金山雲2026Q2業績直播
【AI 要點總結】
財務表現
- 總收入達30.7億元，創單季度歷史新高，同比增長31%
- AI雲賬單收入達13.3億元，同比增長82%，佔公有云收入比例提升至56%
- 經調整毛利率提升至15.4%，環比上升2.4個百分點
- 經營利潤首次轉正，經調整經營利潤率達4%，創歷史新高
業務進展
- Mars業務收入增長強勁，二季度Mars收入較一季度增長12倍
- 星流平台已部署上線120款模型，已接入230多家客戶
- 正式發佈星源agent kit平台，提供涵蓋安全沙箱知識與記憶及評測治理的全套底座
- 與長江南京通信管理局簽約打造江海雲，與武漢市數據局達成戰略合作
下一季度業績指引
- 維持全年資本支出基準預期爲150億元
- 上半年資本支出（含資本化資產租賃安排）達62億元，佔去年全年資本支出的75%以上
機會
- 開源大模型生態的空前繁榮給中雲廠商帶來巨大的發展空間
- AI落地千行百業，以模型及服務智能體系服務和FDE相結合的形式發展
- 股東大會批准提升來自小米關聯收入上限，2026年和2027年合計達100億元，較上調前提升39%
風險
- Mars業務涉及市場價格競爭波動、新模型替代等多方面因素影響，利潤率爲變動數值
- 供應鏈緊張狀況預計將維持較長時間，成爲新常態
【AI 會議實錄】
Operator
Good morning, ladies and gentlemen, and thank you for standing by for Kings of Cloud's Second Quarter 2026 Earnings Conference Call. All participants are currently in listen only mode. Following management's prepared remarks, we will open the call for questions. Please note that today's call is being recorded.
I will now turn the call over to Mr. Jackie Zor, Senior Director of Capital Markets at Kings of Cloud. Jackie, please go ahead.
Jackie Zor
Thank you, operator. Hello, everyone, and thank you for joining us today. Kings of Cloud second quarter 2026 earnings release was issued earlier today and is available on our IR website and through PR Newswire.
Joining us today are Mr. Zhoutao, Chairman and CEO, Miss Lii, CFO, Mr. Liu Tao, Senior Vice President, Mr. Ken Kai Yan, Senior Vice President, Miss Yujin, Vice President, Mr. Joe Raylone, Associate Vice President and Mr. Clark, Ken Sport, Secretary and Associate Vice President.
Mr. So will discuss our business performance and key developments, followed by Miss Lee with a review of our financial results. Management will then take your questions. Consecutive interpretation will be provided for convenience and for reference only. In the event of any discrepancy, management statements in the original language will prevail.
Before we begin, I would like to remind you that today's call contains forward-looking statements made under the Safe Harbor provisions of US Private Secretary, Securities Litigation Reform Act of Magnet VIBE. These statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by the forward-looking statements.
Additional information concerning factors that would cause actual results to differ materially is included in the company's volume with the USSBC. The company undertakes no obligation to update any forward-looking statements except as required by applicable law. Unless otherwise stated, all financial figures discussed on today's call are denominated in renminbi.
With that, it is my pleasure to turn the call over to our Chairman and CEO, Mr. Zhou. Mr. Zhou, please go ahead.
Mr. Zhou
大家好，歡迎參加金山雲2026年第二季度業績電話會。我是金山雲CEO，周濤，本季度我們看到了AI 雲業務形態的進一步演進。開源大模型生態的空前繁榮給中雲廠商帶來巨大的發展空間，而我們幾年來一直堅信的AI 落地千行百業，正以模型及服務智能體系服務和fde 相結合的形式向我們走來。
面對這一深刻的行業變革，金山雲繼續堅持技術立業與高質量可持續發展戰略，全面推動AI 雲服務Mars 業務FD 業務的發展，取得了可喜的成績。
首先，AI 業務繼續驅動公司收入高速增長。本季度實現總收入30.7億元，創單季度歷史新高，同比增長31%，其中AI 雲賬單收入達13.3億元，同比增長82%，佔公有云收入比例進一步提升至56%Mars 業務收入增長強勁，二季度Mars 收入較一季度增長12倍。
其次，盈利水平顯著提升，本季度經調整毛利率提升至15.4%，環比上升2.4個百分點，經營利潤首次轉正，經調整經營利潤率達4%，創歷史新高。這是我們抓住AI 浪潮提升收入質量落實降本增效等多項舉措並行所取得的可喜成果。
第三，客戶結構持續優化，生態內外商機加速兌現。生態內本季度來自小米和金山生態的收入達8.1億元，同比增長28%，佔總收入比例爲26%。生態外，前五大客戶收入同比增長51%AI 雲業務已覆蓋互聯網前沿AI 實驗室巨身智能自動駕駛AI for science 金融科技遊戲音視頻等廣泛行業。
多元化的客戶結構與業務佈局，不僅帶來收入規模的持續提升，也使我們能夠更靈活的調配算力資源，提升議價能力和抗風險能力。
Hello, everyone and welcome to Kings of Cloud second quarter 2026 earnings call. I am Sotal, CEO of Kings of Cloud. This quarter we saw further evolution in the AI cloud market, the rapid growth of the open source model ecosystem in creating significant opportunities for neutral cloud clip providers.
