A：The conference call is for discussing金山云2025年第三季度业绩，回答参与者的问题，并提供同声传译服务。

A：The key speakers at the conference call include the Vice Chairman and CEO, Mr. Zhou Tao, and Ms. Li Yi, who will review business strategies, operations, and other company highlights, followed by Ms. Li discussing financial performance.

A：The forward-looking statements are based on management's current expectations and market conditions, and they indicate potential future events that involve known or unknown risks and uncertainties, which may cause the company's actual results to differ from those projected.

A：During the conference call, financial figures mentioned are denominated in RMB, with the company's Q3 revenue reaching 24.8 billion RMB, representing a同比增长率 of 31% from the previous quarter. The call also highlighted that the revenue from public cloud and industry cloud both实现了同环比增长，其中公有云同比增长49%达到17.5亿人民币，而智算云业务本季度智能云账单收入达7.8亿人民币，同比增长近120%。

A：In the latest quarter, the company's adjusted gross profit margin was 390 million RMB, a year-on-year growth of 28%. The adjusted operating profit margin achieved a turnaround to profit, reaching 45.36 million RMB, and the adjusted net profit for the first time in history achieved a profit of 828.73 million RMB. The company balanced income growth and profit improvement, achieving significant scale effects while also strengthening cost and expense control.

A：Revenue from the 'xiao mian kings' ecosystem grew by 84% year over year to reach RMB 691 million in the latest quarter, and it contributed to 28% of the total revenue from January to September 2025. The cumulative revenue from the 'xiao mian kings' ecosystem for the period reached RMB 1.82 billion.

A：In the third quarter of 2025, public cloud revenue reached 1.75 billion yuan, a year-on-year increase of 49%, maintaining strong growth momentum. We successfully supported the large-scale training and inference needs of many top clients in the Internet industry, providing high-quality, high-performance, high-stability, and high-efficiency cloud computing services. In particular, in the demand for generative artificial intelligence and Internet enterprises, we provided stable training and inference services, made progress in customer expansion and ecological collaborative sales, provided high-quality services to clients such as Xiaomi and Kingsoft, while enhancing the underlying resources and rapid response capabilities of ecological customers. In the industry cloud sector, revenue reached 730 million yuan this quarter. We firmly believe that with the rapid iteration of artificial intelligence and intelligent industries, intelligence will evolve from model capabilities to industry solutions, empowering and reshaping thousands of industries. Kingsoft Cloud relies on its deep industry service genes, selects vertical industries and geographical advantages, and builds competitiveness for the future. For example, in the public service sector, we aim to become the preferred partner for intelligent computing inference in the government industry, and have established a government cloud platform in Qingyang, Gansu to comprehensively empower local government intelligence and digitization. In the field of digital health, we have made breakthroughs in projects involving artificial intelligence-assisted clinical scenarios for traditional Chinese medicine, not only achieving deep integration of traditional Chinese medicine theory and artificial intelligence, but also seizing the high ground in chronic disease management technology, and validating the actual value of intelligent improvement in patient quality of life and disease control rates at the clinical level. In the enterprise services field, we started with the intelligent generation of bank credit reports project, promoted the intelligent transformation of the entire credit process, and built an intelligent system covering customer access, credit report generation, loan disbursement, monitoring and early warning.

A：In the field of public cloud, this quarter the intelligent cloud has made important progress in three aspects: first, we released the Model API service, providing high availability and easy integration of model invocation and management capabilities, laying the foundation for providing diversified model service modes in the future; second, the upgrade of the model online service integrates multiple open source models and has automatic scaling capabilities, providing a high availability platform base for inference services; finally, we launched the Data Annotation and Data Set Marketplace, aiming to provide customers with full support for data flow process and help customers efficiently advance the model training process.

A：In the field of industry cloud, we have built a computing power scheduling platform, a lightweight max platform, and a generative artificial intelligence knowledge base based on private deployment scenarios. We closely integrate these with government office applications to create an intelligent product architecture that industry cloud customers can trust. In addition, through the organizational development of the research and development centers in Beijing and Wuhan, we have attracted excellent talents from all over the country and continue to strengthen our investment in the field of intelligence. As of the end of the third quarter, the number of employees in Wuhan has reached 2.8 times the number at the strategic launch. Overall, we will firmly grasp the historic opportunity brought by the Xiaomi Kingsoft ecology, continue to invest in infrastructure, focus on refining core products and solutions capability, and continuously create value for all stakeholders.

A：The company has launched a model API service, online model services, and a data annotation and data set in the marketplace.

A：The company has built a computing power scheduling platform, a lightweight mass platform, and a generative artificial intelligence knowledge base. They have also collaborated with WPS AI to build a trusted intelligent product architecture for public services use cases. Through their dual R&D centers in Beijing and Wuhan, they have attracted talent from various regions, built a talent pipeline, and maintained a sustained investment in intelligent computing.

A：Revenue from public cloud services grew by 49% year over year, adjusted growth margin rose to 16%, adjusted EBITDA margin improved to 33%, and the company turned quarterly adjusted operational and adjusted net loss into profit for the first time. These results validate the company's execution in high-quality, sustainable development and its ability to capture monetary opportunities in the intelligent cloud space.

A：The adjusted growth margin increased to 16% from 50% in the previous quarter, demonstrating a significant improvement in profitability.

A：The company successfully raised $2.8 billion in risk equity financing in September. Out of the funds raised, 8% will be allocated to further investment in air infrastructure and transfer spending to general operational needs. This funding will support the growth of the intelligent cloud business and create long-term value for all stakeholders.

A：As you mentioned, China's robot companies are in a growth environment. This year, we have already covered some robot companies in China and have seen rapid revenue growth. We believe that this growth trend will continue next year. At the same time, internet companies like ByteDance are quickly adopting our services, and we expect this to be a key factor driving revenue growth.