Movement Alert｜Kingsoft Cloud Falls 5.01% in Regular Trading, Q1 Loss Widens as Telecom Operator Token Transition Pressures Valuation

Market Focus05-28

On May 28, Kingsoft Cloud fell 5.01% in regular trading, trading at HK$6.39/share, with trading volume of HK$315 million, extending its multi-session weakness.

On the news front, Kingsoft Cloud released its Q1 earnings on May 27, reporting total revenue of RMB 2.704 billion, up 37.2% year-over-year, but net loss widened 8.7% to RMB 344 million from RMB 316 million a year earlier. Adjusted gross margin contracted sharply from 16.6% to 13.0%, signaling significant profitability pressure. Adjusted EBITDA rose 134.7% to RMB 748 million, though non-GAAP operating profit turned negative again.

Meanwhile, the ongoing telecom operator Token business model transition continues to weigh on sentiment. Operators are leveraging cloud-network convergence advantages and their massive user bases to directly enter computing power and AI service distribution, raising concerns that Kingsoft Cloud's intermediary role in the value chain is being structurally weakened. This sector-wide headwind has triggered multiple sessions of adjustment since mid-May, with the stock declining even after a brief rebound last week.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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