股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 七牛智能科技有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02567 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | 本月底法定/註冊股本 ...

七牛智能 20260204 摘要 青牛是中国最大的独立音视频云服务提供商，客户涵盖抖音、快手、小 红书、B 站等主流应用，上市时业务规模达 13-14 亿元。2025 年上半 年整体收入 8.29 亿元，AI 收入占比 22%，预计全年经营状况将改善。 青牛通过构建全模型服务平台，提供开源和闭源模型，结合最佳使用方 式，实现性价比最优化，类似于 OpenRoute 模式，吸引开发者使用多 个模型厂商的服务。同时，积极布局智能硬件赛道，研发语音交互平台 "灵犀"，预计 2026 年底推向市场，旨在替代传统鼠标键盘。 AI Agent 的大规模应用显著增加对云资源的需求，每个员工对应一个 Agent，公司能够快速扩展或缩减所需资源，这种弹性是基于云计算实 现的，将带来巨大的资源需求增量。 AI 推理需求预计将持续增长，多模态模型的发展，如 Gemini 3 代表音 视频等领域的新兴需求，将推动存储、视频处理、带宽等方面的新一轮 爆发，AI 作为生产力工具，其发展方向不仅限于文本模型，还包括更多 复杂场景。 Q&A 请介绍一下青牛智能的基本情况及其主要业务。 青牛智能于 2024 年 10 月上市，是一家提供云计算 ...

Core Insights - The AI sector in the Hong Kong stock market is undergoing a significant value reassessment as it transitions from a parameter arms race to large-scale application deployment, with Qiniu Intelligent (02567) emerging as a focal point due to its explosive growth in the MaaS (Model as a Service) platform [1] - Qiniu Intelligent's recent launch of the upgraded "AI Model Plaza" marks a milestone in its transformation from a traditional cloud service provider to a "China MaaS Dispatch Hub," filling a critical gap in the AI ecosystem [1][2] Company Positioning - Qiniu Intelligent's neutral dispatch positioning allows it to fill the domestic "model dispatch layer" gap, providing developers with a unified scheduling entry point that breaks down physical barriers between different model vendors [2] - Unlike major players like AWS and Azure, which are tied to specific model vendors, Qiniu maintains absolute neutrality, making it an ultimate platform for developers to conduct A/B testing and performance benchmarking [2] User Growth and Market Dynamics - Since the launch of the MaaS platform in 2025, the number of users has seen non-linear expansion, surpassing 180,000, with total registered users exceeding 1.92 million by January 14, 2026, indicating significant scale effects in its ecosystem [3] - The AI sector is characterized by a "long slope, thick snow" feature driven by policy and technology, with Qiniu Intelligent gaining a first-mover advantage due to its multi-model comparison capabilities [3] Future Outlook - The capital market views 2026 as a breakout year for multi-agent reasoning, with increasing demand for multi-model scheduling as production paradigms evolve towards complex reasoning tasks [4] - Qiniu Intelligent's proactive layout of Agent+MCP services is expected to drive exponential growth in the frequency of MaaS platform calls and context consistency requirements [4] Competitive Advantage - Qiniu Intelligent offers a transparent and refined resource management capability based on actual developer call success rates, which is highly attractive to enterprise clients [5] - The company is positioned at the intersection of "audio-video + AI + cloud services," with AI-related revenue surpassing 184 million yuan in the first half of 2025, contributing 22.2% to total revenue, reflecting its successful transition to AI infrastructure [5] Market Position and Valuation - The Chinese MaaS market reached 1.29 billion yuan in the first half of 2025, growing over 400% year-on-year, indicating a booming sector where Qiniu Intelligent stands out as the only Hong Kong stock with AI hub attributes [5] - As the market for "model dispatch layers" grows exponentially, Qiniu Intelligent's business model is evolving from simple transaction fees to an "ecosystem empowerment" strategy, suggesting a shift in valuation from traditional PS metrics to platform premiums [6]

