Financial Data and Key Metrics Changes - The company's revenue for Q3 2025 reached RMB 2.48 billion, with a year-over-year growth rate accelerating from 24% in the previous quarter to 31% this quarter [5][16] - Adjusted gross profit for the quarter was RMB 393 million, representing a year-over-year increase of 28% [7][19] - The adjusted operating profit turned from a loss to a profit of RMB 15.36 million, with an adjusted operating profit margin of 0.6% [7][21] - Adjusted net profit recorded a historical positive profit of RMB 28.73 million for the first time [7] Business Line Data and Key Metrics Changes - Public cloud revenue increased significantly by 49% year-over-year, reaching RMB 1.75 billion [5][18] - Intelligent computing cloud business gross billings reached RMB 782 million, with a year-over-year growth of approximately 122% [5][16] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 691 million, increasing by 84% year-over-year, accounting for 28% of total revenue [6] Market Data and Key Metrics Changes - The demand for artificial intelligence is driving rapid development in intelligent computing cloud and technological innovation in basic public cloud services [6] - The company is focusing on expanding customer coverage and cross-selling intelligent computing cloud and basic cloud services [9] Company Strategy and Development Direction - The company aims to provide stable and efficient integrated training and inference intelligent cloud computing services, positioning itself to capitalize on the growth of AI applications [4][5] - The strategy includes strengthening the control of costs and expenses while investing in intelligent computing infrastructure [7][15] - The company is targeting advantageous verticals and geographical regions to build core competitiveness for future growth [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI business demand and the potential for higher margins as inference demand increases [30][32] - The company plans to continue investing in infrastructure and enhancing service stability to meet the growing demand for AI capabilities [22] Other Important Information - The company successfully raised HKD 2.8 billion in equity financing, with allocations for AI infrastructure and operational needs [17] - Capital expenditures for the quarter were RMB 2.79 billion, primarily for intelligent cloud infrastructure investment [22] Q&A Session Summary Question: What are the key drivers of AI revenue growth in Q3? - Management indicated that the growth was driven by clusters that began recognizing full quarter revenues and some delayed revenue from Q2 [29] Question: How does management see the margin trend in the coming quarters? - Management expects inference demand to exhibit a higher margin profile than current training demand, anticipating higher margins in the future [31][32] Question: Could management share the outlook and guidance on revenue for next year? - Management is confident in subsequent demand growth and is currently finalizing the budget process for next year [35] Question: How does management view the current market dynamics for procurement versus leasing? - Management stated that both procurement and leasing have their pros and cons, and resource allocation will depend on customer needs [36][37] Question: What is the pricing methodology between AI training and inference? - Management noted that pricing is based on resource usage, with inference services potentially offering better margin ratios [42]

Core Viewpoint - The company reported strong Q3 results with accelerated revenue growth and achieved quarterly profitability for the first time, driven by its AI business strategy [3][10]. Financial Performance - Total revenue reached 2.478 billion RMB, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [4]. - Adjusted net profit was 28.7 million RMB, compared to a loss of 237 million RMB in the same period last year [4][10]. - Adjusted EBITDA surged by 345.9% year-on-year to 827 million RMB, with a profit margin of 33.4%, an increase of 23.6 percentage points year-on-year [4]. - Public cloud service revenue was 1.752 billion RMB, a significant year-on-year increase of 49.1%, becoming the main growth driver [4][6]. - AI business billing revenue reached 782 million RMB, a remarkable year-on-year growth of approximately 120%, accounting for 44.6% of public cloud revenue [4][7]. - Gross margin slightly decreased to 15.4%, down 0.7 percentage points year-on-year, attributed to rising server costs [4][9]. - Cash and cash equivalents stood at 3.955 billion RMB, a decrease of 15.1 billion RMB quarter-on-quarter [4]. Core Business Progress - Revenue from the Xiaomi-Kingsoft ecosystem reached 691 million RMB, a year-on-year increase of 83.8%, highlighting significant ecosystem synergy [4][7]. - Industry cloud service revenue was 726 million RMB, showing minimal growth of 2.2% year-on-year and nearly flat quarter-on-quarter [8]. Cost Management and Investment - The company achieved a significant reduction in operating expenses, which fell by 63.6% year-on-year to 526 million RMB, primarily due to a 920 million RMB impairment charge in the same period last year [12]. - The company made substantial capital investments in AI, with depreciation and amortization costs doubling to 650 million RMB, driven by new AI server and network equipment purchases [14]. - Total borrowings increased by 65% year-on-year to 6.19 billion RMB, reflecting the company's aggressive investment strategy [14].

