Core Viewpoint - The company reported a revenue of 2.35 billion yuan in Q2 2025, representing a year-on-year growth of 24%, driven primarily by AI, slightly exceeding expectations [1] - The adjusted net loss was 300 million yuan, corresponding to a loss rate of 13% [1] - The company anticipates accelerated revenue growth in H2 2025 [1] Business Segmentation - AI is the main growth driver, with public cloud service revenue reaching 1.63 billion yuan in Q2 2025, a year-on-year increase of 32% [1] - AI revenue specifically was 730 million yuan, growing over 120% year-on-year, accounting for 45% of public cloud service revenue [1] - Industry cloud service revenue was 720 million yuan, showing a 10% year-on-year growth [1] Customer Contribution - Revenue from Kingsoft and Xiaomi increased to 630 million yuan in Q2 2025, a year-on-year growth of 69.5%, now representing 27% of total revenue [1] - The company has completed 40% of its annual related transaction cap in the first half of 2025 [1] Profitability and Cost Structure - Adjusted gross margin in Q2 2025 was 15%, showing a slight decline both year-on-year and quarter-on-quarter [1] - The decline in profit margin is attributed to a shift in computing power investment from self-purchased capital expenditure to a leasing model, which alleviates debt pressure [1] - Overall expenses remain effectively controlled, with a slight year-on-year increase in absolute values [1] Financial Position - The company completed a new round of financing in Q2, with cash, cash equivalents, and restricted cash reserves totaling 5.52 billion yuan as of the end of June [2] Future Outlook - The synergy effects from the Kingsoft and Xiaomi ecosystem are expected to continue, with ongoing iterations of domestic large models and alleviation of computing power supply concerns [2] - The release of DeepSeek-V3.1 on August 21, utilizing UE8M0 FP8 Scale parameters, is designed for the upcoming generation of domestic chips [2] - The company has slightly adjusted its revenue forecasts for 2025-2027 to 9.409 billion, 11.050 billion, and 12.491 billion yuan respectively, while maintaining a buy rating [2]
金山云(03896.HK)：25Q2收入增速回升 AI业务强劲