金山云（KC）今日盘前大跌6.82%，主要受母公司金山软件（03888.HK）公布的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。
作为金山软件旗下云服务提供商，金山云的业绩表现与母公司密切相关。金山软件一季度业绩低于预期，特别是利润的环比大幅下滑，可能引发市场对金山云盈利能力的担忧。此外，金山软件在AI领域的大幅投入，可能会对短期利润产生压力，进而影响投资者对金山云的估值预期。盘前大跌反映了市场对金山云短期业绩前景的谨慎态度。
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