At the same time, our long held vision of bringing AI to every industry is becoming a reality through a combination of model as a service agent, as a service and FDE services. Against this backdrop, Tinkoff Cloud remains committed to technology leadership and high quality sustainable growth. We are accelerating the development of our AI cloud mass and SDE businesses with encouraging progress.
First, AI continues to drive strong revenue growth. Total revenue reached a record of RMB 3 point O 7 billion, up 31% year over year. AI cloud growth Billings increased 82% to RMB 1.33 billion and accounted for 56% of public cloud revenue. Mass revenue also grows strongly, with Q2 revenue up more than 12 times from the Q1 level.
Second, profitability improved significantly. Adjusted gross margin rose to 15.4%, up 2.4 percentage points quarter over quarter. Operating profit turned positive for the first time, with adjusted operating margin reaching a record high of 4.0%. This reflects our continued efforts to capture AI opportunities, improve revenue quality and drive greater operating efficiency.
Third, our customer mix continued to improve with stronger momentum both within and outside our ecosystem. Revenue from the Xiao Yang Kingstop ecosystem reached RMB 810 million, up 28% year over year and accounting for 26% of total revenue. Revenue from our top five non ecosystem customers grew 51%.
Our AI cloud business now serves a broad range of sectors, including Internet Services, Frontier AI Labs, Embodied AI, autonomous driving, AI for science, fintech, gaming and online video, to name a few. This diversified customer base supports continued growth while allowing us to allocate computing resources more flexibly and strengthen our pricing power and business resilience.
Mr. Zhou
下面我向大傢俱體介紹2026年第二季度的業務進展。公有云方面，本季度實現收入23.6億元，同比大幅增長45%。首先，小米AI 全面賦能人車加全生態金山打PS AI 業務推進作爲小米金山生態的唯一戰略雲平台，AI 時代所帶來的雲服務業務增長潛力空前龐大。
26年6月，股東大會正式批准了我們再次提升來自小米關聯收入的上額上限金額，2026年和二0027年來，自小米關聯收入上限合計達一百億元，較上調前提升了39%。今年上半年，來自小米和金山的公有云收入同比增速達54%，其次，心流平台Mars 服務能力進一步強化。
心流模型API 服務持續完善，多模型服務與企業級接入能力。目前心流平台已部署上線120款模型，主流新模型推出後做到同步上線，已接入230多家客戶。第三我們在新興賽道深化與頭部客戶合作，面向頭部具身智能客戶和頭部自動駕駛客戶，完成大規模算力集群交付，穩定支撐其模型高效迭代與AI for science 行業頭部客戶達成深度合作，保障其新業務快速拓展。
Now let me walk you through our business progress. In the second quarter of 2026. In public cloud, revenue reached RMB 2.36 billion, up 45% year over year. First, Xiaomi continues to expand AI across its human car home ecosystem, while WPSAI continues to advance as the only strategic cloud platform for the Xiaomi and Kingsop ecosystem. We see substantial AI driven growth opportunities.
In June, our shareholders approved a further increase in the annual caps to connect the transactions with Xiaomi. The combined caps for 2026 and 2027 now total RMB ten billion, 39% higher than before the adjustment. In the first half, public cloud revenue from Xiaomi and Tinsoft grew 54% year over year.
Second, we further strengthen the mass capabilities of our Star Flow platform. Star Flow now supports 120 models with major new models launched on the platform In Sync with their market release and serves more than 230 enterprise customers. Third, with different cooperation with leading customers in emerging sectors, we delivered large scale computing clusters to leading embodied AI and autonomous driving customers supporting rapid model iteration and expanded our corporation with the leading AI for science customer to support the growth of this new business.
Mr. Zhou
行業雲方面本季度實現收入7.1億元。公共服務領域，我們與長江南京通信管理局簽約，打造江海雲，共同打造適配長江航運需求的專屬數字化底座。我們還與武漢市數據局武漢雲達成戰略合作，在算力併網數字政府智能算力應用產業生態打造等領域展開合作，夯實武漢數字政府與產業生態底座。
數字健康領域，我們牽頭國家重點研發計劃生物與信息融合專項打造雲端一體化醫學虛擬手術平台，成果已在全國三十多家醫院應用，樹立了雲廠商牽頭醫工信交叉國家級科研攻關的行業標杆。企業服務領域，我們與雲上甘肅達成深度合作，以投建運一體化模式，共同建設並運營甘肅省級政務平台。
In Enterprise Cloud, revenue reached RMB 710 million. In public services, we signed an agreement with the 19 Communications Administration of the Yangtze River to build Danghai Cloud, a dedicated digital infrastructure platform for Yangtze River shipping. We also formed a strategic partnership with the Wuhan Municipal Data Bureau and Wuhan Cloud across computing, resource interconnection, digital governance, intelligent computing, applications and ecosystem development.
In Digital health, we are leading a project under the national Key R&D Program on Biology and Information integration to develop a cloud based virtual surgery platform which has been deployed in more than 30 hospitals nationwide. In Enterprise Services, we deepened our cooperation with Yuan Shang Gansu to jointly build and operate the Gansu Provincial Public Services Cloud under an integrated investment construction and operations model.
