来源：金吾财讯 金吾财讯 | 金山云(KC)盘前涨超14%，截至发稿，报12.65美元。该股今日于港股市场收涨15.03%，报 6.66港元。 消息面上，近日有报道称，DeepSeek将在未来几周时间内发布新一代旗舰大模型V4，并将具备更强的 编程能力。据DeepSeek内部的初步测试结果显示，V4在代码生成能力上优于Claude、ChatGPT 等主流 大模型。 中信建投认为，当前AI产业动态密集，海外xAI、Anthropic陆续融资，国内"人工智能+制造"专项政策 推出，智谱AI和MiniMax上市大涨，后续DeepSeek-V4推出有望引发新一轮AI应用热潮。 长江证券发研报指，金山云确定性与弹性兼备，推理需求带来的空间值得期待。金山云作为最早一批创 立的云服务商，依托生态位优势不断承接高确定性的集团算力需求，将深厚的产品能力赋能到公有云与 垂直细分行业场景当中，构筑核心护城河。当前公司成长逻辑清晰：1）中期依托小米、金山办公的AI 预算刚性支出，形成确定性收入增量；2）远期通过推理需求爆发有望进一步打开空间。 ...

Core Viewpoint - Nanshing Co., Ltd. has experienced a significant decline in profitability and shareholder confidence, yet its stock has seen consecutive trading limits, raising questions about the underlying reasons for this market behavior [1]. Group 1: Financial Performance - The company's revenue from 2021 to 2024 was 2.777 billion, 2.96 billion, 3.629 billion, and 3.332 billion yuan, indicating a downward trend starting in 2023 [4]. - The gross profit margin has consistently decreased from 23.48% in 2021 to 18.99% in 2024, with a further drop to 16.3% in the first half of 2025 [6]. - Nanshing's net profit attributable to shareholders was 291 million, 290 million, 173 million, and -175 million yuan from 2021 to 2024, showing a continuous decline in profitability [11]. - The company reported a net profit forecast for 2025 between 90 million and 120 million yuan, a significant improvement from a loss of 175 million yuan in the previous year [10]. Group 2: IDC Business and Market Position - Nanshing Co. aims to enhance its performance through its IDC and cloud computing services, which have grown to account for 53.96% of its revenue by the first half of 2025, up from 0.52% in 2020 [14]. - Despite the increase in revenue share, the IDC business has a low gross profit margin of around 10%, which is significantly below the industry average of 30%-35% for major players [14]. - The company has faced challenges in integrating its acquired IDC subsidiary, leading to substantial asset impairment losses, which reached 385 million yuan in 2024 [7]. Group 3: Shareholder Dynamics - The proportion of shares held by the top ten shareholders decreased from 46.33% to 41.64% in 2025, indicating a significant exit of institutional investors [19]. - The company's stock price has been under pressure, with a notable reduction in shareholding by key stakeholders, including a recent sale by the vice president [20].

Core Viewpoint - Nanshing Co., Ltd. has experienced a significant decline in profitability, with its core subsidiary facing substantial impairment losses and institutional shareholders withdrawing, yet the company has recently seen a series of stock price increases despite a generally rising market in 2025 [1] Financial Performance - The company's revenue from 2021 to 2024 was 2.777 billion, 2.96 billion, 3.629 billion, and 3.332 billion respectively, indicating a decline post-2023 [3] - Gross margin has consistently decreased from 23.48% in 2021 to 18.99% in 2024, further dropping to 16.3% in the first half of 2025 [4] - Net profit attributable to shareholders from 2021 to 2024 was 291 million, 290 million, 173 million, and -175 million respectively, showing a continuous decline in profitability [6] Impairment and Subsidiary Performance - The company has faced significant asset impairment losses, with 385 million in 2024 attributed to the underperformance of its IDC subsidiary, Guangdong Unique Network Technology Co., Ltd. [5] - Despite a forecasted net profit of 90 million to 120 million for 2025, a substantial decline of 55.69% in net profit for the first three quarters of 2025 compared to the previous year indicates ongoing challenges [7] IDC Business Outlook - Nanshing Co., Ltd. aims to enhance performance through its IDC and cloud computing services, which have grown to account for 53.96% of total revenue by the first half of 2025, up from 0.52% in 2020 [8] - However, the IDC business has a low gross margin of around 10%, significantly below the industry average of 30%-35% for major operators [8] - The company faces intense competition from larger firms, which have established scale advantages and higher margins, leading to a challenging environment for smaller players like Nanshing [9] Shareholder Sentiment - The proportion of shares held by the top ten shareholders decreased from 46.33% to 41.64% in 2025, indicating a withdrawal of institutional investors amid concerns over the company's performance [9] - Recent insider selling, including the vice president's sale of shares, has further fueled investor skepticism regarding the company's future prospects [10]

