周三（5月28日）盘中，金山云（KC）股价大跌8.14%，主要受其母公司金山软件（03888.HK）发布的2025年第一季度财报影响。金山软件业绩不及市场预期，引发投资者对其子公司金山云前景的担忧。
金山软件公告显示，2025年第一季度实现营收23.38亿元人民币，同比增长9%，但低于市场预期的24.9亿元。母公司拥有人应占溢利为2.84亿元，同比微降0.24%，环比大幅下滑38%。值得注意的是，公司研发成本同比增长16%至8.28亿元，主要用于AI相关开支。
与此同时，金山云也发布了自身的一季度业绩。报告显示，金山云第一季度总收入为19.7亿元人民币，同比增长10.9%，但环比下降11.7%。公司经调整净亏损为5580万元，虽然同比收窄56%，但仍未能实现盈利。尽管AI业务收入同比增长228%，但投资者似乎对公司整体增速放缓及持续亏损表示担忧。
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