# EDGAR Filing Document

**Accession Number:** 0001795589
**File Stem:** 0001104659-25-080532
**Filing Date:** 2025-8
**Character Count:** 38977
**Document Hash:** 2945a2a062059509652b580d6c163236
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-080532.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001104659-25-080532

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250820

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kingsoft Cloud Holdings Ltd
- **CENTRAL INDEX KEY:** 0001795589
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39278
- **FILM NUMBER:** 251233854

**BUSINESS ADDRESS:**
- **STREET 1:** KINGSOFT TOWER
- **STREET 2:** NO. 33 XIAO YING WEST ROAD
- **CITY:** HAIDIAN DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86 10 8232 5655

**MAIL ADDRESS:**
- **STREET 1:** KINGSOFT TOWER
- **STREET 2:** NO. 33 XIAO YING WEST ROAD
- **CITY:** HAIDIAN DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of August 2025**

**Commission file number: 001-39278**

**Kingsoft Cloud Holdings Limited**

**(Exact Name of Registrant as Specified in Its Charter)**

**Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road, Haidian District**

**Beijing, 100085, the People's Republic of China**

**(Address of Principal Executive Offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2523624d1_ex99-1.htm) | [Press Release - Kingsoft Cloud Announces Unaudited Second Quarter 2025 Financial Results](tm2523624d1_ex99-1.htm) |
| [99.2](tm2523624d1_ex99-2.htm) | [Press Release - Kingsoft Cloud Announces Senior Management Changes](tm2523624d1_ex99-2.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | Kingsoft Cloud Holdings Limited | Kingsoft Cloud Holdings Limited | Kingsoft Cloud Holdings Limited |
| Date: August 20, 2025 | By: | /s/ Tao Zou | /s/ Tao Zou |
|  |  | Name: | Tao Zou |
|  |  | Title: | Vice Chairman of the Board, Executive Director, and acting Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Kingsoft Cloud Announces Unaudited Second Quarter 2025 Financial Results**

Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, "We resume our growth momentum this quarter, with total revenue increased by 24.2% year-over-year to achieve RMB2,349.2 million. AI is still a dominant driver for our revenue growth and this quarter our gross billing of AI business increased by over 120% year-over-year to RMB728.7 million, accounting for 44.8% of our public cloud services. As AI technology enabler, we provide turnkey solutions to customers from computing resources, PaaS platforms to applications. Meanwhile, we have maintained our healthy cooperation with Xiaomi – Kingsoft Ecosystem, evidenced by a 69.5% year-over-year revenue growth to reach RMB628.9 million from ecosystem customers this quarter and reach RMB1,125.0 million in the first half, representing a 40% completion of the continued connected transaction cap amount in the first half of 2025. We reaffirmed our confidence and fully commitment into our AI related investment and high-quality and sustainable business development."

Ms. Yi Li, Chief Financial Officer of Kingsoft Cloud, added, "Our revenue increased by 24.2% year-over-year, achieving RMB2,349.2 million for the second quarter. Among this, our revenue from public cloud services increased significantly by 31.7% year-over-year to RMB1,625.3 million. Our adjusted gross profit was RMB350.6 million, which increased by 8.4% year-over-year and 7.0% quarter-over-quarter. Adjusted gross margin was 14.9% in this quarter, compared with 17.1% in the second quarter 2024 and 16.6% in the first quarter this year. The decrease was primarily due to the higher cost of servers along with the expansion of our AI business, and the upfront costs incurred for certain customers for its future revenue activity. Our adjusted EBITDA profit achieved RMB406.0 million, increased by 570.1% year-over-year. Our adjusted EBITDA margin of 17.3%, increased by 14.1 percentage points, demonstrating our optimized revenue structure and a strong costs and expenses control.

**<u>Second Quarter 2025 Financial Results</u>**

**Total Revenues** reached RMB2,349.2 million (US$327.9<sup>1</sup> million), increased by 24.2% year-over-year from RMB1,891.8 million in the same quarter of 2024 and increased by 19.3% quarter-over-quarter from RMB1,970.0 million in the first quarter of 2025. The increase was mainly due to the expanded revenue from AI related customers, with AI infrastructure and products keep upgrading.

