分客户看，金山+小米贡献提升。根据公司财报，25Q2 来自金山+小米的收入为6.3 亿元，同比增长 69.5%，收入占比已提升至27%；25H1 已完成本年关联交易金额上限的40%。 算力投入方式调整导致利润率短期下滑。根据公司财报，25Q2 调整后毛利率为15%，同环比均有小幅 下滑，主要由于算力投入由投资本开支自采模式部分转向租赁合作模式，短期会导致利润率下滑，但缓 解负债压力。费用整体仍在有效控制，三费绝对值同比微增。 现金储备充足，支持AI 业务投入。公司Q2 完成新一轮融资，根据公司财报，截至6 月末，公司现金、 现金等价物及受限制现金储备为55.2 亿元。 展望后续，AI 拉动、金山+小米生态协同效应将持续显现。国内大模型持续迭代，算力供给担忧有望缓 解；DeepSeek-V3.1 于8 月21 日发布，使用了 UE8M0 FP8 Scale 的参数精度，UE8M0 FP8 是针对即将发 布的下一代国产芯片设计。小米AI 投入明确，金山云将直接受益于基座模型、智驾等训推需求增长。 维持买入评级。考虑到年初以来大模型厂商竞争格局改变，非金山小米生态以外客户需求调整，我们小 幅下调金山云25-27 年 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $16.80, indicating a potential upside of 21.6% from the current price of $13.80 [1][5][10]. Core Insights - The company's revenue for the second quarter reached 2.35 billion yuan, representing a year-on-year growth of 24.2% and a quarter-on-quarter growth of 19.3%. The public cloud segment generated 1.63 billion yuan, up 31.7% year-on-year, primarily driven by AI-related services [3][7]. - AI-related revenue amounted to 730 million yuan, accounting for approximately 31.1% of total revenue, marking a significant increase from 17% in the previous quarter. This growth highlights the company's successful transition from AI concepts to scalable commercial applications [4][8][9]. - The company is expected to benefit from the synergistic effects of its ecosystem with Kingsoft and Xiaomi, which is seen as a unique competitive advantage. The report anticipates stable revenue contributions from this ecosystem, projected to remain above 25% of total revenue [5][10]. Summary by Sections Financial Performance - For the second quarter, the company reported a net loss of 457 million yuan, compared to a net loss of 354 million yuan in the same period last year. However, adjusted EBITDA surged by 570.1% to 410 million yuan, with an adjusted EBITDA margin of 17.3%, up 14.1 percentage points year-on-year [3][7]. - Revenue projections for the upcoming years are as follows: 2025E at 9.425 billion yuan, 2026E at 11.288 billion yuan, and 2027E at 13.195 billion yuan, with expected growth rates of 21.07%, 19.76%, and 16.89% respectively [6][13]. Market Position and Strategy - The company has completed adaptations for domestic chips, enhancing the performance of domestic AI models. This positions the company favorably in a market with increasing demand for high-quality AI computing power [4][8]. - The report emphasizes the company's strong growth trajectory driven by AI, with expectations for continued expansion into model inference and AI-native application development [9]. Valuation - The target price of $16.80 corresponds to a price-to-sales (PS) ratio of approximately 3.5 times for the fiscal year 2025, indicating a favorable valuation compared to industry peers [5][10].

Core Viewpoint - The article reviews the achievements and milestones of the Sci-Tech Innovation Board (STAR Market) since its establishment, highlighting fifteen significant "firsts" as of June 13, 2025, including the number of listed companies, market capitalization, and the dominance of strategic emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, which account for over 80% of the total [1]. Group 1: First Companies and Milestones - The first company to transfer from the Beijing Stock Exchange to the STAR Market is Guandian Defense Technology Co., Ltd., which listed on May 25, 2022, after experiencing a significant decline in revenue and net profit in 2024 [2]. - The first loss-making company to list on the STAR Market is Suzhou Zejing Biopharmaceutical Co., Ltd., which went public on January 23, 2020, and reported continuous losses since its inception, with a net profit of -1.38 billion in 2024 [3][4]. - The first STAR Market company to be acquired by another listed company is Jiangsu Haooubo Biopharmaceutical Co., Ltd., which was announced in October 2024, with a total acquisition price of 630 million [5][6]. Group 2: Notable Events and Achievements - The first company to be delisted from the STAR Market is Guangdong Zijing Information Storage Technology Co., Ltd., which faced severe penalties for financial fraud and was officially delisted on May 31, 2023 [7][8][9]. - The first company to adopt a dual-class share structure on the STAR Market is UCloud Technology Co., Ltd., which listed on January 20, 2020, allowing its founders to maintain significant control over the company [10][11]. - The first major asset restructuring project approved for a STAR Market company is Suzhou Huaxing Yuan Chuang Technology Co., Ltd., which received approval for its acquisition of Suzhou Oulitong Automation Technology Co., Ltd. on June 12, 2020 [12][13]. Group 3: Financial Performance and Rankings - The highest market capitalization on the STAR Market is held by Semiconductor Manufacturing International Corporation (SMIC), with a total market value of 661.2 billion as of June 13, 2025 [21]. - The company with the highest revenue in 2024 is JinkoSolar Holding Co., Ltd., achieving 92.471 billion in revenue, despite a 22.08% decline year-on-year [22]. - The highest net profit excluding non-recurring items in 2024 is reported by Transsion Holdings Co., Ltd., with a net profit of 4.541 billion, down 11.54% from the previous year [23][24]. Group 4: Employment and Regional Distribution - The company with the largest number of employees as of the end of 2024 is JinkoSolar Holding Co., Ltd., with 33,809 employees, reflecting a significant reduction of 41.07% from the previous year [25]. - The province with the most STAR Market listed companies is Jiangsu, which has 113 companies, accounting for 19.22% of the total, primarily concentrated in cities like Suzhou, Nanjing, and Wuxi [26].

Group 1 - The company reported an unaudited financial performance for the three months ending March 31, 2025, with total revenue reaching 1.97 billion yuan (271.51 million USD), representing a year-on-year growth of 10.9% [1] - Public cloud service revenue was 1.354 billion yuan (186.5 million USD), showing a year-on-year increase of 14.0% [1] - Industry cloud service revenue amounted to 617 million yuan (85.0 million USD), with a year-on-year growth of 4.8% [1] Group 2 - Adjusted gross profit was 328 million yuan (45.2 million USD), reflecting a year-on-year increase of 9.6% [1] - Adjusted operating loss narrowed to 55.8 million yuan (7.7 million USD), a reduction of 56% year-on-year [1] - Adjusted EBITDA profit reached 319 million yuan (43.9 million USD), with an adjusted EBITDA margin of 16.2% [1]

4月30日，IDC发布《中国公有云服务市场(2024下半年)跟踪》报告，AI推动公有云市场回暖，2024下半 年中国公有云IaaS市场规模为948.2亿人民币，同比增长13.8%。阿里云市场排名第一，份额连续三个季 度回升。华为第二、中国电信（601728）第三、中国移动（600941）第四、腾讯第五。 ...