Kingsoft Cloud (NASDAQ: KC) H1 AI demand lifts revenue as loss narrows, cash falls
Rhea-AI Filing Summary
Kingsoft Cloud Holdings Limited (KC) reported strong top-line growth for the six months ended June 30, 2026, with revenues of RMB5,775.7 million, up 33.7% year-on-year, mainly from AI-related public cloud and enterprise projects. Public cloud revenue reached RMB4,353.9 million and enterprise cloud RMB1,421.8 million.
Profitability improved but remains negative. Gross profit rose to RMB812.0 million, though gross margin declined to 14.1% due to sharply higher depreciation linked to expanded AI infrastructure. Operating loss narrowed to RMB143.1 million, and net loss to RMB436.7 million, while Adjusted EBITDA jumped to RMB1,848.0 million with a 32.0% margin. The business generated RMB3,384.8 million of operating cash but spent RMB6,242.1 million on capital expenditures and leased assets, reducing cash and cash equivalents to RMB4,674.3 million and lifting the gearing ratio to 71.0%. Management bases continued operations on existing cash and available credit facilities.
Positive
- Revenue grew 33.7% year-on-year to RMB5,775.7 million, driven by AI-related public cloud and enterprise cloud demand.
- Adjusted EBITDA increased by 155.0% to RMB1,848.0 million, with margin expanding from 16.8% to 32.0%.
- Operating loss narrowed from RMB561.2 million to RMB143.1 million, and net loss shrank by 43.5% to RMB436.7 million.
- Net cash generated from operating activities rose to RMB3,384.8 million, up from RMB1,041.7 million a year earlier.
Negative
- The company still recorded a net loss of RMB436.7 million, with a net loss margin of 7.6% despite improvements.
- Gross margin declined from 15.2% to
- Capital expenditures and leased assets reached RMB6,242.1 million, contributing to a 22.3% drop in cash and cash equivalents to RMB4,674.3 million.
- The gearing ratio rose to 71.0% from 65.2%, and net current assets were only RMB120.7 million, indicating tighter balance-sheet flexibility.
Filing Explained
Net current assets were RMB120.701 million at June 30, 2026; management supported going-concern preparation with cash, restricted cash and available credit facilities.
This Form 6-K, an interim report from a foreign private issuer, reports unaudited U.S. GAAP results for the six months ended
The statements are prepared on a going-concern basis, meaning management prepared them on the assumption that operations can continue in the ordinary course. At June 30, 2026, net current assets were
The combined chair and acting-CEO arrangement is a governance change that the board says it will periodically review; the company reported no purchase, sale or redemption of its listed securities during the reporting period. Weighted-average ordinary shares used for loss per share were
Those figures are the weighted-average denominator for the loss-per-share calculation, so they show a larger share base in the reported per-share comparison, but do not by themselves establish that shares were issued during this reporting period.
Key Figures
Key Terms
Adjusted EBITDA financial
Non-GAAP gross margin financial
variable interest entities regulatory
High New Technology Enterprise regulatory
gearing ratio financial
Earnings Snapshot
FAQ
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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 2026
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 x Form 40-F ¨
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Announcement — Interim Results Announcement for the Six Months Ended June 30, 2026 |
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 | |||
| Date: August 19, 2026 | By: | /s/ Yi Li | |
| Name: | Yi Li | ||
| Title: | Chief Financial Officer | ||
Exhibit 99.1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Kingsoft Cloud Holdings Limited
金 山 云 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3896)
(Nasdaq Stock Ticker: KC)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2026
The board (the “Board”) of directors (the “Directors”) of Kingsoft Cloud Holdings Limited (the “Company”) is pleased to announce the unaudited interim consolidated results of the Company, its subsidiaries and consolidated affiliated entities (collectively, the “Group”) for the six months ended June 30, 2026 (the “Reporting Period”), together with the comparative figures for the corresponding period in 2025. These unaudited condensed consolidated financial statements for the six months ended June 30, 2026 have been prepared under generally accepted accounting principles in the United States (the “U.S. GAAP”) and reviewed by the audit committee of the Company (the “Audit Committee”).
In this announcement, “we”, “us”, and “our” refer to the Company and where the context otherwise requires, the Group.
FINANCIAL HIGHLIGHTS
| For the six months
ended June 30, | Year-on-year Change | |||||||||||
| 2025 | 2026 | |||||||||||
| RMB’000 | RMB’000 | % | ||||||||||
| Revenues | 4,319,204 | 5,775,698 | 33.7 | % | ||||||||
| Gross profit | 657,163 | 811,957 | 23.6 | % | ||||||||
| Loss before income taxes | (761,389 | ) | (415,109 | ) | (45.5 | )% | ||||||
| Net loss | (772,973 | ) | (436,697 | ) | (43.5 | )% | ||||||
| Net loss attributable to Kingsoft Cloud Holdings Limited | (771,391 | ) | (436,898 | ) | (43.4 | )% | ||||||
1
NON-GAAP FINANCIAL MEASURES
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the U.S. In evaluating our business, we have considered and used certain non-GAAP financial measures, including Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating (loss) profit, Non-GAAP operating (loss) profit 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 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 financial 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 financial measures may differ from those 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.