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 the growth of the cloud service market in China [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 the construction and business layout of the cloud service industry. 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 comprehensive cloud vendors focusing on "intelligence" to build 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, with Tencent Cloud and Mobile Cloud tied for fourth place, and Amazon Web Services in fifth [19]. - Operator-backed cloud vendors are enhancing their competitiveness by improving infrastructure and increasing investments in AI, while internet-based cloud vendors are stabilizing their market performance through business streamlining and capability focus [19]. Development Trends - The cloud computing sector is expected to continue providing foundational resources and platform tools to support the development of the AI industry. Internally, there will be a deepening integration of cloud and intelligence [8]. - In the short term, the market competition will primarily revolve around price wars, while in the long term, the rapid iteration of technology capabilities will expand business scenarios and drive demand for cloud services [13]. Industry Evolution - The PaaS market is entering a critical phase of technological transition, with AI reshaping the technical architecture and development processes. The connection between PaaS and IaaS is becoming tighter, making PaaS a significant driver for the growth of the overall cloud service market [11][21]. - The integration of AI into traditional industries is creating potential opportunities in the non-public cloud market, as businesses seek cost-effective deployment methods that align with their operational characteristics [16].

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]

Core Viewpoint - The company reported strong Q3 results with accelerated revenue growth and achieved quarterly profitability for the first time, driven by its AI business strategy [3][10]. Financial Performance - Total revenue reached 2.478 billion RMB, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [4]. - Adjusted net profit was 28.7 million RMB, compared to a loss of 237 million RMB in the same period last year [4][10]. - Adjusted EBITDA surged by 345.9% year-on-year to 827 million RMB, with a profit margin of 33.4%, an increase of 23.6 percentage points year-on-year [4]. - Public cloud service revenue was 1.752 billion RMB, a significant year-on-year increase of 49.1%, becoming the main growth driver [4][6]. - AI business billing revenue reached 782 million RMB, a remarkable year-on-year growth of approximately 120%, accounting for 44.6% of public cloud revenue [4][7]. - Gross margin slightly decreased to 15.4%, down 0.7 percentage points year-on-year, attributed to rising server costs [4][9]. - Cash and cash equivalents stood at 3.955 billion RMB, a decrease of 15.1 billion RMB quarter-on-quarter [4]. Core Business Progress - Revenue from the Xiaomi-Kingsoft ecosystem reached 691 million RMB, a year-on-year increase of 83.8%, highlighting significant ecosystem synergy [4][7]. - Industry cloud service revenue was 726 million RMB, showing minimal growth of 2.2% year-on-year and nearly flat quarter-on-quarter [8]. Cost Management and Investment - The company achieved a significant reduction in operating expenses, which fell by 63.6% year-on-year to 526 million RMB, primarily due to a 920 million RMB impairment charge in the same period last year [12]. - The company made substantial capital investments in AI, with depreciation and amortization costs doubling to 650 million RMB, driven by new AI server and network equipment purchases [14]. - Total borrowings increased by 65% year-on-year to 6.19 billion RMB, reflecting the company's aggressive investment strategy [14].

