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。 本公告僅供參考，且並不構成收購、購買或認購本公司任何證券的邀請或要約。本公告並不構 成向美國、香港或任何其他司法管轄區的公眾提呈出售本公司任何證券的招股章程、發售通 函、通告、通函、宣傳冊或廣告，亦並非向公眾發出邀請以就認購或購買本公司任何證券作出 要約，亦非旨在邀請公眾就認購或購買本公司任何證券作出要約。本公告不得被視為認購或購 買本公司任何證券的勸誘，且並無意進行有關勸誘。本公司或配售代理或其各自的任何聯屬公 司及顧問概無於美國、香港或任何其他司法管轄區透過刊發本公告而發售本公司任何證券或徵 求購買本公司任何證券的要約。 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：03896） 配售新股份 董事會宣佈，於二零二五年九月二十三日（交易時段後），本公司與配售代理已 訂立配售協議，據此，本公司已有條件同意透過配售代理按每股 ...

Core Viewpoint - The majority of popular Chinese concept stocks experienced a decline on Tuesday, with the Nasdaq Golden Dragon China Index dropping by 2.22% [1] Group 1: Stock Performance - NIO saw a slight increase of approximately 0.14% [1] - Alibaba experienced a decrease of 0.72% [1] - Ctrip, Li Auto, and Tiger Brokers all fell by over 1% [1] - Sohu and JD.com dropped by more than 2% [1] - Kingsoft Cloud declined by about 4% [1] - Baidu suffered a significant drop of over 8% [1]

人民财讯9月23日电，美股开盘三大指数涨跌不一，道指涨0.1%，纳指跌0.04%，标普500指数跌 0.02%。台积电涨近3%，金山云跌超4%。 ...

Core Viewpoint - Kingsoft Cloud Holdings Limited has announced the pricing of its upsized offering of HK$2,802 million, indicating strong market interest and confidence in the company's growth potential [1] Group 1: Offering Details - The company is offering 338,000,000 ordinary shares at an offering price of HK$8.29 per share [1]

Group 1 - The core announcement is that Kingsoft Cloud (stock code: 3896) plans to raise funds by issuing 282,000,000 shares through a general authorization to sell ordinary shares to non-U.S. persons [1] - Morgan Stanley Asia Limited is appointed as the placement agent for this financing [1] - Approximately 80% of the raised funds will be allocated to support artificial intelligence initiatives, including infrastructure expansion and enhancement of cloud service capabilities, while the remaining 20% will be used for working capital and other corporate purposes [1] Group 2 - The issuance is expected to be completed by December 31, 2028, under the general authorization granted by the shareholders' meeting [1] - The announcement did not disclose details regarding the placement price or any discounts [1]

Group 1 - The core point of the article is that Kingsoft Cloud's stock price fell over 7% in pre-market trading after announcing a plan to issue 282 million shares of common stock [1] - 80% of the proceeds from the share placement will be used to support artificial intelligence business, including expanding infrastructure and enhancing cloud service capabilities [1] - The remaining 20% of the proceeds will be allocated for working capital and other corporate purposes [1]

智通财经APP讯，金山云(03896)公布，于2025年9月23日，董事会拟根据1933年美国证券法(经修订)项 下的S规例于美国境外以离岸交易方式向非美国人士发售2.82亿股公司普通股，本次配售将受市场状况 及其他因素所规限。 公司目前计划于2028年12月31日前按以下方式动用配售所得款项净额：80%配售所得款项用于支持人工 智能业务，包括扩充基础设施及提升云服务能力，及20%配售所得款项用于补充营运资金及其他公司用 途。 ...

本公告並不構成出售任何證券的要約或招攬購買任何證券的要約，亦不會於有關要約、招攬或 出售即屬違法的任何國家或司法權區出售證券。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 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。 （於開曼群島註冊成立的有限公司） （納斯達克股票代碼：KC） 內幕消息 建議根據一般授權配售新股份 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 證券及期貨條例（香港法例第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，於二零 二五年九月二十三日（美國東部時間）╱ 二零二五年九月二十三日（北京及香港時 間），其擬根據1933年美國證券法（經修訂）（「證券法」）項下的S規例於美國境外 以離岸交易方式向非美國人士發售282,000,000股本公司普通股（「配售股份」）；本 次配售將受市場狀況及其他因素所規限（「配 ...

行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230525070008 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 2025 年 09 月 22 日 继续推荐互联网云+芯片，游戏板 块，提示长视频政策底 看好 ——互联网传媒周报 20250915-20250919 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提 ...

Summary of Key Takeaways from the Conference Call on China's Software and Data Center Industry Industry Overview - The conference focused on the software and data center industry in China, highlighting the significant role of AI as a growth driver for the sector [1][2]. Core Insights 1. **AI as a Growth Driver**: AI is identified as the key growth driver for software companies, with notable progress in AI monetization and increasing AI-related contract values [1][2]. 2. **Operational Efficiency**: Deployment of AI agents and coding is enhancing operational efficiency for software companies [1]. 3. **Subscription Revenue**: Companies with a higher share of subscription revenue, such as Kingdee and Meitu, are showing better growth visibility [1][2]. 4. **Data Center Demand**: There is strong demand for data centers driven by AI, with positive developments in domestic AI chip production to support order visibility [1]. 5. **Public Cloud Growth**: The AI-driven public cloud business is experiencing strong growth momentum [1]. Financial Performance 1. **2Q25 Results**: Software companies reported mostly in-line results for 2Q25, with 1 beat, 12 in-line, and 3 misses. Companies with solid downstream demand and higher recurring revenue performed better [3]. 2. **Data Center Performance**: Companies like VNET, GDS, and Kingsoft Cloud exceeded expectations due to strong AI demand [3]. Market Data 1. **Revenue Growth**: The revenue of China's software and IT services industry grew by 12.3% YoY to Rmb8.32 trillion in the first seven months of 2025, with net profit increasing by 12.4% YoY to Rmb1.09 trillion [4]. 2. **Sector Performance**: In July 2025, the sector's revenue growth accelerated to 14.6% YoY, and net profit growth reached 13.9% YoY [4]. Investment Recommendations 1. **Top Picks**: The preferred companies in the software sector include Kingdee and Meitu for their solid growth and improving profitability. In the data center/public cloud space, VNET, GDS, and Kingsoft Cloud are favored for their strong growth driven by AI [2][9]. 2. **Price Objective Changes**: Price objectives for several companies were revised, reflecting changes in market conditions and company performance [7][11]. Employee Trends - The total number of employees in software companies under coverage declined by an average of 5% in 1H25 compared to FY24, indicating potential cost-cutting measures [13]. Margin Trends - There is an observed improvement in profitability across software and data center companies, with gross profit margins (GPM) and net profit margins (NPM) showing positive trends [14]. Conclusion The conference highlighted the robust growth potential of the software and data center industry in China, driven primarily by AI advancements. Companies with strong subscription models and operational efficiencies are positioned favorably for future growth. The overall financial performance indicates a healthy demand environment, although some segments, particularly cybersecurity, are facing challenges.