Financial Performance - The company's revenue increased from RMB 1,437.0 million for the year ended December 31, 2024, to RMB 1,768.7 million for the year ended December 31, 2025, representing a growth of 23.1%[3] - The adjusted net loss for the year ended December 31, 2025, was RMB 49.6 million, a significant reduction of 60.9% compared to the adjusted net loss of RMB 127.0 million for the year ended December 31, 2024[6] - The adjusted EBITDA for the year ended December 31, 2025, was a profit of RMB 0.9 million, compared to a loss of RMB 71.1 million for the year ended December 31, 2024[4] - Revenue for the year ended December 31, 2025, increased to RMB 1,768,710,000, up 23% from RMB 1,437,009,000 in 2024[19] - Gross profit for 2025 was RMB 326,580,000, representing a gross margin of approximately 18.4%, compared to RMB 283,825,000 in 2024[19] - Net loss for the year 2025 was RMB 57,871,000, significantly improved from a net loss of RMB 459,367,000 in 2024[19] - Total comprehensive loss decreased from RMB 471.7 million in 2024 to RMB 62.5 million in 2025, driven by effective cost control and increased revenue from market share expansion[103] Revenue Breakdown - AI-related revenue reached RMB 437.3 million, accounting for 24.7% of total revenue for the year ended December 31, 2025[5] - The revenue breakdown for 2025 includes MPaaS at RMB 1,281,520,000, APaaS at RMB 453,444,000, and DPaaS at RMB 641,000, with total revenue from cloud services reflecting a significant growth[41] - Revenue recognized over time for services transferred to customers during a period is RMB 1,353,189,000, compared to RMB 1,235,242,000 in 2024, indicating a growth of 9.6%[41] - Revenue from MPaaS products increased by 23.3%, driven by growth in Kodo and Dora, reflecting the company's ability to meet diverse customer needs and market competitiveness[82] - APaaS revenue increased by 28.1%, largely due to significant growth in video marketing revenue[84] Customer Base and Market Position - The number of registered platform developer users exceeded 1.8 million, with over 160,000 users having activated AI large model services as of December 31, 2025[6] - The company has a diverse customer base with 84,363 MPaaS and 3,687 APaaS customers as of December 31, 2025[90] - The group’s major customer contributed approximately RMB 345,629,000 in revenue, highlighting reliance on a single client[40] Operational Efficiency and Cost Management - The company aims to enhance operational efficiency and ecosystem integration through strategic platform connectivity and lightweight asset operations[17] - Sales and marketing expenses decreased from RMB 115.9 million in 2024 to RMB 94.5 million in 2025, reflecting ongoing cost control efforts[98] - Research and development costs decreased by 9.8% from RMB 157.6 million in 2024 to RMB 142.2 million in 2025, attributed to effective cost control and efficiency improvements through AI tools[97] Assets and Liabilities - Total assets decreased to RMB 1,140,742,000 in 2025 from RMB 1,203,300,000 in 2024, reflecting a reduction of approximately 5.2%[21] - Current liabilities increased to RMB 770,217,000 in 2025, up from RMB 752,196,000 in 2024, indicating a rise of about 2.9%[21] - Cash and cash equivalents decreased to RMB 329,538,000 in 2025 from RMB 451,928,000 in 2024, a decline of approximately 27%[21] Future Outlook and Strategic Initiatives - The company plans to launch a Token API platform in 2025, providing unified governance and strong risk mitigation capabilities for customers[16] - The company aims to leverage AI and AIGC technologies to enhance content innovation and intelligent content generation capabilities in the APaaS sector[89] - The company plans to invest in businesses that complement its operations and enhance its R&D capabilities[113] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules to enhance shareholder value and accountability[133] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[140] Employee and Shareholder Information - As of December 31, 2025, the company has 338 full-time employees, comprising 226 males and 112 females[120] - Total employee benefits expenses, including salaries and bonuses, amounted to RMB 227.1 million for the year ended December 31, 2025[120] - The board does not recommend any final dividend for the year ended December 31, 2025[131]

承董事會命 七牛智能科技有限公司 主席兼執行董事 董事會會議召開日期 七牛智能科技有限公司（「本公司」，連同其附屬公司及合併聯屬實體統稱「本集團」） 董 事（「董 事」）會（「董事會」）宣 佈 將 於2026年3月20日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮 及 批 准 本 集 團 截 至2025年12月31日止年度的經審核綜合全年 業績及其發佈。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Qiniu Limited 七牛智能科技有限公司 （於英屬維爾京群島註冊成立並遷至開曼群島及於開曼群島存續的有限公司) (股份代號: 2567) 許式偉 香港，2026年3月10日 截至本公告日期，董事會包括主席兼執行董事許式偉先生；執行董事陳伊玲女士； 非執行董事呂桂華先生；及獨立非執行董事魏少俊先生、周正先生及史清博士。 ...

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2月28日 狀態: 新提交 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/註冊股本總額： USD 500,000 第 1 頁 共 10 頁 v 1.2.0 FF301 致：香港交 ...

