Revenue and Profitability - Total revenue for the first half of 2024 reached RMB 3,667.5 million (USD 504.7 million), with public cloud service revenue at RMB 2,421.9 million (USD 333.3 million) and industry cloud service revenue at RMB 1,245.4 million (USD 171.4 million)[6] - Total revenue for 2024 was RMB 3,667,464 thousand (USD 504,660 thousand), with public cloud services contributing RMB 2,421,912 thousand (USD 333,266 thousand)[11] - Total revenue reached RMB 3,667.5 million (USD 504.7 million), a decrease of 0.9% YoY, primarily due to the reduction in CDN services, offset by strong growth in AI-related customer revenue[13] - Revenue from public cloud services increased by 4.7% YoY to RMB 2,421.9 million (USD 333.3 million), driven by growth in AI-related services[13] - Revenue from industry cloud services decreased by 10.1% YoY to RMB 1,245.4 million (USD 171.4 million), due to a focus on selected vertical industries and high-quality projects[13] - Revenue from public cloud services increased to RMB 2,421,912 million in 2024, up 4.7% from RMB 2,313,183 million in 2023[42] - Industry cloud services revenue decreased to RMB 1,245,400 million in 2024 from RMB 1,385,152 million in 2023, a decline of 10.1%[42] - Gross profit increased by 52.6% YoY to RMB 611.6 million (USD 84.2 million), with a gross margin of 16.7%, up from 10.8% in the same period of 2023[6] - Gross profit for 2024 was RMB 611,600 thousand (USD 84,159 thousand), an increase from RMB 400,791 thousand in 2023[11] - Gross profit increased significantly by 52.6% YoY to RMB 611.6 million (USD 84.2 million), with a gross margin of 16.7%, up from 10.8% in the same period last year[13] - Gross profit for the six months ended June 30, 2024, was RMB 611,600 thousand (USD 84,159 thousand), an increase from RMB 400,791 thousand in the same period of 2023[30] - Non-GAAP gross profit rose by 55.2% YoY to RMB 622.5 million (USD 85.7 million), with a non-GAAP gross margin of 17.0%, compared to 10.8% in 2023[6] - Adjusted EBITDA turned positive at RMB 93.8 million (USD 12.9 million), a significant improvement from RMB -191.9 million in the first half of 2023[6] - Adjusted EBITDA margin improved to 2.6%, up by 7.8 percentage points from -5.2% in the same period last year[6] - Non-GAAP EBITDA turned positive to RMB 93.8 million (USD 12.9 million), compared to a loss of RMB 191.9 million in the same period last year[14] - Normalized adjusted EBITDA (excluding gains/losses from property and equipment sales) was RMB 69.96 million (USD 9.6 million), compared to RMB -170.3 million in 2023[5] - Net loss decreased by 35.2% YoY to RMB 717.3 million (USD 98.7 million), with a net loss margin of -19.6%, down from -29.9% in 2023[5] - Non-GAAP net loss decreased to RMB 518.4 million (USD 71.3 million), with a non-GAAP net loss margin of -14.1%, compared to -19.7% in 2023[5] - Adjusted net loss (non-GAAP) improved to RMB 518.4 million (USD 71.3 million), down from RMB 727.4 million in the first half of 2023[5] - Net loss attributable to Kingsoft Cloud Holdings Limited for 2024 was RMB 712,586 thousand (USD 98,056 thousand)[12] - Net loss decreased significantly to RMB 717.3 million (USD 98.7 million) from RMB 1,107.1 million YoY, driven by reduced operating loss and foreign exchange fluctuations[14] - Net loss attributable to Kingsoft Cloud Holdings Limited for the six months ended June 30, 2024, was RMB 712,586 thousand (USD 98,056 thousand), compared to RMB 1,106,333 thousand in the same period of 2023[30] - Net loss attributable to Kingsoft Cloud Holdings Limited shareholders decreased to RMB 692,343 thousand (USD 95,270 thousand) in the first half of 2024, compared to RMB 897,537 thousand in 2023[31] - Net loss attributable to ordinary shareholders for the six months ended June 30, 2024 was RMB (712,586), a decrease from RMB (1,106,333) in the same period of 2023[50] - Basic and diluted loss per share for the six months ended June 30, 2024 was RMB (0.20), compared to RMB (0.31) for the same period in 2023[50] - Weighted average number of ordinary shares outstanding for basic and diluted loss per share calculation was 3,632,583,338 for the six months ended June 30, 2024, compared to 3,547,111,168 in 2023[50] Operational Efficiency and Costs - Operating loss for 2024 was RMB 551,726 thousand (USD 75,921 thousand), a significant improvement from RMB 960,982 thousand in 2023[11] - Operating loss decreased to RMB 551.7 million (USD 75.9 million) from RMB 961.0 million YoY, reflecting improved operational efficiency[14] - Operating loss for the six months ended June 30, 2024, was RMB 551,726 thousand (USD 75,921 thousand), an improvement from RMB 960,982 thousand in the same period of 2023[30] - R&D expenses for the reporting period were RMB 435.9 million (USD 60.0 million), with 1,186 R&D personnel as of June 30, 2024[9] - The company's total number of employees is 11,311, with 80.7% (9,132 employees) in solution development and services, 10.5% (1,186 employees) in R&D, 5.7% (648 employees) in general and administrative functions, and 3.1% (345 employees) in sales and