Mr. Zhou
在產品技術方面，我們緊密圍繞計算落地與AI 應用的需求升級全棧AI 能力。本季度星流Mars 平台圍繞高併發推理需求持續進行模型部署優化，多個核心模型吞吐能力顯著提升，並支持按權限用量與模型維度進行精細化管理。
我們正式發佈星源agent kit 平台，提供涵蓋安全沙箱知識與記憶及評測治理的全套底座，幫助企業快速搭建生產及AI agent 的應用。同時，我們將雲產品周邊AI 化，將數據庫存儲等組件變成爲agent 可便捷調用的平台型產品。
我們優化了心流訊推平台，提升資源調度靈活性。圍繞訓練與微調場景，新增了物理隊列資源借用與與回收以及資源算力的靈活配置能力，極大的提升了多任務變化下的資源利用率，降低了研發團隊的訓練環境門檻與運營成本。
面向私有化與國產化制算需求，銀河平台完成了多款主流國產算力芯片的深度適配及全生命週期的可視化管理。
In products and technology, we continued to upgrade our full stack AI capabilities for intelligent computing and AI application deployment. This quarter, we further optimised the model deployment on stop load maps for high concurrency inference, significantly improving throughput for several core models and enabling more granular access, usage and model level management.
We also launched Agent Kit, providing secure sandbox knowledge and memory management and evaluation and governance tools to help enterprises build production grade AI agents. At the same time, we are making general purpose cloud products such as database and storage easier for agents to access and use.
We enhanced the staff load training and inference platform with more flexible resource scheduling, sharing and allocation for training and fine tuning workloads, improving utilization and reducing development and operating costs for private deployment of domestic AI infrastructure. Our Galaxy Stack platform completed deep integration and full life cycle visual management for multiple mainstream domestic AI chips.
Mr. Zhou
來，我們將繼續深耕生態內外巨大的商業機遇，不斷優化算力資產運營效率，在技術演進與應用落地的浪潮中，持續增強自身的盈利與造血能力，以堅實的業績表現爲客戶股東和社會創造長期可持續的價值。接下來有請公司CFO 李毅爲大家介紹二季度財務業績，謝謝。
Looking ahead, we will continue to capture the opportunities both within and outside our ecosystem, improve the operating efficiency of our computing assets and strengthen our profitability and cash generation capability. Amid AI industry tailwind, we remain committed to creating long term sustainable value for customers, shareholders and society. With that, I will hand the call over to our CFOVE who will review our second quarter financial results. Thank you.
Miss Lee
Thank you, Mr. Zhou and Mr. Tian and thank you all for joining the call today. I will now discuss the second quarter financial results use NBA currency. Before we walk through details the financial results for the second quarter, I would like to highlight the following aspects.
First, our quarter revenue reached over 3 billion for the first time in our company's history, up year over year for the last consecutive quarter. In particular, our AI cloud gross billing increased 82% year over year to 1.33 billion, accounting for over 43% of our total revenue earned 31% a year ago. This reflects A continued structural shift in our business mixed towards AI.
Second, our probability has improved. Our adjusted gross margin was 50.4%, up 2.4 percentage points quarter of quarter and 0.5 percentage points year over year. Our adjusted EBIT margin reached 36%, up from 17% in the same quarter last year and 82% last quarter.
Noticeably, we returned to break even at operating income level this quarter and recorded adjusted operating profit margin for 4%. These outcomes validate our ability to turn strong AI business demand into healthy profit growth.
3rd, we continue to invest to accelerate the build out of our AI computer capacity. Capital expenditures together with right of use assets obtained through third party financing and finance leases reached 3.3 billion this quarter versus 2.9 billion in last quarter and 2.8 billion in the same quarter last year.
Miss Lee
Now let us work you through our financial results for the second quarter of 2026. This quarter total revenue were 3072 million, up 31% year over year or 40% quarter over quarter. Of these, real news from public cloud services were 2358 billion, up 45% from 1625 million in the same quarter last year.
Real news from enterprise cloud services reached 740 million compared with 724 in the same quarter last year, down slightly by 1% year over year. Total cost renews was 2606 million, representing a 30% year over year over increase mainly due to a continued investment in AI cloud infrastructure.
IDC cost increased by 23% year over year from 803 million to 1100 and 90 million this quarter. The increase was mainly due to the increase of rack services. Depreciation and amortization costs increased by 75% year over year from 552 million in the same quarter of 2025 to 964,000,000 this quarter, largely due to the depreciation of newly acquired and raised air infrastructure, including servers and network equipment.
Solution development and service cost increased by 4% year over year from 564 million in the same quarter of 2025 to 586 million this quarter. The modest increase was mainly due to higher cost incurred in AI transformation in solution development and delivery. 4 million costs and other costs were approximately 66 million in total this quarter, but there's 92 million in the same quarter last year.
Miss Lee
Our adjusted gross profit for the quarter was 472 million, increased by 35% year over year and 34% quarter over quarter. Adjusted gross margin was 15.4%, up from 14.9% in the same quarter last year and from 13% last quarter. The increase was driven by higher gross margin in public cloud business, thanks to strong AI demand on the.
