Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 2.35 billion yuan in Q2 2025, representing a year-on-year growth of 24%, driven primarily by AI services, slightly exceeding expectations [5] - The adjusted net loss for the same period was 300 million yuan, corresponding to a loss rate of 13% [5] - The company expects revenue growth to accelerate in the second half of the year [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7,047 million yuan - 2024: 7,785 million yuan - 2025E: 9,409 million yuan - 2026E: 11,050 million yuan - 2027E: 12,491 million yuan - Year-on-year growth rates are projected at: - 2023: -14% - 2024: 10% - 2025: 21% - 2026: 17% - 2027: 13% [7] - Adjusted net profit forecasts are: - 2023: -1,291 million yuan - 2024: -825 million yuan - 2025E: -1,072 million yuan - 2026E: -841 million yuan - 2027E: -338 million yuan [7] Business Analysis - AI is identified as the core growth driver, with public cloud service revenue reaching 1.63 billion yuan in Q2 2025, a year-on-year increase of 32% [8] - AI revenue specifically was 730 million yuan, growing over 120% year-on-year, accounting for 45% of public cloud service revenue [8] - Revenue from the partnership with Kingsoft and Xiaomi reached 630 million yuan, a year-on-year increase of 69.5%, now representing 27% of total revenue [8] - The adjustment in computing power investment methods has led to a short-term decline in profit margins, with an adjusted gross margin of 15% in Q2 2025 [8] - The company has a strong cash reserve of 5.52 billion yuan as of the end of June, supporting further investments in AI [8] - Future growth is expected to be driven by AI and the synergistic effects of the Kingsoft and Xiaomi ecosystem [8]
金山云（03896）：25Q2收入增速回升，AI业务强劲