优刻得所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：商业航天（航天航空）、中 盘、融资融券、增持回购、专精特新等。 截至12月31日，优刻得股东户数3.93万，较上期增加8.67%；人均流通股10312股，较上期减少7.98%。 2025年1月-9月，优刻得实现营业收入12.27亿元，同比增长12.17%；归母净利润-8342.52万元，同比增 长49.53%。 分红方面，优刻得A股上市后累计派现2112.66万元。近三年，累计派现0.00元。 责任编辑：小浪快报 1月9日，优刻得盘中上涨2.04%，截至09:53，报30.04元/股，成交3.12亿元，换手率2.59%，总市值 137.07亿元。 资金流向方面，主力资金净流入1513.24万元，特大单买入1656.68万元，占比5.30%，卖出2037.90万 元，占比6.52%；大单买入1.02亿元，占比32.65%，卖出8303.95万元，占比26.58%。 优刻得今年以来股价涨6.94%，近5个交易日涨6.94%，近20日涨24.29%，近60日涨23.47%。 资料显示，优刻得科技股份有限公司位于上海市杨浦区隆昌路619号10#B ...

优刻得所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：商业航天（航天航空）、 IDC概念（数据中心）、专精特新、液冷概念、融资融券等。 12月23日，优刻得盘中下跌2.01%，截至10:22，报24.81元/股，成交1.54亿元，换手率1.51%，总市值 113.21亿元。 资金流向方面，主力资金净流出1544.39万元，特大单买入111.93万元，占比0.73%，卖出662.53万元， 占比4.31%；大单买入3124.45万元，占比20.32%，卖出4118.24万元，占比26.79%。 优刻得今年以来股价涨77.47%，近5个交易日涨3.81%，近20日涨4.16%，近60日跌6.34%。 今年以来优刻得已经8次登上龙虎榜，最近一次登上龙虎榜为2月14日，当日龙虎榜净买入1791.86万 元；买入总计3.37亿元 ，占总成交额比6.49%；卖出总计3.19亿元 ，占总成交额比6.15%。 资料显示，优刻得科技股份有限公司位于上海市杨浦区隆昌路619号10#B号楼201室，成立日期2012年3 月16日，上市日期2020年1月20日，公司主营业务涉及中立第三方云计算服务商,为客户打造一个 ...

今年以来优刻得已经8次登上龙虎榜，最近一次登上龙虎榜为2月14日，当日龙虎榜净买入1791.86万 元；买入总计3.37亿元 ，占总成交额比6.49%；卖出总计3.19亿元 ，占总成交额比6.15%。 资料显示，优刻得科技股份有限公司位于上海市杨浦区隆昌路619号10#B号楼201室，成立日期2012年3 月16日，上市日期2020年1月20日，公司主营业务涉及中立第三方云计算服务商,为客户打造一个安全、 可信赖的云计算服务平台。主营业务收入构成为：公有云50.63%，混合云35.41%，云通信8.26%，私有 云2.75%，解决方案及其他1.90%，边缘云1.05%。 优刻得所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：商业航天（航天航空）、 IDC概念（数据中心）、专精特新、液冷概念、东数西算等。 12月22日，优刻得盘中下跌2.01%，截至14:28，报25.40元/股，成交4.33亿元，换手率4.15%，总市值 115.90亿元。 资金流向方面，主力资金净流出5564.13万元，特大单买入1117.12万元，占比2.58%，卖出2483.02万 元，占比5.73%；大单买入9339 ...

文|有风 编辑|有风 景林资产管理合伙人高云程在客户交流会上扔出一句话，把在场不少人听愣了，"现在市场就像夏天穿 棉袄，一边热得冒汗，一边冻得发抖。" 这话不假，最近走一圈市场就能发现，白酒经销商仓库里的货堆到天花板，AI芯片公司的订单却排到 了年底。 高端白酒批发价跌了小半年，有经销商吐槽，以前一箱酒赚的钱够吃顿饭，现在赚的只够买包烟。 核心城市二手房更不用说，挂牌量创新高，买家却拿着放大镜挑毛病，砍价砍得房东直摇头。 这边传统行业愁眉苦脸，那边新经济却在狂欢。 AI产业链的公司最近忙着扩产能，有光模块企业老板说，车间24小时连轴转，还是赶不上订单节奏。 新能源储能项目也火，以前找政策支持，现在各地政府主动上门谈合作。 为啥会这样？高云程觉得，这不是短期波动，是经济在换"发动机"。 旧的引擎转不动了，新的引擎刚启动，中间难免有点"换挡顿挫"。 就像开车，踩油门的瞬间，转速上去了，速度还没完全起来。 AI模型迭代快得吓人，听说景林内部都在用AI整理会议纪要，以前两小时的活儿，现在十分钟搞定。 新能源更不用说，中国企业从电池到整车，产业链一条龙，成本和效率在全球都是数一数二的。 高云程判断，今年货币政策会宽松， ...