2
Adjusted Gross Profit and Adjusted Gross Margin (Non-GAAP Financial Measures)
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. The following tables reconcile our Non-GAAP gross profit (margin) (Non-GAAP Financial Measures) for the six months ended June 30, 2025 and 2026 to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB’000 | RMB’000 | US$’000 | ||||||||||
| Gross profit | 657,163 | 811,957 | 119,667 | |||||||||
| Adjustments: | ||||||||||||
| – Share-based compensation expenses (allocated in cost of revenues) | 21,077 | 11,161 | 1,645 | |||||||||
Adjusted gross profit (Non-GAAP Financial Measure) | 678,240 | 823,118 | 121,312 | |||||||||
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| Gross margin | 15.2 | % | 14.1 | % | ||||
| Adjusted gross margin (Non-GAAP Financial Measure) | 15.7 | % | 14.3 | % | ||||
3
Adjusted Net Loss (Margin), Adjusted EBITDA (Margin) and Adjusted Operating (Loss) Profit (Margin) (Non-GAAP Financial Measures)
We define Non-GAAP net loss as net loss excluding share-based compensation expenses and foreign exchange loss, and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We define Non-GAAP operating (loss) profit as operating loss excluding share-based compensation expenses and amortization of intangible assets, and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. The following tables reconcile our adjusted net loss (margin) (Non-GAAP Financial Measure), adjusted EBITDA (margin) (Non-GAAP Financial Measure) and adjusted operating (loss) profit (margin) (Non-GAAP Financial Measure) for the six months ended June 30, 2025 and 2026 to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB’000 | RMB’000 | US$’000 | ||||||||||
| Net Loss | (772,973 | ) | (436,697 | ) | (64,363 | ) | ||||||
| Adjustments: | ||||||||||||
| – Share-based compensation expenses | 251,467 | 119,831 | 17,661 | |||||||||
| – Foreign exchange loss | 30,475 | 19,900 | 2,933 | |||||||||
| Adjusted net loss (Non-GAAP Financial Measure) | (491,031 | ) | (296,966 | ) | (43,769 | ) | ||||||
| Adjustments: | ||||||||||||
| – Interest income | (16,466 | ) | (57,950 | ) | (8,541 | ) | ||||||
| – Interest expense | 207,566 | 320,361 | 47,215 | |||||||||
| – Income tax expense | 11,584 | 21,588 | 3,182 | |||||||||
| – Depreciation and amortization | 1,012,922 | 1,860,927 | 274,267 | |||||||||
| Adjusted EBITDA (Non-GAAP Financial Measure) | 724,575 | 1,847,960 | 272,354 | |||||||||
| – Gain on disposal of property and equipment | (7,818 | ) | (35,024 | ) | (5,162 | ) | ||||||
| Excluding gain on disposal of property and equipment, normalized Adjusted EBITDA | 716,757 | 1,812,936 | 267,192 | |||||||||
4
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB’000 | RMB’000 | US$’000 | ||||||||||
| Operating loss | (561,188 | ) | (143,109 | ) | (21,093 | ) | ||||||
| Adjustments: | ||||||||||||
| – Share-based compensation expenses | 251,467 | 119,831 | 17,661 | |||||||||
| – Amortization of intangible assets | 87,532 | 87,422 | 12,884 | |||||||||
| Adjusted operating (loss) profit (Non-GAAP Financial Measure) | (222,189 | ) | 64,144 | 9,452 | ||||||||
| – Gain on disposal of property and equipment | (7,818 | ) | (35,024 | ) | (5,162 | ) | ||||||
| Excluding gain on disposal of property and equipment, normalized Adjusted operating (loss) profit | (230,007 | ) | 29,120 | 4,290 | ||||||||
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| Net loss margin | (17.9 | )% | (7.6 | )% | ||||
| Adjusted net loss margin (Non-GAAP Financial Measure) | (11.4 | )% | (5.1 | )% | ||||
| Adjusted EBITDA margin (Non-GAAP Financial Measure) | 16.8 | % | 32.0 | % | ||||
| Normalized Adjusted EBITDA margin | 16.6 | % | 31.4 | % | ||||
| Adjusted operating (loss) profit margin (Non-GAAP Financial Measure) | (5.1 | )% | 1.1 | % | ||||
| Normalized Adjusted operating (loss) profit margin | (5.3 | )% | 0.5 | % | ||||
5
BUSINESS REVIEW AND OUTLOOK
Business Review for the Reporting Period
We continue to uphold the principle of high-quality and sustainable development and “build success based on technology and innovation”. We forge our reputation throughout the entire business process with customer centricity, while enhancing our business and operations management.
During the Reporting Period, total revenues reached RMB5,775.7 million (US$851.2 million), increased by 33.7% from RMB4,319.2 million in the same period last year. Revenues from public cloud services were RMB4,353.9 million (US$641.7 million) and revenues from enterprise cloud services were RMB1,421.8 million (US$209.5 million). Gross profit was RMB812.0 million (US$119.7 million), increased by 23.6% from RMB657.2 million in the first half of 2025. Gross margin was 14.1%, compared with 15.2% in the same period of 2025. Non-GAAP gross profit was RMB823.1 million (US$121.3 million), increased by 21.4% from RMB678.2 million in the same period of 2025. Non-GAAP gross margin was 14.3%, compared with 15.7% in the same period of 2025. Adjusted EBITDA achieved RMB1,848.0 million (US$272.4 million), increased by 155.0% from RMB724.6 million in the same period of 2025. Adjusted EBITDA margin was 32.0%, increased by 15.2 percentage points from 16.8% in the same period of 2025.
Products and Industry-Specific Solutions
We provide a full suite of cloud products based on our extensive infrastructure, and develop our industry solutions based on the same suite of underlying technology capabilities. Our modularized cloud products, including unified IaaS infrastructure, PaaS middleware, SaaS applications, AI cloud capabilities and deployment services, can be utilized to design different solutions to meet various business needs. Our cloud products primarily consist of cloud computing, storage and delivery.
We have designed various industry-specific solutions that can unleash the full potential of our infrastructure resources and add value to our customers. Leveraging our profound industry insights, we have strategically expanded our footprints into selected verticals as an early mover and have established a leading market position through relentless execution. As we continuously serve vertical leaders, our products and solutions continue to iterate and pivot based on customers’ feedback. By partnering with vertical leaders, we have accumulated proprietary industry know-how and formed in-depth view of each selected vertical, which enables us to stay forefront of industry-specific cloud solutions. We have designed industry-specific solutions covering a wide spectrum of industry verticals, including Internet, public service, healthcare, financial service and enterprise service, among others.
