grew by 4.3% to RMB 2,777.8 million[26] - Public cloud services revenue increased to RMB 5,007.3 million in 2024, up from RMB 4,381.7 million in 2023, reflecting a growth of approximately 14.2%[39] - The number of premium public cloud service customers increased from 214 in 2023 to 219 in 2024, while the average revenue per premium customer decreased from RMB 20.1 million to RMB 19.7 million[23] Cost Management and Efficiency - The increase in gross profit was attributed to improved operational efficiency and cost management strategies implemented during the year[10] - The company is focusing on high-quality cloud services and strict cost control, leading to improved revenue structure and profitability[25] - Operating costs were RMB 6,444.3 million, a slight increase of 4.0% from RMB 6,197.3 million in 2023[42] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[10] - Future guidance indicates a continued emphasis on revenue growth and profitability improvement in the upcoming fiscal year[10] - The company aims to enhance market influence by adopting a premium customer strategy in selected vertical industries[22] - The company aims to continue investing in technology R&D and enhance AI capabilities to meet the growing cloud demand driven by AI applications[31] Research and Development - Research and development expenses for 2024 were RMB 846.0 million, with a total of 1,188 R&D personnel as of December 31, 2024[35] - The company launched the Star Stream computing platform and upgraded its Galaxy Cloud operations platform, enhancing resource density and reducing cloud construction costs[33] Capital Expenditures - Capital expenditures for 2024 totaled RMB 4,124.7 million, significantly higher than RMB 1,964.7 million in 2023[30] Employee and Corporate Governance - The company had 12,335 employees as of December 31, 2024, with 82.4% in solution development and services[59] - The board includes independent directors with significant financial expertise, enhancing corporate governance[186] - The company has fully complied with all provisions of the corporate governance code during the reporting period[199] Related Party Transactions - The company entered into a framework agreement with Kingsoft Group to provide cloud services and receive property management and administrative services, effective until December 31, 2024[91] - The annual cap for cloud services provided by Kingsoft under the 2022 agreement is RMB 330.5 million, with actual transactions amounting to approximately RMB 296.8 million for the year ending December 31, 2024[94] - The company entered into a loan financing framework agreement with Kingsoft allowing for up to RMB 1.5 billion in loans, with actual withdrawals under secured loans amounting to approximately RMB 1 billion for the year ending December 31, 2024[95][96] Risks and Challenges - The company faces intense market competition, which could adversely affect its business and financial condition if it cannot compete effectively[70] - The company may face additional tax liabilities as determined by Chinese tax authorities, which could negatively impact its financial condition and investment value[136] - The company is subject to significant uncertainties regarding the interpretation and application of current and future Chinese laws and regulations, which may impact the enforceability of contractual arrangements[136] Acquisitions - The company acquired Camelot through a statutory merger under the Cayman Companies Law, with a total consideration of approximately RMB 1,223.5 million for the acquisition[158] - Approximately 73.7% of the Camelot consideration is expected to be settled through a combination of a one-time cash payment and cash installments before the end of 2025[159]