Revenues from public cloud services were RMB1,625.3 million (US$226.9 million), increased by 31.7% from RMB1,234.5 million in the same quarter of 2024 and increased by 20.1% from RMB1,353.5 million last quarter. The year-over-year increase was mainly due to the growth of AI demands, as the AI gross billing reached RMB728.7 million (US$101.7 million), and partially offset by our proactive decrease of CDN services.

Revenues from enterprise cloud services were RMB723.9 million (US$101.0 million), representing an increase of 10.1% from RMB657.2 million in the same quarter of 2024 and an increase of 17.4% from RMB616.5 million last quarter. The increase was mainly due to the expanding demands for software IT services of our customers and the accelerated completion of project delivery in this quarter.

Other revenues were nil this quarter.

<sup>1</sup> This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025 as certified for customs purposes by the Federal Reserve Bank of New York.

**Cost of revenues** was RMB2,010.4 million (US$280.6 million), representing an increase of 27.8% from RMB1,573.4 million in the same quarter of 2024, which was mainly due to our investment into AI computing resources. IDC costs increased by 10.3% year-over-year from RMB728.2 million to RMB803.1 million (US$112.1 million) this quarter. It was mainly due to the increasing demands for infrastructure, which was in line with our AI business expansion, as well as the basic computing and storage cloud demands brought by AI business. Depreciation and amortization costs increased from RMB265.9 million in the same quarter of 2024 to RMB552.0 million (US$77.1 million) this quarter. The increase was mainly due to the depreciation of newly acquired and leased servers which were allocated to AI business. Solution development and services costs increased by 14.8% year-over-year from RMB491.1 million in the same quarter of 2024 to RMB563.7 million (US$78.7 million) this quarter. The increase was mainly due to the solution personnel expansion of solution architecture and delivery. Fulfillment costs and other costs were RMB25.8 million (US$3.6 million) and RMB65.8 million (US$9.1 million) this quarter.

**Gross profit** was RMB338.9 million (US$47.3 million), representing an increase of 6.4% from RMB318.3 million in the same quarter of 2024. The increase was mainly due to the expansion of our higher margin profile AI business. **Gross margin** was 14.4%, compared with 16.8% in the same period in 2024. The decrease was mainly due to the higher cost of servers along with the expansion of AI business, as well as the upfront costs incurred for certain customer for its future revenue activity. **Non-GAAP gross profit**<sup>2</sup> was RMB350.6 million (US$48.9 million), compared with RMB323.4 million in the same period in 2024. **Non-GAAP gross margin<sup>2</sup>** was 14.9%, compared with 17.1% in the same period in 2024.

**Total operating expenses** were RMB665.9 million (US$92.9 million), increased by 11.7% from RMB595.9 million in the same quarter last year and increased by 20.5% from RMB552.5 million last quarter. Among which:

**Selling and marketing expenses** were RMB132.0 million (US$18.4 million), increased by 5.0% from RMB125.7 million in the same period in 2024 and decreased by 8.6% from RMB144.3 million last quarter. The year-over-year increase was mainly due to the increase of share-based compensation, while the sequential decrease was mainly due to one-time sales bonus incurred in the first quarter.

**General and administrative expenses** were RMB339.6 million (US$47.4 million), increased by 27.5% from RMB266.2 million in the same period in 2024 and 86.6% from RMB182.0 million last quarter. The year-over-year increase was mainly due to the increase in share-based compensation and personnel cost and the sequential increase was mainly due to the increase in personal cost and increase in credit loss expenses resulting from the prepayment made to suppliers related to the procurement of certain servers.

**Research and development expenses** were RMB194.3 million (US$27.1 million), decreased by 4.7% from RMB204.0 million in the same period in 2024 and decreased by 14.1% from RMB226.2 million last quarter. The year-over-year decrease was mainly due to the personnel decrease resulting from our strategic structure adjustment and the sequential decrease was mainly resulted from decrease in share-based compensation.

**Operating loss** was RMB327.0 million (US$45.6 million), compared with operating loss of RMB277.6 million in the same quarter of 2024 and RMB234.2 million last quarter. It was mainly due to the increase of credit loss. **Non-GAAP operating loss<sup>3</sup>** was RMB166.4 million (US$23.2 million), compared with operating loss of RMB188.5 million in the same quarter last year and operating loss of RMB55.8 million last quarter.

