Market Capitalization Summary - New Oriental has a market capitalization of 13.696 billion [2] - TAL Education has a market capitalization of 8.011 billion [2] - Vipshop has a market capitalization of 8.175 billion [2] - 51Talk has a market capitalization of 7.533 billion [2] - Xunlei has a market capitalization of 6.438 billion [2] - 76.67 billion market capitalization for another unspecified company [2] - 56.88 billion market capitalization for another unspecified company [2] - 32.89 billion market capitalization for another unspecified company [2] - 16.27 billion market capitalization for another unspecified company [2] - 12.30 billion market capitalization for Lexin [2] - 9.91 billion market capitalization for Youdao [2] - 5.19 billion market capitalization for Dada [2] Stock Performance - New Oriental's stock increased by 0.09 (+0.50%) [2] - TAL Education's stock decreased by 0.01 (-0.28%) [2] - Vipshop's stock increased by 0.27 (+1.46%) [2] - 51Talk's stock decreased by 1.09 (-2.28%) [2] - Xunlei's stock increased by 0.16 (+1.11%) [2] - 76.67 billion market capitalization company increased by 0.13 (+1.24%) [2] - 56.88 billion market capitalization company decreased by 0.14 (-0.77%) [2] - 32.89 billion market capitalization company increased by 0.65 (+2.58%) [2] - 16.27 billion market capitalization company increased by 0.02 (+1.20%) [2] - Lexin's stock increased by 0.22 (+2.68%) [2] - Youdao's stock decreased by 0.11 (-1.21%) [2] - Dada's stock decreased by 0.06 (-1.58%) [2] Additional Company Insights - The market capitalization of various companies ranges significantly, with some exceeding 10 billion [2] - Companies like New Oriental and TAL Education show contrasting stock performance trends, indicating varying investor sentiment [2] - The overall market appears to be volatile, with both increases and decreases in stock prices across different companies [2]

先给大伙儿拆解外围市场对A股的影响。美联储最新表态说关税问题让降息没戏，美元指数又冲到104以上，全球资金避险情绪升温。不过中概股的强势表 现说明，外资对咱A股科技板块的兴趣还在。欧洲市场的分化也值得注意，德国制造业数据向好支撑DAX指数创新高，但法英经济疲软拖累股市，这种分化 可能让外资在配置A股时更谨慎。 再看看技术面，上证指数最近在3300点到3400点之间反复震荡，今天早盘的关键支撑位在3380点。日线MACD绿柱持续缩短，空方动能衰竭明显，但3400点 上方套牢盘压力不小。创业板指今天可能继续领涨，但2050点附近有强压力位，要突破得看科技成长股能不能持续发力。成交量是关键，早盘半小时要是有 效放大，今天冲击3400点的概率就大；要是缩量到1.1万亿以下，可能得回踩3350点支撑位。 消息面上今天有三大看点。第一，央行开展1000亿买断式逆回购，银行、券商这些高负债板块今天可能表现不错。第二，国家数据局在10个地方搞数据要素 试验区，数据交易、云计算板块可能迎来炒作机会。第三，印尼宣布购买咱们的歼-10战斗机，军工板块今天可能闻风而动。不过也要注意利空因素，美国 钢铝关税涨到50%，钢铁、汽车出口企 ...

Group 1: Market Performance - US stock market showed mixed results with the Dow Jones down 0.22%, S&P 500 up 0.01%, and Nasdaq up 0.32% [1] - Nasdaq China Golden Dragon Index increased by 2.0%, with major Chinese concept stocks like NIO up over 6%, Alibaba, Xpeng Motors, and Kingsoft up over 3%, and JD.com up over 2% [1] Group 2: Investment Strategies - Securities firms are optimistic about the A-share market for the second half of 2025, indicating ongoing valuation recovery of Chinese assets, with a focus on technology sectors [1] - Many firms also express confidence in the Hong Kong stock market's performance, particularly in the tech sector benefiting from the current AI industry narrative [1] Group 3: Corporate Developments - Zhongke Electric plans to invest 8 billion yuan in an integrated lithium-ion battery anode material base project in Oman, aiming for an annual production capacity of 200,000 tons [10] - Li New Energy intends to invest approximately 1.25 billion yuan in three independent energy storage projects, with a total capacity of 1,400 megawatt-hours [11] - China Power Construction announced its subsidiary won a 6.282 billion yuan energy storage project in Inner Mongolia, with a total construction period of 214 days and an operation period of 20 years [19]

