Analysis of Kingsoft Cloud (03896.HK) Boosting Hong Kong Stock Market Popularity via Better-Than-Expected Q3 Earnings Report

Kingsoft Cloud (03896.HK) has recently become a hot target in the Hong Kong stock market, with the core driving factor being the better-than-expected performance of its Q3 2025 earnings report [0]. The earnings report shows that the company’s revenue increased by 31% year-on-year to 2.48 billion yuan, and adjusted net profit turned profitable for the first time, reaching 28.73 million yuan, marking a significant improvement in operating conditions [2]. The AI business is the core growth engine, with billing revenue reaching 780 million yuan, a year-on-year increase of nearly 120%, maintaining triple-digit growth for nine consecutive quarters, accounting for 45% of public cloud revenue [0]. Public cloud revenue increased by 49% year-on-year to 1.75 billion yuan, with an obvious AI-driven effect [0]. In terms of ecological collaboration, the revenue from Xiaomi-Kingsoft Ecology increased by 84% year-on-year to 690 million yuan, accounting for 28% of total revenue, and the collaborative effect continues to strengthen [0]. In terms of stock price performance, it once fell sharply on November 28 and then stabilized around HK$6.40 [1], but had previously risen by more than 4% due to favorable earnings report news [3].

1. The AI business has maintained triple-digit growth for nine consecutive quarters, verifying the effectiveness of the company’s strategic layout and highlighting its competitive advantage in the AI cloud computing field [0].
2. Adjusted net profit turned profitable for the first time, indicating that economies of scale have emerged and cost control has achieved remarkable results [2].
3. The ecological collaborative effect has been strengthened, and the proportion of revenue from Xiaomi-Kingsoft Ecology has increased, providing stable support for long-term growth [0].

: Everbright Securities maintained a ‘Buy’ rating, believing that the logic of AI-driven rapid expansion of public cloud has been verified, and there is broad growth space in the future [4].
: The stock price has fluctuated greatly recently, so it is necessary to pay attention to changes in market sentiment and pressure from intensified industry competition [1].

Kingsoft Cloud (03896.HK) has become a focus in the Hong Kong stock market due to the strong performance of its AI business and the emergence of a profit inflection point. AI-driven growth, profit improvement, and ecological collaboration are the core highlights, but stock price fluctuations remind investors to pay attention to short-term market risks [0].