Customer Metrics - The total number of Premium Customers decreased from 537 in 2022 to 486 in 2023, with a slight recovery to 492 in 2024[533]. - Average revenues per Premium Customer decreased from RMB 14.9 million in 2022 to RMB 14.2 million in 2023, and further to RMB 14.0 million in 2024[542]. Revenue Performance - Public Cloud Services revenues were RMB 5,360,282 thousand in 2022, decreasing to RMB 4,381,741 thousand in 2023, but projected to rise to RMB 5,007,251 thousand in 2024, representing 64.3% of total revenues[544]. - Enterprise Cloud Services revenues were RMB 2,816,976 thousand in 2022, slightly declining to RMB 2,663,993 thousand in 2023, with a forecasted increase to RMB 2,777,777 thousand in 2024, accounting for 35.7% of total revenues[544]. - Revenues increased by 10.5% from RMB7,047.5 million in 2023 to RMB7,785.2 million (US$1,066.6 million) in 2024, driven by strong demand from AI business and enterprise cloud projects[559]. - Revenues from public cloud services rose by 14.3% from RMB4,381.7 million in 2023 to RMB5,007.3 million (US$686.0 million) in 2024, primarily due to AI business demand[560]. Profitability and Losses - Gross profit increased by 57.7% from RMB850.2 million in 2023 to RMB1,340.9 million (US$183.7 million) in 2024, with gross profit margin improving from 12.1% to 17.2%[563]. - Operating loss decreased by 17.5% from RMB2,108.6 million in 2023 to RMB1,739.0 million (US$238.2 million) in 2024, with operating loss margin improving from 29.9% to 22.3%[567]. - Net loss decreased by 9.4% from RMB2,183.6 million in 2023 to RMB1,979.0 million (US$271.1 million) in 2024, with net loss margin improving from 31.0% to 25.4%[574][575]. - The adjusted net loss for Kingsoft Cloud decreased from RMB 2.69 billion in 2022 to RMB 1.98 billion in 2024, indicating an improvement of about 26%[603]. - The adjusted EBITDA is projected to turn positive in 2024, reaching RMB 638.9 million, compared to a loss of RMB 755 million in 2022[603]. - The adjusted gross margin improved from 5.3% in 2022 to an estimated 17.2% in 2024, showing a significant increase of 224%[601]. Expenses - Research and development expenses were RMB 971,216 thousand in 2022, decreasing to RMB 784,807 thousand in 2023, and projected to rise to RMB 845,989 thousand in 2024[551]. - Research and development expenses increased by 7.8% from RMB784.8 million in 2023 to RMB846.0 million (US$115.9 million) in 2024, mainly due to rising personnel-related expenses[564]. - Operating expenses increased from RMB 2,680,952 thousand in 2022 to RMB 2,958,720 thousand in 2023, with a forecast of RMB 3,079,936 thousand in 2024[551]. - General and administrative expenses decreased by 21.2% from RMB1,060.0 million in 2023 to RMB834.9 million (US$114.4 million) in 2024, primarily due to reduced credit loss expenses[566]. Cash Flow and Financing - The company generated net cash from operating activities of RMB628.4 million (US$86.1 million) in 2024, contrasting with a net cash outflow of RMB169.1 million in 2023[619][620]. - Net cash used in investing activities was RMB3,620.4 million (US$496.0 million) in 2024, primarily due to the purchase of property and equipment amounting to RMB3,672.1 million (US$503.1 million)[623]. - The company recorded net cash generated from financing activities of RMB3,255.4 million (US$446.0 million) in 2024, mainly from short-term borrowings of RMB2,465.9 million (US$337.8 million)[626]. - Kingsoft Cloud's accumulated deficit reached RMB14,292.0 million (US$1,958.0 million) as of December 31, 2024, with net current liabilities of RMB2,318.6 million (US$317.7 million)[614][617]. - Kingsoft Cloud made a capital contribution of RMB 431.3 million (US$59.1 million) to its WFOEs in 2024[605]. - The company provided loans amounting to RMB 219 million (US$30 million) to the VIEs in 2024, while repaying RMB 50 million (US$6.9 million)[606]. Taxation and Regulatory - Kingsoft Cloud's PRC entities benefit from a preferential income tax rate of 15% as High New Technology Enterprises, which will continue until 2026 for several subsidiaries[595]. - The company is required to set aside at least 10% of its after-tax profits each year for statutory reserve funds, which limits the distributable profits available for dividends[611]. - Kingsoft Cloud's management believes the likelihood of incurring double taxation due to non-deductible transfers is remote, despite potential tax planning challenges[610]. Market and Competitive Landscape - The competitive landscape