Core Viewpoint - Kingsoft Cloud (03896.HK) announced that it will hold a board meeting on November 19, 2025, to consider and approve the unaudited third-quarter results for the three months ending September 30, 2025, for the company, its subsidiaries, and consolidated affiliated entities [1] Group 1 - The board meeting is scheduled for November 19, 2025 [1] - The meeting will focus on the unaudited third-quarter performance [1] - The reporting period for the performance is the three months ending September 30, 2025 [1]

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） 董事會會議召開日期 金山云控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於二 零二五年十一月十九日（星期三）舉行董事會會議，以（其中包括）考慮及通過本公 司、其子公司及併表聯屬實體截至二零二五年九月三十日止三個月的未經審計第 三季度業績及其發佈。 有意參加電話會議的參與者請在會議計劃開始時間前使用下文提供的連結完成在 線登記。於登記後，參與者將收到電話會議進入信息（包括電話會議進入碼、個 人辨識碼（個人進入碼）、撥號以及一封載有如何連入電話會議的詳細指示電子郵 件）。 參與者在線登記： https://register-conf.media-server.com/register/BIc28eb3aabf504060b ...

Transaction Overview - Kimberly-Clark is acquiring Kenvue to create a global health & wellness leader [20, 96] - Kenvue shareholders are expected to receive $3.50 in cash and 0.14625 K-C shares for each Kenvue share, representing total consideration of $21.01 per share [91] - Post-transaction, current K-C shareholders are expected to own approximately 54%, while current Kenvue shareholders are expected to own approximately 46% [91] - The transaction values Kenvue at a headline multiple of 14.3x Kenvue LTM Adjusted EBITDA, or an effective multiple of 8.8x post-synergies [91] Strategic Rationale - The combined company will have approximately $32 billion in revenue and ~$7 billion in EBITDA pre-synergies [30, 76, 77] - The combination offers exceptional complementarity across categories and critical markets [23] - The combined company will have 10 iconic $1B+ brands [75] - Kimberly-Clark can scale Kenvue in China, Mexico, S Korea and Indonesia [90] - Kenvue can scale Kimberly-Clark Categories in India and Western Europe [90] Synergy Opportunities - The transaction is expected to generate total synergies of approximately $2.1 billion [85, 91] - Cost synergies are estimated at ~$1.9 billion, driven by COGS optimization (30%), sales, marketing and trade spend optimization (30%), and G&A optimization (40%) [85, 87] - Margin flow through from revenue synergies is estimated at ~$0.2 billion [85] - The estimated cash cost to achieve synergies is $2.5 billion [88]

Market Overview - International gold and silver markets showed slight recovery, with London spot gold rising above $4000 per ounce and silver above $47 per ounce after a significant drop [1] - U.S. stock markets performed strongly, with all three major indices reaching new highs: Dow Jones up 0.71% to 47544.59 points, Nasdaq up 1.86% to 23637.46 points, and S&P 500 up 1.23% to 6875.16 points [3][7] Technology Sector Performance - Major tech stocks saw gains, with Apple and Google reaching new highs; Apple's market capitalization approached $4 trillion [12][13] - Qualcomm's stock surged over 11% after announcing its entry into the data center market with new AI chips, AI200 and AI250, expected to launch in 2026 and 2027 [8][11] Chinese Stocks - Nasdaq China Golden Dragon Index rose by 1.59%, with significant gains in popular Chinese stocks: XPeng and Pony.ai up over 6%, Baidu nearly 5%, and Kingsoft Cloud over 4% [5] Federal Reserve Expectations - Increased expectations for Federal Reserve rate cuts contributed to the bullish market sentiment, with a 97.3% probability of a 25 basis point cut in October and a 95.3% chance of a total 50 basis point cut by December [7]

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 1.59%, indicating a positive trend in popular Chinese concept stocks [2] Group 1: Stock Performance - Xpeng Motors and Pony.ai both rose over 6% [2] - Baidu increased nearly 5% [2] - Kingsoft Cloud saw an increase of over 4% [2] - JD.com and iQIYI both rose over 3% [2] - Alibaba experienced a rise of nearly 3% [2]

