Core Viewpoint - Kingsoft Cloud's Q1 2025 performance fell short of expectations, with significant declines in key metrics such as gross margin and profit, leading to a sharp drop in stock prices in both US and Hong Kong markets [1][2]. Financial Performance - In Q1 2025, Kingsoft Cloud reported revenue of 1.97 billion yuan, a year-on-year increase of 10.9% but a quarter-on-quarter decline of 11.7%, which was below market expectations [1]. - The gross profit for Q1 was 318 million yuan, a year-on-year increase of 8.5% but a quarter-on-quarter decline of 25.3%, resulting in a gross margin of 16.2%, down 2.9 percentage points from the previous quarter [2]. - The net loss narrowed to 316 million yuan from 364 million yuan year-on-year, but widened from a loss of 200 million yuan in the previous quarter [2]. Business Segmentation - Public cloud services generated revenue of 1.354 billion yuan, a year-on-year increase of 14.0% but a quarter-on-quarter decline of 4.0% [1]. - Industry cloud revenue significantly slowed, reaching 617 million yuan, with a year-on-year increase of 4.8% but a quarter-on-quarter decline of 25.0% [1]. - AI business emerged as a core growth driver, with revenue of 525 million yuan, a staggering year-on-year increase of 228% [1]. Market Outlook - Citibank downgraded Kingsoft Cloud's revenue forecasts for 2025, 2026, and 2027 by 2% due to weaker-than-expected Q1 performance, lowering the target price from 19 [2]. - Nomura's report highlighted that Kingsoft Cloud is expected to benefit from the accelerating AI investment cycle in China, projecting a 20% year-on-year revenue growth in 2025, primarily driven by a 91% increase in AI revenue [3].
【窥业绩】金山云Q1业绩逊色，AI业务能否力挽狂澜？