Thank you, operator. Hello, everyone, and thank you for joining us today.

Kingsoft Cloud's fourth quarter and fiscal year 2025 earnings release was distributed earlier today, and it is available on our IR website at ir.ksyun.com as well as on PR Newswire services. On the call today from Kingsoft Cloud, we have our Chairman and CEO, Mr.

Zou Tao; CFO, Ms. Li Yi; Senior Vice President, Mr.

Liu Tao; Senior Vice President, Mr. Tian Kaiyan; Vice President, Ms.

Wang Shuang; and Associate Vice President, Mr. Cai Xian.

Mr. Zou will review our business strategies, operations, and other company highlights, followed by Ms.

Li, who will discuss the financial performance. They will be available to answer your questions during the Q&A session that follows.

There will be consecutive interpretation. Our interpretations are for your convenience and reference purpose only.

In case of any discrepancy, management's statement in the original language will prevail. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors are included in the company's filings with the US SEC.

The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under applicable law. Finally, please note that unless otherwise stated, all financial figures mentioned during this conference call are denominated in RMB.

It's now my pleasure to introduce our Chairman and CEO, Mr. Zou.

Please go ahead.

大家好。欢迎参加金山云2025年第四季度及全年业绩电话会。我是金山云CEO邹涛。2025年初以来，全球AI行业迎来了一系列里程碑的事件。从DeepSeek时刻的普惠，到多模态SOTA模型你追我赶的极致表现，从具身智能突飞猛进跨入物理世界，到OpenClaw的自主理解执行闭环，AI正以不可阻挡之势多点进化，串联起从模型、智能体、算力到产业落地的脉络，重塑千行百业。云计算作为AI五层蛋糕的高度耦合的组成部分，正承接前所未有的庞大智算需求。2025年，金山云继续走高质量可持续发展道路，在AI浪潮中拥抱机遇，在实干中收获成长，取得了财务业绩表现和业务能力沉淀的双丰收，成绩斐然。首先，我们四季度收入达27.6亿元，再创历史新高，同比增长24%。其中，公有云同比大幅增长35%，收入达19亿元。智算业务继续发力，驱动强劲增长。四季度账单收入达9.3亿元，同比增长95%，占公有云收入比例达49%。其次，生态内外业务增长齐头并进。一方面，生态合作稳固并不断深化。本季度来自小米金山生态的收入达8亿元，同比增长63%，占总收入比例进一步提升至29%。2025年全年，我们与小米和金山关联交易逼近额度内上限，达94%。另一方面，生态外客户同样认可我们的产品服务，其占总收入比例超过70%，覆盖众多高增长行业的领军企业。我们前五大非生态客户的收入同比增长达44%，保持强劲增长势头。最后，盈利水平继续提升。本季度经调整毛利率环比提升至17.1%，经调整经营利润率2.0%，再次实现了经营层面的盈利。公司造血能力同比持续显著提升。

Hello, everyone, and thank you, and welcome to Kingsoft Cloud's fourth quarter and fiscal year 2025 earnings call. I am Zou Tao, CEO of Kingsoft Cloud.

Since the beginning of 2025, the global AI industry has reached a series of milestones, from the democratization sparked by the DeepSeek moment to the active competition among multimodal SOTA models, from the leap of embodied AI into the physical world to OpenClaw's closed-loop capabilities of understanding and execution. AI is evolving with unstoppable momentum, linking across models, agents, computing powers to industrial applications, reshaping every sector.

As a tightly integrated component of the AI five-layer cake, cloud computing is now meeting an unprecedented surge in demand for intelligent computing. This year, we stayed committed to our high-quality and sustainable development strategy, embracing the opportunities in AI era, strengthening our capabilities through solid execution.

We have delivered impressive results, achieving strong financial performance while forging lasting business strength. First, we recorded a historical high quarterly revenue, reaching RMB2.76 billion, representing a year-over-year growth of 24%, among which revenues from public cloud services increased by 35% to RMB1.9 billion.

Our intelligent computing services keep driving our growth. The gross billing of AI business reached RMB926 million, representing a 95% year-over-year and contributing 49% of our public cloud services.

Second, growth in our ecosystem and external business segments is progressing hand in hand. On one hand, our ecosystem partnerships remain strong and continue to deepen.

This quarter, Xiaomi and Kingsoft ecosystem revenue reached RMB804 million, a 63% year-over-year increase, accounting for 29% of total revenue. For the full year 2025, related party transactions with Xiaomi and Kingsoft ecosystem partners reached 94% of our annual cap, almost hitting the limit.