remains challenging, with increased competition potentially affecting the company's financial condition and results of operations[539]. - The company aims to enhance the quality and efficiency of existing products and solutions to retain and acquire new customers[534]. - The company plans to continue investing in technology and infrastructure to enhance product capabilities and expand resources[537]. Asset Management - The fair value of the Cloud service and solutions reporting unit as of September 30, 2024, was RMB4,205.0 million (US$576.1 million), exceeding its carrying amount by RMB1,169.9 million (US$160.3 million) or 39%[644]. - Impairment losses for long-lived assets associated with the public cloud asset group were recognized at RMB919.7 million (US$126.0 million) for the year ended December 31, 2024[651]. - The company entered into a non-cancelable one-year IDC service agreement with total contractual minimum purchase commitments of RMB600.0 million (US$82.2 million)[636]. - The remaining purchase commitment for IDC services as of December 31, 2024, was RMB252.9 million (US$34.6 million)[636]. - As of December 31, 2024, financial lease liabilities were RMB1,182.0 million (US$161.9 million), primarily related to electronic equipment and data center machinery[634]. Borrowings and Liabilities - As of December 31, 2024, short-term third-party borrowings amounted to RMB2,225.8 million (US$304.9 million) and long-term borrowings were RMB1,660.6 million (US$227.5 million), both with fixed annual interest rates ranging from 2.70% to 5.97%[631]. - Kingsoft Cloud has not declared or paid any dividends and intends to retain available funds for business operations and expansion[607]. - The company experienced net operating cash outflows in 2023, highlighting ongoing liquidity challenges despite improvements in cash generation in 2024[614][620]. - Kingsoft Cloud's future working capital and capital expenditures will be financed through cash generated from operations and potential additional financing, with a focus on maintaining prudent capital management[615]. - Capital expenditures for 2024 reached RMB4,124.7 million (US$565.1 million), with property and equipment purchases accounting for 99.7% of total capital expenditures[630].

针对关税谈判，欧盟发出最新警告！ 欧盟委员会主席冯德莱恩当地时间10日表示，如果与美国的关税谈判失败，欧盟可能会对美国的大型科技公 司征收关税。 股市方面，由"对等关税"引发的波动仍在持续。周五，欧洲股市巨震，德国DAX指数、法国CAC40指数集体 高开，开盘不久后涨幅均超过1%，不过随便出现大跳水，德国DAX指数盘中一度跌超2%，法国CAC40指数 一度跌超1.6%。 本周，美股也被抛售。美国银行全球研究部周五表示，在截至周三的5个交易日里，由于"对等关税"引发的市 场动荡，外国投资者抛售了65亿美元的美国股票。 周五盘中，美股三大指数也大幅波动。截至北京时间晚上10点30分，道指跌0.78%，纳指跌0.93%，标普500 指数跌0.84%。大型科技股多数下跌，特斯拉跌超3%，亚马逊跌1.59%，苹果跌0.25%。中概股表现相对较 强，纳斯达克中国金龙指数微跌0.10%，金山云涨近10%，小鹏汽车涨超7%，理想汽车涨超4%，百度集团涨 超2%。 据报道，欧盟将"反胁迫工具"视作其"最强大的经济武器"，这项工具不仅可以被用来向进口商品征税，还可限 制第三国公司参与公共采购项目，或对服务贸易和投资设限。除了可能 ...

Market Capitalization Summary - The market capitalization of various companies is highlighted, with notable figures such as 71.94 billion for an unnamed company and 69.52 billion for another [2]. - Companies like Bilibili and TAL Education have market capitalizations of 64.03 billion and 61.59 billion respectively [2]. - The lowest market capitalizations listed include 0.90672 million for Happy Car and 0.17235 million for Easy Electric [3]. Stock Performance - Stock performance shows fluctuations, with companies like Zai Lab experiencing a decrease of 0.36 (-2.72%) and 0.13 (-3.87%) for another unnamed company [2]. - Positive movements are noted for companies such as 51Talk, which increased by 0.99 (+2.74%) [2]. - The performance of companies like Huya and Xunlei shows declines of 0.11 (-4.00%) and 0.10 (-3.11%) respectively [3]. Company Highlights - Notable companies include JD.com with a market cap of 71.94 billion and TAL Education at 61.59 billion, indicating strong positions in the market [2]. - Other companies like 9F Inc. and Yatsen Global have market caps of 4.98 billion and 3.28 billion respectively, showcasing a diverse range of market sizes [2]. - The report also mentions companies with smaller market caps, such as 1.34 million for Baozun and 1.07 million for Leopard Mobile, indicating a broad spectrum of company valuations [3].