Expense site excluded shop based compensation cost expenses, our total adjusted operating expense were 391 million, a decrease from 761 million in the same quarter last year and from 455,000,000 last quarter, mainly reflecting our disciplined cost and expense control of which are adjusted.
Research and development expenses were 884 million, up 101% year over year. Adjusted daily and market expenses were 102 million, down 7% year over year. Adjusted general and administrative expenses were 105 million, down 61% year over year, largely due to lower credit loss expenses.
Our adjusted operating profit was 124 million, turning profit from adjusted operating loss of 166 million in the same period last year. This improvement was primarily driven by the expansion of our revenue scale, higher gross margin and enhanced operating efficiency. Adjusted operating profit margin was 4% this quarter compared with -7.1% in the same period last year and -2.2% last quarter.
Miss Lee
Our adjusted net loss was 6, 1,000,000, down from 300 million in the same quarter last year and 237 minutes in previous quarters. Our non GAAP in Visa process was 1100 million increased by 171% from 406 million in the same quarter last year.
Our non GAAP in Visa margin achieved 36% compared with 70% in the same quarter last year and 82% last quarter. It was merely due to our improving gross profit as well as higher duration costs in our cost base as we accelerate our AI computing capacity build out.
As with June 13, 2026, our cash and cash equivalent totaled 4674 million compared with 4904 million as of March 31st, 2026. The modest decrease was mainly due to our continued investment in AI infrastructure to support business growth.
Looking ahead, we aim to capitalize on the explosive growth in AI demand by further investing infrastructure, expanding our product and service offerings, managing creative and liquidity risk and improving operating efficiency. We remain commitment to our all in AI strategy and continue to deliver high quality growth to our shareholders. Thank you all.
So this concludes our prepared remarks. We will now begin the Q&A session. If possible, please ask your questions in both Mandarin and English. So, operator, please proceed.
Operator
Thank you. We will now begin the question and answer session. If you wish to ask a question, you will need to press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11. Again, we will take our first question. Your first question comes from lipping Zal from CICC. Please go ahead. Your line is open.
Lipping Zal
好，崔總，李總晚上好，呃，感謝接受我的提問啊。首先恭喜公司這個季度獲得了呃op 層面的一個轉正啊。那我這邊有兩個問題，其實都是關於我們心流那個mas 平台的。呃，最近呢就是關於開源模型能力提升的討論也挺多的，那請問這個對公司的mas 業務的影響，那麼基於對咱們自己平台的這個觀察，目前用量增長的趨勢是怎麼樣的，然後主要來自於哪些這個典型的用例啊。
然後第二個問題是啊，考慮到整體金流，呃這個平台它的呃，投資回收週期可能更短，呃，不知道公司是否會向呃這塊業務去傾斜更多的這個資源。Let me translate by myself. So good evening, Miss Joe and Miss Lee. Thanks for taking my questions. I got 2 questions on your math business.
First, how well improvements in open source model capabilities affect the company's math business? Based on your observations, what's the current usage growth trend and which use cases are driving at most? And second, given the payback. For the mass business might be shorter, will the company allocate more resources to it? Thank you.
Mr. Liu Tao
好，這個問題我來回答一下啊。呃首先來看就是模型能力提升帶來的幾個變化啊。一方面是說，呃，國內的web coding 的需求的這個整個市場盤的是非常大的，需求也非常多，那麼傳統意義上來看我們看到大量的客戶是在使用可能會使用海外的模型。
嗯，隨着相機rmc 三這些模型的能力提升呢，我們可以看到在web coding 領域存在這種國產模型對海外模型的替代效應啊，所以這是一個對國產模型的需求的增長。另一方面呢，agentic 的這個滲透性在提高啊，越來越多的場景在使用agentic 了，包括我們很多客戶的agent 開始上生產了，所以它引出了我們的agent key 的產品啊。
另一方面呢，在agent 的使用上，我們可以看到，呃，兩種分化的需求，一方面是在做複雜問題解析的時候，可能會傾向於用K3，包括GM 5.3這樣的新型模型。但是呢，當它需要去完成日常任務的時候我們可以看到客戶會傾向於選擇最具性價比的模型啊，就最近大家可能看到的斬殺線啊。
所以像這個V4flash 包括像mimo flash 這些模型呢，在日常工作場景中的調用量我們看到是有增長的。所以是這是第一個問題，就是我們的這個，呃這個增長趨勢來的主要是哪些東西啊。
另一方面來說，呃，mask 業務和算力業務來說，實際上兩者是各自有特性的。對於算力業務來說呢，當我們把一臺機器售賣出去的時候，它的售賣率就是100%啊，並且呢，通常我們安全起見都是籤長合約，所以這個業務的安全性是相對很高的，並且它的利潤水平是相對高並且固定的。
那麼Mars 業務它涉及到了這個市場的價格競爭的波動，然後新模型的替代，包括這個運營水平，以及這個呃多方面因素的影響，所以它的利潤率是一個變動的數值。那麼所以說這兩者其實是一個對我們來說希望是一個平衡性的選擇，一方面我們希望兩者都發展，另一方面呢，我們也會啊，在兩者這個業務之間互相作爲備份啊。
就是當我們的算力遇到了特殊的情況的時候我們可以拿算力業務去做推理，反過來說呢，當我們的推理調量的時候我們也可以把推理的業務去轉向算力業務啊，所以整體來說是一個平衡發展的策略，謝謝。
OK. So just to quickly translate, so this answer comes from our SVP, Mr. Liottao. So in relation to your first question, the development in open source large language models has mainly 3 impacts #1 is that we're seeing very big demand coming from bio coping. And traditionally, foreign models have been taking the lead in this area.