On the other hand, our external customers, including leading enterprises across a wide range of high-growth industries, also shown confidence in our products and services, accounting for around 70% of total revenue. Furthermore, revenue from our top five non-ecosystem customers grew by 44% year-over-year, sustaining strong growth momentum.

Last but not least, profitability continued to improve this quarter, with adjusted gross margin increasing quarter-over-quarter to 17.1% and adjusted operating margin reaching 2.0%. We have achieved operating-level profitability two quarters in a row, and our self-funding capabilities have shown sustained and significant year-over-year improvement.

下面，我向大家具体介绍2025年第四季度的业务进展。公有云方面，本季度实现收入19亿元，同比增长35%。客户角度，2025年AI能力边界不断拓展，驱动各行各业对AI的全面拥抱，使得我们的客户基础更加多元，不仅包括头部的AI企业和互联网厂商，也广泛服务车企、智驾、具身智能、金融科技等新兴行业的智算需求；不仅牢牢把握小米金山生态内多样化的业务需求，也在生态外开疆拓土，斩获商机。产品服务角度，我们持续突破集群规模上限，交付大规模智算集群服务，助力重点客户的大模型训练与爆发式的推理需求。本季度，我们交付的某头部互联网视频客户推理新集群已实现覆盖其AI业务超1亿用户；我们新签约头部互联网+的金融客户，为其提供按Token用量付费的推理场景服务，以稳定的模型及算力服务得到客户的认可。供应链角度，面对供应链市场的不确定性，我们凭借多年深耕打造的稳健供应链体系，前瞻性地进行布局，动态进行关键核心部件的备货，为我们的业务增长保驾护航。行业云方面，本季度实现收入8.6亿元，环比大幅增长18%。在人工智能+的政策驱动下，产业智能解决方案成为行业发展的主要驱动。垂直行业对于模型的专业性、在真实业务场景中的实用性，以及数据合规的高要求，也使得云服务在推进产业智能化进程中更为必要。行业云的AI推动行稳致远，不仅有万亿市场的潜力，同时对于技术推动产业的全面跃进至关重要。金山云作为有技术、有经验、有服务能力的To B领域云服务厂商，定将把握产业机遇。企业服务领域，我们实现了智算业务在高端制造核心场景的关键落地，为行业顶级的龙头企业客户在智能制造、工业视觉、AI研发提供稳定、高效的算力服务支撑。数字健康领域，我们正式发布了基于Data Agent架构的医疗智能运营管理AI应用，标志着公司医疗大数据服务完成了从数字化向智能化的范式跨越，构建了可验证、可审计的医疗数据分析新标准，支持用户以自然语言直观洞察疾病诊断、相关分组的DRG控费、营收波动等核心指标根因，真正实现了对话即分析。该平台将医院管理从事后统计升级为事前预测与事中干预，在大幅降低数据应用门槛的同时，进一步巩固了公司在医疗AI高价值场景中的技术壁垒与差异化竞争优势。在公共服务领域，本季度我们在政企智算领域与运营商进行合作，结合双方的资源与技术优势，提供长期、稳定的高性能算力集群服务，快速切入到上海等核心地区的政企智算市场。我们相信，凭借金山云在垂直行业的专业能力和企业服务的经验沉淀，行业云智算机会同样是巨大的产业机会，与公有云互联网行业协同共进。

Now, I would like to walk you through the key business highlights for the fourth quarter of 2025. In terms of public cloud services, revenue reached RMB1.9 billion this quarter, representing a year-over-year increase of 35%.

From customer perspective, in 2025, AI continued pushing its boundaries, driving industries to fully embrace it, diversifying our customer base. Beyond leading AI enterprises and internet giants, we now also serve automotive manufacturing, autonomous driving, embodied AI, and fintech sectors, et cetera.

We solidified our cooperation within the Xiaomi and Kingsoft ecosystem while capturing new external opportunities. From product and services perspective, we keep pushing the limits of cluster scale, supporting large-scale training and explosive inference demand.

Notably in this quarter, we delivered a new inference cluster for top video streaming platform, serving over 100 million users. We also secured a major fintech customer using our token-based inference service, who speak highly of our stable model and computing power services.

On supply chain front, despite market uncertainties, our well-established and resilient supply chain built through years of experience allowed us to plan ahead strategically and stock key components dynamically to ensure sustainable business growth. Now, in terms of enterprise cloud, revenue reached RMB859 million this quarter, a significant quarter-over-quarter increase of 18%.

