Financial Data and Key Metrics Changes - The company's revenue for Q3 2025 reached RMB 2.48 billion, with a year-over-year growth rate accelerating from 24% in the previous quarter to 31% this quarter [5][16] - Adjusted gross profit for the quarter was RMB 393 million, representing a year-over-year increase of 28% [7][19] - The adjusted operating profit turned from a loss to a profit of RMB 15.36 million, with an adjusted operating profit margin of 0.6% [7][21] - Adjusted net profit recorded a historical positive profit of RMB 28.73 million for the first time [7] Business Line Data and Key Metrics Changes - Public cloud revenue increased significantly by 49% year-over-year, reaching RMB 1.75 billion [5][18] - Intelligent computing cloud business gross billings reached RMB 782 million, with a year-over-year growth of approximately 122% [5][16] - Revenue from enterprise cloud services was RMB 730 million, showing slight growth compared to RMB 710 million in the same quarter last year [9][18] Market Data and Key Metrics Changes - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 691 million, increasing by 84% year-over-year, accounting for 28% of total revenue [6][9] - The company anticipates fulfilling the business cooperation under the continuing connected transactions annual quota this year, with optimism for an increase next year [6] Company Strategy and Development Direction - The company has established its strategic positioning in the AI landscape, focusing on integrated training and inference intelligent cloud computing services [4][5] - The company aims to become the preferred cloud partner for intelligent computing in public services and is actively expanding customer coverage and cross-selling [9][10] - The company plans to continue investing in infrastructure and refining core products to create long-term value for stakeholders [15][22] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI business demand, transitioning from large customers' training demand to broader inference demand [30] - The company expects higher margins as inference demand grows, which is anticipated to exceed the current training demand margins [31] - Management highlighted the importance of adapting procurement methods based on customer needs and market dynamics [36][39] Other Important Information - The company successfully raised HKD 2.8 billion in risk equity financing, with allocations for AI infrastructure and operational needs [17] - Capital expenditures for the quarter were RMB 2,787.8 million, primarily for intelligent cloud infrastructure investment [22] Q&A Session Summary Question: What are the key drivers of AI revenue growth in Q3? - Management noted that the growth was driven by clusters that began recognizing full quarter revenues and some delayed revenue from Q2 [29] Question: How does management see the margin trend in the coming quarters? - Management expects inference demand to exhibit higher margins than current training demand, with EBITDA margins remaining above 20% [32] Question: Could management share the outlook and guidance on revenue for next year? - Management is confident in subsequent demand growth and is currently finalizing the budget process for next year [35] Question: How does management view the current market dynamics for procurement versus leasing? - Management stated that both procurement and leasing have their pros and cons, with no rigid allocation target between the two [36][39] Question: What is the pricing methodology between AI training and inference? - Management indicated that pricing is based on resource usage, with API token services expected to have better margin ratios [42]