基础云服务丨数据报告 核心摘要： 2024年中国整体云服务市场规模为5445.4亿元，增速为15%。人工智能加速发展带动云基础设施及云能力平台同步升级，成为驱动中国整体云服务市场增长的关键 因素。从市场格局看，得益于AI驱动政务、金融、制造、能源等领域上云加速，运营商背景云厂商增势明显。而互联网背景云厂商的市场表现则较为平稳，通过业务 瘦身、能力聚焦缓解竞争压力。 基础云服务概念界定 以云服务的形式提供的 IT 基础资源、开发工具、能力平台 基础云服务产业链 基础云服务产业图谱 中国整体云服务市场规模及增速 从"计算"向"智算"升级，中国云服务市场将迎发展拐点 市场概览： 2024 年中国整体云服务市场规模为 5445.4 亿元，增速为 15% 。人工智能加速发展带动云基础设施及云能力平台同步升级，成为驱动中国 整体云服务市场增长的关键因素。 市场特征： 人工智能已成为云服务行业建设及业务布局重点。在资源领域，各类参与者持续扩大智算基础设施投入；在技术领域，不断完善 AI 开发 工具，围绕 AI 智能体重塑技术架构；在生态领域，与行业代表企业及各类 ISV 达成合作，推动新技术的行业落地。 发展趋势： 云计算 ...

Core Insights - The company achieved a significant turnaround in profitability during Q3 2025, with adjusted net profit reaching 0.29 billion yuan, compared to a loss of 2.4 billion yuan in the same period last year, indicating a clear inflection point in earnings [1][4] Revenue Growth - In Q3 2025, the company reported total revenue of 2.478 billion yuan, representing a year-over-year increase of 31.4% and a quarter-over-quarter increase of 5.5%, primarily driven by the continued high growth of its AI business [1] - Public cloud revenue reached 1.752 billion yuan in Q3 2025, up 49.1% year-over-year and 7.8% quarter-over-quarter, with AI billing revenue contributing 780 million yuan, marking a nearly 120% increase year-over-year [2] Profitability Metrics - The adjusted EBITDA for Q3 2025 was 827 million yuan, a substantial increase of 345.9% year-over-year, leading to an adjusted EBITDA margin of 33.4%, which improved by 23.6 percentage points year-over-year and 16.1 percentage points quarter-over-quarter [1][4] - The company successfully turned around both adjusted operating profit and adjusted net profit, achieving 0.15 billion yuan and 0.29 billion yuan respectively, compared to losses of 1.4 billion yuan and 2.4 billion yuan in the previous year [1] Ecosystem and Industry Cloud - Revenue from the Xiaomi & Kingsoft ecosystem reached 690 million yuan in Q3 2025, reflecting an 84% year-over-year increase and accounting for 28% of total revenue [3] - The industry cloud segment also showed stable growth, with revenue of 726 million yuan in Q3 2025, up 2.2% year-over-year and 0.2% quarter-over-quarter, indicating ongoing collaboration and project advancements [3] Future Outlook - The company anticipates strong customer demand for AI services, with high-margin inference business expected to increase in proportion, potentially leading to new growth points in robotics and API services [2] - The company maintains revenue forecasts of 9.5 billion yuan, 11.03 billion yuan, and 12.55 billion yuan for 2025, 2026, and 2027 respectively, while adjusting the projected adjusted net profit for 2025 to -548 million yuan, reflecting improved profitability expectations [4][6]

三季度，金山云总收入24.78亿元人民币，同比增长31.4%，经调整净利润2,870万元，去年同期亏损2.37亿元。公有云服务收入17.52亿元，同比大增 49.1%，其中，AI业务账单收入7.82亿元，同比增长约120%，已占公有云收入的44.6%。 周三，金山云交出了一份漂亮的Q3成绩单——收入加速增长，首次实现季度盈利。公司押注AI的战略正在起效，三季度AI业务账单收入同比增长120%， 成为公司核心增长动力。 财报核心要点如下： 财务表现： 总收入24.78亿元人民币，同比增长31.4%，环比增长5.5%，增速明显加快，因AI相关客户的收入增长 首次实现季度盈利：经调整净利润2,870万元，去年同期亏损2.37亿元 经调整EBITDA 8.27亿元，同比暴增345.9%，利润率达33.4%（同比提升23.6个百分点） 公有云服务收入17.52亿元，同比大增49.1%，成为增长主引擎 毛利率15.4%，同比略降0.7个百分点，主要因服务器成本上升 现金及现金等价物39.55亿元，环比减少15.1亿元 AI业务账单收入7.82亿元，同比增长约120%，成为核心增长动力 小米-金山生态收入6.91亿元，同比 ...