Driven by the AI Plus policy, industrial intelligence solutions have become a key growth driver. The demand for specialized vertical models, real-world application, and strict data compliance makes cloud services more essential than ever in advancing industrial intelligence.

The AI business of enterprise cloud is paving the way for steady, long-term growth, not only representing a trillion-dollar market opportunity, but also playing a critical role in driving the technological leap across industries. As a B2B cloud service provider with solid technology, expertise, and enterprise service capabilities, we are well positioned to capture these industrial transformation opportunities.

In the area of enterprise services, we achieved key breakthroughs in high-end manufacturing industry. We provided stable and high-performance computing service to the top enterprises to support their process in intelligent manufacturing, industrial vision, and AI R&D.

In healthcare space, we launched a data agent-based AI application in healthcare intelligent operation process, marking a paradigm shift from digitalization to intelligence. This analysis-through-natural-dialogue platform enables natural language insights into DRG cost control, moving hospital management from retrospective statistics to proactive intervention.

While significantly lowering the barrier to data application, we have further solidified our technical moats and differentiated competitive advantages in high-value medical AI scenarios. In public services area, we partnered with telecom operators to provide sustainable and stable high-performance computing cluster for the public services sector, successfully entering key markets like Shanghai.

We believe that by leveraging Kingsoft Cloud's deep vertical expertise and enterprise service experience, intelligent computing opportunities in the enterprise cloud segment represent a massive industrial frontier, generating synergies with our public cloud businesses. 产业技术方面，我们正打造面向大模型训练、推理与行业智能化的高性能算力服务体系，提供从算力服务、模型训练到MaaS服务的全栈能力。我们的云服务从通用算力向智算优先、AI原生进行产品升级，助力千行百业数字化、智能化转型。我们持续围绕客户在训练和推理场景的需求进行技术能力升级，旨在为客户提供稳定的、高效、易用的智算服务。本季度，星流平台的大模型应用服务进一步升级，推出了MCP广场、Prompt优化、AI搜索能力，助力企业通过平台化方式实现Agent的开发落地，逐步构建以Agent运行支撑为核心的全新生态。对于行业云客户私有化部署的智算场景，我们的银河云平台能够支撑异构GPU管理、RoCE网络、容器智能调度等能力，全栈国产化深度适配，深度赋能垂直行业的智能化转型。站在时代的新起点上，展望未来，无限的可能令我们备感兴奋。金山云会继续走高质量可持续发展的道路，坚定并拥抱AI战略机遇，顺势而为，攻坚实干，打磨和沉淀核心产品技术解决方案能力，牢牢把握和深耕生态内外巨大的商机，精细化算力资产运营管理，进而不断提高盈利能力，为客户、股东、员工和社会创造更大的价值。接下来有请公司CFO李懿为大家介绍四季度及全年的财务业绩，谢谢。

In terms of products and technology, we are building a next-generation computing services system for LLM training, inference, and industrial intelligence, offering full-stack capabilities from computing services to Model-as-a-Service. Our technology upgrades from basic cloud computing to an AI-first, AI-native cloud architecture, contributing to digital and intelligent transformation across sectors.

We focus on the technology catering to model training and inference scenarios, aiming to provide highly stable, highly efficient, and ready-to-use intelligent computing services. This quarter, our StarFlow platform keep upgrading with the launch of MCP, aka Model Context Protocol Hub, prompt optimization, and AI search features to help enterprises develop and deploy AI agents through a unified platform, gradually building a new ecosystem centered around agent-based operations.

For enterprises with private deployment demands, our Galaxy Stack provide heterogeneous GPU management, RoCE network, and intelligent container scheduling capabilities. We also feature full-stack localization with indigenous adaptations to empower intelligent transformation across verticals.

Standing at a new starting point, looking ahead, we're truly excited by the limitless possibilities that lie before us. We will remain committed to our high-quality and sustainable development strategy by embracing the immense opportunities presented by the AI era, developing along with the industries, and refining our core technologies.

We will continue to capture the market opportunities both within and beyond our ecosystem, optimizing the operation of our assets to enhance profitability, and thereby create value for our customers, shareholders, employees, and society. I will now pass the call to our CFO, Ms.

Li Yi, to go over our financials for the fourth quarter and fiscal year 2025. Thank you.

Thank you, Mr. Zou.

Thank you all for joining the call today. Before we walk through the details of financial results for the fourth quarter and fiscal year 2025, I would like to highlight the following aspects.

First, our revenue has achieved record high, 2,761 million this quarter, representing a year-over-year growth rate of 24%. Within that, revenue from public cloud services was 1,902 million, increased by 35% from 1,410 million in the same quarter last year.