6
While upholding the principle of “building success based on technology and innovation”, we constantly iterate our products at a fast pace to create a top-notch customer experience with our core products. During the Reporting Period, our StarFlow Platform expanded its model ecosystem in response to multimodal requirements. Our API service has added speech recognition and speech generation models, expanded image and video generation models, and improved user management. The StarFlow Platform was optimized to enhance resource utilization flexibility in training and fine-tuning, reducing R&D teams’ operation and maintenance costs. To meet the demand for AI agents, we launched Agent Engine for efficient agent development, deployment, and management, and introduced one-click agent deployment on cloud hosts. Also, Star Origin AgentKit platform was launched, offering a full-stack foundation covering security sandboxes, knowledge and memory. To address the growing private AI cloud deployment demand, our Galaxy Stack Platform has integrated StarFlow and security modules, completing a full-stack, closed-loop private AI cloud deployment solution as well as optimizing domestic chips.
Infrastructure
Our distributed infrastructure is the foundation of our technology. As of June 30, 2026, we owned two data centers and around 102,900 servers primarily throughout China, and achieved exabyte-level storage capacity. We have been investing in our infrastructure to upgrade our computing power and storage capabilities, in order to deliver higher-quality cloud service and enhance the economies of scale. We purchase and lease servers, network equipment and network resources, and lease data centers from industry-leading suppliers to ensure the reliability and availability of our network infrastructure. Our suppliers primarily include Internet Data Center (IDC) operators, telecommunication operators, server providers and network consumables suppliers in China.
Adhering to our business plan, we prudently allocate our capital expenditure into strategic areas and focus on improving our efficiencies, and optimize our resources in an effort to improve overall profitability, sustainability and long-term competitive edge. During the Reporting Period, our capital expenditures and leased assets obtained in combination amounted to RMB6,242.1 million (US$920.0 million), compared with RMB4,945.6 million in the same period of 2025.
Looking forward, we will keep embracing the increasing cloud demands brought by AI training and inference, improving our efficiencies and optimizing our resources in an effort to improve overall profitability, sustainability and long-term competitive edge.
7
Research and Development
We build our success based on technology and innovations. We stay committed to cloud-native technology development and have built up customer-centric research and development capabilities. To fulfill business needs of customers, we have been promoting seamless collaboration between solution development and service team and research and development team. With first-hand observations of customers’ business, we are able to respond and tailor our solutions to address their needs in a timely manner. Leveraging our industry know-how, we also preemptively develop solutions to optimize customer experiences. For example, on top of our big-data middleware, we have developed different data management system suitable for different industries. Our technology platform acts as the foundation for product development and innovation to continuously address the evolving business needs of our customers, enabling us to constantly enhance customer engagement.
During the Reporting Period, our research and development expenses were RMB383.2 million (US$56.5 million) and our research and development personnel reached 1,114 as of June 30, 2026.
Business Outlook
Looking ahead to the second half of the year, we will maintain our high-quality and sustainable development strategy. We will keep investing into technology and enhance our AI cloud capabilities in all aspects. Meanwhile, we will actively embrace the cloud demands from Xiaomi and Kingsoft Ecosystem in the AI era. We aim to create value for our customers, shareholders, employees and society continually.
8
MANAGEMENT DISCUSSION AND ANALYSIS
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data)
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Revenues: | ||||||||||||
| Public cloud services | 2,978,788 | 4,353,918 | 641,688 | |||||||||
| Enterprise cloud services | 1,340,416 | 1,421,780 | 209,544 | |||||||||
| Total revenues | 4,319,204 | 5,775,698 | 851,232 | |||||||||
| Cost of revenues | (3,662,041 | ) | (4,963,741 | ) | (731,565 | ) | ||||||
| Gross profit | 657,163 | 811,957 | 119,667 | |||||||||
| Operating expenses: | ||||||||||||
| Selling and marketing expenses | (276,334 | ) | (236,906 | ) | (34,916 | ) | ||||||
| General and administrative expenses | (521,562 | ) | (334,934 | ) | (49,363 | ) | ||||||
| Research and development expenses | (420,455 | ) | (383,226 | ) | (56,481 | ) | ||||||
| Total operating expenses | (1,218,351 | ) | (955,066 | ) | (140,760 | ) | ||||||
| Operating loss | (561,188 | ) | (143,109 | ) | (21,093 | ) | ||||||
| Interest income | 16,466 | 57,950 | 8,541 | |||||||||
| Interest expense | (207,566 | ) | (320,361 | ) | (47,215 | ) | ||||||
| Foreign exchange loss | (30,475 | ) | (19,900 | ) | (2,933 | ) | ||||||
| Other gain, net | 4,864 | 10,933 | 1,611 | |||||||||
| Other income (expense), net | 16,510 | (622 | ) | (92 | ) | |||||||
| Loss before income taxes | (761,389 | ) | (415,109 | ) | (61,181 | ) | ||||||
| Income tax expense | (11,584 | ) | (21,588 | ) | (3,182 | ) | ||||||
| Net loss | (772,973 | ) | (436,697 | ) | (64,363 | ) | ||||||
| Less: net (loss) income attributable to non-controlling interests | (1,582 | ) | 201 | 30 | ||||||||
| Net loss attributable to Kingsoft Cloud Holdings Limited | (771,391 | ) | (436,898 | ) | (64,393 | ) | ||||||
9
Total Revenues reached RMB5,775.7 million (US$851.2 million), representing an increase of 33.7% from RMB4,319.2 million in the same period of 2025. The increase was mainly due to revenue growth from AI-related customers, supported by continued upgrades to our AI infrastructure and product offerings, as well as revenue growth from enterprise cloud projects.