Group 1: U.S. Tariff Policy Impact - The U.S. will increase the import tariff on steel from 25% to 50% to protect the domestic steel industry from foreign competition [1] - Following the announcement, U.S. steel stocks surged, with Cleveland-Cliffs seeing an increase of over 26% in after-hours trading [1] Group 2: Automotive Industry Developments - President Trump stated that U.S. automakers, including Tesla, must produce vehicles and all parts domestically rather than abroad, causing a significant drop in Tesla's stock by over 3% [2] - Several Chinese concept stocks experienced declines, with the Nasdaq Golden Dragon China Index falling by 2.69% [2] Group 3: Consumer Spending Trends - U.S. personal consumption expenditures (PCE) rose by 0.2% in April, a slowdown from the 0.7% increase in March, attributed to increased economic uncertainty from changing tariff policies [3] - The PCE price index is a key inflation indicator closely monitored by the Federal Reserve for monetary policy decisions [3] Group 4: EU-U.S. Trade Negotiations - The EU and U.S. are in critical trade negotiations, aiming for an agreement by July 9, amidst a complex global situation [4] - The EU remains committed to finding solutions to trade tensions, although the outlook for negotiations is uncertain [4]

Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

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。 董事會謹此就馮先生於任期內向本公司作出的貢獻向其表達衷心謝意。 委任非執行董事 董事會欣然宣佈，張鐸先生（「張先生」）已獲委任為本公司非執行董事及公司治理 委員會成員，自本公司將於二零二五年六月九日舉行的股東週年大會結束起生效。 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） (I) 非執行董事辭任；及 (II) 委任非執行董事 非執行董事辭任 金山云控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，馮宏華先生 （「馮先生」）因需要更專注和致力從事其他要務，已提出辭任非執行董事，自本公 司將於二零二五年六月九日舉行的股東週年大會結束起生效。在馮先生辭任後， 彼亦不再擔任董事會轄下公司治理委員會（「公司治理委員會」）的成員。 馮先生確認，彼並無向本公司提出任何申索，與董事會 ...

Financial Data and Key Metrics Changes - Kingsoft Cloud reported a year-over-year revenue growth of 11%, reaching RMB1.97 billion [8][19] - Non-GAAP gross profit increased by 9.6% year-over-year, totaling RMB327.7 million, but saw a quarter-over-quarter decrease of 23.4% [22] - Non-GAAP EBITDA margin improved to 16.2%, up from 1.9% in the same quarter last year [24] Business Line Data and Key Metrics Changes - Public cloud revenue reached RMB1.35 billion, a 14% increase year-over-year, driven by AI-related business [8][20] - AI gross billing surged to RMB525 million, representing over 200% year-over-year growth and accounting for 39% of public cloud revenue [10][13] - Enterprise cloud revenue was RMB616 million, up 5% year-over-year, but experienced a 25% sequential decline due to seasonal factors [20][21] Market Data and Key Metrics Changes - Revenue from the Xiaomi and Tingsoft ecosystem reached RMB500 million, a 50% increase year-over-year, contributing 25% to total revenue [11] - The public service sector is advancing AI applications, with Kingsoft Cloud building a rich set of model resources through an open-source model marketplace [14] Company Strategy and Development Direction - The company is focusing on high-quality and sustainable development, particularly in AI [8] - Kingsoft Cloud aims to strengthen its ecosystem cooperation and computing infrastructure deployment to advance its AI cloud services [12][18] - The company is leveraging partnerships for financing AI infrastructure, including financial leasing and bank loans [46] Management Comments on Operating Environment and Future Outlook - Management acknowledged market pressures and supply chain uncertainties but expressed confidence in long-term strategies [12] - The company expects better operating margins in the second half of the year, driven by top-line growth and AI project deployments [41] - Management highlighted the importance of tracking gross margin and EBITDA margin profiles as indicators for future performance [41] Other Important Information - Total capital expenditure for the quarter was RMB605 million, with a focus on AI infrastructure [20][46] - The company is prepared for potential impacts from chip restrictions, having built inventory and strengthened local partnerships [49][51] Q&A Session Summary Question: What are the reasons behind the weaker growth in public and enterprise cloud? - Management noted seasonality impacts, particularly due to the Chinese New Year and project delivery cycles, affecting enterprise cloud revenue [29] Question: Can management elaborate on the latest demand from Xiaomi? - The demand from Xiaomi is significant, with their new language model trained on Kingsoft's cluster, indicating potential for future revenue growth [30] Question: What are the business opportunities in the government affairs AI field? - The market for AI in government affairs is developing rapidly, leading to a joint solution with Kingsoft Office [34][35] Question: What is the outlook for non-GAAP operating margin in subsequent quarters? - Management expects improved operating margins in the second half of the year, contingent on top-line growth and project deployments [40][41] Question: How is the AI CapEx and OpEx structured? - Total CapEx for the quarter was RMB605 million, with a breakdown of OpEx including R&D and sales expenses [48]

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 ...

