Core Viewpoint - The rapid growth of Kingsoft Cloud's performance is driven by the explosion of AI technology and the recovery of industry cloud demand, with significant increases in revenue and AI business contributions [1][3]. Financial Performance - In Q1 2025, Kingsoft Cloud achieved revenue of 1.97 billion yuan, a year-on-year increase of 10.9% [2][3]. - The adjusted EBITDA for Q1 2025 reached 320 million yuan, reflecting an 8.6-fold increase year-on-year, with an EBITDA margin of 16.2%, up 14.3 percentage points [3]. - The company reported a net loss of 316 million yuan in Q1 2025, an improvement of 11.7% compared to the same period in 2024 [3]. AI Business Growth - AI business revenue surged by 228% year-on-year to 525 million yuan, accounting for 39% of public cloud revenue, making it the largest revenue source for the company [4][6]. - The AI revenue includes significant contributions from large model training and inference services, which represent over 60% of AI income [4]. Strategic Partnerships - Kingsoft Cloud's collaboration with Xiaomi has been fruitful, with revenue from the Xiaomi ecosystem reaching 500 million yuan, a 50% increase year-on-year, and accounting for 25% of total revenue [5][6]. - The joint development of the "MiLM-13B" large model has been successfully implemented in smart devices, achieving over 100 million daily calls [6]. Future Outlook - Management anticipates that AI business revenue will exceed 2 billion yuan in 2025, representing over 45% of total revenue, and aims for AI revenue to account for over 30% of total revenue by 2030 [6]. - The company plans to continue deepening its collaboration with the Xiaomi ecosystem to explore new AI opportunities and enhance value for stakeholders [6].
金山云需求复苏首季营收19.7亿 人工智能收入5.25亿大增228%