在全球人工智能产业从参数军备竞赛转向大规模应用落地的关键节点，港股市场的AI板块正经历一场 深刻的价值重估。2026年伊始，七牛智能（02567）凭借其MaaS（模型即服务）平台的爆发式增长，成 为了资本市场关注的焦点。 1月19日，七牛智能正式开放了全新升级的"AI大模型广场"，标志着一个里程碑式的节点由此出现：这 家深耕音视频云服务多年的科技巨头，正通过全场景覆盖的模型广场、极致兼容的API架构以及前瞻性 的Agent+MCP服务，完成从传统云服务商向"中国MaaS调度枢纽"的转型。 值得一提的是，这种转型并非简单的业务叠加，而是在AI Native时代对底层开发范式的重构。作为港股 市场中唯一具备"AI枢纽"能力的稀缺标的，七牛智能正在填补中国AI生态中"模型调度层"的空白。 其对标的不仅是简单的云服务模式，更是全球范围内备受追捧的"OpenRouter"模式。这种稀缺性源于其 绝对中立的定位与强大的双边效应，正推动公司价值进入全新的重估周期。 值得一提的是，与AWS、Azure等深度绑定特定模型厂商利益的巨头所不同，七牛智能保持了绝对的中 立性，意味着其不代表任何特定模型厂商的利益，从而成为了开发者进 ...

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Plaza" is set to launch on January 19, 2026, aiming to establish a foundational base for AI Native development through comprehensive model coverage, compatible API architecture, and advanced services [1] - The year 2026 is anticipated to be a breakout year for Multi-Agent reasoning, with a shift towards multi-step reasoning in AI tasks, leading to increased user engagement and token consumption on the MaaS platform [1] User Growth and Financial Performance - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, with a total of over 1.92 million registered users on Qiniu Cloud as of January 14, 2026, marking a significant non-linear growth [2] - AI-related revenue for Qiniu Intelligent surpassed 184 million yuan, contributing 22.2% to total revenue in the first half of 2025, indicating a competitive advantage in the AI reasoning ecosystem [2] Market Position and Competitive Advantage - Qiniu Intelligent is evolving from a cloud service provider to a "MaaS scheduling hub" in the rapidly changing large model market, where open-source models are gaining traction due to cost-effectiveness and flexibility [3] - The MaaS platform allows users to call different models on demand, providing a neutral entry point for developers to conduct A/B testing and performance benchmarking without being tied to specific model vendors [4] Data Accumulation and User Engagement - The MaaS platform is building a "data moat" by accumulating real-world performance data of AI models across various scenarios, enhancing user stickiness and providing tailored recommendations for model usage [6] - The platform's management console offers transparent resource control, enabling enterprises to compare model performance and manage budgets effectively, thus supporting compliance and cost control [6] Market Growth and Future Outlook - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion yuan, a year-on-year increase of 421.2%, positioning Qiniu Intelligent uniquely in a competitive landscape [8] - As Multi-Agent applications enter a phase of large-scale deployment in 2026, the demand for multi-model scheduling and long-range reasoning is expected to grow exponentially, enhancing Qiniu's core value as a model scheduling layer [8]

Core Viewpoint - Qiniu Intelligent officially launched its MaaS platform "AI Model Plaza" on January 19, 2023, which is regarded as the "Chinese version of OpenRouter" [1] Group 1: Platform Features - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral scheduling hub for AI development [1] Group 2: User Growth and Ecosystem Development - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, and as of January 14, 2026, the total registered users on Qiniu Cloud surpassed 1.92 million, indicating a non-linear growth trend [1] - The rapid user growth signifies that Qiniu Intelligent's MaaS ecosystem is achieving economies of scale [1] Group 3: Future Outlook - With the anticipated explosion in demand for multi-agent reasoning in 2026, Qiniu Intelligent is expected to evolve from a "service provider" to the "core of the ecosystem" [1]