marketing[21] - Net cash used in operating activities was RMB 170,167 thousand (USD 23,415 thousand) in the first half of 2024, an improvement from RMB 206,157 thousand in 2023[34] - Net cash used in investing activities increased significantly to RMB 1,823,846 thousand (USD 250,970 thousand) in the first half of 2024, compared to net cash provided by investing activities of RMB 576,486 thousand in 2023[34] - The company's accumulated deficit reached RMB 13,027,627 thousand (USD 1,792,661 thousand) as of June 30, 2024, with a net current liability position of RMB 1,181,377 thousand (USD 162,563 thousand)[37] - Kingsoft Cloud Holdings Limited had cash, cash equivalents, and restricted cash of RMB 2,096,404 thousand (USD 288,475 thousand) as of June 30, 2024[37] - Cash and cash equivalents decreased by 18.5% to RMB 1,837.8 million (USD 252.9 million) as of June 30, 2024, compared to December 31, 2023[15] - Cash and cash equivalents decreased to RMB 1,837,757 thousand (USD 252,884 thousand) as of June 30, 2024, from RMB 2,255,287 thousand at the end of 2023[32] - Total liabilities increased to RMB 9,759,174 thousand (USD 1,342,907 thousand) as of June 30, 2024, compared to RMB 7,824,374 thousand at the end of 2023[33] - Capital-to-debt ratio increased to 66.0% as of June 30, 2024, up from 36.2% as of December 31, 2023[17] - Accounts payable as of June 30, 2024 were RMB 1,980,088 (USD 272,469), an increase from RMB 1,805,083 as of December 31, 2023[51] - Accounts payable aged over 1 year increased to RMB 899,056 (USD 123,714) as of June 30, 2024, compared to RMB 717,320 as of December 31, 2023[51] Cloud Services and AI - The company's cloud products include unified IaaS, PaaS, SaaS, AI capabilities, and development services, with a focus on cloud computing, storage, and distribution[7] - The company has designed industry-specific solutions for verticals such as internet, public services, healthcare, and financial services, leveraging deep industry insights[7] - The company plans to continue advancing high-quality sustainable development and focus on AI to enhance strategic customer service within the Xiaomi Kingsoft ecosystem[10] - Revenue from public cloud services increased by 4.7% YoY to RMB 2,421.9 million (USD 333.3 million), driven by growth in AI-related services[13] - Revenue from public cloud services increased to RMB 2,421,912 million in 2024, up 4.7% from RMB 2,313,183 million in 2023[42] Data Centers and Infrastructure - The company operates two data centers in China with approximately 100,000 servers and EB-level storage capacity as of June 30, 2024[8] - The Wuhan R&D center has grown to about 600 employees, accounting for over one-third of the company's R&D team, with 50% holding master's degrees[9] Financial and Legal Matters - The company entered into a financial leasing framework agreement with China Merchants Bank Financial Leasing Co., Ltd. on August 20, 2024, with a total leasing principal not exceeding RMB 300 million[27] - The company did not repurchase, sell, or redeem any of its listed securities during the reporting period and held no treasury shares as of June 30, 2024[23] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[27] - The company has no significant litigation or arbitration that could materially adversely affect its operations during the reporting period[24] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and agreed with the accounting policies and practices adopted by the company[26] - The company did not declare any dividends for the six months ended June 30, 2024 and 2023[51] - The interim results announcement was published on the Hong Kong Stock Exchange website (www.hkexnews.hk) and the company's website (ir.ksyun.com)[52] - The interim report for the six months ended June 30, 2024 will be published on the same websites and distributed to shareholders as needed[52] Investments and Equity - Total unrealized losses on equity investments, including impairments, amounted to RMB 16,026 million in 2024, compared to RMB 5,063 million in 2023[43] - Government subsidies decreased to RMB 4,735 million in 2024 from RMB 69,240 million in 2023[44] - Accounts receivable net of credit loss provisions increased to RMB 1,680,965 million in 2024 from RMB 1,529,915 million in 2023[44] - Trade receivables overdue for more than 1 year decreased to RMB 78,710 million in 2024 from RMB 141,371 million in 2023[45] - Corporate income tax expense (benefit) showed a benefit of RMB 8,480 million in 2024 compared to an expense of RMB 6,371 million in 2023[49] - Deferred tax benefits increased to RMB 34,064 million in 2024 from RMB 19,969 million in 2023[49] Assets and Liabilities - Total assets increased to RMB 16,460,960 thousand (USD 2,265,104 thousand) as of June 30, 2024, up from RMB 15,070,278 thousand at the end of 2023[32] - Total liabilities increased to RMB 9,759,174 thousand (USD 1,342,907 thousand) as of June 30, 2024, compared to RMB 7,824,374 thousand at the end of 2023[33] - The company has no significant investments or capital asset plans as of June 30, 2024[18]
金山云(03896) - 2024 - 中期业绩