However, once we have seen the launch of GLM and K3, this kind of high performance models, we're seeing increasingly users from Mainland China adopting and using this made in China larger language model. And secondly, the the increasing the use of agentics scenarios also brought change to our to our business. And with that we have launched as mentioned in the prepared remarks, the agent kit product to satisfy such needs.
And certainly it is worth measuring that in terms of day-to-day routine tasks and workloads, the choice usually is the price for value kind of models, which are essentially the Chinese models. So that is why this development open source large language model is actually beneficial for our business.
And your second question regarding the balance between math business and the computing power. So, so we, we basically have different business models for this to, for this, for this to business for computing power business. Essentially, once we sell the computing power, the utilization is by nature 100% and we usually come with long term contracts to secure the utilization throughout the prolonged period of time.
And therefore it's relatively safe so to speak. But for the mass business, it is subject to quite a few factors including the fluctuation of the token price, the launching of new models which the customers might prefer to use and also the operating efficiency that we're able to achieve in doing the mass business.
So therefore, we generally balance these two business models and I hope to have each one of them complement the other one. So we generally dynamically evaluate these two business and try to decide how much resources to allocate. Thank you.
Lipping Zal
Thank you. That's very helpful.
Operator
We will take our next question. Next question comes from Wenden Vu from CISA. Please go ahead. Your line is open.
Wenden Vu
唉，周總，李總，各位管理層晚上好感謝，給我這個提問的機會啊，也恭喜公司非常強勁的業績，我這邊有兩個問題想請教一下。就是第一個問題是，哦，從六月到目前的這個月份就是咱們看到這個芯片的採購進度是怎麼樣的，我們最新對於全年的這個開發預期會怎麼去想好。
第二個問題是關於企業雲這塊，我們看這塊收入過去兩個季度是有一些降速，那我們應該怎麼去預期今年全年企業雲，也就是行業雲這塊的這個增速啊，以及接下來公司對於這塊業務的AI 轉型以及中長期的定位。嗯，我還。
The first question is that since June, how has the chip procurement progressed in recent months and what's your latest for your CapEx guidance? And the second question is about the enterprise cloud. This kind of this segment of revenue has decelerated in the past two quarters. How should we think about the full year enterprise cloud growth and what's the AI transformation and medium term positioning for this segment? Thank you.
Mr. Tianhai
那個第一個問題我來回答一下啊。供應鏈的問題呢，其實我們每次做業績發佈的時候呢，大家都非常的關心啊，我相信大家其實也會觀察到，就在三年以前，這個這一波開始發展的時候呢，其實供應緊張就一直是伴隨着業務在開展的。
呃，而且這種供應緊張呢，我們看起來呢，它不會是一個短期的，應該是一個還會維持比較長的一個時間，所以呢，我們應該把它呢看作一個新的一個常態，這是第一點。第二點呢，就是那麼我們這這這麼幾年實際發展下來，大家也能觀察到啊，整個中國的AI 的產業以及制算業的發展，其實也一直是在以非常快的速度在推進，就包括我們的業績其實也反映了這一點。
那麼從我們的角度來講呢，最重要的一個策略呢，其實我們就是不斷的去增加我們的合作伙伴，還有供應商的數量，同時的話呢，在技術上呢，也加快我們適配的速度，用這種這樣的方式呢，來增加我們供應鏈的多元化。
大家應該也發現了，現在國產芯片這個公司也上市了，從他們的性能產能到適配的優化，其實都在快速的提升，特別在推理領域還是得到了廣泛的一些應用和認可。那麼第三點的話呢，就是因爲你的供應市場呢，它其實存在一定的這個結構性，所以呢還存在這個一次性採購，可能金額比較大，然後呢批量這個節奏可能不太持續的一個狀態。
所以如果我們單從每個月的情況去看呢，它並不是一個線性發展，從採購的金額的波動呢，它會比較大，但是我們放到全年的這個規模上去看的話呢，它應該是離我們的這個預期呢，其實是比較接近的。具體的這個呃的數字的話呢，可以請。
That's a little quicker, so allow me to quickly translate. So the answer comes from our SAP, Mr. Tianhai. So three points #1 actually, since 2023, it's been three years, and the market has always been hearing voices about the, you know, the limited supply. So I would say this is actually a new norm. The such supply difficulty is actually a long term kind of situation.
But secondly, we should also be aware of the fact that despite of those constraints, financial constraints, the Chinese cloud computing or AI industry development has not been restricted or actually restricted by that. And the way that we actually tackle with such such situation is that we try to increase the number of business partners that we work with.
We try to increase the number of suppliers we work with and we also, you know, work with the increasing the compatibility of made in China chips. You are all very well, very much aware of the, you know, recently many of the made in China chips are becoming a public and they are particularly good in use cases such as modeling model inference.