Group 1 - The company experienced a revenue acceleration and improvement in profitability in Q3 2025, with revenue reaching 2.478 billion yuan, a year-over-year increase of 31.4% and a quarter-over-quarter increase of 5.5% [4] - Adjusted gross profit for Q3 2025 was 393 million yuan, up 27.6% year-over-year and 12.0% quarter-over-quarter; adjusted EBITDA reached 827 million yuan, a significant year-over-year increase of 345.9%, with an adjusted EBITDA margin of 33.4%, up 23.6 percentage points year-over-year and 16.1 percentage points quarter-over-quarter [4] - The company turned around its adjusted operating profit and net profit to 15 million yuan and 29 million yuan respectively, compared to losses of 140 million yuan and 240 million yuan in the same period last year, indicating a clear profitability inflection point [4] Group 2 - Public cloud revenue grew rapidly, reaching 1.752 billion yuan in Q3 2025, a year-over-year increase of 49.1% and a quarter-over-quarter increase of 7.8%; AI billing revenue was 780 million yuan, nearly doubling year-over-year with a continuous three-digit growth for nine consecutive quarters, accounting for 45% of public cloud revenue [5] - The company is enhancing its intelligent computing cloud capabilities, which include the release of model API services and the integration of online service models, driving business growth; strong customer demand for AI is expected to continue, with high-margin inference business demand likely to increase [5] Group 3 - Revenue from the Xiaomi & Kingsoft ecosystem reached 690 million yuan in Q3 2025, up 84% year-over-year and 10% quarter-over-quarter, further increasing its share of total revenue to 28%; from Q1 2025 to Q3 2025, total revenue from this ecosystem was 1.82 billion yuan [6] - The industry cloud segment showed steady revenue growth, achieving 726 million yuan in Q3 2025, a year-over-year increase of 2.2% and a quarter-over-quarter increase of 0.2%; ongoing collaborations are expanding, including new developments in the Shanghai state-owned cloud project and partnerships with hospitals and clean energy service providers [6]

Core Viewpoint - Company maintains a "buy" rating for Kingsoft Cloud (03896) due to accelerated revenue growth and improved profitability in Q3 2025, with public cloud revenue increasing by 49.1% and AI billing revenue growing nearly 120% year-on-year, accounting for 45% of total revenue [1][4] Performance Summary - In Q3 2025, Kingsoft Cloud achieved revenue of 2.478 billion yuan, representing a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5%, primarily driven by high growth in AI business [1] - Adjusted gross profit reached 393 million yuan, up 27.6% year-on-year and 12.0% quarter-on-quarter; adjusted EBITDA was 827 million yuan, a significant increase of 345.9% year-on-year, with an adjusted EBITDA margin of 33.4%, up 23.6 percentage points year-on-year and 16.1 percentage points quarter-on-quarter [1][4] - Both adjusted operating profit and adjusted net profit increased, reaching 15 million yuan and 29 million yuan respectively, indicating a clear upward trend in profitability [1] Public Cloud Growth - Public cloud revenue in Q3 2025 was 1.752 billion yuan, growing by 49.1% year-on-year and 7.8% quarter-on-quarter, with AI billing revenue reaching 780 million yuan, up nearly 120% year-on-year, maintaining triple-digit growth for nine consecutive quarters [2] - The company continues to enhance its intelligent computing cloud capabilities, which has driven business growth, and anticipates strong customer demand for AI, with high-margin inference business expected to increase further [2] Ecosystem Revenue - Ecosystem revenue from Xiaomi and Kingsoft reached 690 million yuan in Q3 2025, up 84% year-on-year and 10% quarter-on-quarter, accounting for 28% of total revenue [2] - From Q1 2025 to Q3 2025, total revenue from the Xiaomi and Kingsoft ecosystem amounted to 1.82 billion yuan, indicating the company's commitment to providing quality services to ecosystem enterprises [2] Industry Cloud Performance - Industry cloud revenue in Q3 2025 was 726 million yuan, with a year-on-year growth of 2.2% and a quarter-on-quarter increase of 0.2%, reflecting steady performance and ongoing collaboration with existing partners [3] Profitability Forecast and Valuation - The company expects EBITDA margin to remain above 20% as the proportion of high-margin inference business increases, despite Q3 2025 EBITDA and net profit margins being significantly boosted by one-time subsidy income [4] - The company forecasts revenues of 9.5 billion yuan, 11 billion yuan, and 12.5 billion yuan for 2025-2027, maintaining a "buy" rating based on the strong growth driven by AI [4]

