云工场中期报告2025

（股份代號：����）（於開曼群島註冊成立之有限公司） 2 4 5 12 19 20 21 22 24 33 14 2512 www.cloudcsp.com 89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands 97927 2282-601 12712 180-12 Ogier Global (Cayman) Limited89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands 133 1831717121716 AI+AI2,000 AIMaaSSaaSAI EdgeAIStationAIAIAI(GPU)(NPU)(FPGA) AI202025V2.0 AIIDCIDCAIAI 1.— 2. AIAI(IaaS)SaaSAI--GPU 3. AI 4. AI++AIAI (i)IDC(ii)(iii)406.8369.710.0% IDC IDC7.9%376.1348.7 39.0%29.221.0EdgeCDN 1.5 11.3%359.1322.6 IDC IDC9.6%337.8308.2IDC 47.9%21.314.4 1.3%47.747.112.7%11.7% IDC IDC10.2%11.6% 27.1%31.4% 100.0% 11.6%3.84.3 13.9%3.13.6 17.6%17.321.0 38.8%9.36.7(i)(ii) 26.1%1.72.3 100.0%40,00020,000 20.7%3.52.9 30.4%1.62.3 14.912.5(i)(ii) 300.5235.0 225.8216.0 216.3199.6 348.1371.0 16 0.70.6 XV(a)XV78(b)352(c)C3 (1)Ru Yi ITRu Yi IT345,000,00075.0% 75%Ru XV(a)XV78(b)352(c) XV23336 (1) (2)Ru Yi IT345,000,00075%Ru Yi IT XV23336 115,000,0000.0000185,000,00030,000,0004.61,150336.83.96 12117.615.0 (i)(ii)(iii) (i)(ii)(iii)(iv)(v) 10%46,000,00046,000,00046,000,000 1%4,600,000(5)(10)(9) —D. 13.51B(1) 13.51B(1) 2C.2.1C.2.1 2C.2.1 (a) 4.9845,985,000 228,000,000(i)(ii)(iii)(iv) (b) 12075%25% 1. 89Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (IDC) 2. 34 3. 21 21 4. IDC 8 5. 6. 7. 8. 9. 10. 460,000,000382,083,333 11. 12,099,00010,179,000 6,00029,0005,00024,000 12. 13. 15. 16. 17. 18. 19. 20. 21. (a) 4.9826,277,000 4.9819,708,000 (b) 12075%25% 22.