Kingsoft Cloud reported first-quarter 2025 earnings with total revenues reaching RMB 1.97 billion (US$271.5 million), marking a 10.9% increase year-over-year but an 11.7% decline quarter-over-quarter. The company posted an adjusted loss per share of RMB 0.08, outperforming estimates of a loss of RMB 0.62. Its non-GAAP gross margin stood at 16.6%. The growth was driven primarily by a surge in AI cloud services, with AI gross billing rising 228% year-over-year to RMB 525 million, accounting for 39% of its public cloud revenue. Meanwhile, Futu Holdings reported a strong first quarter with adjusted earnings per share of $2.00 and revenues of $603.4 million, an 81% year-over-year increase fueled by record U.S. stock trading volume and substantial client asset growth. Meituan also posted robust Q1 2025 results, with revenues of RMB 86.6 billion, up 18% year-over-year. The company reported gross profit of RMB 32.4 billion, a 26% increase, and improved margins across EBITDA, EBIT, and net income, with net income rising 87% to RMB 10.1 billion.