Core Viewpoint - Kingsoft Cloud reported growth in both revenue and profitability for Q4 2024 and the full year of 2024, driven by increased demand from AI clients and collaboration within the Xiaomi and Kingsoft ecosystems [2][3]. Group 1: Financial Performance - Q4 2024 revenue reached 2.232 billion RMB, a year-on-year increase of 29.6% and a quarter-on-quarter increase of 18.4%, primarily due to revenue growth from Xiaomi and the Kingsoft ecosystem, as well as concentrated delivery of industry cloud projects [2]. - Q4 2024 gross profit was 426 million RMB, representing a year-on-year increase of 68.3%, with an adjusted gross margin of 19.2%, up 4.0 percentage points year-on-year and 2.9 percentage points quarter-on-quarter [2]. - For the full year of 2024, total revenue was 7.785 billion RMB, a year-on-year increase of 10.5%, with a gross margin of 17.2%, up 5.1 percentage points year-on-year [2]. Group 2: AI and Public Cloud Business - Public cloud revenue for Q4 2024 was 1.410 billion RMB, a year-on-year increase of 34.0% and a quarter-on-quarter increase of 19.9%, with AI-related revenue reaching 474 million RMB, a staggering year-on-year increase of 500% [3]. - AI-related revenue accounted for 34% of public cloud revenue in Q4 2024, contributing to an annual increase in this proportion to 26% [3]. - The company deepened collaboration with Xiaomi and the Kingsoft ecosystem, with revenue from ecosystem partners growing by 76% year-on-year, now accounting for 22% of total revenue [3]. Group 3: Industry Cloud Development - Industry cloud revenue for Q4 2024 was 822 million RMB, a year-on-year increase of 22.7% and a quarter-on-quarter increase of 15.8%, with multiple benchmark projects established in public services, healthcare, and finance [4]. - The company is leveraging its Camelot technology to enhance industry solutions, with notable projects including collaborations in Wuhan and Zhuhai [4]. Group 4: Technological Investments - The company has launched several self-developed products, including the ninth-generation cloud server X9 and the Xingliu training platform, to support AI training demands [5]. - By the end of 2024, the company had cash and cash equivalents of 2.65 billion RMB, with significant improvement in operating cash flow, providing ample funding for technological investments and ecosystem expansion [5].