Unprecedented explosive demand for AI business drove a 95% year-over-year billing growth, which totaled 926 million. Second, profitability has seen substantial improvement.

Driven by shift in our revenue structure, our adjusted gross margin continued its upward trend, went to 17% from 16% in the previous quarter. Adjusted EBITDA margin reached 28%, up 12% points from 16% in the same quarter last year, though down from 33% last quarter.

The year-over-year growth was fueled by a large contribution from AI-related business, while depreciation represents the primary cost component. The sequential decrease was mainly due to a non-recurring subsidy received last quarter, which established a high baseline.

Notably, we have achieved adjusted operating profit for two consecutive quarters, reaching 55 million this quarter, which was a 2% margin. This result validate our ability to monetize intelligent cloud opportunities and our strategic focus on high-quality enterprise services.

Third, our cash and cash equivalent achieved 6,018 million, strengthening our ability to further support the investment into AI business. Now, I will walk you through our financial results for the fourth quarter of 2025.

This quarter, total revenue were 2,761 million. Of this, revenues from public cloud services were 1,902 million, up 35% from 1,410 million in the same quarter last year.

Revenues from enterprise cloud services reached 859 million during this seasonally strong quarter, which was characterized by high volume of project completion. Total cost of revenues was 2,296 million, up 27% year-over-year, which was mainly due to our investment into infrastructure to support intelligent cloud business growth.

IDC costs increased by 13% year-over-year from 721 million to 812 million this quarter. The increase was mainly due to the increasing lease of racks, which serve the expanding AI business.

Depreciation and amortization costs increased from 323 million in the same quarter of 2024 to 741 million this quarter. The increase was mainly due to the depreciation of newly acquired and leased servers and network equipment, which were mainly allocated to our AI business.

Solution development and service costs increased by 15% year-over-year from 557 million in the same quarter of 2024 to 642 million this quarter. The increase was mainly due to the solution personnel expansion.

Fulfillment costs and other costs were 40 million and 61 million this quarter. Our adjusted gross margin for the quarter was 471 million, increased 10% year-over-year and 20% quarter-over-quarter.

It was mainly due to the expansion of our revenue scale, the enlarged contribution from AI business, and the cost control over IDC racks and servers. Adjusted gross margin increased from 16% last quarter to 17% in this quarter, which was mainly due to the high contribution from enterprise cloud.

On the expense side, excluding share-based compensation costs, our total adjusted operating expenses were 459 million, increased by 3% year-over-year and increased 9% quarter-over-quarter. Of which, our adjusted research and development expenses were 181 million, increased by 7% from same quarter last year.

Adjusted selling and marketing expenses were 111 million, increased by 3% year-over-year. Adjusted general and administrative expenses were 168 million, decreased 1% year-over-year.

Our adjusted operating profit was 55 million, increased by 124% from adjusted operating profit of 24 million in the same period last year. The improvement was mainly due to the expansion of our revenue scale and gross profit, as well as the expense control.

The total expense as a percentage of revenue keeps decreasing. Adjusted operating profit margin increased from 1% in the same period last year to 2% this quarter.

Our Non-GAAP EBITDA margin was 785 million, increased by 118% from 360 million in the same quarter last year. Our Non-GAAP EBITDA margin achieved 28%, compared with 16% in the same quarter last year.

It was mainly due to our strong commitment to AI cloud computing development, strategic adjustment of business structure, strict control over costs and expenses. This quarter, our capital expenditure, including those financed by third parties and right-of-use assets obtained in exchange for finance lease liabilities, were 496 million.

For the full year 2025, our total revenue achieved 9,559 million, increased by 23% from 7,784 million in 2024. Among which, revenues from public cloud services was 6,634 million, increased by 33% year-over-year.

Revenues from enterprise cloud services were 2,925 million, increased by 5% year-over-year. Adjusted gross profit was 1,542 million, increased by 14% from 1,358 million last year.

Adjusted gross margin was 16%, decreased from 17% last year, which was mainly due to the high cost for servers and other hardware equipment. Adjusted operating loss was 152 million, narrowed significantly from 431 million.

Adjusted operating profit margin was -1.6%, narrowed from -5.5% last year. Adjusted EBITDA profit was 2,336 million, increased by 266% from 639 million last year.

The adjusted EBITDA margin was 24%, improved by 16% from 8% last year. Looking ahead, we aim to capitalize on the explosive growth in demand by further investing in infrastructure, enhancing service stability, managing liquidity risk, and improving operating efficiency.