Now #3 I would like to say that when you look at the CapEx number from a month to month basis, it is all usually quite volatile. And I have to say that the purchasing number because of it's usually a large chunk of money in relatively small number of purchases. So the purchase, the purchasing number if you look at it by monthly basis, it's actually not a linear number.
So I would say that for our whole year CapEx estimate it should still be you know in line with what we have been expecting and our CFO the you should be able to give you more details in that regard.
Miss Lee
Hiking here, our capital venture included capitalized asset lease arrangement ranging 6.2 billion in the first half of 2026 accounting for over 75% of our four year CapEx last year. Where July status cannot fully represent the third quarters of all trades, it clearly shows tangible growth acceleration. Accordingly, we maintain our full year CapEx based case and change it at 15 billion.
Wenden Vu
Thank you, Tintin. Thank you.
Operator
We will take our next question. Oh, sorry we have, we need to continue for another question. Apologies.
Miss Regent
行業雲，過去兩個季度收入，呃，增速有所放，呃，放緩的問題啊，確實我們也不迴避，但是我們也覺得不能簡單的用兩個季度呃的收入的增速來線性的外推全年的這個經營情況。那這一輪整個增速變化呢，我們覺得包含三類因因素啊。
第一第一類的話是衆所周知的，從去年下半年開始，整個內存和存儲價格的這個上漲，那這個上漲會導致政府和企業客戶，他在做預算的時候需要反覆調整，那這樣的一個反覆調整的話，導致我們的這個啊，合同簽約週期啊和預算週期會比以往要長，這是一個非常這個呃，非常非常明顯的這個上半年的市場的一個一個一個波動。
那另外一個就是啊，第二類就是政府和國央企業務，它本身就存在着這種簽約交付驗收它的收入確認的一一些這個呃季度性的波動，因爲呃大家也知道，尤其是尤其是這個大型項目，下半年就是政企客戶，一般來說下半年通呃呃營收確認相對會比較集中，所以的話呢，我們判斷全年的收入可能不能只看這個上半年的這個同比。
那從我們來說更看，就是啊，已籤的未確認的合同，還有項目的這個驗收節點，還有一些這個呃高確定性商機的一個覆蓋程度。那麼呃第三類因素呢，就是，呃，就是由於這一波的這個AI 的話，其實呃金山雲啊，行業雲，我們也主動進行這個收入結構的調整。
呃過去行業雲它主要依靠這個雲基礎設施的建設，系統集成和項目交付相呃，收入規模比較大，但是它的項目制的這個特徵啊比較明顯，然後呃也會出現這個技術性的這個波動。那麼今年隨着這個呃，呃，特別是小龍蝦啊，這一波在中國市場那個火了之後呢啊，今年我們主動去減少這種低毛利低複用回款質量較差的項目。
然後把這個核心資源能夠集中到就是AI 能夠幫着客戶進入核心業務流程，然後形成這個AI 的自有產品能力和長期的運營收入的這個項目上。所以的話呢，就是短期收入的增速和，合同質量還有合同期限以及未來的可持續收入之間，它可能因爲這樣的一個啊，這個我剛說的這三類因素，它出現一些這個階段性的背離，但這並不是說啊，我們這個呃放棄增長，而是說我們實際上在重構這個，呃，增長的基礎啊。
OK. So this answer comes from our VP, Miss Regent. So generally, I don't think although we're seeing relatively slow growth in the enterprise cloud segment, I would say it is not the right way to look at it from the linear extrapolation perspective. I will give you 3 reasons.
I think #1 just to explain why we're thinking of looking at relative weakness in this regard is that the upstream supply pricing hiking hike, which changed quite significantly in recent, in recent quarters has affected the our prospective customers. Essentially the SOE companies and also the government agencies to they have to frequently adjust their budgeting quota, which delayed their decision making process. So that's number one.
And #2 you're all quite aware that the seasonality in enterprise cloud business is quite strong. Usually the delivery and the revenue recognition are concentrated in the second-half of every year. So we have actually a quite a strong pipeline to deliver in second-half of the year.
And thirdly, this is actually a result of a proactive adjustment of our business structure, namely proactively from the project based business model to operating based business model. We're operating business model from a financial reporting perspective is automatically classified into public clouds. So this is not, you know, simply as it was seized as a, you know, weakening of the enterprise cloud business. So that's the three points I'd like to offer. Thank you.
Operator
Thank you. We will take our next question. Your question comes from Timothy Zelle from Goldman Sachs. Please go ahead. Your line is open.
Timothy Zelle
劉總，李總晚上好感謝接受我的提問啊。呃，那我這邊有兩條問題想要請教一下，第一個可能還是回到我們的這個星流mass 的業務啊啊，那想請教一下我們金山雲平台相對於市場上面其他的一些競爭對手啊，我們的定位或者是啊場景或者競爭優勢啊，具體有哪些。
那關於我們的mass 服務的這個收入確認和利潤率的情況，可不可以再更仔細的分享一些，啊，這是第一條問題。那第二條問題是關於我們的這個AI 雲服務的一些價格的變化，那可不可以去關於和分享一下我們過去幾個月看到的這個AI 雲服務的這個價格變化的趨勢，以及行業價格情況是怎樣的。
那我們也宣佈了一些這個加價或者是啊減少折扣的一些，啊動作，那我們現在看到客戶的反饋是怎樣的，那能不能幫我們量化一下整個價格因素對於呃，AI 雲的這個收入增速的一些影響啊，那我很快翻譯一下。
Thank you management for taking my question. My first question is regarding the the mass banish. Just wondering compared to the peers in the market, how do you how do you think about the kings of cloud competitive advantage in the mass services in terms of the application scenarios etcetera? And could you share more about the revenue recognition and the profitability profile of the mass service business?