| · | Revenues from public cloud services increased by 46.2% to RMB4,353.9 million (US$641.7 million), compared with RMB2,978.8 million in the same period of 2025. The year-over-year increase was mainly driven by growing demand for AI cloud services while our other public cloud services also maintained solid growth. |
| · | Revenues from enterprise cloud services were RMB1,421.8 million (US$209.5 million), representing an increase of 6.1% from RMB1,340.4 million in the same period of 2025. The year-over-year increase was mainly driven by the increase of enterprise projects. |
Cost of revenues were RMB4,963.7 million (US$731.6 million), representing an increase of 35.5% from RMB3,662.0 million in the same period of 2025. We continue to enhance our cost control measures. IDC costs increased by 24.6% year-over-year from RMB1,525.9 million to RMB1,901.2 million (US$280.2 million) in the first half of 2026. The increase was mainly due to the growing demands for infrastructure, which was in line with our AI cloud business expansion, as well as other public cloud services growth brought by AI. Depreciation and amortization costs increased by 91.6% from RMB930.5 million to RMB1,782.6 million (US$262.7 million) in the first half of 2026. The increase was mainly due to the depreciation of newly acquired and leased servers, and network equipment which were mainly related to AI cloud business. Solution development and services costs increased by 8.6% from RMB1,069.0 million to RMB1,160.5 million (US$171.1 million) in the first half of 2026. Fulfilment costs and other costs were RMB16.9 million (US$2.5 million) and RMB102.5 million (US$15.1 million), respectively in the first half of 2026.
Gross profit was RMB812.0 million (US$119.7 million), representing an increase of 23.6% from RMB657.2 million of the same period of 2025. The increase was mainly due to the expansion of our revenue scale, especially the intelligent computing services. Gross margin was 14.1%, compared with 15.2% in the same period of 2025. The decrease was mainly due to increasing depreciation costs. Non-GAAP gross profit was RMB823.1 million (US$121.3 million), compared with RMB678.2 million in the same period of 2025. Non-GAAP gross margin was 14.3%, compared with 15.7% in the same period of 2025.
10
Total operating expenses were RMB955.1 million (US$140.8 million), compared with RMB1,218.4 million in the same period of 2025. Among which:
| · | Selling and marketing expenses were RMB236.9 million (US$34.9 million), compared with RMB276.3 million in the same period of 2025. The year-over-year decrease was mainly due to the decrease in share-based compensation and personnel costs. |
| · | General and administrative expenses were RMB335.0 million (US$49.4 million), compared with RMB521.6 million in the same period of 2025. The decrease was mainly due to the decrease of credit loss expenses and share-based compensation. |
| · | Research and development expenses were RMB383.2 million (US$56.5 million), compared with RMB420.5 million in the same period of 2025, which was mainly due to the decrease in share-based compensation and personnel costs. |
Operating loss was RMB143.1 million (US$21.1 million), compared with operating loss of RMB561.2 million in the same period of 2025.
Net loss was RMB436.7 million (US$64.4 million), significantly narrowed from net loss of RMB773.0 million in the same period of 2025.
Non-GAAP net loss was RMB297.0 million (US$43.8 million), decreased compared with net loss of RMB491.0 million in the same period of 2025.
Non-GAAP EBITDA arrived at RMB1,848.0 million (US$272.4 million), increased by 155.0% from RMB724.6 million in the same period of 2025. Non-GAAP EBITDA margin was 32.0% in the first half of 2026, compared with 16.8% in the same period of 2025.
Basic and diluted net loss per share was RMB0.10 (US$0.01), compared with RMB0.20 in the same period of 2025.
LIQUIDITY AND CAPITAL RESOURCES
Our sources of liquidity primarily consist of net proceeds from the sale and issuance of our shares, including the net proceeds we received from our US IPO and follow-on offering in 2020, proceeds from follow-on offering and concurrent private placement with Kingsoft Corporation in 2025, and proceeds from financing facilities such as borrowings from third parties and related parties, which have historically been sufficient to meet our working capital and capital expenditure requirements. Our cash and cash equivalents consist of cash on hand and time deposits placed with banks that have original maturities of less than three months and are unrestricted as to withdrawal or use, subject to any restrictions imposed by applicable laws and regulations, including restrictions on foreign exchange and the ability to transfer cash between entities, across borders and to U.S. investors.
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As of June 30, 2026, substantially all of our cash and cash equivalents were located in the Chinese Mainland and Hong Kong. In the long term, we intend to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised from financing activities.
As of June 30, 2026, our cash and cash equivalents amounted to RMB4,674.3 million (US$688.9 million), representing a decrease of 22.3% from RMB6,018.0 million of December 31, 2025.
FOREIGN EXCHANGE EXPOSURE
We transact a majority of our business in RMB, and have transactional currency exposures. Certain of our bank balances, other receivables, and accruals and other payables are dominated in foreign currencies and are exposed to foreign currency risk. We currently do not have a foreign currency hedging policy. However, our management monitors foreign exchange exposure and will consider appropriate hedging measures in the future should the need arise.
GEARING RATIO
As at June 30, 2026, the Group’s gearing ratio, representing total liabilities divided by total assets, was 71.0%, compared with 65.2% as at December 31, 2025.
MATERIAL INVESTMENTS
As of June 30, 2026, the Group did not hold any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of June 30, 2026). As of June 30, 2026, the Group did not have any future plans for material investments and capital assets.
CONTINGENT LIABILITIES
As of June 30, 2026, the Group did not have any material contingent liabilities.
MATERIAL ACQUISITION AND DISPOSALS
The Group did not conduct any material acquisitions and disposals of subsidiaries, consolidated affiliated entities, associates, and joint ventures during the Reporting Period.