We remain focused on AI-driven strategy, providing customers with high value-added cloud services. That's all for the introduction of our operational and financial results.

Thank you all.

Thank you, operator. This concludes our prepared remarks.

We are now happy to take your questions. Please ask your question in both Chinese and English, if possible.

Operator, please go ahead. Thank you.

邹总、李总晚上好，感谢接受我的提问。那首先也是恭喜公司获得非常好的一个四季度业绩。那我这边有两个问题，首先第一个问题是关于这个小米的大模型，最近他们也推出了MiLM-V2的系列模型，获得了市场好评。那怎么看我们在小米AI战略中的一个角色和定位，然后未来围绕小米加金山系的服务会有什么样的一个策略？然后第二个问题是关于这个行业的一个涨价趋势的。那其实我们最近看到行业里面有一些其他的云服务商也在有一些提价的动作，那公司是否已经这个调整AI算力服务的价格，或者有没有相关的一个涨价的那个计划？然后其中这个涨价的话，有多少是这个需求来传导的，有多少是上游采购成本传导的？我快速翻译一下。Good evening, Mr. Zou and Ms.

Li. Thanks for taking my questions, and congrats for the very good 4Q results.

I have two questions here. First, Xiaomi recently launched the MiLM-V2 series models, which have received positive market feedback.

How should we view our role and positioning within Xiaomi's AI strategy, and what strategies will be implemented around Xiaomi and Kingsoft service going forward? Secondly, how does the management view the current pricing uptrend in the cloud service industry?

Has the company already adjusted prices for AI computing services, or are there any related plans in place? To what extent are those price adjustments driven by demand, or driven by the upstream procurement cost pass-through?

Thank you.

立平好，我第一个问题我先回答啊，然后第二个刘涛你来讲讲，好吧？结合行业涨价的趋势谈谈我们的策略。其实第一个问题呢，我记得是24年的8月份的类似的一个会吧，因为我们24年8月份整个小米金山体系我们开了一个战略研讨会。我其实那个时候我谈的其实就是说，叫做小米金山的AI方阵。我也明确讲到过，金山体系不会自己去做大模型，但是小米一定会做。随着去年25年吧，包括今年，应该说去年年底MiLM的V2版本以及最新的Pro版本陆续发布以及表现吧，这其实是是把我们24年整个战略的具体落地，对。所以呢就是，这是立平这个问题我先把这个背景说一下啊。你谈到未来随着V2这个Pro的发布以及它的性能得到大家认可，就是未来整个在小米金山这个什么总策略，其实我觉得这个大的策略没有变，对。对于金山云来讲呢，其实我去年在内部也也非常明确的跟大家谈过，我说这个包括去年也是差不多这个时候吧，我们3月份我们就谈过，我说训练由训练时代逐渐走向推理。对，这是25年。我觉得今年反正这个OpenClaw一出来，我就估计这个已经没人再去质疑了啊。其实实际上金山云在去年我们7月份全会上我们就谈过这个策略，因为我们知道小米的模型训练的进度，我们就谈了，就叫所谓的一加N的对于金山云啊。就是我们在未来要基于，这个一就是指小米的这个模型，N呢当然这个其它无论是开源的还是战略合作伙伴的，对吧，我们作为一个中立的云厂商，实际上我们的星流平台都接了，能接的各种模型都接了，但是这个一加N是关键。这个一指的就是说，无论模型未来如何演变，开源闭源或者一家三家，反正就是我们这个一指的就是小米这个模型。这个是我们整个整个整个这个小米金山系的这个阵眼吧，对。所以未来也是围绕这个。当然内部的这个小米，我们一方面服好小米金山内部的软硬件生态，同时对外也会输出我们整个服务能力，MaaS能力吧，好吧？所以简单讲呢，24年我们在战略研讨会两边就对整个未来这几年的AI发展呢做了战略蓝图的规划。然后随着这个进展吧，这些逐步逐步在落实。未来依然是对金山云来讲就是以一加N为基础，我们在不仅是在训练时代服好这些内外客户，未来在推理时代也会基于一加N这个核心框架吧，去做好这个推理服务，好吧？这就是整个第一个问题的这个比较宏观的回答吧。要不先翻译一下第一个，好吧？

The answer comes from our CEO, Mr. Zou Tao.

A little bit of the background. Back in 2024, I think that was in August, we had a internal discussion around the development of AI and the models for the whole Xiaomi and Kingsoft ecosystem.