And second question is regarding the the overall pricing trend in the AI cloud business. Just wondering if you can share what is the latest trend over the past couple months And what have you heard from the customers after you announced the certain price hikes or discount reduction over the past few months? And whether you are able to quantify the impact from the price hike to your overall AI cloud revenue growth? Thank you.
Mr. Liu Tao
那麼聽聽我來回答一下這兩個問題啊。第一個呢是說關於我們這個清流的平台的定位優勢問題啊，首先呃，這裏面定位啊，我們在市場算是一種呃，比較獨特的定位啊，就第一我們並沒有自研的大模型，第二呢就是我們又是一家雲廠商，我想咱們在市場上看到的做這個Mars 的場景有幾種客戶啊。
一種是這個做大模型的雲廠商，比如說呃像阿里啊等等，包括百度。另一種呢是最近可能大家看到像什麼軌跡流動之類的這個所謂的純的雲端token 工廠啊啊，我想我們可能和他們都互相有些區別啊。
首先我們沒有自研的大模型，那麼在售賣模型的政策指導上來說我們始終指導着我們的銷售和業務團隊去銷售最好的模型，客戶最喜歡的模型啊，比如說GM 5.3，比如說kmt 三，啊，包括可能在視頻生成領域的像C dance，或者是包括mini Max H3，所以這一方面呢，我們的，呃，我們會根據客戶的需求來去售賣客戶更喜歡的模型，而不會捆綁在說我們必須要賣某一個模型的政治任務上，我想這個在競爭策略上來說是一種靈活性。
第二呢，對於這個啊，這個雲端token 工廠來說呢，其實token 的生產有個非常重要的生產要素是算力，那麼掌握低成本算力的公司才可以在整個mask 的生態鏈上賺到錢，如果是純粹做軟件的這個生產去租賃算力的話，那麼可能，呃，大量的這個利潤會被這個算力的供給方佔有啊，這點我想大家可以關注一下，像海外的NCP 的一一張卡的卡時，然後再看看對比那個售價，就可以測算出來一個純粹的不掌握資源的廠商去做推理，它能夠賺多少錢，好吧，這是我覺得在呃mark 平台的定位優勢上啊。
另外呢，關於呃要呃，要不你先回啊。So in relation to your question about the positioning we have, we do have a unique positioning in the mass business namely we're different from some of the food stack cloud providers which they have their in house or proprietary models. We do not have such models and therefore, you know, correspondingly we do not have to sell those, you know, large numbers models that our affiliated companies, you know have to offer.
And as a result, we're able to actually sell and we actually encourage our sales team to sell the models that our customers like the most, for example, the GRM, etcetera. So that's so that's number one. And secondly, it's quite important in today's market to have your proprietary or your own computing power, which is the only way that you can actually secure a significant profitability.
Mr. Liu Tao
第二點，關於價格變化，呃，我，呃，大家也可以看到我們在存儲和算力相關的領域其實都顯著的提高了價格啊，在存儲上面我們的可能提高的比例也非常大，那麼存儲在呃這這個計算場景下，它實際上是隨着計算的增長而跟着增長，所以說客戶們對於存儲的漲價並不感覺很在很在意啊，所以我覺得目前我們看到都是很輕易的接受了我們的漲價啊。
那麼在這個漲價過程中，一方面我們追上了我們的成本上漲，另一方面呢，我們也還是保持我們的利潤，或者是提升了我們的利潤率啊。另一方面呢，算力呢，當然我們也是一個同樣的原理啊，就是算力的業務的，呃，機器的價格肯定是在增長的，但是呢，我們因爲我們的能力的獨特性，那麼我們一方面是我們會提供這個跟隨着算力價格增長的指導的價格，啊，但是我們會保持毛利率，甚至會提升我們，呃，願意提升我們的毛利率啊。
另一方面呢，就是我們同時也會接受客戶託管的算力，由我們來組，呃，這個組織和運營運維，那麼在本期我們也見到了這樣的場景落地，那麼在這種場景下，我們啊這個業務的這個毛利潤示範，呃，顯然是更高的，那麼就這些。
So in relation to your question about the price hike, so there are basically 2 products or solutions that we have employed increasing price. Number one, that is storage and #2 that is computing powers. I'll talk about them separately respectively.
So in terms of storage, storage is usually the incremental amount of storage. It actually comes with the intelligent computing demand that is relatively small portion of the intelligent executing of overall ticket size. And therefore, in the vast majority of the customers that we negotiated with, they relatively easily accepted such a price hike.