季度内，金山云围绕人工智能全面升级基础云和智算云，已初步构建了全栈AI技术能力。受益于此， 公司不仅成功支撑了互联网行业头部客户大规模推理算力需求，还在人工智能领域拓新方面实现业务突 破。得益于智算云与基础云的同频发展，公司生态内外客户用量同步攀升。本季度，智算云账单收入达 7.8亿元，同比增长近120%，在公有云收入占比达45%。 11月19日，金山云(NASDAQ:KC，HKEX:3896)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，公有云实现收入17.5亿元，同比大幅增长49%。 ...

Core Insights - Kingsoft Cloud reported strong Q3 results with accelerated revenue growth and achieved quarterly profitability for the first time, driven by its AI strategy [1][3] Financial Performance - Total revenue reached RMB 2.478 billion, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [3] - Adjusted net profit was RMB 28.7 million, compared to a loss of RMB 237 million in the same period last year [3][9] - Adjusted EBITDA surged by 345.9% year-on-year to RMB 827 million, with a profit margin of 33.4%, an increase of 23.6 percentage points year-on-year [3] - Gross margin slightly decreased to 15.4%, down 0.7 percentage points due to rising server costs [3][8] Core Business Progress - Public cloud service revenue was RMB 1.752 billion, a significant increase of 49.1% year-on-year, becoming the main growth driver [3][5] - AI business billing revenue reached RMB 782 million, a year-on-year growth of approximately 120%, accounting for 44.6% of public cloud revenue [5] - Revenue from the Xiaomi-Kingsoft ecosystem was RMB 691 million, a remarkable increase of 83.8% year-on-year, contributing 27.9% to total revenue [6] - Industry cloud service revenue was RMB 726 million, showing minimal growth of 2.2% year-on-year [7] Cost and Investment - Depreciation and amortization costs doubled to RMB 650 million, reflecting significant investments in AI computing power [12] - Operating expenses dropped by 63.6% year-on-year to RMB 526 million, largely due to last year's impairment provisions [11] - Cash and cash equivalents decreased to RMB 3.955 billion, down RMB 1.515 billion from the previous quarter [3][12] - The company adopted a strategy of balancing self-purchase and leasing of computing power equipment, with total borrowings increasing by 65% year-on-year to RMB 6.19 billion [12]

11月19日，金山云(KC.US，03896)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，公有云实现收入17.5亿元，同比大幅增长49%。季度内，金山云围绕人工智能全面 升级基础云和智算云，已初步构建了全栈AI技术能力。受益于此，公司不仅成功支撑了互联网行业头 部客户大规模推理算力需求，还在人工智能领域拓新方面实现业务突破。得益于智算云与基础云的同频 发展，公司生态内外客户用量同步攀升。本季度，智算云账单收入达7.8亿元，同比增长近120%，在公 有云收入占比达45%。 ...