The idea was that the whole Xiaomi and Kingsoft ecosystem will form a team or portfolio of solutions for the whole system, where Kingsoft will stay disciplined and not really developing our own large language models, which is left for Xiaomi to develop. The MiLM model and its widely recognized performance is actually an implementation and manifestation of our overall AI strategy within the Xiaomi and Kingsoft ecosystem.

Secondly, back in 2025, one year later from the internal discussion session, from KC perspective, we formed a strategy that's called a 1+N. The one here actually refers to the Xiaomi MiLM model, which is the key to KC's inference strategy.

In the future, we will continue to adhere to this strategy, which essentially means that within the ecosystem, we will continue to serve the Xiaomi and Kingsoft ecosystem. For external customers, we will also try to monetize our Model-as-a-Service capabilities, thereby not only in the training area that we're able to make our revenue and profits, but also make our contribution in the inference era that is approaching.

Thank you. 好，第二个问题我来回答啊。首先从去年的三季度开始，我们预测到了核心器件的大幅度涨幅，所以提前做了一些储备，这个呢给我们今年去应对这个涨价提供了定这个基础。所以呢对于客户的涨价来说，我们实际上是分两个原则来看。一个是我们的已有的合同，已有的资源，这部分呢我们是不会给客户涨价的。同时呢在我们的能力范围内，如果客户有略微的增长，我们也会保持不涨价。但是对于新签的合同，对于新进的客户，以及客户的显著的大幅度增量，我们会跟客户协商新的价格。那么所以肯定会有价格的显著上涨，而且其实涨幅可能会比较大。另一方面呢就是从利润率的角度来看呢，一方面我们是由于上游的涨价传导过来，我们会把涨价的幅度传导给客户；另一方面呢，因为市场供给的需求变得更加的大，所以呢我们可能会在传导这个上游价格的基础上，也会再增加额外的价格，以体现我们的利润增长。好，就这些信息。

The answer comes from our SVP, Mr. Liu Tao.

A little background again. In the Q3 last year, we have anticipated the significant pricing increase from the supply chain side, and therefore, we have dynamically and strategically stocked up some of the key components.

We were actually prepared for what's unfolding today. Now, in terms of the price hikes that you were asking, we stick to two principles.

Number one, for some of the customers and business where we already have contract in place, and where we have the stocking of the underlying resources, we tend to not increase the pricing. However, for some of the new customers, new contracts, especially with significant increase of usage, there's going to be significant price hiking in this kind of scenarios.

Now, also in terms of profitability, one thing is that we will actually try to pass through some of the upstream costs increases to our customers. Secondly, depending on the demand, right, we also try to increase some of the price to reflect and increase our profit.

Thank you.

Operator, next question, please.

喂，邹总、李总，大家晚上好。感谢给我这个提问的机会，首先恭喜公司非常强劲的业绩啊。我这边有两个问题想请教一下。首先第一个是关于近期也是看到行业的头部云厂商在业绩会上也是表示，云业务会从传统的租赁模式更多的去转向这个MaaS的模式。那我们金山云会采取类似的战略吗？我们怎么去看待这个变化对行业竞争格局以及远期的利润率的影响呢？这个是第一个问题。那第二个问题是关于也是关于行业这个竞争格局的问题啊，因为我们看今年这个字节的火山引擎在整个行业涨价的情况下还是采取相对比较低价的一个策略，那我们是怎么看这个方面对我们的影响呢？我很快翻译一下这个问题啊。The first question is that some of our peer cloud service partners have announced they will shift their cloud business more towards the MaaS approach from the traditional server rental, and also the subscription model. Will KC adopt a similar strategy, and how do you view the impact of this trend on industry competition and long-term profit margins?

The second question is regarding the impact from the ByteDance Volcano Engine. It is adopting a relatively low price strategy, and how do we view the impact on the industry and also on potentially our business?

Thank you.