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EMPLOYEES AND REMUNERATION POLICIES
The Company had 14,394 employees as of June 30, 2026, most of whom were located in China, and the rest were located overseas. The following table sets forth a breakdown of our employees by function:
Function | Number of Employees |
Percentage | ||||||
| Research and development | 1,114 | 8 | % | |||||
| Sales and marketing | 390 | 3 | % | |||||
| General and administrative | 783 | 5 | % | |||||
| Solution development and services | 12,107 | 84 | % | |||||
Total | 14,394 | 100.0 | % | |||||
Our success depends on our ability to attract, retain and motivate qualified personnel, and we believe that our high-quality talent pool is one of the core strengths of our Company. We adopt high standards and strict procedures in our recruitment, including campus recruitment, online recruitment, internal recommendation and recruitment through executive search, to satisfy our demands for different types of talents.
We provide regular and specialized trainings tailored to the needs of our employees in different departments. Our employees can also improve their skills through our development of solutions for our customers and mutual learning among colleagues. New employees will receive pre-job training and general training.
We maintain continuous investment in talent development, focusing on strategic reserves of cloud computing and AI specialists. We have established three-layer talents structure and provide various training programs, from senior management, “high-potential” talents to campus recruits. Guided by our principle of “High quality and sustainable development”, we continuously shape our culture of “People-oriented, technology-driven, reputation-first, and governance-focused”.
We offer competitive compensations for our employees. Besides, we regularly evaluate the performance of our employees and reward those who perform well with higher compensations or promotion.
As required by PRC laws and regulations, we participate in various employee social security schemes organized by municipal and provincial governments, including pension, maternity insurance, unemployment insurance, work-related injury insurance, health insurance and housing provident fund. We are required under PRC laws and regulations to make contributions to employee social security schemes at specified percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum amount specified by the local government from time to time.
13
CORPORATE GOVERNANCE
The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance standards are essential in providing a framework for the Company to safeguard the interests of shareholders of the Company and to enhance corporate value and accountability.
Compliance with the Corporate Governance Code
Save as disclosed below, during the Reporting Period, we have complied with the code provisions of the Corporate Governance Code (the “CG Code”) set forth in Appendix C1 to the Rules Governing the Listing of Securities (the “Hong Kong Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).
Pursuant to code provision C.2.1 of the CG Code, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. On March 25, 2026, Mr. Zou Tao, the acting chief executive officer of the Company (the “acting CEO”) was appointed as the chairman of the Board (the “Chairman”). The Board believes that it is in the interests of the Company to vest the roles of both the Chairman and the acting CEO in the same person, so as to provide consistent leadership within the Group and facilitate the prompt execution of the Group’s business strategies and boost operation effectiveness. The Board also believes that the balance of power and authority under this arrangement will not be impaired as it is adequately ensured by the Board which comprises experienced and high-calibre individuals (including non-executive Directors and independent non-executive Directors). The Board will periodically review and consider the effectiveness of this arrangement by taking into account the circumstances of the Group as a whole.
Compliance with the Model Code
The Company has adopted an Insider Dealing Policy (the “Insider Dealing Policy”) with terms no less exacting than that of the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Hong Kong Listing Rules (the “Model Code”), as its own securities dealing code to regulate all dealings by Directors, officers and employees of the Company.
Specific enquiry has been made of all the Directors and the relevant employees and they have confirmed that they have complied with the Insider Dealing Policy and the Model Code during the Reporting Period.
14
Purchase, Sale or Redemption of the Company’s Listed Securities
During the Reporting Period, neither the Company nor any of its subsidiaries has purchased, sold, or redeemed any of the Company’s listed securities (including sale of treasury shares (as defined under the Hong Kong Listing Rules)).
As of June 30, 2026, there were no treasury shares (as defined under the Hong Kong Listing Rules) held by the Company.
Material Litigation
The Company was not involved in any material litigation or arbitration during the Reporting Period which may have a material adverse effect on the Group’s operation. The Directors are also not aware of any such material litigation or claims that were pending or threatened against the Group during the Reporting Period.
AUDIT COMMITTEE
The Audit Committee comprises three independent non-executive Directors, being Mr. Yu Mingto, Mr. Wang Hang and Ms. Qu Jingyuan, with Mr. Yu Mingto (being one of the independent non-executive Directors with the appropriate professional qualifications) as the chairman of the Audit Committee.
The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2026. The Audit Committee has agreed on the accounting policies and practices adopted by the Company and discussed matters with respect to financial reporting matters with senior management members of the Company.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Save as disclosed in this announcement, no important events affecting the Group occurred since June 30, 2026 and up to the date of this announcement.
15
INTERIM DIVIDEND
The Board did not recommend the distribution of an interim dividend for the six months ended June 30, 2026.