作 者丨张赛男 编 辑丨巫燕玲 刘雪莹 ETF放量、富时中国A5 0指数期货直线拉升、创业板指反弹！ 农业股持续大涨，北大荒等1 0余股涨停。大消费股震荡反弹，零售方向领涨，永辉超市等多股涨停。中字头、基建股一度冲高，中国中车接 近涨停。 港股走强，恒生指数涨1 . 5 8%，恒生科技指数涨3 . 5 7%。金山云、越疆、茶百道涨超1 0%，小米集团涨超5%。 4 月 8 日 早 盘 ， 中 证 5 0 0ETF （ 5 1 0 5 0 0 ） 成 交 超 6 3 亿 ， 南 方 中 证 1 0 0 0ETF （ 5 1 2 1 0 0 ） 、 华 夏 中 证 1 0 0 0ETF （ 1 5 9 8 4 5 ） 、 广 发 中 证 1 0 0 0ETF （5 6 0 0 1 0）、富国中证1 0 0 0ETF（1 5 9 6 2 9）成交超1 0亿元，均超昨日全天成交额。 | 159575 | 宽 创业板200ETF银华 | 1.021 | 0.033 | 3.34% | | --- | --- | --- | --- | --- | | 589630 | 宽 科创综指ETF国泰 | 0.841 | 0.0 ...

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） 根據2021年股權激勵計劃 授出受限制股份單位 根據香港上市規則第17.06A條、17.06B條及17.06C條，董事會宣佈，本公司 於2025年3月20日根據2021年股權激勵計劃的條款向若干僱員參與者授出合 共5,232,411個受限制股份單位，待予接納，相當於5,232,411股相關股份或約 348,827股美國存託股（向下調整至最接近之美國存託股整數）及本公司於本公告 日期已發行股份總數的約0.14%。 授出受限制股份單位詳情 | 授出日期： | 2025年3月20日 | | --- | --- | | 已授出的受限制 | 已向本集團560名僱員（包括董事承授人及兩名高級管 | | 股份單位總數： | 理層成員）授出5,232,4 ...

Financial Data and Key Metrics Changes - The company achieved total revenue of RMB2,232.1 million in Q4 2024, reflecting a year-over-year increase of 29.6% [30] - Non-GAAP operating profit turned positive for the first time, reaching RMB24.4 million compared to a loss of RMB187.6 million in the same period last year [34] - Non-GAAP gross profit reached a record high of RMB427.7 million, up 63% year-over-year, with a non-GAAP gross margin of 19.2% [11][33] - Non-GAAP EBITDA margin reached 16.1%, compared to negative 1.6% in the same quarter last year [35] Business Line Data and Key Metrics Changes - Public Cloud revenue grew by 34% year-over-year to RMB1,409.8 million, driven by AI-related business [30][15] - Enterprise Cloud revenue amounted to RMB822.3 million, increasing by 22.7% year-over-year [18] - AI-related business achieved gross billing of RMB474 million, representing nearly 500% year-over-year growth [13][27] Market Data and Key Metrics Changes - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB493 million, up 78% year-over-year, contributing 22% to total revenues [14] - The company is positioned as the sole strategic cloud platform within the Xiaomi and Kingsoft ecosystem, capitalizing on AI opportunities [15] Company Strategy and Development Direction - The company aims to deepen cooperation with the Xiaomi and Kingsoft ecosystem and explore AI opportunities to create value for stakeholders [23] - The focus is on high-quality and sustainable development, with expectations for accelerated revenue growth and improved profitability in 2025 [37] Management Comments on Operating Environment and Future Outlook - Management highlighted the positive impact of AI advancements on the cloud computing industry, indicating a broader acceptance and application of AI technologies [45] - The company expects revenue growth in both Public Cloud and Enterprise Cloud to accelerate in 2025, with a positive non-GAAP operating profit anticipated for the full year [29][30] Other Important Information - The company has a strong liquidity position with cash and cash equivalents totaling RMB2,648.8 million as of December 31, 2024 [36] - Total capital expenditures for AI investments are projected to be around RMB10 billion for 2025, supported by shareholder arrangements [52] Q&A Session Summary Question: Industry outlook and impact of AI trends - Management