我先回答一下啊，等下看刘涛他们补充。其实你讲的第一个啊，就是我也关注到了其他的一些厂商比我们更早发布财报啊，确实谈了从租赁转向MaaS。但我觉着这个不是一个什么新鲜的词吧啊，这本身就是大模型发展的一个一个一个一个趋势吧。从刚开始训练，对吧，就没没有，然后随着这几年训练这个模型能力的增强，尤其是这个各种应用的出现啊，就是它真的在一个具体场景下大家体会到了它本身带来的实际价值或者或者实际的作用吧。所以呢就是当然也随着模型这个训练它一方面它会持续不断的迭代啊，但基本上达到了一个可用的阶段嘛，它自然就会就会从从从训练阶段进入到这个应用阶段嘛。所以呢就这种MaaS的服务啊，这个模型技能的这种也是一个顺势而为的过程。从这点上讲呢，我们从去年就9月份测试吧，10月份正式推出了星流平台，其实也是如此，只是我们接的，因为我们是作为中立云厂商啊，反正这个能接的这个模型我们都能接进来。实际上这个这也是我们就是史上最快啊，这个增速最快的一块业务，对。所以所以我是觉着这个不是某家厂商的特殊形态了，我我觉得大家都会往这个走。包括刚才谈到的那个上一个问题，小米模型随着它的逐渐成熟，它也要转变转换成具体的高级应用，它也是一种金山云对外的为它输出的这个模型能力的，也是一种MaaS服务，好吧？所以我我简单讲就是这本身就是大模型时代发展一个顺势而为的行为，好吧？就我们我们当然我们现在一方面依然为我们的一些训练客户保驾护航，进行这个模型的训练服务，其实某种程度我们也在帮他们做MaaS服务，服务他们的MaaS服务，做我们自己我们自己的对外输出的MaaS服务，好吧？第二个呢，说实话，我觉得这个这个实事求是的讲，我倒没太关注火山引擎最近说又要搞低价这个策略啊，我没有，但你既然问到，实际上我认为这个这个现在是一个行业需求的爆发期，资源又是一个匮乏期。实际上这个所谓的低价策略，我觉得没办法去落实和执行。这个我也不认为会成为一个行业的普遍现象。对吧，反正我我我更关注到的是阿里的涨幅从10%到30%不等吧。其实是应该说自自从做云以来，我所了解的阿里第一次这个涨价。你想想过去我们一起共同这个作为友商啊，一起成长了十几年，我我我是觉着这个这个现在现在需求急剧火山喷发式的需求啊，加上这个资源本身的紧缺性，所以呢我我不认为这个会是一个真实落地的情况啊。当然这个这个刘涛可能更了解细节，你也可以补充一下，对。 对，其实这个火山这个价格这个我补充两句啊。就是官方的列表价的调整可能只是一个宣传形式，它面向的是C端的这种小型客户，但实际的成交价，我们观察到的行业里的不管是哪家厂商，在最终成交价上肯定都是有所收敛的。所以我觉得可能这个降价或者低价竞争可能更多是一个宣传性质的工作。

Okay. Regarding your question on the shifting to Model-as-a-Service strategy, we have noted some of the other peer companies who listed their results earlier than us mentioned this.

However, my view is that this is not actually some new concept. It is actually one of the inevitable stage of the development of AI as well as large language model, from the training that we do to create them to a certain phase that they become applicable and workable in our day-to-day work and life.

In relation to our own inference-related work, Model-as-a-Service work, we actually launched the StarFlow platform, as we mentioned in the prepared remarks, last year. Because we are a neutral platform, we were able to host essentially all of the open source models, including also model coming from Xiaomi, to provide Model-as-a-Service business.

Where this is essentially actually the fastest growing business in the history of the company. Actually, we talked about the Xiaomi MiLM model earlier.

The way that we're providing services for Xiaomi MiLM model is also Model-as-a-Service business. Also for some of the large language model customers that we used to and we're still providing training services to them, we also provide Model-as-a-Services business to them as well to cater to their inference needs.

Now, as to the second question about the price change for Volcano Engine, I haven't really noticed that particular piece of news. However, the general market dynamics today is that, on one hand, we're seeing explosive growth on the demand side, and we're seeing particularly high price hiking from the supply chain side.

I do not personally think that under such circumstances, changing price to a lower level would actually be implementable and applicable in the real world. Now, what I have focused more is the price hiking information from, for example, Ali Cloud.

We have been in the industry together for many years, and this is the first time that we've seen them hiking their price. Also an addition from our SVP, Mr.

Liu Tao, is that there is a difference between the catalog price and the actual price that us as cloud players and our customers engage into. The change in catalog price is more of a marketing kind of purpose, and does not necessarily mean the actual price that companies enter into business.

Thank you. Next, operator.

