Core Viewpoint - Kingsoft Cloud (3896.HK) experienced a significant stock increase of over 6.5%, reaching a monthly high of 8 HKD, driven by strong performance in its Q2 financial results, particularly due to the positive impact of AI on its core business [1] Financial Performance - Kingsoft Cloud reported Q2 revenue of 2.35 billion CNY, representing a year-on-year growth of 24.2% [1] - Adjusted EBITDA for Q2 surged by 570.1% year-on-year, reaching 410 million CNY, with an adjusted EBITDA margin of 17.3%, an increase of 14.1 percentage points year-on-year [1] - Public cloud revenue was 1.63 billion CNY, up 31.7% year-on-year, while industry cloud revenue reached 720 million CNY, growing by 10.1% year-on-year [1] - AI billing revenue amounted to 730 million CNY, showing a year-on-year increase of over 120% [1] - Revenue from Xiaomi and Kingsoft ecosystem reached 630 million CNY, reflecting a year-on-year growth of 69.5% [1] Future Outlook - According to CICC's research report, the revenue growth trend is expected to continue into Q3, supported by the gradual delivery of large-scale clusters [1] - The increasing proportion of revenue from the profit-sharing model and the "three-generation" model (including agency procurement, agency construction, and agency operation) is anticipated to contribute to an improvement in adjusted EBITDA margin for the full year of 2025 [1] - CICC maintains an "outperform" rating for Kingsoft Cloud with a target price of 16.3 USD [1]
港股异动｜金山云涨超6.5%创月内新高 AI带动次季整体业绩强劲增长