Kingsoft Cloud Holdings Limited 金山云控股有限公司 股份代號 : 3896 （於開曼群島註冊成立的有限公司） 2025 中期報告 目 錄 2 公司資料 4 主要摘要 8 業務回顧及展望 11 管理層討論與分析 16 其他資料 42 未經審計中期簡明合併財務報表附註 70 釋義 二零二五 中期報告 2 公司資料 董事會 董事長兼非執行董事 雷軍先生 執行董事 鄒濤先生 （副董事長） 何海建先生 （於二零二五年六月三十日辭任） 非執行董事 張鐸先生 （於二零二五年六月九日獲委任） 馮宏華先生 （於二零二五年六月九日辭任） 獨立非執行董事 審計委員會 喻銘鐸先生 （主席） 曲靜淵女士 王航先生 薪酬委員會 曲靜淵女士 （主席） 雷軍先生 喻銘鐸先生 提名委員會 雷軍先生 （主席） 曲靜淵女士 喻銘鐸先生 王航先生 公司治理委員會 鄒濤先生 （主席） 曲靜淵女士 張鐸先生 （於二零二五年六月九日獲委任） 馮宏華先生 （於二零二五年六月九日辭任） 何海建先生 （於二零二五年六月三十日辭任） 公司秘書 蘇嘉敏女士 喻銘鐸先生 王航先生 曲靜淵女士 授權代表 鄒濤先生 蘇嘉敏女士 中國總部及 ...

Market Overview - The US stock market experienced a slight decline on Thursday, with major indices falling for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [2] - The Dow Jones Industrial Average dropped by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 fell by 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [2] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly increasing by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41%, and Apple increased by 1.81% [2] Economic Indicators - Intel shares surged by 8.9% following reports of discussions with TSMC regarding potential investment or collaboration [3] - The Nasdaq China Golden Dragon Index rose by 0.42%, with notable gains from Kuaishou (over 6%), NIO, Xpeng Motors, and Bilibili (over 4%), while Alibaba fell by 0.55% [3] - The US Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating resilience in the labor market [3] - The Bureau of Economic Analysis revised the second quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment [3] Federal Reserve Insights - Recent statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for another 25 basis point rate cut in October have decreased from approximately 92% to 83.4% [4] Investment Sentiment - Investors are looking forward to upcoming quarterly earnings reports, particularly in the context of high stock valuations [4] - Cherry Lane Investments' partner Rick Meckler noted that current valuations are historically high, but government support for large tech companies appears to be a positive factor [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year US Treasury rose by 3 basis points to 4.177%, while the 2-year yield increased by 6.5 basis points to 3.663% [4] - In commodities, WTI crude oil futures fell by 0.02% to $64.98 per barrel, while Brent crude rose by 0.18% to $68.58 per barrel. COMEX gold futures increased by 0.08% to $3,771.10 per ounce [4]

摩尔线程科创板IPO上会； 2025人工智能计算大会在北京举办； 2025·青岛创投风投大会举办。 机构预计，节前上证指数围绕3800点进行窄幅震荡。 【财经日历】 COMEX黄金期货上涨0.08%，报3771.1美元/盎司。 ►►商务部获得的初步证据和信息显示，根据墨西哥《国会公报》2025年9月9日刊登的关于调整多项进口税的提案，墨西哥政府拟对中国等非自贸伙伴的产 品提高进口关税税率，该措施将严重损害中国企业的贸易投资利益。依据《中华人民共和国对外贸易法》第三十六条、第三十七条及《对外贸易壁垒调查规 则》第十二条、第三十五条的规定，商务部决定自2025年9月25日起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 ►►9月25日，农业农村部召开全国粮油作物大面积单产提升暨"三秋"生产视频会，部党组书记、部长韩俊出席会议并讲话。会议要求，要抓实抓好"三 秋"生产重点工作，毫不放松抓好秋粮收获，确保"颗粒归仓"，着力抓好冬小麦生产，持续巩固冬油菜扩种成果，确保冬小麦、冬油菜种足种满。要稳定"菜 篮子"产品生产供给，抓好冬春蔬菜稳产保供，强化生猪产能综合调控，持续抓好肉牛奶牛产业纾困，切实做好保供稳价工作。要严抓 ...

大型科技股表现分化。特斯拉下跌4.38%，Meta跌1.54%，亚马逊、微软、谷歌A至多跌0.94%，英伟达 逆势上涨0.41%，苹果上涨1.81%。 英特尔大涨8.9%，此前有消息称该公司正与台积电接触，探讨投资生产或合作事宜。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.42%。其中，金山云涨超6%，蔚来、小鹏汽车、哔 哩哔哩涨逾4%，百度、理想汽车涨超1%，阿里巴巴跌0.55%。 *美股三大指数小幅收跌； *美国二季度GDP增速上修至3.8%； *英特尔涨8.9%，被曝与台积电探讨投资或合作 美国股市周四收盘小幅下跌，经济数据加剧了美联储未来降息路径的不确定性，主要股指连续三个交易 日收跌。 截至收盘，道琼斯工业平均指数下跌173.96点，收于45947.32点，跌幅0.38%；标准普尔500指数下跌 33.25点，收于6604.72点，跌幅0.50%；纳斯达克综合指数下跌113.16点，收于22384.70点，跌幅 0.50%。 标普500指数多数板块收低，仅能源板块上涨0.9%，科技板块微涨0.03%。 投资者普遍期待企业即将公布的季度财报，尤其是在美股频频创新高、估值水平被认为偏高的背景下。 ...