好，好的，感谢管理层给我提问的机会，也恭喜这个非常强劲的四季度业绩啊。那我这边可能有两条问题，那第一条可能是和财务相关吧，那想请管理层分享一下我们对于整个2026年的这个收入、EBITDA包括OP的这个展望是如何的，特别是考虑到我们25年整个的利润率有一个比较明显的提升。那另外就是对于2026年的这个CapEx资本开支我们应该是怎么去展望的。那考虑到我们现在的这个现金储备包括款的一些安排，那我们对于这个资本开支是不是会进一步提高，那这个应该是怎么去考虑，这个可能是第一问题。那第二个问题是想请教一下我们对于这个非小米部分的第三方的AI收入的这个增速，今年是怎么展望的。那我们觉得哪些产品，哪些客户我们是有一个更大的展望。那金山云对于非小米的这个第三方的AI相关的训练和这个推理的比例会是怎么样的一个展望。大概是这俩问题，我来翻译一下。Thank you, management, for taking my question, and congrats on the strong results. My first question is on your financial outlook, just wondering if you can share some color how we should think about the revenue, EBITDA, operating profit growth outlook for this year, and also on the capital expenditure plan, what is your thought and considering the balance sheet and also the prepayment from certain customers.

Do you think it's possible to further raise your CapEx plan given the rising AI demand? Secondly, it's regarding the third-party revenue in the AI outlook.

Just wondering if you can share more detail color on what specific product or what type of customers are driving the third-party AI growth, and also what is the breakdown and outlook between the mix of AI training versus AI inferences? Thank you.

All right, I will take the CapEx first. For 2026, we expect total CapEx and controlled asset to exceed RMB10 billion, representing expansion from 2025 level.

On funding structure, we expect approximately half of CapEx is targeted to be covered by customer prepayment arrangements, which will significantly reduce self-funding requirement. Additionally, we plan to access more asset through short- and long-term leases with payment structure as operating cash flows to minimize upfront capital encumbrance.

For the funding position and financing needs, we currently have no equity finance plan. 2026 capital expenditure are secured through four channels: first, proceeds from our 2025 financing; and second, customer operating receipts; and third, the strategic customer prepayment; and the fourth, the commitment credit facilities from banks and financial leasing institutions.

Incremental resource requirements will be met primarily through leasing to preserve balance sheet flexibility. For the guidance for the 2026, we expect our growth rate will accelerate, and the EBITDA rate will improve, but better in 2026 as well.

好，我来回答一下第二个问题啊，关于这个非小米收入的增长的问题。首先可以看到我们刚刚公布的财报里，在过去的一个季度里，我们的非小米的业务的增长速度大概是同比增长了44%。实际上就是有非常旺盛的非小米的业务的增长需求，主要来自于我们今天刚才邹总提到的几个领域，我们的互联网客户的自动驾驶和机器人领域的业务增长。这是过去啊。再从今天或者我们来看展望来看，到2026年，我们看到的非小米的需求是极度的大，可能从总需求规模上来说是显著大于小米需求。当然这也跟我们能够满足其中多少比例有关系。所以我们认为在2026年的非小米的业务的增长可能还会非常的快。至于有多快，也看我们最终能拿到多少的资源去给客户做交付啊。所以从产品角度来看呢，一方面是算力，这个算力里面呢我们认为可能有超过一半的算力需求会来自于推理的需求，给推理做应用的需求。另一方面呢就是我们今天提到的星流产品，我们的Token产品，目前看到了极度快速的增长，尤其在过去的小龙虾爆发以来的这一个月不到一个月的时间里啊。所以我们预测星流产品呢今年会有一个显著的增长，并且这个产品的毛利率水平也会高于我们传统的智算的产品。从客户来讲呢，就是各种各样的模型公司的这个推理需求的外溢，包括大厂的推理需求的外溢，以及对应的这个训练啊。然后从训练推理角度呢，我们刚才已经提到了，我们预计可能今年推理的增长速度可能会更大一些。好，就这些信息。

If you look at the past results, as discussed in the prepared remarks, for the top five non-ecosystem customers combined revenue for year-over-year basis revenue growth was 44%, which is very really strong growth. Those would include internet companies, autonomous driving, and robotics.

Then in terms of looking forward into the year of 2026, we do see extremely large demand coming from outside of the ecosystem, to some extent that such demand is actually higher than the demand from our ecosystem. The final revenue or financial results coming from that demand will actually be dependent on how much resource we're able to secure and to deliver to such customers.

Now, from the perspective of products and solutions, we're actually seeing more than half of the potential demands coming in for inference versus training. Then for the StarFlow platform, which we discussed earlier, it's growing really fast for that business.

We're seeing better profit margin coming from that particular business. This is a result, of course, from the very good application and increasing penetration for agents and the core applications.

Thank you.

Thank you. Due to time constraints, this concludes our Q&A session.

Thank you once again for joining us today. If you have any other questions, please feel free to contact us.

Look forward to speaking with you again next quarter. Have a nice day.

Thank you all.