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Square" has been newly launched, providing a comprehensive development foundation for the AI Native era through a model square with full-scenario coverage, highly compatible API architecture, forward-looking Agent + MCP services, and a full-stack management console [1] Group 1 - The year 2026 is widely regarded by the capital market as the breakout year for Multi-Agent reasoning, with new tools emerging and production paradigms shifting towards more step-by-step reasoning [1] - The MaaS platform is transitioning from being dominated by single-turn dialogues to being driven by long sequences and multi-step intelligent agent tasks, leading to a significant increase in model invocation frequency and higher demands for contextual consistency [1] Group 2 - Since the launch of the MaaS platform in 2025, the number of MaaS-related users has rapidly exceeded 180,000, with the total registered users on Qiniu Cloud surpassing 1.92 million as of January 14, 2026, indicating a non-linear expansion and the emergence of scale effects in the Qiniu Intelligent MaaS ecosystem [2] - In the first half of 2025, Qiniu Intelligent's AI-related revenue surpassed 184 million yuan, contributing 22.2% to total revenue, demonstrating the company's competitive advantage and leading potential in the AI reasoning ecosystem [2]

七牛智能近期公布的 MaaS 相关用户量突破 18万，正是这一趋势的先行指标。作为支撑这192 万用户的 技术底座，七牛智能通过 MaaS平台为无数垂直领域 AI 应用提供了稳定、低成本的算力与模型分发能 力。从模型训练竞赛转向 AI Agent 的任务执行阶段，七牛智能正在成为开发者构建AI Agent的首选基 座。 智通财经APP获悉，2026年1月14日，七牛智能(02567)公布平台注册用户总量达到192万，仅在过去的 2025 年第四季度，便新增了逾20万名开发者及企业用户。最近两个交易日，港股 AI 概念股集体走强， 七牛智能(02567)表现尤为亮眼，连续两日录得显著涨幅并伴随成交量快速放量。 目前全球科技圈正屏息以待 DeepSeek V4 模型的发布。不同于以往的参数军备竞赛，市场预期 DeepSeek V4 将在推理成本(Cost per Token)上实现阶梯式下降。当模型变得更便宜、更聪明，AI Agent 的调用频次将呈指数级增长。 ...

2026年1月14日，七牛智能(02567)公布平台注册用户总量达到192万，仅在过去的2025年第四季度，便 新增了逾20万名开发者及企业用户。最近两个交易日，港股AI概念股集体走强，七牛智能(02567)表现 尤为亮眼，连续两日录得显著涨幅并伴随成交量快速放量。 目前全球科技圈正屏息以待DeepSeek V4模型的发布。不同于以往的参数军备竞赛，市场预期DeepSeek V4将在推理成本(Cost per Token)上实现阶梯式下降。当模型变得更便宜、更聪明，AI Agent的调用频次 将呈指数级增长。 七牛智能近期公布的MaaS相关用户量突破18万，正是这一趋势的先行指标。作为支撑这192万用户的技 术底座，七牛智能通过MaaS平台为无数垂直领域AI应用提供了稳定、低成本的算力与模型分发能力。 从模型训练竞赛转向AI Agent的任务执行阶段，七牛智能正在成为开发者构建AI Agent的首选基座。 ...

Core Viewpoint - Qiniu Intelligent (02567) has seen a significant increase in its stock price, with a rise of over 7% during trading, currently at 0.71 HKD, reflecting a transaction volume of 1.4063 million HKD. The company recently reported that its MaaS-related user base has surpassed 180,000, indicating a shift in revenue structure from "bandwidth + storage" to "high-value inference API calls" [1] Group 1 - The surge in MaaS user numbers signifies high customer stickiness and scale effects for the company [1] - The upcoming release of the DeepSeek V4 model and collaborations such as the Byte AI Spring Festival are driving catalysts in the AI application market [1] - Guojin Securities predicts that 2026 will be a pivotal year for AI applications transitioning from "technology validation" to "commercial promotion" [1] Group 2 - Huajin Securities notes that the application of AI technology has already transformed traditional businesses, such as content production and marketing, through cost reduction and efficiency enhancement before directly converting into new revenue models [1] - New investment opportunities are emerging corresponding to the evolving business and payment scenarios related to AI applications [1]