Core Insights - Qiniu Intelligent (02567) saw a significant intraday increase of nearly 17%, with a current rise of 7.55% to HKD 0.57, and a trading volume of HKD 8.0614 million [1] Group 1: Company Developments - Qiniu Intelligent has officially launched its MaaS platform "AI Model Plaza," which is perceived as the "Chinese version of OpenRouter" [1] - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral hub for AI development [1] Group 2: User Growth and Market Position - 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 [1] - The growth rate of users is showing non-linear expansion, indicating that Qiniu Intelligent's MaaS ecosystem is achieving economies of scale [1] - 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 (02567) saw a significant stock price increase, rising nearly 17% during trading and closing up 7.55% at HKD 0.57, with a trading volume of HKD 8.0614 million [1] Group 1: Company Developments - Qiniu Intelligent has officially launched its MaaS platform "AI Model Plaza," which is being regarded as the "Chinese version of OpenRouter" [1] - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral hub for AI development [1] Group 2: User Growth and Market Position - Since the launch of the MaaS platform in 2025, the number of MaaS-related users has rapidly exceeded 180,000, indicating strong market adoption [1] - As of January 14, 2026, the total number of registered users on Qiniu Cloud has surpassed 1.92 million, demonstrating a non-linear growth trend and signaling the emergence of scale effects within the MaaS ecosystem [1] - 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]

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 ...

Summary of Qiniu Intelligent Conference Call Company Overview - Qiniu Intelligent is the largest independent audio and video cloud service provider in China, serving major applications like Douyin, Kuaishou, Xiaohongshu, and Bilibili. The business scale reached 1.3 to 1.4 billion yuan at the time of its IPO [2][3]. - As of the first half of 2025, the overall revenue was 829 million yuan, with AI revenue accounting for 22%. The company expects improved operating conditions for the full year [2][3]. Core Business and Services - Qiniu provides a comprehensive platform for cloud computing and AI services, including both open-source and closed-source models, optimizing cost-effectiveness similar to the OpenRoute model [2][3]. - The company is actively developing smart hardware, specifically a voice interaction platform named "Lingxi," expected to launch by the end of 2026, aimed at replacing traditional mouse and keyboard interactions [2][4]. Market Dynamics - The demand for cloud resources has significantly increased due to the large-scale application of AI Agents, with each employee potentially corresponding to one Agent, leading to a flexible resource requirement based on cloud computing [2][9][10]. - The AI inference demand is projected to continue growing, driven by the development of multimodal models like Gemini 3, which will spur new demands in storage, video processing, and bandwidth [2][14]. Industry Trends - The cloud computing market is experiencing a supply-demand imbalance, with rising prices due to increased demand from AI applications. However, this is seen as a temporary phase that will stabilize as supply chains adjust [5]. - The transition from traditional M-PaaS to A-PaaS is creating new incremental demands, particularly for sandbox technologies that ensure security for AI operations [6][7]. Pricing and Profitability - The company is able to pass on rising chip prices to downstream customers, aiming to maintain consistent gross margins to expand market share rather than focusing on short-term profit maximization [13]. - AI applications, particularly in multimedia, have higher profit margins compared to traditional computing resources, with AI service gross margins exceeding 30% compared to around 20% for standard services [17][18]. Customer Segmentation and Strategy - Qiniu focuses on efficiency tools for small and medium-sized clients, positioning itself as a leading independent cloud vendor with a significant customer base [21]. - The company has chosen to partner with Inspark to differentiate itself in the multimedia sector, believing that the multimedia market is large enough to allow for leadership without competing directly with comprehensive IT solutions [22]. Future Outlook - Qiniu is expanding its international presence in regions like South America, North America, Southeast Asia, and the Middle East, aiming for better performance by 2026 [20]. - The company is not limiting itself to the multimedia sector but is also venturing into inference services, which represent a larger market opportunity [23]. Conclusion - Qiniu Intelligent is well-positioned in the rapidly evolving cloud and AI landscape, with a strong focus on innovative services and strategic partnerships. The company anticipates continued growth driven by AI applications and a shift towards cloud-based solutions among enterprises.

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]

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 domestic AI ecosystem [1][2] - The company's neutral positioning allows it to serve as a platform for developers to conduct A/B testing and performance benchmarking without representing any specific model vendor's interests [2] Company Developments - Since the launch of the MaaS platform in 2025, the number of users has experienced non-linear growth, surpassing 180,000, with total registered users exceeding 1.92 million by January 14, 2026, indicating significant scale effects in its ecosystem [2] - Qiniu Intelligent's AI-related revenue reached 184 million yuan in the first half of 2025, contributing 22.2% to total revenue, reflecting the success of its transition from traditional audio and video cloud services to AI infrastructure [4] - The company is building a robust data moat through its all-stack management console, allowing enterprises to manage resources effectively and compare model performance, which enhances user stickiness and attracts more developers [4] Industry Trends - The market for large models is undergoing dynamic changes, with the rise of open-source models altering user habits from reliance on single models to using multiple models in various scenarios [1][3] - The MaaS platform's call frequency and contextual consistency requirements are expected to grow exponentially as multi-agent reasoning becomes more prevalent, positioning Qiniu Intelligent favorably in the competitive landscape [3][5] - The Chinese MaaS market reached 1.29 billion yuan in the first half of 2025, growing over 400% year-on-year, highlighting the explosive growth potential in this blue ocean market [4] Strategic Outlook - As the market for multi-agent applications enters a phase of large-scale deployment, the reliance on "model dispatch layers" is anticipated to increase significantly, prompting Qiniu Intelligent to evolve its business model from simple transaction fees to an "ecosystem empowerment" strategy [5] - The company's unique positioning as the only AI hub in the Hong Kong stock market is drawing increasing attention from capital markets, with institutions like Guotai Junan and Shenwan Hongyuan assigning "buy" ratings [4][5]

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]