Shulou(Shulou.com)11/24 Report--

On November 21, 2023, Jinshanyun (NASDAQ:KC,HKEX: 3896) released its third quarter 2023 results. During the quarter, Jinshan Cloud solidly promoted technological upgrading, supported the development of vertical industries, and promoted steady growth in performance. According to the financial report, Jinshanyun Q3 had revenue of 1.63 billion yuan, adjusted gross profit margin reached 12.1%, another record high, and adjusted gross profit increased by 57.5% compared with the same period last year. Of this total, public cloud realized revenue of 1.02 billion yuan and gross profit margin of 4.7%, which was significantly higher than that of the same period in 2022; industry cloud realized revenue of 610 million yuan and gross profit margin of 24.2%, significantly higher than that of the same period in 2022.

Due to the steady progress of the high-quality sustainable development strategy, Jinshanyun has made great progress in technical capacity building and reducing costs and increasing efficiency, various businesses have shown new vitality, and profitability has improved steadily, which makes the company in a more advantageous position in seizing new opportunities.

Continuously enhance the ability of self-research and accurately grasp the new opportunities of large models

Under the industry tide brought by generative artificial intelligence, the importance of cloud computing as the base of computing power has become increasingly prominent. As a neutral cloud service provider, Jinshanyun is always committed to the research and development of core technologies such as cloud computing, big data and artificial intelligence, and iteratively upgrades its products and technologies around the needs of customers in their actual business. to provide a strong computing base for large model companies, vertical industry quality customers and ecological partners.

Facing the application scenario of large model, the company launched mutual trust virtual private network ("mutual trust VPC"). Compared with the standard VPC, Mutual Trust VPC has stricter control over communication in and out of VPC, helping customers solve compliance and mutual trust problems. Through independent research and development of core technologies such as Embedding model, multi-channel recall algorithm and intelligent data slicing model, the company has built Jinshan Yun Qingzhou knowledge Assistant products based on the large model, which has been applied on the ground.

Focusing on the customer's business pain point scenario, big data intelligent data engine KDE V3.1 and cloud native big data product KCDE V1.7 have added more than 50 capabilities, and the comprehensive capability has been further enhanced. In the intelligent car scene, the big data base is provided for big data processing, model training, simulation, warehouse analysis and vehicle-cloud collaboration platform.

The ability to maintain the same frequency with cutting-edge technology enables the company to gain sustainable momentum in the Internet field. As a strategic cloud platform in the ecology, the company cooperates deeply with Jinshan Office WPS AI to help it achieve training and reasoning business deployment, and provides GPU bare metal server products for Himalayan voice model training scenarios to help customers explore the business of open source large models in training scenarios, laying a solid foundation for their reasoning scenarios for C-end users. In addition, with the positioning of neutral cloud service providers, the company has signed contracts and discussed business opportunities with dozens of artificial intelligence customers.

In view of the different cloud needs of customers in public services, and other industries, Jinshan Yunhe platform has comprehensively upgraded the "one cloud multi-core" solution, which is now compatible with Intel, Kunpeng, Haiguang, Godson and other platforms. multi-form and flexible cloud building solutions that support full-stack deployment and hybrid deployment. With its strong cloud service capability and cloud security capability, Jinshan Cloud Galaxy platform has passed a total of 157 cloud benchmark tests and won the "leading" certification, the highest level of cloud benchmark evaluation, which indicates that the comprehensive product capability of Jinshan Cloud Galaxy platform is at a level of excellence in the industry.

Continue to deepen benchmarking experience and adhere to customer value creation

In the new stage of digital economy with computing power as the core productivity, Jinshanyun goes deep into the vertical field, making use of constantly upgrading product power and technical power to meet customers' demand for smart computing, and in the process of helping customers create value, the company's high-quality customer base has been deepened and broadened.

Focusing on core areas such as state-owned assets cloud and government cloud, the company practices differentiation and focuses on forming a full-link management model from "Jianyun" and "Shangyun" to "using cloud" and "managing cloud". To build the standardized operation capability of government cloud into the core competitiveness of government cloud and state-owned cloud products. In this quarter, based on the profound accumulation of serving Beijing Government Cloud for 9 consecutive years, the company successfully provided safe and reliable cloud services for Beijing Seismological Bureau and Beijing higher people's Court; the company has become one of the Zhuhai government cloud service providers and will provide support for the promotion of the "provincial cloud" structure in Guangdong Province. In addition, as the only cloud service provider, the company has completed the construction of Rizhao state-owned cloud and provided services.

In the field of digital health, the company develops its two-wheel drive business with strong industry influence and solid industry and research strength. By serving the information construction project of the people's Hospital of Zhuhai High-tech Zone, the company contributes to the improvement of the overall service level of the hospital and the region, and contributes to the development of health in Dawan District; the intelligent management planning and planning and design software project of Zhongnan Hospital, which won the bid, will promote the high-quality development of public hospitals with profound industry insights and excellent structural planning. This quarter, the company also joined two third-class hospitals to participate in the National Digital Health Innovation and Application Competition, and was shortlisted in the finals of the opening scheme for health data sharing in large hospitals and the innovative application practice of Health big data.

Oriented to the field, the company continues to polish big data's ability around its head customers, and its cooperation with key institutions has been continuously deepened. This quarter, the company successfully delivered projects related to big data of the Construction Bank, and provided services to the Shanghai Regulatory Administration of the State Administration of Supervision and Administration to help it improve its digital and intelligent level.

Zou Tao, vice chairman and CEO of Jinshanyun, said: "after more than a year of strategic adjustment, Jinshanyun's technological creativity and core business vitality are being released at an accelerated pace, and the company's fundamentals remain positive for a long time. In the face of the opportunities brought about by artificial intelligence, we will continue to practice our internal skills around our core competencies and work with ecological partners to achieve new results in promoting high-quality sustainable development through differentiation."

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