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Kingsoft Cloud Holdings (KC) investor relations material
Kingsoft Cloud Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 24.2% year over year, driven by strong AI business momentum and ecosystem partnerships, with significant upgrades to IaaS and PaaS capabilities for generative AI.
AI gross billings surged over 120% year over year, now representing about 45% of public cloud revenue.
Revenue from Xiaomi-Kingsoft ecosystem customers rose 70% year over year, contributing 27% of total revenue.
Management reaffirmed commitment to AI investment and sustainable business development.
Financial highlights
Q2 total revenue reached RMB2.65 billion, up 24.2% year over year.
Public cloud revenue was RMB1.63 billion, up 31.7% year over year; enterprise cloud revenue was RMB724 million, up 10% year over year.
Adjusted gross profit was RMB350.6 million, up 8.4% year over year; adjusted gross margin was 14.9%, down from 17% a year ago.
Adjusted EBITDA reached RMB406 million, a 570% year over year increase; adjusted EBITDA margin improved to 17.3%.
Cash and cash equivalents stood at RMB5.46 billion as of June 30, 2025, mainly from equity offering and prepayments.
Outlook and guidance
Second half revenue growth expected to be stronger than the first half, with continued robust demand from AI and ecosystem clients.
Enterprise cloud delivery expected to peak in the second half, with higher growth rates forecasted.
Management expressed confidence in continued AI-related investment and high-quality, sustainable growth.
Gross margin expected to stabilize at current levels as the company balances procurement models and capital structure.
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