Core Insights - Kingsoft Cloud reported strong Q3 results with accelerated revenue growth and achieved quarterly profitability for the first time, driven by its AI strategy [1][3] Financial Performance - Total revenue reached RMB 2.478 billion, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [3] - Adjusted net profit was RMB 28.7 million, compared to a loss of RMB 237 million in the same period last year [3][9] - Adjusted EBITDA surged by 345.9% year-on-year to RMB 827 million, with a profit margin of 33.4%, an increase of 23.6 percentage points year-on-year [3] - Gross margin slightly decreased to 15.4%, down 0.7 percentage points due to rising server costs [3][8] Core Business Progress - Public cloud service revenue was RMB 1.752 billion, a significant increase of 49.1% year-on-year, becoming the main growth driver [3][5] - AI business billing revenue reached RMB 782 million, a year-on-year growth of approximately 120%, accounting for 44.6% of public cloud revenue [5] - Revenue from the Xiaomi-Kingsoft ecosystem was RMB 691 million, a remarkable increase of 83.8% year-on-year, contributing 27.9% to total revenue [6] - Industry cloud service revenue was RMB 726 million, showing minimal growth of 2.2% year-on-year [7] Cost and Investment - Depreciation and amortization costs doubled to RMB 650 million, reflecting significant investments in AI computing power [12] - Operating expenses dropped by 63.6% year-on-year to RMB 526 million, largely due to last year's impairment provisions [11] - Cash and cash equivalents decreased to RMB 3.955 billion, down RMB 1.515 billion from the previous quarter [3][12] - The company adopted a strategy of balancing self-purchase and leasing of computing power equipment, with total borrowings increasing by 65% year-on-year to RMB 6.19 billion [12]

金山云(03896)公布2025年第三季度业绩，总收入达24.78亿元，同比增加31.4%，环比增加5.5%。毛利 为约3.81亿元，同比增加25.6%。净亏损为784.7万元，同比收窄99.26%;非公认会计準则净利润为人民币 2870万元，同比扭亏为盈。 公告称，收入增加主要是由于随着人工智能基础设施及产品不断升级，来自人工智能相关客户的收入增 长。 金山云首席执行官邹涛先生表示："我们非常欣然看到我们的高质量可持续发展战略持续发力。本季 度，我们实现了收入加速增长与盈利能力提升，经调整经营利润与经调整净利润均实现季度性转亏为 盈。人工智能及云服务的融合为我们带来巨大的市场机遇。我们不仅迅速推进了公有云中智算云的扩 展，亦积极布局了行业云中人工智能与行业深度融合的战略基础。此外，本季度我们与小米-金山生态 的战略合作持续攀升，来自该生态的收入贡献同比激增83.8%至6.91亿元。我们对人工智能在生态系统 及多元垂直领域的快速普及备感振奋和乐观，这将为我们带来巨大的人工智能驱动的增长机遇。" 金山云首席财务官李翊女士补充："第三季度，我们的收入增长同比加速至 31.4%，达到人民币24.78亿 元。其中，公 ...

每经AI快讯，11月19日，金山云发布第三季度报告，收入增长同比增长31.4%，达到人民币2,478.0百万 元。其中，公有云服务收入同比增长49.1%至人民币1,752.3百万元。本季度人工智能业务账单收入达到 人民币782.4百万元，同比增长率约120%。第三季度经调整毛利为人民币392.6百万元，同比增长 27.6%，环比增长12.0%。第三季度经调整EBITDA利润达到人民币826.6百万元，同比增长345.9%。第 三季度经调整EBITDA利润率为33.4%，同比增长23.6个百分点。 每日经济新闻 ...

金山云首席执行官邹涛先生表示："我们非常欣然看到我们的高质量可持续发展战略持续发力。本季 度，我们实现了收入加速增长与盈利能力提升，经调整经营利润与经调整净利润均实现季度性转亏为 盈。人工智能及云服务的融合为我们带来巨大的市场机遇。我们不仅迅速推进了公有云中智算云的扩 展，亦积极布局了行业云中人工智能与行业深度融合的战略基础。此外，本季度我们与小米-金山生态 的战略合作持续攀升，来自该生态的收入贡献同比激增83.8%至6.91亿元。我们对人工智能在生态系统 及多元垂直领域的快速普及备感振奋和乐观，这将为我们带来巨大的人工智能驱动的增长机遇。" 金山云首席财务官李翊女士补充："第三季度，我们的收入增长同比加速至 31.4%，达到人民币24.78亿 元。其中，公有云服务收入同比大幅增长49.1%至人民币17.523亿元。本季度人工智能业务账单收入达 到人民币7.824亿元，同比增长率约120%。我们的经调整毛利为人民币3.926亿元，同比增长27.6%，环 比增长12.0%。我们的经调整EBITDA利润达到人民币8.266亿元，同比增长 345.9%。我们的经调整 EBITDA利润率为33.4%，同比增长23.6 ...