Core Insights - The company has significantly improved its profitability in Q3 2025, with a notable turnaround in financial performance [1][2] Financial Performance - Total revenue reached RMB 24.78 billion, representing a year-on-year increase of 31.4% and a quarter-on-quarter growth of 5.5% [2] - Public cloud revenue amounted to RMB 17.52 billion, showing a substantial year-on-year growth of 49.1% and a quarter-on-quarter increase of 7.8% [2] - Industry cloud revenue was RMB 7.26 billion, remaining relatively stable [2] - Gross profit stood at RMB 3.81 billion, reflecting a year-on-year increase of 25.6%, with a gross margin of 15.4% [2] - Adjusted operating profit turned from a loss to a profit, recording RMB 15.4 million compared to a loss of RMB 1.40 billion in the same period last year [2] - Adjusted net profit was RMB 28.7 million, marking the first profitable quarter compared to a net loss of RMB 237 million in the previous year [2] - Adjusted EBITDA reached RMB 82.7 million, soaring by 345.9% year-on-year, with a profit margin of 33.4% [2] Business Highlights - Revenue from artificial intelligence business reached RMB 7.82 billion, showing an approximate year-on-year growth of 120% [2] - The collaboration with Xiaomi contributed significantly, with revenue increasing by 83.8% year-on-year to RMB 6.91 billion [2] Cost Management - Operating costs were RMB 2.097 billion, up 32.5% year-on-year, primarily due to increased investments in artificial intelligence computing resources [1][2] Cash Position - Cash and cash equivalents totaled RMB 39.55 billion, a decrease from the previous quarter mainly due to investments in computing equipment [2]

| 公布日 | 投资方 | 交易金额 | 融资轮次 | | --- | --- | --- | --- | | 2025-11-16 | 滨湖产业集团 | 未披露 | 天使轮 | | | 锡创投 | | | | 2022-12-29 | 第四号 | 未披露 | 出资设立 | 证券之星消息，根据天眼查APP于11月16日公布的信息整理，无锡金云智联科技有限公司天使轮融资， 融资额未披露，参与投资的机构包括滨湖产业集团，锡创投。 金云智联成立于2023年，是金山云旗下国内较好的基于AIoT的物联网平台服务商，拥有发明专利60+， 具有覆盖地产、酒店、住宅、园区、楼宇、办公的全场景解决方案能力，致力于用设计+科技+生态综 合的解决方案，服务于企业客户。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP获悉，11月19日，金山云(KC.US，03896.HK)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，公有云实现收入17.5亿元，行业云实现收入7.3亿元，均实现 同环比增长。调整后毛利润3.9亿元，同比增长28%；调整后经营利润扭亏为盈达1,536万元，调整后经 营利润率0.6%；调整后净利润首次实现盈利达2,873万元。 ...

Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 2.48 billion yuan, marking a year-on-year growth rate acceleration from 24% in the previous quarter to 31% [1] - The intelligent computing cloud billing revenue reached 780 million yuan, showing a nearly 120% year-on-year increase, contributing to 45% of the public cloud revenue [1] - Public cloud revenue was 1.75 billion yuan, while industry cloud revenue was 730 million yuan, both showing sequential growth, with public cloud revenue increasing significantly by 49% year-on-year [1] - Adjusted gross profit was 390 million yuan, reflecting a year-on-year increase of 28% [1] - The company achieved adjusted operating profit of 15.36 million yuan, marking a turnaround from loss to profit, with an adjusted operating profit margin of 0.6% [1] - Adjusted net profit reached 28.73 million yuan, marking the first time the company has achieved profitability [1]

季度内，公有云实现收入17.5亿元，行业云实现收入7.3亿元，均实现了同环比增长，其中公有云同比大 幅增长49%。调整后毛利润3.9亿元，同比增长28%；调整后经营利润扭亏为盈达1,536万元，调整后经 营利润率0.6%；调整后净利润首次实现盈利达2,873万元。 11月19日，金山云(NASDAQ:KC，HKEX:3896)发布2025年第三季度财报。季度内，公司人工智能战略 稳步落实，核心业务实现韧性增长。财报显示，金山云Q3营收24.8亿元，同比增长率由上季度的24%再 次提速至31%；智算云账单收入达7.8亿元，同比增长近120%，在公有云收入占比达45%。 ...