Financial Data and Key Metrics Changes - In Q2 2025, total revenue reached RMB2.65 billion, reflecting a year-over-year increase of 24.2% [21] - Public cloud services revenue was RMB1.63 billion, up 31.7% from RMB1.23 billion in the same quarter last year [21] - AI gross billings reached RMB728 million, representing a year-over-year increase of over 120% [9][21] - Adjusted gross profit for the quarter was RMB350.6 million, an increase of 8.4% year-over-year [23] - Adjusted gross margin was 14.9%, down from 17% in Q2 2024 [23] Business Line Data and Key Metrics Changes - Revenue from enterprise cloud services reached RMB724 million, up 10% year-over-year [13][21] - Revenue from the Xiaomi and Kingsoft ecosystem was RMB629 million, a 70% year-over-year increase [11] - The intelligent computing cloud business has seen solid demand for training and inference computing power services, contributing to sustained growth [12] Market Data and Key Metrics Changes - The public cloud segment experienced a significant year-over-year growth of 32% [11] - The enterprise cloud sector is expected to see stronger growth in the second half of the year compared to the first half [43] Company Strategy and Development Direction - The company is focusing on high-quality and sustainable development strategies while embracing AI opportunities [7] - Plans to enhance technical capabilities and refine intelligent computing products to lead in the generative AI era [10] - The company is exploring multiple procurement models, including a resource pool model and an agent model, to adapt to customer demands [36] Management Comments on Operating Environment and Future Outlook - Management expects stronger revenue growth in the second half of 2025 compared to the first half [32] - The demand for AI continues to be strong across various industries, with significant opportunities arising from the AI revolution [18] - The company is confident in further growth of ecological business collaborations in the second half of the year [11] Other Important Information - The company has a strong liquidity position with cash and cash equivalents totaling RMB5.46 billion as of June 30, 2025 [26] - Capital expenditures for the year are projected to be around RMB10 billion, with RMB5 billion spent in the first half [40] Q&A Session Summary Question: Outlook and guidance for the second half of the year and AI investment pace from Xiaomi - Management expects stronger revenue growth in the second half and is delivering larger clusters for Xiaomi's computing power demand [32] Question: Impact of leasing compute resources on gross margin - The shift to a resource pool model has slightly decreased gross profit margin, but management views this as a successful strategic choice [34] Question: Capital expenditure plans and AI computing power readiness - Total capital expenditure for the year is around RMB10 billion, with RMB5 billion already spent [40] Question: Demand and delivery pace of industry cloud clients - The enterprise cloud revenue growth has reaccelerated, driven by strong demand from public services, healthcare, and financial services [41]