<sup>2</sup> Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

<sup>3</sup> Non-GAAP operating loss is defined as operating loss excluding share-based compensation and amortization of intangible assets and we define Non-GAAP operating loss margin as Non-GAAP operating loss as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

**Net loss** was RMB456.9 million (US$63.8 million), compared with net loss of RMB353.7 million in the same quarter of 2024 and RMB316.1 million last quarter. The increase was mainly due to the increase of credit loss expenses and the increase of interest expense, which was resulting by the loan and financial lease we used to acquire servers. **Non-GAAP net loss<sup>4</sup>** was RMB300.5 million (US$41.9 million), compared with RMB301.1 million in the same quarter of 2024 and RMB190.6 million last quarter. The fluctuation was mainly due to the increase of credit loss expenses.

**Non-GAAP EBITDA<sup>5</sup>** was RMB406.0 million (US$56.7 million), increased by 570.1% from RMB60.6 million in the same quarter of 2024 and 27.5% from RMB318.5 million last quarter. **Non-GAAP EBITDA margin** was 17.3%, compared with 3.2% in the same quarter of 2024 and 16.2% in the previous quarter. The increase was mainly due to the expansion of AI business with higher margin.

**Basic and diluted net loss per share** was RMB0.11 (US$0.02), compared with RMB0.10 in the same quarter of 2024 and RMB0.08 last quarter.

**Cash and cash equivalents** were RMB5,464.1 million (US$762.8 million) as of June 30, 2025, compared with RMB2,322.7 million as of March 31, 2025. The significant increase was mainly due to the public equity offering and concurrent private placement to Kingsoft Corporation and the prepayment we received from strategic customer.

**Outstanding ordinary shares** were 4,099,278,352 as of June 30, 2025, equivalent to about 273,285,223 ADSs.

**<u>Conference Call Information</u>**

Kingsoft Cloud's management will host an earnings conference call on Wednesday, August 20, 2025 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day).

Participants can register for the conference call by navigating to https://register-conf.media-server.com/register/BIe934f7691a6341caa913f477d4d12cd7. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.ksyun.com.

<sup>4</sup> Non-GAAP net loss is defined as net loss excluding share-based compensation and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

<sup>5</sup> Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

**<u>Use of Non-GAAP Financial Measures</u>**

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating loss, Non-GAAP operating loss margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP operating loss as operating loss excluding share-based compensation and amortization of intangible assets and we define Non-GAAP operating loss margin as Non-GAAP operating loss as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors' assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

**<u>Exchange Rate Information</u>**

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025 as certified for customs purposes by the Federal Reserve Bank of New York.

**<u>Safe Harbor Statement</u>**

This announcement contains forward-looking statements. These statements are made under the " safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud's strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud's goals and strategies; Kingsoft Cloud's future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud 's business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud's ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China's political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**<u>About Kingsoft Cloud Holdings Limited</u>**

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: <u>http://ir.ksyun.com.</u>