SAFE HARBOR STATEMENT
This interim results 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. Statements that are not historical facts, including statements about the Company’s beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the United States Securities and Exchange Commission. The forward-looking statements included in this preliminary results announcement are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
16
FINANCIAL INFORMATION
The Board announces the unaudited condensed consolidated financial statements for the six months ended June 30, 2026, with the comparative figures for the corresponding period in 2025 as follows:
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| For the six months ended June 30, | |||||||||||||||
| Notes | 2025 | 2026 | 2026 | ||||||||||||
| RMB | RMB | US$ | |||||||||||||
| Revenues: | |||||||||||||||
| Public cloud services | 3 | 2,978,788 | 4,353,918 | 641,688 | |||||||||||
| Enterprise cloud services | 3 | 1,340,416 | 1,421,780 | 209,544 | |||||||||||
| Total revenues | 4,319,204 | 5,775,698 | 851,232 | ||||||||||||
| Cost of revenues | (3,662,041 | ) | (4,963,741 | ) | (731,565 | ) | |||||||||
| Gross profit | 657,163 | 811,957 | 119,667 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing expenses | (276,334 | ) | (236,906 | ) | (34,916 | ) | |||||||||
| General and administrative expenses | (521,562 | ) | (334,934 | ) | (49,363 | ) | |||||||||
| Research and development expenses | (420,455 | ) | (383,226 | ) | (56,481 | ) | |||||||||
| Total operating expenses | (1,218,351 | ) | (955,066 | ) | (140,760 | ) | |||||||||
| Operating loss | (561,188 | ) | (143,109 | ) | (21,093 | ) | |||||||||
| Interest income | 16,466 | 57,950 | 8,541 | ||||||||||||
| Interest expense | (207,566 | ) | (320,361 | ) | (47,215 | ) | |||||||||
| Foreign exchange loss | (30,475 | ) | (19,900 | ) | (2,933 | ) | |||||||||
| Other gain, net | 3 | 4,864 | 10,933 | 1,611 | |||||||||||
| Other income (expense), net | 3 | 16,510 | (622 | ) | (92 | ) | |||||||||
| Loss before income taxes | (761,389 | ) | (415,109 | ) | (61,181 | ) | |||||||||
| Income tax expense | 5 | (11,584 | ) | (21,588 | ) | (3,182 | ) | ||||||||
| Net loss | (772,973 | ) | (436,697 | ) | (64,363 | ) | |||||||||
| Less: net (loss) income attributable to non-controlling interests | (1,582 | ) | 201 | 30 | |||||||||||
| Net loss attributable to Kingsoft Cloud Holdings Limited | (771,391 | ) | (436,898 | ) | (64,393 | ) | |||||||||
17
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| For the six months ended June 30, | ||||||||||||||
| Notes | 2025 | 2026 | 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||||
| Net loss per share: | ||||||||||||||
| Basic and diluted | 6 | (0.20 | ) | (0.10 | ) | (0.01 | ) | |||||||
| Shares used in the net loss per share computation: | ||||||||||||||
| Basic and diluted | 6 | 3,869,381,978 | 4,558,929,811 | 4,558,929,811 | ||||||||||
| Other comprehensive income (loss), net of tax of nil: | ||||||||||||||
| Foreign currency translation adjustments | 50,918 | (103,606 | ) | (15,270 | ) | |||||||||
| Comprehensive loss | (722,055 | ) | (540,303 | ) | (79,633 | ) | ||||||||
| Less: Comprehensive (loss) income attributable to non-controlling interests | (1,594 | ) | 201 | 30 | ||||||||||
| Comprehensive loss attributable to Kingsoft Cloud Holdings Limited | (720,461 | ) | (540,504 | ) | (79,663 | ) | ||||||||
18
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| As at | ||||||||||||||
| Notes | Dec
31, 2025 | Jun
30, 2026 | Jun
30, 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | 6,018,043 | 4,674,330 | 688,911 | |||||||||||
| Restricted cash | 99,194 | 54,963 | 8,101 | |||||||||||
| Accounts receivable, net | 4 | 1,740,472 | 2,433,175 | 358,606 | ||||||||||
| Prepayments and other assets | 2,592,314 | 3,116,516 | 459,317 | |||||||||||
| Amounts due from related parties | 573,396 | 702,453 | 103,529 | |||||||||||
| Total current assets | 11,023,419 | 10,981,437 | 1,618,464 | |||||||||||
| Non-current assets: | ||||||||||||||
| Property and equipment, net | 10,094,870 | 13,725,293 | 2,022,858 | |||||||||||
| Intangible assets, net | 532,769 | 445,819 | 65,706 | |||||||||||
| Goodwill | 4,605,724 | 4,605,724 | 678,800 | |||||||||||
| Prepayments and other assets | 139,836 | 419,048 | 61,760 | |||||||||||
| Equity investments | 234,166 | 336,495 | 49,593 | |||||||||||
| Operating lease right-of-use assets | 98,405 | 189,754 | 27,966 | |||||||||||
| Total non-current assets | 15,705,770 | 19,722,133 | 2,906,683 | |||||||||||
| Total assets | 26,729,189 | 30,703,570 | 4,525,147 | |||||||||||
| LIABILITIES, NON-CONTROLLING INTEREST, AND SHAREHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | 8 | 2,014,453 | 2,425,273 | 357,441 | ||||||||||
| Accrued expenses and other current liabilities | 3,222,429 | 3,792,735 | 558,981 | |||||||||||
| Short-term borrowings | 3,348,279 | 3,256,926 | 480,011 | |||||||||||
| Income tax payable | 73,310 | 67,751 | 9,985 | |||||||||||
| Amounts due to related parties | 721,932 | 1,221,055 | 179,961 | |||||||||||
| Current operating lease liabilities | 40,941 | 96,996 | 14,295 | |||||||||||
| Total current liabilities | 9,421,344 | 10,860,736 | 1,600,674 | |||||||||||
19
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| As at | ||||||||||||||
| Notes | Dec 31, 2025 | Jun 30, 2026 | Jun 30, 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||||
| Non-current liabilities: | ||||||||||||||
| Long-term borrowings | 3,023,538 | 3,424,480 | 504,706 | |||||||||||
| Amounts due to related parties | 2,212,325 | 3,217,952 | 474,267 | |||||||||||
| Deferred tax liabilities | 61,914 | 61,273 | 9,031 | |||||||||||
| Other liabilities | 2,645,895 | 4,161,172 | 613,282 | |||||||||||
| Non-current operating lease liabilities | 51,139 | 83,245 | 12,269 | |||||||||||
| Total non-current liabilities | 7,994,811 | 10,948,122 | 1,613,555 | |||||||||||
| Total liabilities | 17,416,155 | 21,808,858 | 3,214,229 | |||||||||||
| Shareholders’ equity: | ||||||||||||||
| Ordinary shares | 30,888 | 30,888 | 4,552 | |||||||||||
| Treasury shares | (31,068 | ) | (6,222 | ) | (917 | ) | ||||||||