In which case, as a result, we're actually able to not only, in some cases, not only pass through the increase in our cost, but also increasing our profitability in that, in that, in that scenario now #2 in terms of computing power, because of our specific capabilities, including past capabilities, as well as the operating maintenance and network capabilities, again, we are able to pass through that cost hike into our customers.
In some of the cases, we also increased our profitability. And in this quarter, we have also some projects which we are doing manage the services, which is an asset life business model. And we look forward to seeing more of that coming to and reflecting the financial statements. Thank you.
Operator
Thank you. We will take the next question. Your next question comes from Wei Zhong from UBS. Please go ahead. Your line is open.
Wei Zhong
好的，謝謝呃，管理層晚上好，恭喜這個季度非常強勁的業績，也感謝接受我的提問，呃，那我有一條問題想請教啊，剛才咱們談到了咱們平台上mas 的定位的差異化，那麼我想追問一下，就是考慮到其他雲廠的這個自研模型和用戶生態，我們應該怎麼思考，就是咱們平台在雲行業的這個長期定位，以及可持續可實現的這個穩定的利潤率。
那我也很快自己翻譯一下good evening management Congress on the Solid quarter and thank you for taking my question. Considering the proprietary models and user ecosystem of other cloud providers, how should we think about our long term positioning in the cloud market and the sustainable margin level down the road? Thank you.
Mr. Liu Tao
呃，我來回答一下這個問題啊，其實剛才我們也提到了，就是，呃，mask 的服務呢，它其實一方面要提供頂尖的模型，另一方面要提供穩定可靠的服務啊，那麼作爲一箇中立廠商呢，我們始終會和各家原廠保持良好的關係，並且呢在第一時間推出這些模型的線上服務，並且呢啊，我們自有的資源和原廠的資源組合在一起呢，能夠給客戶提供一個高可用高可靠的這個雲上的mask 服務，啊，那我想這一點來說就是我們在這方面是沒有任何就是所謂的心理負擔的啊。
另另一方面，其實我們可以看到，因爲呃，這個我們手裏所掌握的資源的總量來看，那麼通常情況下我們在SLA 方面能夠給客戶提供更高的保障啊，我想這一點啊，雲廠商大規模的基礎設施是對這個mark 業務的一個更好的支撐啊，啊，那從啊，利潤率來的角度講呢，一方面我們會和原廠配合，比如說我們和原廠可以配合合作，在比如模型推理框架，包括一些模型在發佈時候的啊，權重未披露的權重的一些合作，來提升我們的這個推理效率。
另一方面呢，我們也始終長期的在投入推理優化本身的工作啊，目前我們的團隊啊，其實在多個開源模型上，我們都已經驗證了我們能夠達到和甚至或者接近啊，啊，原廠的這個推理的效率，所以呢，整體來說這個業務的毛利水平啊啊，不管模型怎麼更新，我們，我認爲我們團隊也有這個能力，是跟住這個新模型的這個推理效率，並且能夠保持一個良好的毛利率。
So we believe that the last or cloud, AI, cloud service provider is important to be able to offer the top models which the customers like and also stable services to our customers. So I mentioned as a neutral cloud player, we are able to be in good relations with all of the Top Model providers, a large language model labs and be able to provide the best model according to our customers demands.
And also we're able to based on our technology capabilities, we're able to provide highly available and highly reliable services to them based off out of the Flas that we signed with them. I think thirdly, in relation to the profitability question you asked, it is important to work closely with the LLM firms.
Labs to, for example, to optimize, to optimize the inference of those models and that would include the, for example, working with them based on the undisclosed weighting of the of the models to increase our inference model inference efficiency. In some of the cases, we're able to get to very close level or even reach the same level of the inference efficiency coming out from the LLM companies themselves. Thank you.
Operator
Thank you. We will take our final question. And your final question comes from Ying Liu from Morgan Stanley. Please go ahead. Your line is open.
Ying Liu
提問的機會，呃，首先恭喜公司靚麗的業績，那我這邊的問題是想問一下公司現在看到在呃算力和呃mass 兩種商業模式下的這個投資回報或者Ric 的水平，以及呃這個呃回報的最近的一些邊際變化是向上還是向下的。
Let me translate my question. I would like to ask under the two business model, computing power leasing and model as a service, what is ROIC for these two business models and what is marginal change for the ROIC? Thank you.
Miss Lee
Thank you, Lu Yang. At this stage we, we don't disclose separate our IC on mass and AI computing power services because our AC varies across projects driven by payback cycles for margin fixed assets and dissociation policies. Overall must be with much better probability than AI, AI computing power services at this stage.
We have seen continued improvement in operating leverage as our air business scales up 6. The costs are steadily diluted and our trailing travel Moses adjusted operating profit has turned positive driving a gradual recovery in our overall our assets. We adhere to demand driven and disciplined air investment strategy with a strong focus on capital efficiency.
With the continuous business structure, organization and the material AI commercialization, I think our overall LSE will keep improving steadily. OK, thank you.
Operator
Thank you. There are no further questions. Apologies to the question and answer session. I will hand back for closing remarks.
Jackie Zor
OK, Thank you all for joining us today. If you have any further questions, please contact our IR team. So have a good evening. You may now disconnect.
Operator
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.
更多細節：Kingsoft Cloud IR
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