**For investor and media inquiries, please contact:**

Kingsoft Cloud Holdings Limited

Nicole Shan

Tel: +86 (10) 6292-7777 Ext. 6300

Email: <u>ksc-ir@kingsoft.com</u>

**KINGSOFT CLOUD HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(All amounts in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Dec 31,<br> 2024** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 2648764 | 5464077 | 762756 |
| Restricted cash | 81337 | 53051 | 7406 |
| Accounts receivable, net | 1468663 | 2018350 | 281751 |
| Short-term investments | 90422 |  |  |
| Prepayments and other assets | 2233074 | 2263242 | 315936 |
| Amounts due from related parties | 318526 | 587321 | 81987 |
| **Total current assets** | **6840786** | **10386041** | **1449836** |
| **Non-current assets:** |  |  |  |
| Property and equipment, net | 4630052 | 8251958 | 1151929 |
| Intangible assets, net | 694880 | 618269 | 86307 |
| Goodwill | 4605724 | 4605724 | 642934 |
| Prepayments and other assets | 449983 | 616779 | 86100 |
| Equity investments | 234182 | 231586 | 32328 |
| Operating lease right-of-use assets | 137047 | 119350 | 16661 |
| **Total non-current assets** | **10751868** | **14443666** | **2016259** |
| **Total assets** | **17592654** | **24829707** | **3466095** |
| **LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| Accounts payable | 1877004 | 2195478 | 306477 |
| Accrued expenses and other current liabilities | 3341990 | 3966154 | 553653 |
| Short-term borrowings | 2225765 | 3129151 | 436813 |
| Income tax payable | 69219 | 82331 | 11493 |
| Amounts due to related parties | 1584199 | 1407804 | 196522 |
| Current operating lease liabilities | 61258 | 35638 | 4975 |
| **Total current liabilities** | **9159435** | **10816556** | **1509933** |
| **Non-current liabilities:** |  |  |  |
| Long-term borrowings | 1660584 | 2396554 | 334546 |
| Amounts due to related parties | 309612 | 1308158 | 182612 |
| Deferred tax liabilities | 101677 | 81283 | 11347 |
| Other liabilities | 790271 | 3103021 | 433165 |
| Non-current operating lease liabilities | 65755 | 64549 | 9011 |
| **Total non-current liabilities** | **2927899** | **6953565** | **970681** |
| **Total liabilities** | **12087334** | **17770121** | **2480614** |
| **Shareholders' equity:** |  |  |  |
| Ordinary shares | 25689 | 28483 | 3976 |
| Treasury shares | (105478) | (79316) | (11072) |
| Additional paid-in capital | 18940885 | 21188250 | 2957766 |
| Statutory reserves funds | 32001 | 32001 | 4467 |
| Accumulated deficit | (14291957) | (15063348) | (2102762) |
| Accumulated other comprehensive income | 566900 | 617830 | 86246 |
| **Total Kingsoft Cloud Holdings Limited shareholders' equity** | **5168040** | **6723900** | **938621** |
| Non-controlling interests | 337280 | 335686 | 46860 |
| **Total equity** | **5505320** | **7059586** | **985481** |
| **Total liabilities, non-controlling interests and shareholders' equity** | **17592654** | **24829707** | **3466095** |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(All amounts in thousands, except for share and per share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Revenues:** |  |  |  |  |  |  |  |
| Public cloud services | 1234542 | 1353479 | 1625309 | 226884 | 2421912 | 2978788 | 415823 |
| Enterprise cloud services | 657238 | 616498 | 723918 | 101055 | 1245400 | 1340416 | 187115 |
| Others | - | - | - | - | 152 | - | - |
| **Total revenues** | **1891780** | **1969977** | **2349227** | **327939** | **3667464** | **4319204** | **602938** |
| Cost of revenues | (1573433) | (1651671) | (2010370) | (280637) | (3055864) | (3662041) | (511201) |
| **Gross profit** | **318347** | **318306** | **338857** | **47302** | **611600** | **657163** | **91737** |
| **Operating expenses:** |  |  |  |  |  |  |  |
| Selling and marketing expenses | (125708) | (144338) | (131996) | (18426) | (242460) | (276334) | (38575) |
| General and administrative expenses | (266249) | (181999) | (339563) | (47401) | (484944) | (521562) | (72807) |
| Research and development expenses | (203959) | (226170) | (194285) | (27121) | (435922) | (420455) | (58693) |
| **Total operating expenses** | **(595916)** | **(552507)** | **(665844)** | **(92948)** | **(1163326)** | **(1218351)** | **(170075)** |
| **Operating loss** | **(277569)** | **(234201)** | **(326987)** | **(45646)** | **(551726)** | **(561188)** | **(78338)** |
| Interest income | 9945 | 4946 | 11520 | 1608 | 18315 | 16466 | 2299 |
| Interest expense | (59414) | (82897) | (124669) | (17403) | (110480) | (207566) | (28975) |
| Foreign exchange (loss) gain | (6999) | 9051 | (39526) | (5518) | (49736) | (30475) | (4254) |
| Other (loss) gain, net | (7829) | 3244 | 1620 | 226 | (16036) | 4864 | 679 |
| Other (expense) income, net | (4961) | (7012) | 23522 | 3284 | (16151) | 16510 | 2305 |
| **Loss before income taxes** | **(346827)** | **(306869)** | **(454520)** | **(63449)** | **(725814)** | **(761389)** | **(106284)** |
| Income tax (expense) benefit | (6891) | (9241) | (2343) | (327) | 8480 | (11584) | (1617) |
| **Net loss** | **(353718)** | **(316110)** | **(456863)** | **(63776)** | **(717334)** | **(772973)** | **(107901)** |
| Less: net (loss) profit attributable to non-controlling interests | (542) | (2184) | 602 | 84 | (4748) | (1582) | (221) |
| **Net loss attributable to Kingsoft Cloud Holdings Limited** | **(353176)** | **(313926)** | **(457465)** | **(63860)** | **(712586)** | **(771391)** | **(107680)** |
| **Net loss per share:** |  |  |  |  |  |  |  |
| Basic and diluted | (0.10) | (0.08) | (0.11) | (0.02) | (0.20) | (0.20) | (0.03) |
| **Shares used in the net loss per share computation:** |  |  |  |  |  |  |  |
| Basic and diluted | 3649307331 | 3728092123 | 4009119198 | 4009119198 | 3632583338 | 3869381978 | 3869381978 |
| **Other comprehensive (loss) income, net of tax of nil:** |  |  |  |  |  |  |  |
| Foreign currency translation adjustments | (530) | 7744 | 43174 | 6027 | 20174 | 50918 | 7108 |
| **Comprehensive loss** | **(354248)** | **(308366)** | **(413689)** | **(57749)** | **(697160)** | **(722055)** | **(100793)** |
| Less: Comprehensive (loss) income attributable to non-controlling interests | (570) | (2200) | 606 | 85 | (4817) | (1594) | (223) |
| **Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders** | **(353678)** | **(306166)** | **(414295)** | **(57834)** | **(692343)** | **(720461)** | **(100570)** |