| Additional paid-in capital | 24,073,006 | 24,170,141 | 3,562,238 | |||||||||||
| Statutory reserves funds | 51,661 | 51,661 | 7,614 | |||||||||||
| Accumulated deficit | (15,247,868 | ) | (15,684,766 | ) | (2,311,648 | ) | ||||||||
| Accumulated other comprehensive income | 440,407 | 336,801 | 49,638 | |||||||||||
| Total Kingsoft Cloud Holdings Limited shareholders’ equity | 9,317,026 | 8,898,503 | 1,311,477 | |||||||||||
| Non-controlling interests | (3,992 | ) | (3,791 | ) | (559 | ) | ||||||||
| Total equity | 9,313,034 | 8,894,712 | 1,310,918 | |||||||||||
| Total liabilities, non-controlling interests and shareholders’ equity | 26,729,189 | 30,703,570 | 4,525,147 | |||||||||||
20
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net cash generated from operating activities | 1,041,744 | 3,384,844 | 498,864 | |||||||||
| Net cash used in investing activities | (1,378,225 | ) | (4,542,861 | ) | (669,535 | ) | ||||||
| Net cash generated from (used in) financing activities | 3,102,559 | (102,031 | ) | (15,038 | ) | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 20,949 | (127,896 | ) | (18,848 | ) | |||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2,787,027 | (1,387,944 | ) | (204,557 | ) | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 2,730,101 | 6,117,237 | 901,569 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | 5,517,128 | 4,729,293 | 697,012 | |||||||||
21
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| 1. | CORPORATE INFORMATION |
Kingsoft Cloud Holdings Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on January 3, 2012. The Company, its subsidiaries, its variable interest entities (“VIEs”), and subsidiaries of its variable interest entities are hereinafter collectively referred to as the “Group”. The Group is principally engaged in the provision of cloud services. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its subsidiaries, the variable interest entities, and subsidiaries of its variable interest entities, which are located in Chinese Mainland, Hong Kong (“HK”), Japan and the United States (the “U.S.”).
The Company completed its IPO and follow-on offering on Nasdaq in May and September 2020, respectively and completed its listing by way of introduction on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in December 2022. The Company completed the follow-on offering of American Depositary shares and ordinary shares in April and October 2025, and the concurrent private placement to Kingsoft Corporation Limited in June 2025.
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Basis of presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information. These financial statements also comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Certain information and note disclosure normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
The unaudited condensed consolidated financial statements and related notes are presented in RMB and all values are rounded to the nearest thousand (RMB’000) except when otherwise indicated.
| (b) | Going concern consideration |
The Group’s unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements.
During the six months ended June 30, 2026, the Group incurred net loss of RMB436,697 (US$64,363). As of June 30, 2026, the Group had an accumulated deficit and net current assets of RMB15,684,766 (US$2,311,648) and RMB120,701 (US$17,790), respectively. The Group has primarily funded the operations as well as the capital expenditures through revenue generated from contracts with customers, equity financing, and proceeds from financing facilities such as borrowings from third parties and related parties.
22
In view of the operating loss of the Group and the significant capital expenditures required for the expansion of operations of the Group, management has given careful consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. As of June 30, 2026, the Group had cash, cash equivalents and restricted cash of RMB4,729,293 (US$697,012). In addition, the Group had existing credit facilities available from banks and other financial institutions to finance the future operations and capital expenditures of the Group.
Based on above, management believes that the going concern basis of preparation is supported. Therefore, the unaudited condensed consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Group be unable to continue as a going concern.
| (c) | Principles of consolidation |
The condensed consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIEs, and subsidiaries of the VIEs for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation.
| (d) | Use of estimates |
The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the Group’s unaudited condensed consolidated financial statements include, but are not limited to, allowance for credit losses for accounts receivable and contract assets, impairment of goodwill and impairment of long-lived assets. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates.
| (e) | Convenience translation |
Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.7851 per US$1.00 on June 30, 2026 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
| (f) | Segment reporting |
The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one operating segment. The CODM uses consolidated net loss to assess financial performance and allocate resources. The CODM considers budget to actual comparisons of consolidated net loss on a regular basis when assessing the operating results and making resource decisions to improve profitability. The CODM also uses the budget to actual comparisons of consolidated net loss to make decisions aligned with the Group’s strategic initiatives and capital allocation priorities. Significant expenses reviewed by the CODM include those that are presented in the unaudited interim condensed consolidated statements of comprehensive loss. The measure of segment assets is reported on the unaudited interim condensed consolidated balance sheet as total consolidated assets.
A majority of the Group’s revenues were generated from Chinese Mainland and a majority of the long-lived assets of the Group are located in Chinese Mainland, and therefore, no geographical segments are presented.