记者丨 张嘉钰 周蕊 编辑丨曾静娇 和佳 9月25日，美股三大指数低开，截至北京时间22:46，道指跌0.1%，纳指跌0.48%，标普跌 0.4%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46077.31 | 22390.73 | 6611.20 | | -43.97 -0.10% -107.13 -0.48% | | -26.77 -0.40% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8673.64 | 24611.25 | 6663.50 | | +44.27 +0.51% -128.00 -0.52% -28.75 -0.43% | | | 中国资产拉升 中概股新能源汽车股走高 美股科技七巨头跌多涨少，特斯拉跌超3%，其8月在欧盟的新注册量同比下降超36%至8220 辆。 谷歌、Meta跌逾1%。 苹果、英伟达分别上涨0.34%、0.35%。 明星个股方面，英特尔涨超5%，盘中一度涨至8%，触及2024年7月以来的最高水平。消息面 上，英特尔寻求让苹果提供投资，作为提振业务的后备计划。 自由港麦克莫兰 ...

Core Viewpoint - Kingsoft Cloud (KC.US) has seen a stock price increase of over 7%, reaching $17.655, amidst a broader market rise of 2.69% in Hong Kong stocks [1] Group 1: Fundraising and Financials - Kingsoft Cloud announced a placement of 338 million new shares at HKD 8.29 per share, expecting net proceeds of approximately HKD 27.6 billion [1] - 80% of the proceeds will be allocated to AI business expansion, including upgrading infrastructure and cloud service capabilities, while the remaining funds will support operational needs [1] - Post-placement, Kingsoft Software will hold 32.94% of the shares, and Xiaomi will hold 10.29% [1] Group 2: Competitive Advantage and Growth Potential - The collaboration between Kingsoft Cloud, Kingsoft Group, and Xiaomi Group forms a unique ecosystem that differentiates it from other cloud providers, serving as a significant competitive moat and a key driver for future growth [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and improving overall profitability [1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy contribute to its solid competitive moat and future growth potential [1]

Core Viewpoint - Kingsoft Cloud (KC.US) has seen a stock increase of over 7%, reaching $17.655, amidst a broader market rise in Hong Kong [1] Group 1: Fundraising and Allocation - Kingsoft Cloud announced a placement of 338 million new shares at HKD 8.29 per share, expecting net proceeds of approximately HKD 2.76 billion [1] - 80% of the proceeds will be allocated to AI business expansion, including upgrading infrastructure and cloud service capabilities, while the remaining funds will support operational needs [1] Group 2: Shareholding Structure - Following the placement, Kingsoft Software's shareholding will be 32.94%, and Xiaomi's shareholding will be 10.29% [1] Group 3: Competitive Advantage and Growth Potential - Guoyuan International highlighted that the ecosystem formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi Group distinguishes it from other cloud providers, serving as a unique competitive moat and a significant factor for future growth potential [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud while ensuring steady development in industry cloud and overall profitability improvement [1] - Kingsoft Cloud's first-mover advantage in the AI sector and deep ecosystem synergy contribute to its solid competitive moat and future growth potential [1]

Group 1 - Popular Chinese stocks saw gains, with XPeng Motors (XPEV.US) rising over 7%, NIO (NIO.US) and Kingsoft Cloud (KC.US) up over 5%, and JD.com (JD.US) and Li Auto (LI.US) increasing over 2% [1] - The Hang Seng Tech Index rose nearly 1% during the day, on track for its eighth consecutive week of gains, potentially setting a record for the longest winning streak since its inception [1] - Optimism surrounding AI is identified as a driving factor, with Alibaba's recent announcement to increase capital expenditures boosting positive sentiment across the tech sector [1]

Core Viewpoint - Kingsoft Cloud (03896) has announced a share placement to raise approximately HKD 27.6 billion, with 80% of the proceeds allocated for AI business expansion, indicating a strong focus on enhancing infrastructure and cloud service capabilities [1][1][1] Group 1: Financial Details - The company plans to issue 338 million new shares at a price of HKD 8.29 per share, which has led to a stock price increase of over 5% in early trading [1][1] - After the placement, Kingsoft Software will hold 32.94% of the shares, while Xiaomi will hold 10.29% [1][1] Group 2: Strategic Insights - Guoyuan International highlights that the ecosystem formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi is a unique competitive advantage that differentiates it from other cloud providers [1][1] - The company has demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and overall profitability [1][1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy are key components of its competitive moat and future growth potential [1][1]

Group 1 - The core viewpoint of the article highlights that Kingsoft Cloud (03896) has seen a significant stock price increase, attributed to its recent announcement of a share placement to fund AI business expansion [1] - Kingsoft Cloud plans to issue 338 million new shares at a price of HKD 8.29 per share, expecting net proceeds of approximately HKD 27.6 billion, with 80% allocated for AI infrastructure and cloud service upgrades [1] - Following the share placement, Kingsoft Software's ownership will be 32.94%, while Xiaomi's stake will be 10.29% [1] Group 2 - Guoyuan International emphasizes that the "large ecosystem" formed by Kingsoft Cloud, Kingsoft Group, and Xiaomi Group distinguishes it from other cloud service providers, providing a unique competitive advantage and growth potential [1] - The company demonstrated a strong growth trajectory driven by AI in the second quarter, maintaining rapid growth in public cloud services while ensuring steady development in industry cloud and overall profitability improvement [1] - Kingsoft Cloud's first-mover advantage in the AI sector and its robust ecosystem synergy are key components of its competitive moat and future growth potential [1]