金山云(KC)今日盘前股价大跌5.11%，引发了市场的广泛关注。
消息面上，公司公布了2026年第一季度财报，虽然营收同比增长37.2%，但净亏损同比扩大8.7%至3.44亿元，环比更是激增111.0%。同时，第一季度毛利率为12.8%，较上年同期的16.2%下降3.4个百分点，盈利能力出现明显下滑。
财报显示，毛利率下滑主要是由于随着智算云业务扩张，服务器成本增加，以及若干客户的未来营收活动所产生的前期成本所致。此外，公司营业成本大幅攀升，其中折旧及摊销成本同比激增116.4%，这主要与新购入和租赁的、与智算云业务相关的服务器及网络设备折旧有关。公司现金储备也出现消耗，截至第一季度末，现金及现金等价物较2025年末减少超过11亿元，公告称该减少主要是由于采购算力设备的投入所致。这些财务指标的恶化，可能是导致股价在盘前交易时段承压下跌的主要原因。
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