1、China Cloud Deep DiveSee the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a

2、conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Asia Pacific Equity ResearchAugust 2025InternetAlex YaoAC(86 21)6106 SAC registration number:S1730523020001J.P.Morgan Securities(Chi

3、na)Company LimitedInternetDaniel Chen(86 21)6106 SAC registration number:S1730521040001J.P.Morgan Securities(China)Company LimitedSangsik Lee(82 2)758 J.P.Morgan Securities(Far East)Limited,Seoul B2China cloud market overviewRmbmn202020212022202320242025E2026E2027EChina cloud market187,199262,276393

4、,179500,234589,118688,198790,756899,095YoY%40%50%27%18%17%15%14%Market share of major playersAliCloud32%28%26%21%20%21%22%23%Tencent Cloud21%21%14%12%11%11%11%12%Huawei Cloud8%8%12%11%12%12%14%15%Baidu Cloud5%6%5%4%4%4%4%5%Kingsoft Cloud4%3%2%1%1%1%1%1%China Telecom7%11%15%19%19%19%18%17%China Unico

5、m6%6%9%10%12%11%11%11%China Mobile6%9%13%17%17%16%15%14%Sinnet(AWS)3%2%1%1%1%1%1%1%VNET(Azure)0%0%0%0%0%0%0%0%Wangsu3%2%1%1%1%1%1%1%UCloud1%1%1%0%0%0%0%0%Others3%2%2%2%1%1%1%1%Source:Alibaba FY21-25 annual reports(year-end March),Huawei 2020-24 earnings reports,2020-24 annual reports for other compa

6、nies,J.P.Morgan estimates.3China cloud market competitive landscapeChina cloud market share(2024)Revenue comparison of major public cloud service vendorsSource:Each companys 2024 annual report.Alibaba,20%China Telecom,19%China Mobile,17%Huawei,12%China Unicom,12%Tencent,11%Others,9%Baidu,4%Kingsoft