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**KINGSOFT CLOUD HOLDINGS LIMITED**

**RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for percentage)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Gross profit** | **318347** | **318306** | **338857** | **47302** | **611600** | **657163** | **91737** |
| Adjustments: |  |  |  |  |  |  |  |
| – Share-based compensation expenses (allocated in cost of revenues) | 5076 | 9365 | 11712 | 1635 | 10890 | 21077 | 2942 |
| Adjusted gross profit (Non-GAAP Financial Measure) | 323423 | 327671 | 350569 | 48937 | 622490 | 678240 | 94679 |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for percentage)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** |
| **Gross margin** | **16.8%** | **16.2%** | **14.4%** | **16.7%** | **15.2%** |
| **Adjusted gross margin (Non-GAAP Financial Measure)** | **17.1%** | **16.6%** | **14.9%** | **17.0%** | **15.7%** |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for percentage)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net Loss** | **(**353718)** | **(316110)** | **(456863)** | **(63776)** | **(717334)** | **(772973)** | **(107901)** |
| Adjustments: |  |  |  |  |  |  |  |
| – Share-based compensation expenses | 45649 | 134611 | 116856 | 16312 | 149244 | 251467 | 35103 |
| – Foreign exchange loss (gain) | 6999 | (9051) | 39526 | 5518 | 49736 | 30475 | 4254 |
| Adjusted net loss (Non-GAAP Financial Measure) | (301070) | (190550) | (300481) | (41946) | (518354) | (491031) | (68544) |
| Adjustments: |  |  |  |  |  |  |  |
| – Interest income | (9945) | (4946) | (11520) | (1608) | (18315) | (16466) | (2299) |
| – Interest expense | 59414 | 82897 | 124669 | 17403 | 110480 | 207566 | 28975 |
| – Income tax expense (benefit) | 6891 | 9241 | 2343 | 327 | (8480) | 11584 | 1617 |
| – Depreciation and amortization | 305304 | 421901 | 591021 | 82503 | 528450 | 1012922 | 141398 |
| Adjusted EBITDA (Non-GAAP Financial Measure) | 60594 | 318543 | 406032 | 56679 | 93781 | 724575 | 101147 |
| – Gain on disposal of property and equipment |  | (2110) | (5708) | (797) | (23821) | (7818) | (1091) |
| Excluding gain on disposal of property and equipment, normalized Adjusted EBITDA | 60594 | 316433 | 400324 | 55882 | 69960 | 716757 | 100056 |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for percentage)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Operating loss** | **(277569)** | **(234201)** | **(326987)** | **(45646)** | **(551726)** | **(561188)** | **(78338)** |
| Adjustments: |  |  |  |  |  |  |  |
| – Share-based compensation expenses | 45649 | 134611 | 116856 | 16312 | 149244 | 251467 | 35103 |
| – Amortization of intangible assets | 43415 | 43781 | 43751 | 6107 | 86932 | 87532 | 12219 |
| Adjusted operating loss (Non-GAAP Financial Measure) | (188505) | (55809) | (166380) | (23227) | (315550) | (222189) | (31016) |
| – Gain on disposal of property and equipment |  | (2110) | (5708) | (797) | (23821) | (7818) | (1091) |
| Excluding gain on disposal of property and equipment, normalized Adjusted operating loss | (188505) | (57919) | (172088) | (24024) | (339371) | (230007) | (32107) |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for percentage)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2024** | **Jun 30,<br> 2025** |
| **Net loss margin** | **-18.7%** | **-16.0%** | **-19.4%** | **-19.6%** | **-17.9%** |
| **Adjusted net loss margin (Non-GAAP Financial Measure)** | **-15.9%** | **-9.7%** | **-12.8%** | **-14.1%** | **-11.4%** |
| **Adjusted EBITDA margin (Non-GAAP Financial Measure)** | **3.2%** | **16.2%** | **17.3%** | **2.6%** | **16.8%** |
| **Normalized Adjusted EBITDA margin** | **3.2%** | **16.1%** | **17.0%** | **1.9%** | **16.6%** |
| **Adjusted operating loss margin (Non-GAAP Financial Measure)** | **-10.0%** | **-2.8%** | **-7.1%** | **-8.6%** | **-5.1%** |
| **Normalized Adjusted operating loss margin** | **-10.0%** | **-2.9%** | **-7.3%** | **-9.3%** | **-5.3%** |