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]

Core Insights - Kingsoft Cloud (03896) reported Q3 2025 total revenue of RMB 2.478 billion, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [1] - Gross profit was approximately RMB 381 million, up 25.6% year-on-year [1] - Net loss narrowed to RMB 7.847 million, a 99.26% improvement year-on-year; non-GAAP net profit reached RMB 28.7 million, marking a turnaround from loss to profit [1] Revenue Growth - Revenue growth was primarily driven by the increasing income from AI-related clients due to the continuous upgrade of AI infrastructure and products [1] - Public cloud service revenue surged by 49.1% year-on-year to RMB 1.7523 billion [1] - AI business billing revenue reached RMB 782.4 million, reflecting a growth rate of approximately 120% [1] Profitability Improvement - Adjusted gross profit was RMB 392.6 million, a year-on-year increase of 27.6% and a quarter-on-quarter increase of 12.0% [1] - Adjusted EBITDA profit reached RMB 826.6 million, a year-on-year increase of 345.9% [1] - Adjusted EBITDA margin was 33.4%, up 23.6 percentage points year-on-year, attributed to improved cost and expense control [1] Strategic Developments - The company is optimistic about the rapid adoption of AI across ecosystems and various verticals, which is expected to create significant growth opportunities driven by AI [1] - Strategic cooperation with Xiaomi-Kingsoft ecosystem saw revenue contribution increase by 83.8% year-on-year to RMB 691 million [1] - The company has accelerated the expansion of intelligent computing in public cloud and is actively integrating AI with industry cloud strategies [1]

Core Insights - Kingsoft Cloud reported a year-on-year revenue growth of 31.4%, reaching RMB 2,478.0 million in Q3 [1] - Public cloud service revenue increased by 49.1% year-on-year to RMB 1,752.3 million [1] - The AI business generated billing revenue of RMB 782.4 million, with a year-on-year growth rate of approximately 120% [1] Financial Performance - Adjusted gross profit for Q3 was RMB 392.6 million, reflecting a year-on-year increase of 27.6% and a quarter-on-quarter increase of 12.0% [1] - Adjusted EBITDA for Q3 reached RMB 826.6 million, showing a significant year-on-year growth of 345.9% [1] - The adjusted EBITDA margin for Q3 was 33.4%, which is an increase of 23.6 percentage points year-on-year [1]

Core Insights - The company reported a total revenue of RMB 2.478 billion for Q3 2025, representing a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [1] - Gross profit reached approximately RMB 381 million, up 25.6% year-on-year [1] - The net loss narrowed significantly to RMB 7.847 million, a 99.26% improvement year-on-year, while non-GAAP net profit turned positive at RMB 28.7 million [1] Revenue Growth - Revenue growth was primarily driven by the increasing demand from AI-related clients as the company upgraded its AI infrastructure and products [1] - Public cloud service revenue surged by 49.1% year-on-year to RMB 1.7523 billion [1] - AI business billing revenue reached RMB 782.4 million, reflecting a growth rate of approximately 120% [1] Profitability Improvement - Adjusted gross profit was RMB 392.6 million, showing a year-on-year increase of 27.6% and a quarter-on-quarter increase of 12.0% [1] - Adjusted EBITDA profit soared to RMB 826.6 million, a year-on-year increase of 345.9%, with an adjusted EBITDA margin of 33.4%, up 23.6 percentage points year-on-year [1] - The company achieved adjusted operating profit of RMB 15.4 million, compared to a loss of RMB 140 million in the same quarter last year and a loss of RMB 166.4 million in the previous quarter [1] Strategic Partnerships - The strategic partnership with Xiaomi-Kingsoft ecosystem contributed significantly, with revenue from this ecosystem increasing by 83.8% year-on-year to RMB 691 million [1] - The integration of AI and cloud services is seen as a major market opportunity for the company, with optimism about rapid AI adoption across various verticals [1]