Core Insights - Kingsoft Cloud has launched the Starflow platform model API service, aimed at facilitating efficient integration of multi-model services for enterprises and developers, accelerating the deployment of intelligent applications [1] Product Features - The Starflow platform provides high availability and easy integration for model invocation and management, covering the entire lifecycle of model usage [1] - Key advantages include model invocation as a service, enterprise-level security guarantees, multi-model support, and flexible billing options [1][4] Technical Architecture - The API service is built on a high-performance architecture utilizing the KCE container engine, high-performance GPUs, and RoCE networks to provide low-latency and high-bandwidth inference environments [5] - It supports various acceleration methods such as PD separation, KV Cache reuse, and parallel/distributed execution to enhance model inference throughput and response performance [6] Unified Management - A unified service gateway connects underlying resources to the service layer, offering multi-model management, invocation authentication, and traffic control [8] - The built-in intelligent routing mechanism features load awareness and dynamic traffic scheduling capabilities, ensuring high availability and efficient service access [8] Ecosystem and Integration - The platform supports integration with mainstream large models (e.g., DeepSeek, Kimi-K2) and provides unified model version management [9] - Users can quickly integrate with business systems through OpenAPI and SDK, enabling the construction of diverse intelligent applications [9] Security and Compliance - The service includes a comprehensive security and compliance framework covering input/output security checks, user behavior audits, data encryption, and access control [10] - It offers fine-grained access control and multi-tenant isolation mechanisms to ensure secure and compliant model invocation [10] Application Scenarios - The platform addresses pain points such as the complexity of deploying and maintaining model services, inconsistent model interface standards, and performance bottlenecks during high concurrency [12][13] - It provides a unified OpenAPI and SDK for rapid integration of mainstream large models, ensuring a seamless "plug-and-play" service experience [13]

Core Insights - Kingsoft Cloud's subsidiary in Hainan has increased its registered capital from $500 million to $600 million, representing a 20% increase [1] Company Summary - Kingsoft Cloud (Hainan Yangpu) Information Technology Co., Ltd. was established in August 2022 [1] - The legal representative, executive director, and general manager of the company is Zou Tao [1] - The company is wholly owned by Kingsoft Cloud Corporation Limited [1]

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 1.41%, indicating a positive trend in popular Chinese concept stocks [1] Group 1: Stock Performance - Baidu (BIDU.US) and Tiger Brokers (TIGR.US) both rose over 3% [1] - Alibaba (BABA.US) and Kingsoft Cloud (KC.US) saw nearly a 3% increase [1] - JD.com (JD.US) experienced an increase of nearly 2% [1]

Market Overview - Netflix and Texas Instruments reported weak earnings, exacerbated by escalating global trade tensions, negatively impacting risk appetite. The Nasdaq Composite led declines among major U.S. stock indices, with the S&P 500 down 0.53%, the Dow Jones down 0.71%, and the Nasdaq down 0.93% [1] - Apple ended its consecutive gains, falling by 1.64%. Quantum computing stocks plummeted following Google's announcement of a significant breakthrough with its quantum chip "Willow," leading to QBTS dropping 15% and RGTI nearly 10% [1] Economic Indicators - The 10-year U.S. Treasury yield fell for the third consecutive day, decreasing by 0.58 basis points. The U.S. dollar ended its three-day rise, experiencing a drop of 0.36% from its daily high [2] - Gold prices fluctuated, dipping close to $4000 before stabilizing, with a daily volatility of 3.7%. Silver prices also declined but found support at $48 [2] Industry Developments - Google announced a major breakthrough with its quantum chip "Willow," claiming the algorithm can be verified repeatedly and may become practical within five years [2] - The U.S. Federal Reserve held a "historic" Fintech conference, where Waller emphasized the importance of embracing payment innovations, suggesting that stablecoin issuers and crypto payment companies could directly access the Federal Reserve's payment system [2] Corporate Actions - Apple has reduced its production plan for the iPhone Air while increasing orders for other iPhone 17 models [4] - Indian media reported that India and the U.S. are nearing a trade agreement, reducing tariffs from 50% to 15% [5] Domestic Events - The Ministry of Industry and Information Technology initiated the 2025 annual smart manufacturing system solution project application [6] - The Shenzhen Municipal Financial Management Bureau released an action plan for promoting high-quality development of mergers and acquisitions from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, AI, new energy, and biomedicine [6][8] Stock Market Insights - According to a report from Fangzheng Securities, the Shanghai Composite Index is at a phase high, with increased capital divergence, suggesting a short-term high-level fluctuation. The market style may undergo a rebalancing process in the fourth quarter [7] - The AI glasses market has seen explosive growth, with nearly 30 new AI glasses products launched in the first half of 2025, and the global market expected to reach $300-500 million by 2026 [10] Company Announcements - China Unicom reported a third-quarter net profit of 2.423 billion yuan, a year-on-year increase of 5.4%, with cloud revenue reaching 52.9 billion yuan [12] - Dazhu Laser reported a third-quarter net profit of 375 million yuan, a year-on-year increase of 86.51% [14]

Group 1 - The company was established in August 2022 and operates in internet domain registration services, wholesale of computer software and hardware, and information system integration services [1] - Recently, the registered capital of Kingsoft Cloud (Hainan Yangpu) Information Technology Co., Ltd. increased from 500 million USD to 600 million USD [2]