Kingsoft Cloud is a China-based cloud services provider focused on AI-driven infrastructure and enterprise cloud solutions. The company operates two business lines: public cloud services and enterprise cloud services. Public cloud — roughly 69% of revenue — covers standard infrastructure (compute, storage, networking, CDN, databases) plus an accelerating intelligent computing business built on GPU clusters used for AI model training and inference. Kingsoft Cloud's Starflow platform provides a one-stop environment for training, inference, model API services, and agent deployment, with a pay-per-token inference model that management sees as a higher-margin growth vector. Enterprise cloud — roughly 31% of revenue — involves customized, project-based IT deployments in government, healthcare, financial services, and manufacturing, including fintech offerings from subsidiary Camelot. A defining feature of the business is Kingsoft Cloud's role as the exclusive strategic cloud partner for the Xiaomi and Kingsoft Corporation ecosystem, which together accounted for roughly 29% of revenue in Q4 FY25. Kingsoft Cloud trains and hosts Xiaomi's AI models and supports large-scale inference infrastructure, while also offering Xiaomi's open-source models to external enterprise customers via model-as-a-service. Beyond the ecosystem, external customers — including LLM developers, autonomous driving companies, and robotics firms — now account for roughly 70% of total revenue. Kingsoft Cloud funds AI infrastructure expansion through a hybrid model of self-owned assets for anchor customers and third-party leasing arrangements for others, with FY26 CapEx expected to exceed RMB 10B.