金山云2025 中期报告

Kingsoft Cloud Holdings Limited金山云控股有限公司 股份代號 : 3896（於開曼群島註冊成立的有限公司） 2 4 8 11 16 42 33D100085 33191928 Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 97927 334 3A10 127 3896 KC Maples and Calder (Hong Kong) LLP1826 ksyun.com Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 1617 EBITDAEBITDA EBITDAEBITDA EBITDAEBITDAEBITDAEBITDAEBITDA 4,319.2602.93,667.517.8%AI(CDN)2,978.8415.81,340.4187.1657.291.7611.67.4%15.2%16.7%678.294.7622.59.0%15.7%17.0%EBITDA724.6101.193.8672.6%EBITDA16.8%2.6%14.2 IaaSPaaSSaaSAI C9aX9aAIMIMOKimi Deepseek Qwen3AIKPFS2.0 110,000EB AI 2024620 420.558.71,094 AIAI 4,319.2602.93,667.517.8%AICDN •2,421.923.0%2,978.8415.8AI•1,340.4187.11,245.47.6%IT•0.2 3,662.0511.23,055.919.8%1,496.81.9%1,525.9213.0AIAI449.5107.0%930.5129.9AI937.114.1%1,069.0149.228.94.0107.715.1 657.291.7611.67.4%15.2%16.7%AI678.294.7622.515.7%17.0% 1,218.4170.11,163.3 •276.338.6242.5•521.672.8484.9•420.558.7435.9 561.278.3551.7 773.0107.9717.3 491.068.5518.4 EBITDA724.6101.193.8672.6%EBITDA16.8%2.6% 0.200.030.20 5,464.1762.82,648.8106.3% 9 2,636.3368.02,504.11,884.1263.01,803.91,429.2199.5932.8 71.6%68.7% 5% 13,868 AI 263.136.7214.3 XV(a)XV78(b)352(c) (1)L(2)4,193,784,801(3) XV23336 (3)The Bank of New York MellonThe Bank of New York Mellon CorporationThe Bank of New YorkMellon CorporationThe Bank of New York Mellon421,509,458418,886,535 (4)414,376,00051,785,000Green Better Limited 336 20% 15,165,8120.36% 12 12,622,1280.3% (a) (b)(i)(ii)(iii) (c) (a) (b) (10%)380,528,48038,052,848(1%) 190,887,71085,742,54638,052,848 2.73% 210,451,3235.02% 121%12 (10) 1217.03F (a)(b)(c)(d)(e)12(f)12 (a)(b)(5) (10) (i)(ii) (i)5.029.540.7110 (ii)9.4518.441.0910 (iii)6.7112.960.8310 (iv) (v) (vi)30 13.51(2)(a)(e)(g)13.51B(1) (I) (i)11.2717,300,000259,500(ii)5.8318,000,00018,000(iii)11.272,775,00041,625 (II) 5.8369,375,00069,375 6.390.72 17,300,00018,000,0002,775,00069,375,000278,986,066 16 30003000 (i) (ii) (iii) 3000 (i) (ii) (iii) 1995 1. SX-3A-02ASC810ASC810 2. 15,063,3482,102,762430,51560,097 5,517,128770,162 2. 7.16361.00 a 16,026 2. b) ASC820ASC820 ASC820 c) ASC323-10ASC323-10ASC 323-10 49%ASC 323 2. 2. ASC 820ASC 820 ASC 820 1 2 3 ASC820(1)(2)(3) 2. 242159 2. ASC 326ASC 326 ASU2023-07ASC 2023-07 2. ASC 606ASC 606 ASC 606ASC606-10-32-2A 2. (i)(ii)(iii) 2025-05326ASU 2025-05ASU2025-05ASC606ASU 2025-05 3. 10%10% 4. 4. 4. 5. 5. * 6. ****** 6. **62,73859,2908,27715,0323,448481 *** **** 7. 3411 8. ******* ** *** 456,0009.50% **** *****20256303,468,131484,132 9. *3.19%3.03%3.16%3.08% **4.00%4.33% 9. *1,500,0001,000,0004.05% **6.70% ***6.00% 2,177,9922,098,922292,9992,682,301374,435537,38675,016 9. 10. 107,291,834 149,244251,46735,103 11. 16.5% 25%15%10% 11. 12. 13. a) 13. b) 13. c) *961,950134,283 **9 9 14. 630,00087,945576,10180,421 15. 555,34220,243575,585566,90050,930617,83086,246 16. 16. (i) (i)(ii)(iii) (ii) ASC8421616 ASC 842 16 (iii) ASC820 16. (iv) (1)(2)(3)(a)(b) (v) 17. 18. 15 30 571 0.001 1810%