Core Viewpoint - Kingsoft Cloud reported a revenue of 1.97 billion yuan for Q1 2025, reflecting a year-on-year growth of 10.9% [1] Revenue Breakdown - Public cloud revenue reached 1.35 billion yuan, up 14.0% year-on-year [1] - Industry cloud revenue amounted to 620 million yuan, showing a year-on-year increase of 4.8% [1] EBITDA Performance - Adjusted EBITDA grew 8.6 times year-on-year, reaching 320 million yuan [1] - Adjusted EBITDA margin improved to 16.2%, an increase of 14.3 percentage points year-on-year, primarily driven by the rising contribution of AI revenue [1] AI Revenue Contribution - AI billing revenue for the quarter was 530 million yuan, with a year-on-year growth exceeding 200% [1] - AI revenue accounted for 39% of public cloud revenue during the quarter [1]

Revenue Performance - Total revenue for the first quarter reached RMB 1,970.0 million (approximately USD 271.51 million), representing a year-on-year increase of 10.9% compared to RMB 1,775.7 million in the same quarter of 2024[9]. - Revenue from public cloud services was RMB 1,353.5 million (USD 186.5 million), a year-on-year increase of 14.0% from RMB 1,187.4 million, driven primarily by growing demand for artificial intelligence[9]. - Revenue from industry cloud services was RMB 616.5 million (USD 85.0 million), a year-on-year increase of 4.8% from RMB 588.2 million, but a quarter-on-quarter decrease of 25.0% due to seasonal impacts[11]. - The company experienced a seasonal decline in revenue, with a quarter-on-quarter decrease of 11.7% from RMB 2,232.1 million in the previous quarter[9]. - Kingsoft Cloud's public cloud services revenue for the three months ended March 31, 2025, was RMB 1,353,479 thousand (approximately USD 186,514 thousand), a decrease from RMB 1,409,804 thousand in the previous quarter[30]. Profitability and Loss - Adjusted gross profit was RMB 327.7 million (USD 45.2 million), a year-on-year increase of 9.6%, with an adjusted gross margin of 16.6% compared to 16.8% in the same quarter of 2024[8]. - Operating loss was RMB 234.2 million (USD 32.3 million), improving from RMB 274.2 million in the same quarter last year and from RMB 43.5 million in the previous quarter[15]. - Net loss was RMB 316.1 million (USD 43.6 million), compared to RMB 363.6 million in the same quarter last year and RMB 200.6 million in the previous quarter[16]. - Non-GAAP EBITDA was RMB 318.5 million (USD 43.9 million), with an EBITDA margin of 16.2%, compared to 1.9% in the same quarter last year and 16.1% in the previous quarter[16]. - The improvement in net loss is attributed to enhanced revenue quality, revenue mix adjustment, and strict cost control measures[16]. Operating Expenses - Operating expenses totaled RMB 552.5 million (USD 76.1 million), a decrease of 2.6% year-on-year, but an increase of 17.7% quarter-on-quarter[13]. - General and administrative expenses were RMB 182.0 million (USD 25.1 million), a decrease of 16.8% year-over-year from RMB 218.7 million and a slight increase of 1.4% quarter-over-quarter from RMB 179.5 million[14]. - Research and development expenses were RMB 226.2 million (USD 31.2 million), a decrease of 2.5% year-over-year from RMB 232.0 million and an increase of 29.9% quarter-over-quarter from RMB 174.2 million[15]. - The increase in operating costs was primarily due to investments in AI computing resources[12]. Cash Flow and Financial Position - Cash and cash equivalents as of March 31, 2025, were RMB 2,322.7 million (USD 320.1 million), down from RMB 2,648.8 million as of December 31, 2024, primarily due to operational investments and procurement of computing power equipment[17]. - Total assets increased to RMB 19,721,074 thousand (approximately USD 2,717,636 thousand) as of March 31, 2025, from RMB 17,592,654 thousand as of December 31, 2024[27]. - Total liabilities as of March 31, 2025, were RMB 14,376,429 thousand (approximately USD 1,981,124 thousand), an increase from RMB 12,087,334 thousand as of December 31, 2024[28]. - The company reported a significant increase in accounts receivable, net amounting to RMB 1,807,011 thousand (approximately USD 249,013 thousand) as of March 31, 2025, compared to RMB 1,468,663 thousand as of December 31, 2024[27]. Future Outlook and Strategic Focus - The CEO highlighted a 228% year-on-year growth in AI business revenue, amounting to RMB 525 million, which accounted for 39% of public cloud services[8]. - The company is confident in the sustainable development of its AI-related investments and business[8]. - The company continues to focus on strategic vertical industries, leveraging its extensive cloud infrastructure and advanced cloud-native products[24]. - The company plans to hold an earnings conference call on May 28, 2025, to discuss financial results and future outlook[18].