---

**KINGSOFT CLOUD HOLDINGS LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

**(All amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun 30,<br> 2024** | **Mar 31,<br> 2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
| **Net cash generated from (used in) operating activities** | **151169** | **(418390)** | **1460134** | **203827** |
| **Net cash used in investing activities** | **(654829)** | **(490393)** | **(887832)** | **(123937)** |
| **Net cash generated from financing activities** | **523950** | **549998** | **2552561** | **356324** |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14646) | 15028 | 5921 | 827 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 5644 | (343757) | 3130784 | 437041 |
| Cash, cash equivalents and restricted cash at beginning of period | 2090760 | 2730101 | 2386344 | 333121 |
| **Cash, cash equivalents and restricted cash at end of period** | **2096404** | **2386344** | **5517128** | **770162** |

---

## Exhibit 99.2

**Exhibit 99.2**

**Kingsoft Cloud Announces Senior Management Changes**

Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced that the Board appointed Ms. Yi Li to serve as the Chief Financial Officer of the Company, effective immediately.

Ms. Yi Li is currently the acting chief financial officer, a vice president and the finance director of Kingsoft Corporation Limited (HKEX: 3888). She joined Kingsoft Corporation Limited in 2007 and since then has been responsible for Kingsoft Corporation Limited's financial affairs. Prior to joining Kingsoft Corporation Limited, Ms. Li engaged in consulting and auditing work in accounting firms. Ms. Li possesses extensive management experience in comprehensive financial management, investment and financing management and financial organization capability building. Ms. Li holds a master's degree and is a member of the Association of Chartered Certified Accountants.

**<u>Safe</u>** **<u>Harbor Statement</u>**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud's strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud's goals and strategies; Kingsoft Cloud's future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud 's business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud's ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China's political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**<u>About</u>**  **<u>Kingsoft Cloud Holdings Limited</u>**

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: <u>http://ir.ksyun.com.</u>

**For investor and media inquiries, please contact:**

Kingsoft Cloud Holdings Limited

Nicole Shan

Tel: +86 (10) 6292-7777 Ext. 6300

Email:<u>ksc-ir@kingsoft.com</u>