Financial Data and Key Metrics Changes - In Q2 2025, total revenue reached RMB 2.65 billion, reflecting a year-over-year increase of 24.2% [19] - Public cloud services revenue was RMB 1.63 billion, up 31.7% from RMB 1.23 billion in the same quarter last year [19] - AI gross billings reached RMB 728 million, representing a year-over-year increase of over 120% [9][19] - Adjusted gross profit for the quarter was RMB 350.6 million, an increase of 8.4% year-over-year [21] - Adjusted gross margin was 14.9%, down from 17% in Q2 2024 [22] Business Line Data and Key Metrics Changes - Revenue from enterprise cloud services reached RMB 724 million, up 10% year-over-year [12][19] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 629 million, up 70% year-over-year, contributing 27% to total revenue [10] - Intelligent computing cloud services saw strong demand for training and inference computing power, supporting sustained growth [11] Market Data and Key Metrics Changes - The public cloud segment experienced a significant year-over-year growth of 32% [10] - The enterprise cloud segment 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 focused on high-quality and sustainable development strategies, particularly in AI and cloud services [6] - Emphasis on enhancing technical capabilities and refining intelligent computing products to lead in the generative AI era [9] - The company is exploring multiple procurement models, including a resource pool model and an agent model, to optimize capital expenditures [35] Management Comments on Operating Environment and Future Outlook - Management expects stronger revenue growth in the second half of the year compared to the first half [31] - The demand for AI continues to be strong across various sectors, with significant opportunities anticipated from the AI revolution [17] - The company is confident in further growth of ecological business collaborations in the second half of the year [10] Other Important Information - As of June 30, 2025, cash and cash equivalents totaled RMB 5.46 billion, providing a strong liquidity position [25] - Capital expenditures for the year are projected to be around RMB 10 billion, with RMB 5 billion spent in the first half [40] Q&A Session Summary Question: Outlook and guidance for the second half of the year and Xiaomi's investment pace in AI - Management expects stronger revenue growth in the second half compared to the first half and is delivering larger clusters for Xiaomi's computing power demand [31][32] Question: Future trends in gross margin and leasing of compute resources - Management acknowledged a slight decrease in gross profit margin due to a shift to a resource pool model but views it as a strategic success [33][34] Question: Capital expenditure plans and AI computing power readiness - Total capital expenditure for the year is expected to be around RMB 10 billion, with a focus on customer demand [40] Question: Changes in chip supply status and strategy adjustments - The company is closely monitoring domestic chip suppliers and has not faced material impacts on its capabilities to meet customer demands [46][48]