Jinshan Cloud (KC.US, 03896.HK) Q2 revenue of 2.35 billion yuan AI strategy activates new space for business growth

The Zhitong Finance App learned that on August 20, Jinshanyun (KC.US, 03896.HK) released financial results for the second quarter of 2025. During the quarter, AI had a positive impact on the main business, driving strong growth in the company's overall performance. Financial reports show that Jinshan Cloud's Q2 revenue was 2.35 billion yuan, up 24.2% year on year; among them, public cloud achieved revenue of 1.63 billion yuan, up 31.7% year on year, and industry cloud achieved revenue of 720 million yuan, up 10.1% year on year; adjusted EBITDA increased 570.1% year on year to reach 410 million yuan; adjusted EBITDA rate reached 17.3%, up 14.1 percentage points year on year.

As the only strategic cloud platform for Xiaomi Jinshan Ecology, the company grasps the huge needs of ecological customers and achieves a win-win situation with the ecosystem. This quarter, the revenue of Xiaomi and Jinshan Ecosystem reached 630 million yuan, an increase of 69.5% over the previous year, and their share of revenue increased further to 26.8%. In the first half of this year, revenue from Xiaomi Jinshan Ecology reached 1.13 billion yuan, or 40% of the total amount of connected transactions in 2025. Thanks to the business opportunities that Xiaomi Jinshan Ecosystem continues to grow, the cooperation between Jinshan Cloud and ecological enterprises will be further deepened.

Self-developed product power soars, AI growth continues to accelerate

In the AI era, Jinshan Cloud uses basic clouds and intelligent computing clouds as anchors to comprehensively upgrade product capabilities around AI to help customers accelerate the implementation of AI applications. While deepening cooperation with existing customers, the company is expanding AI inference applications for many Internet customers, and the intelligent computing cloud business is progressing steadily. Thanks to this, AI bill revenue reached 730 million yuan, an increase of more than 120% over the previous year, and the share of public cloud revenue climbed to 45%.

At the basic cloud level, various new products were released to meet the performance and stability requirements of customers in actual business scenarios. This quarter, the ninth-generation cloud server X9a and C9a were officially released. The multi-core and high-frequency dual-model combination was launched to meet the needs of diverse computing scenarios; the block storage ESSD AutoPL product form was launched, and performance levels can be customized according to actual business needs to meet small capacity and high throughput business scenarios; object storage KS3 added redundancy capabilities in the same city to provide computer room-level disaster recovery capabilities.

At the intelligent computing cloud level, the Jinshan Yunxingliu platform provides industry data sets, simulation services, and online model services, which can achieve full life cycle management of data processing tasks, and supports data synchronization across storage sources (KPFS and KS3); the newly released cloud-native AI kit uses container services as a base and provides out-of-the-box components such as heterogeneous resource management, AI load scheduling, asset acceleration, intelligent operation and maintenance, and resource observation, which can provide full-link service support in large model scenarios.

In response to the digital intelligence upgrade of government enterprises, the Jinshan Cloud Galaxy Platform V3.2.1 fully embraces localization and further enhances the “one cloud multi-core” capability. The upgraded Galaxy platform not only improves storage performance, but also realizes integrated deployment in gateway node services, which can save 50% of gateway node costs. With comprehensive capabilities in product functionality, compatibility, security and stability, the Jinshan Cloud Galaxy Platform has won two authoritative certifications: “Cybersecurity Special Product Security Inspection Certificate” and “Information Technology Product Compatibility Certificate (Xinchuang Edition)”.

Industry implementation accelerates the release of AI application value

Relying on the fully upgraded basic cloud and intelligent computing cloud, Jinshan Cloud continues to serve customers in vertical fields, and works with customers to explore the implementation of AI applications in government enterprises, medical care, etc., to help them improve quality and efficiency.

Based in Beijing, Wuhan, and Zhuhai, Jinshan Cloud focuses on the integration of cloud digital intelligence to comprehensively promote government cloud and state-owned cloud services. This quarter, Jinshanyun continued to provide services to more than 50 government offices and hundreds of business systems in Beijing, including housing, construction, and water affairs, and signed more than 10 new customers, including the Beijing Municipal Library and the Beijing Water Resources Research Institute. Aiming at the “AI+ Government Office” scenario, Jinshan Cloud and Jinshan Office officially released the Jinshan Government AI all-in-one machine to provide customers in the party and government office field with an “out-of-the-box” intelligent document writing model application.

In the field of digital health, Jinshan Cloud continues to advance the “Five Major Models”, and benchmark cases continue to emerge. Following delivery of the Jinshanyun KDX data center in Changchun for disease control, it also won the bid for the Changchun National Health Information Platform project, which will rely on top-level planning capabilities, global data governance capabilities, technical infrastructure capabilities, business service governance capabilities and AI capabilities to help Changchun City achieve health big data connectivity; it won the bid for the Southern Medical University Pearl River Hospital Data Lake Project to build a big data governance base for the hospital based on the Jinshanyun KDX development and management integrated platform to build a big data governance base for the hospital. At the same time, the company used cloud-native technology and platforms to help Zhongnan Hospital of Wuhan University upgrade the HIS system and bring the entire hospital online. The high-frequency transaction performance of the new system improved by more than five times compared to before the upgrade.

In terms of enterprise services, relying on regional cloud platform construction capabilities driven by AI and big data, the company signed a strategic cooperation agreement with Telaidian, a leading operator of new energy charging networks. The two sides will carry out in-depth cooperation at the level of construction and operation of a comprehensive urban energy management cloud platform. In addition, the company won the bid for a major state-owned bank credit reporting automation project to help it realize the whole process intelligence and help improve grassroots work efficiency by 30%.

Zou Tao, Vice Chairman and CEO of Jinshan Cloud, said, “AI injects new momentum into the development of cloud computing, while cloud computing supports the rapid development and application of AI model capabilities. We will continue to cultivate the Xiaomi Jinshan ecosystem and high-quality external customers using the comprehensive capabilities we have accumulated over the past two years to embrace AI strategies, and continue to create value for our customers, shareholders, employees and other stakeholders.”