discussed how AI advancements are reshaping the cloud computing landscape, presenting both opportunities and challenges for Kingsoft Cloud [40][45] Question: Update on 2025 capital expenditure plan - Management provided insights into the efficient asset-light model for data centers and the expected total investment in AI for 2025 [48][52] Question: Expectations for 2025 revenue growth and drivers - Management indicated that AI will be a significant growth driver, alongside contributions from the Xiaomi and Kingsoft ecosystem [56][60] Question: Margin performance and long-term profitability trend - Management expressed confidence in continued margin expansion, with EBITDA and operating profit expected to grow at a faster pace than gross margin [61][63] Question: Demand for AI inference and legacy Public Cloud business outlook - Management noted strong demand for AI inference within the Xiaomi ecosystem, while traditional Public Cloud business may continue generating revenue [68][72] Question: Pricing strategy for GPU Cloud revenue - Management emphasized a differentiated pricing model for AI-related services, which are expected to command higher fees due to their value in client workflows [80][86]

Core Viewpoint - Kingsoft Cloud Holdings Limited reported strong financial performance for the fourth quarter and fiscal year 2024, achieving profitability in non-GAAP operating profit for the first time, driven by the growth of AI applications and demand from its ecosystem [2][10][19]. Financial Highlights - Total revenues for Q4 2024 reached RMB2,232.1 million (US$305.8 million), a year-over-year increase of 29.6% from RMB1,722.5 million in Q4 2023 [3][10]. - Revenue from public cloud services was RMB1,409.8 million (US$193.1 million), up 34.0% year-over-year [3][11]. - Revenue from enterprise cloud services increased to RMB822.3 million (US$112.7 million), representing a 22.7% year-over-year growth [11]. - Gross profit for Q4 2024 was RMB426.0 million (US$58.4 million), a significant increase of 68.3% from RMB253.1 million in Q4 2023, with a gross margin of 19.1% [6][10]. AI Business Growth - Gross billing from AI business surged by approximately 500% year-over-year to RMB474 million, accounting for 34% of public cloud revenue [2][10]. - Revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year, highlighting the effectiveness of the company's ecosystem strategy [2][10]. Cost Management - Cost of revenues for Q4 2024 was RMB1,806.2 million (US$247.4 million), up 22.9% from RMB1,469.3 million in Q4 2023, aligning with revenue growth [5][20]. - Total operating expenses decreased by 21.2% year-over-year to RMB469.5 million (US$64.3 million) [7][10]. Profitability Metrics - Non-GAAP operating profit for Q4 2024 was RMB24.4 million (US$3.3 million), compared to a loss of RMB187.6 million in Q4 2023 [10][12]. - Non-GAAP EBITDA for Q4 2024 was RMB359.7 million (US$49.3 million), a significant improvement from RMB-27.7 million in Q4 2023 [17][25]. Fiscal Year Performance - Total revenues for the fiscal year 2024 reached RMB7,785.2 million (US$1,066.6 million), a 10.5% increase from RMB7,047.5 million in 2023 [19][24]. - Net loss for the fiscal year narrowed to RMB1,979.0 million (US$271.1 million) from RMB2,183.6 million in 2023 [24][25].