Core Insights - The overall cloud service market in China is projected to reach 544.54 billion yuan in 2024, with a growth rate of 15%. The rapid development of artificial intelligence is driving upgrades in cloud infrastructure and capability platforms, which are key factors for market growth [1][8]. Market Overview - The IaaS market in China is expected to grow to 371.86 billion yuan in 2024, with a growth rate of 19.1%. The PaaS market is projected to reach 101.86 billion yuan, growing at 35.8% [11]. - The public cloud service market is anticipated to reach 387.87 billion yuan in 2024, with an 18% growth rate. The non-public cloud service market is expected to be 163.58 billion yuan, growing at 11.2% [13][16]. Market Characteristics - AI has become a focal point for cloud service industry construction and business layout. Participants are expanding investments in intelligent computing infrastructure and improving AI development tools [8]. - The public cloud service market is experiencing new opportunities due to the rapid development of AI, with various cloud vendors focusing on building intelligent computing infrastructure and platforms [13]. Competitive Landscape - In the public cloud IaaS market, Alibaba Cloud, Huawei Cloud, and Tianyi Cloud rank as the top three providers, with Tencent Cloud and Mobile Cloud tied for fourth place [19]. - Operator-backed cloud vendors are enhancing their competitiveness by improving infrastructure and investing in AI, while internet-based cloud vendors are focusing on business streamlining and capability concentration to alleviate competitive pressure [19]. Development Trends - The cloud computing sector is expected to continue supporting the development of the AI industry by providing foundational resources and platform tools. The integration of intelligence into cloud services will further enhance the capabilities of intelligent computing [8]. - In the short term, the competition in the public cloud market is primarily driven by price wars, but long-term growth will be fueled by the rapid iteration of AI technology and the expansion of cloud service applications across various industries [13][19].

Core Insights - The overall cloud service market in China is projected to reach 544.54 billion yuan in 2024, with a growth rate of 15%. The rapid development of artificial intelligence (AI) is a key driver for the growth of cloud infrastructure and capability platforms [1][8][19]. Market Overview - The IaaS market is expected to grow to 371.86 billion yuan in 2024, with a growth rate of 19.1%. The PaaS market is projected to reach 101.86 billion yuan, growing at 35.8% [11]. - The public cloud service market is anticipated to reach 387.87 billion yuan in 2024, with an 18% growth rate [13]. - The non-public cloud service market is expected to grow to 163.58 billion yuan, with an 11.2% growth rate [16]. Market Characteristics - AI has become a focal point for the construction and business layout of the cloud service industry. Participants are expanding investments in intelligent computing infrastructure and improving AI development tools [8][11]. - The public cloud service market is experiencing new opportunities due to the rapid development of AI, particularly in sectors like government, finance, manufacturing, and energy [19]. Competitive Landscape - In the public cloud IaaS market, Alibaba Cloud, Huawei Cloud, and Tianyi Cloud rank as the top three providers, with Tencent Cloud and Mobile Cloud tied for fourth place, followed by Amazon Web Services [19]. - Operator-backed cloud vendors are enhancing their market competitiveness by improving infrastructure and increasing investments in AI, while internet-based cloud vendors are focusing on business streamlining and capability concentration to alleviate competitive pressure [19]. Development Trends - The cloud computing sector is expected to continue supporting the development of the AI industry by providing foundational resources and platform tools. There will be a deepening integration of cloud and intelligence, leading to upgrades in intelligent computing [8][11]. - In the short term, the market competition will be characterized by price wars, while in the long term, the rapid iteration of technology capabilities will expand business scenarios and drive demand for cloud services [13][16].

Core Insights - The overall cloud service market in China is projected to reach 544.54 billion yuan in 2024, with a growth rate of 15%, driven by the rapid development of artificial intelligence which is upgrading cloud infrastructure and capability platforms [1][8][19] Market Overview - The IaaS market in China is expected to grow to 371.86 billion yuan in 2024, with a growth rate of 19.1%, while the PaaS market is projected to reach 101.86 billion yuan, growing at 35.8% [11] - The public cloud service market is anticipated to reach 387.87 billion yuan in 2024, with an 18% growth rate, benefiting from the rapid development of AI technologies [13] - The non-public cloud service market is expected to grow to 163.58 billion yuan in 2024, with an 11.2% growth rate, as traditional industries increasingly link their business scenarios with AI [16] Market Characteristics - AI has become a key focus in the cloud service industry, with participants expanding investments in intelligent computing infrastructure and improving AI development tools [8][11] - The public cloud market is experiencing intensified competition characterized by a balance between price wars and value wars, with AI technologies driving new opportunities [13][19] - The IaaS market is seeing simultaneous growth in both the quantity and quality of computing resources, while the PaaS market is undergoing a critical technological transition influenced by AI [11][21] Competitive Landscape - In the public cloud IaaS market, Alibaba Cloud, Huawei Cloud, and Tianyi Cloud are the top three players, with Tencent Cloud and Mobile Cloud tied for fourth place [19] - Operator-backed cloud vendors are gaining market competitiveness by enhancing infrastructure and investing in AI, while internet-based cloud vendors are focusing on business streamlining and capability concentration to alleviate competitive pressure [19][21] Development Trends - The cloud computing sector is positioned as a critical infrastructure in the AI era, continuously providing foundational resources and platform tools to support AI industry development [8][11] - The integration of AI into traditional industries is expected to create opportunities for private cloud deployments, as businesses seek cost-effective and tailored solutions [16][19]