Kingsoft Cloud reported first-half 2025 revenue of RMB4,319.2 million, up 17.8%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Kingsoft Cloud Holdings reported revenue of RMB4,319.2 million for the six months ended June 30, 2025, up 17.8% from RMB3,667.5 million in the same period of 2024. The cloud company, which has its principal executive offices in Beijing and is listed on Nasdaq and in Hong Kong, gave the figures in an interim results announcement attached to a Form 6-K, the report a foreign company files with the US Securities and Exchange Commission, on Aug 20, 2025. The accounts are unaudited and follow US generally accepted accounting principles.1^,2^,3^,4^,5^,6^,7

The company said the increase was mainly due to strong revenue growth from AI-related customers and its expansion in enterprise cloud projects, partly offset by its decision to scale down services for content delivery network (CDN) customers. Public cloud services revenue rose 23.0% to RMB2,978.8 million from RMB2,421.9 million, which the company attributed to growth in AI-related services, while enterprise cloud services revenue was RMB1,340.4 million, up 7.6% from RMB1,245.4 million. During the period it released its ninth generation cloud servers, the C9a and X9a, and launched the Xingliu Training and Inference Platform, a one-stop platform for managing model training and inference that integrates open-source large language models including Xiaomi MIMO, Kimi, Deepseek and Qwen3. It also launched the Hanhai large model platform.8^,9^,10^,11^,12^,13

Gross profit was RMB657.2 million, up 7.4% from RMB611.6 million, but gross margin fell to 15.2% from 16.7%, which the company linked to higher server costs as its AI business expanded and to upfront costs for certain customers. Within its RMB3,662.0 million cost of revenues, depreciation and amortization costs rose 107.0% from RMB449.5 million to RMB930.5 million, mainly because of new servers bought to support AI-related services, the company said. Net loss, which includes non-controlling interests, was RMB773.0 million against RMB717.3 million, with the company pointing to a larger operating loss and higher interest expense; the part attributable to Kingsoft Cloud's shareholders was RMB771.4 million. On adjusted EBITDA, a non-GAAP measure it defines itself by excluding share-based compensation, foreign exchange loss, interest, income tax and depreciation and amortization, the company reported RMB724.6 million, up 672.6% from RMB93.8 million.14^,15^,16^,17^,18^,19^,20^,21^,22

Cash and cash equivalents stood at RMB5,464.1 million at June 30, 2025, up 106.3% from RMB2,648.8 million at December 31, 2024. The accounts in the announcement show an accumulated deficit of RMB15,063.3 million at June 30, 2025, and its notes report net current liabilities, meaning current liabilities above current assets; management said it believed it was appropriate to prepare the accounts on a going concern basis, which assumes the business keeps operating. The company listed a 2025 follow-on offering and a concurrent private placement with Kingsoft Corporation among its sources of liquidity, and said their gross proceeds came to about US$291.9 million before fees and expenses.23^,24^,25^,26^,27^,28

Research and development expenses fell to RMB420.5 million from RMB435.9 million, which the company said was mainly due to fewer research and development staff, a result of a strategic structure adjustment, and to the move of that team from Beijing to Wuhan; it had 1,094 such staff at June 30, 2025. The company had 13,868 employees at June 30, 2025, most of them in China, and said it owned two data centers and around 110,000 servers, primarily throughout China. The announcement said it was published on the websites of the Hong Kong Stock Exchange and the company, and that the board did not recommend an interim dividend for the six months. For the second half of 2025, the company said at the time that it would keep investing in technology and its AI capabilities and would actively embrace cloud demand from Xiaomi and the Kingsoft ecosystem.29^,30^,31^,32^,33^,34^,35^,2