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 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].

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]