【金山云（3896.HK）】公有云AI业务延续高增，调整后EBITDA率17.3%再创新高——2Q25业绩点评（付天姿/黄铮）

Core Viewpoint - The article highlights the strong performance of Kingsoft Cloud in Q2 2025, driven by AI-related revenue growth and strategic collaborations with Xiaomi and Kingsoft ecosystem [4][5]. Group 1: Financial Performance - Kingsoft Cloud reported total revenue of 2Q25 at 2.349 billion yuan, with year-on-year and quarter-on-quarter growth of 24.2% and 19.3% respectively, primarily benefiting from high AI revenue [4]. - The adjusted gross profit for 2Q25 reached 351 million yuan, reflecting year-on-year and quarter-on-quarter increases of 8.4% and 17.0% [4]. - Adjusted EBITDA for 2Q25 was 406 million yuan, showing a significant year-on-year increase of 570.1%, with an adjusted EBITDA margin of 17.3%, up 14.1 percentage points year-on-year [4]. Group 2: AI and Public Cloud Growth - Public cloud revenue in 2Q25 was 1.625 billion yuan, with year-on-year and quarter-on-quarter growth of 31.7% and 20.1%, respectively; AI-related revenue reached 729 million yuan, growing over 120% year-on-year [5]. - AI revenue accounted for 44.8% of public cloud revenue, marking the eighth consecutive quarter of triple-digit growth [5]. - Revenue from the Xiaomi and Kingsoft ecosystem reached 629 million yuan in 2Q25, a year-on-year increase of 69.5%, contributing to 40% of the annual related transaction cap for 2025 [5]. Group 3: Industry Cloud Development - Industry cloud revenue in 2Q25 was 724 million yuan, with year-on-year and quarter-on-quarter growth of 10.1% and 17.4%, driven by increased demand for software IT services and accelerated project deliveries [6]. - In the public service sector, Kingsoft Cloud is advancing its government cloud and state-owned assets cloud businesses, launching the Kingsoft Government AI Integrated Machine [6]. - In the healthcare sector, the company secured several key projects, enhancing operational efficiency significantly [6]. Group 4: Cash Reserves - As of the end of 2Q25, Kingsoft Cloud's cash and cash equivalents reached 5.464 billion yuan, a substantial increase from 2.323 billion yuan at the end of 1Q25, providing a solid financial foundation for future AI business expansion [7].