23
| 3. | REVENUES, OTHER GAIN, NET AND OTHER INCOME (EXPENSE), NET |
The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category:
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Public cloud services recognized over time | 2,978,788 | 4,353,918 | 641,688 | |||||||||
| Enterprise cloud services: | ||||||||||||
| Recognized at a point in time | 108,681 | 89,210 | 13,148 | |||||||||
| Recognized over time | 1,231,735 | 1,332,570 | 196,396 | |||||||||
| 1,340,416 | 1,421,780 | 209,544 | ||||||||||
| 4,319,204 | 5,775,698 | 851,232 | ||||||||||
The following table presents the Group’s other gain, net:
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Share of losses from an equity method investment | (1,828 | ) | (3,016 | ) | (445 | ) | ||||||
| Gross unrealized gain on equity investments held | – | 23,246 | 3,426 | |||||||||
| Changes in fair value of currency swap | 6,692 | (9,297 | ) | (1,370 | ) | |||||||
| 4,864 | 10,933 | 1,611 | ||||||||||
The following table presents the Group’s other income (expense), net:
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Government grants | 24,616 | 8,372 | 1,234 | |||||||||
| Income from ADS Reimbursement | 11,070 | – | – | |||||||||
| Value added tax transferred out | (17,145 | ) | (12,783 | ) | (1,884 | ) | ||||||
| Others | (2,031 | ) | 3,789 | 558 | ||||||||
| 16,510 | (622 | ) | (92 | ) | ||||||||
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| 4. | ACCOUTS RECEIVABLE, NET |
| As at | ||||||||||||
| December 31, | June 30, | June 30, | ||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB (unaudited) | US$ (unaudited) | ||||||||||
| Accounts receivable | 1,839,894 | 2,564,036 | 377,892 | |||||||||
| Allowance for credit losses | (99,422 | ) | (130,861 | ) | (19,286 | ) | ||||||
| Accounts receivable, net | 1,740,472 | 2,433,175 | 358,606 | |||||||||
An aging analysis of the accounts receivable as at the end of the reporting period, based on the past due date and net of provisions, is as follows:
| As at | ||||||||||||
| December 31, | June 30, | June 30, | ||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB (unaudited) | US$ (unaudited) | ||||||||||
| Not yet due | 1,123,859 | 1,460,794 | 215,294 | |||||||||
| Within 3 months | 335,166 | 537,391 | 79,202 | |||||||||
| Between 4 months and 6 months | 151,589 | 234,473 | 34,557 | |||||||||
| Between 7 months and 1 year | 77,316 | 123,706 | 18,232 | |||||||||
| More than 1 year | 52,542 | 76,811 | 11,321 | |||||||||
| Accounts receivable, net | 1,740,472 | 2,433,175 | 358,606 | |||||||||
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| 5. | TAXATION |
| (a) | Enterprise income tax |
Cayman Islands
Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains.
Hong Kong
The subsidiaries incorporated in Hong Kong are subject to income tax at the rate of 16.5% on the estimated assessable profits arising in Hong Kong. For the periods presented, the Group did not make any provisions for Hong Kong profit tax as the Group did not generate any assessable profits arising in Hong Kong at the end of each reporting period. Under the Hong Kong tax law, the subsidiaries in Hong Kong are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.
Chinese Mainland
The Group’s Chinese Mainland entities are subject to the statutory income tax rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. Certain subsidiaries of the Group being qualified as a High New Technology Enterprise (“HNTE”) are entitled to the preferential income tax rate of 15%. Dividends, interests, rent or royalties payable by the Group’s Chinese Mainland entities to non-resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% EIT, namely withholding tax, unless the respective non-resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with Chinese Mainland that provides for a reduced withholding tax rate or an exemption from withholding tax.
Loss before income taxes consists of:
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Chinese Mainland | (671,686 | ) | (471,516 | ) | (69,494 | ) | ||||||
| Non-Chinese Mainland | (89,703 | ) | 56,407 | 8,313 | ||||||||
| (761,389 | ) | (415,109 | ) | (61,181 | ) | |||||||
The current and deferred components of income tax expense appearing in the unaudited condensed consolidated statements of comprehensive loss are as follows:
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Current income tax expense | 31,977 | 22,229 | 3,276 | |||||||||
| Deferred income tax benefit | (20,393 | ) | (641 | ) | (94 | ) | ||||||
| Income tax expense | 11,584 | 21,588 | 3,182 | |||||||||
26
| 6. | LOSS PER SHARE |
Basic and diluted loss per share during the periods are calculated as follows:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | 2026 | ||||||
| RMB | RMB | US$ | ||||||
| Numerator: | (771,391 | ) | (436,898 | ) | (64,393 | ) | ||
| Net loss attributable to ordinary shareholders – basic and diluted | ||||||||
| Denominator: | ||||||||
| Weighted average number of ordinary shares outstanding – basic and diluted | 3,869,381,978 | 4,558,929,811 | 4,558,929,811 | |||||
| Basic and diluted loss per share | (0.20 | ) | (0.10 | ) | (0.01 | ) | ||
For the six months ended June 30, 2026 and 2025, the effects of unexercised options and unvested awarded shares were excluded from the computation of diluted loss per share for the periods as their effects would be anti-dilutive.
| 7. | DIVIDENDS |
No dividend was declared by the Company during the six months ended June 30, 2026 and 2025.
| 8. | ACCOUNTS PAYABLE |
An aging analysis of the accounts payable as at the end of the Reporting Period, based on the invoice date, is as follows:
| As at | ||||||||||||
| December 31, | June 30, | June 30, | ||||||||||
| 2025 | 2026 | 2026 | ||||||||||
| RMB | RMB (unaudited) | US$ (unaudited) | ||||||||||
| Within 3 months | 689,950 | 1,086,639 | 160,151 | |||||||||
| Between 4 months and 1 year | 607,944 | 523,140 | 77,101 | |||||||||
| More than 1 year | 716,559 | 815,494 | 120,189 | |||||||||
| 2,014,453 | 2,425,273 | 357,441 | ||||||||||
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PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT
This interim results announcement is published on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company (ir.ksyun.com). The interim report for the six months ended June 30, 2026 will be made available for review on the same websites in due course and be dispatched to the Company’s shareholders, if necessary.
| By order of the Board | |
| Kingsoft Cloud Holdings Limited | |
| Mr. Zou Tao | |
| Chairman of the Board, Executive Director | |
| and acting Chief Executive Officer |
Hong Kong, August 19, 2026
As at the date of this announcement, the Board comprises Mr. Zou Tao as Chairman and executive director, Mr. Qu Heng and Mr. Zhang Duo as non-executive directors, and Mr. Yu Mingto, Mr. Wang Hang and Ms. Qu Jingyuan as independent non-executive directors.
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