Core Viewpoint - The stock of UCloud has shown a significant increase of 69.24% year-to-date, with recent trading activity indicating mixed investor sentiment and a notable decline over the past two months [1][2]. Company Overview - UCloud Technology Co., Ltd. is located in Shanghai and was established on March 16, 2012, with its IPO on January 20, 2020. The company specializes in neutral third-party cloud computing services, providing a secure and reliable cloud service platform for clients [2]. - The revenue composition of UCloud includes: Public Cloud 50.63%, Hybrid Cloud 35.41%, Cloud Communication 8.26%, Private Cloud 2.75%, Solutions and Others 1.90%, and Edge Cloud 1.05% [2]. - UCloud is classified under the Shenwan industry as Computer - IT Services II - IT Services III, and is associated with concepts such as All-in-One Machine, AIGC, AI Training, DeepSeek, and Xinchuang [2]. Financial Performance - For the period from January to September 2025, UCloud achieved a revenue of 1.227 billion yuan, reflecting a year-on-year growth of 12.17%. However, the net profit attributable to the parent company was a loss of 83.4252 million yuan, which represents a year-on-year increase of 49.53% in losses [2]. - Since its A-share listing, UCloud has distributed a total of 21.1266 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, UCloud had 39,800 shareholders, a decrease of 1.15% from the previous period, with an average of 10,200 circulating shares per shareholder, an increase of 1.16% [2]. - Among the top ten circulating shareholders, the Bosera CSI Star Market Artificial Intelligence ETF (023520) is the sixth largest, holding 4.262 million shares, an increase of 601,400 shares from the previous period. The GF CSI Star Market Artificial Intelligence ETF (588760) is a new entry as the tenth largest shareholder, holding 1.5008 million shares [3].

Core Insights - The company has significantly improved its profitability in Q3 2025, with a notable turnaround in financial performance [1][2] Financial Performance - Total revenue reached RMB 24.78 billion, representing a year-on-year increase of 31.4% and a quarter-on-quarter growth of 5.5% [2] - Public cloud revenue amounted to RMB 17.52 billion, showing a substantial year-on-year growth of 49.1% and a quarter-on-quarter increase of 7.8% [2] - Industry cloud revenue was RMB 7.26 billion, remaining relatively stable [2] - Gross profit stood at RMB 3.81 billion, reflecting a year-on-year increase of 25.6%, with a gross margin of 15.4% [2] - Adjusted operating profit turned from a loss to a profit, recording RMB 15.4 million compared to a loss of RMB 1.40 billion in the same period last year [2] - Adjusted net profit was RMB 28.7 million, marking the first profitable quarter compared to a net loss of RMB 237 million in the previous year [2] - Adjusted EBITDA reached RMB 82.7 million, soaring by 345.9% year-on-year, with a profit margin of 33.4% [2] Business Highlights - Revenue from artificial intelligence business reached RMB 7.82 billion, showing an approximate year-on-year growth of 120% [2] - The collaboration with Xiaomi contributed significantly, with revenue increasing by 83.8% year-on-year to RMB 6.91 billion [2] Cost Management - Operating costs were RMB 2.097 billion, up 32.5% year-on-year, primarily due to increased investments in artificial intelligence computing resources [1][2] Cash Position - Cash and cash equivalents totaled RMB 39.55 billion, a decrease from the previous quarter mainly due to investments in computing equipment [2]

智通财经APP获悉，11月19日，金山云(KC.US，03896.HK)发布2025年第三季度财报。财报显示，金山 云Q3营收24.8亿元，同比增长31%；其中，公有云实现收入17.5亿元，行业云实现收入7.3亿元，均实现 同环比增长。调整后毛利润3.9亿元，同比增长28%；调整后经营利润扭亏为盈达1,536万元，调整后经 营利润率0.6%；调整后净利润首次实现盈利达2,873万元。 ...

季度内，公有云实现收入17.5亿元，行业云实现收入7.3亿元，均实现了同环比增长，其中公有云同比大 幅增长49%。调整后毛利润3.9亿元，同比增长28%；调整后经营利润扭亏为盈达1,536万元，调整后经 营利润率0.6%；调整后净利润首次实现盈利达2,873万元。 11月19日，金山云(NASDAQ:KC，HKEX:3896)发布2025年第三季度财报。季度内，公司人工智能战略 稳步落实，核心业务实现韧性增长。财报显示，金山云Q3营收24.8亿元，同比增长率由上季度的24%再 次提速至31%；智算云账单收入达7.8亿元，同比增长近120%，在公有云收入占比达45%。 ...