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: 2025年9月30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: 2025年10月8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 ...

2025 中期報告 2025 INTERIM REPORT INTERIM REPORT 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 企業管治╱其他資料 | 20 | | 獨立審閱報告 | 40 | | 中期簡明合併損益表 | 41 | | 中期簡明合併綜合收益表 | 42 | | 中期簡明合併財務狀況表 | 43 | | 中期簡明合併權益變動表 | 45 | | 中期簡明合併現金流量表 | 46 | | 中期簡明合併財務資料附註 | 48 | | 釋義 | 69 | 公司資料 董事會 執行董事 許式偉先生 （主席兼首席執行官） 陳伊玲女士 （首席運營官） 非執行董事 呂桂華先生 獨立非執行董事 魏少俊先生 史清博士 周正先生 審核委員會 周正先生 （主席） 史清博士 魏少俊先生 薪酬委員會 史清博士 （主席） 許式偉先生 魏少俊先生 周正先生 提名委員會 許式偉先生 （主席） 陳 伊 玲 女 士（於2025年5月28日獲委任） 魏少俊先生 史清博士 周正先生 根據上市規則第3.05條的授權代表 許式偉先生 梁 ...

Core Viewpoint - The strategic partnership between Qiniu Intelligent and Wuxiang Cloud Valley aims to make AI inference computing power affordable, targeting the trillion-level AI inference market as the industry shifts from "heavy training" to "heavy inference" [2][3]. Group 1: Market Opportunity - The collaboration is positioned to capitalize on the explosive growth of inference computing power, with predictions indicating a distribution of "5% training and 95% inference" in AI computing needs [3]. - The demand for inference is expected to grow exponentially, with token usage in AI applications increasing significantly, as evidenced by Google's token processing volume doubling from 480 trillion to 960 trillion in just two months [3][4]. - The partnership targets a significant gap in the inference computing market, which is becoming the primary focus as AI applications become more prevalent [3]. Group 2: Competitive Advantage - Qiniu Intelligent has a first-mover advantage in inference computing, having built a robust platform since 2011, with over 1.69 million developers contributing to its ecosystem [5][6]. - The collaboration with Wuxiang Cloud Valley enhances Qiniu's infrastructure capabilities, with an investment of 3.6 billion yuan to support high-performance computing clusters [5][6]. - The combination of "ecosystem + infrastructure" creates a strong competitive barrier that is difficult for single vendors to replicate [5][6]. Group 3: Growth Potential - The partnership aligns with national policies promoting "inclusive AI," which may lead to additional support and resources [6]. - The collaboration will explore vertical industry solutions, such as "AI + education" and "AI + energy," tapping into sectors with low digitalization and high demand for AI services [6]. - Qiniu Intelligent is positioned to leverage its geographical advantage in Guangxi to provide cross-border inference services, facilitating the expansion of Chinese AI applications into Southeast Asia [6]. Group 4: Business Model and Financial Outlook - Qiniu Intelligent has developed a comprehensive business model that integrates foundational infrastructure, AI engines, and end-user applications, enhancing its market position [7][8]. - The company's AI Cloud segment has shown significant growth, with revenues reaching 184 million HKD in the first half of 2025, a 64.6% year-on-year increase [10]. - The financial trajectory indicates a nearing profitability point, with adjusted EBITDA narrowing to -3.5 million HKD, driven by the high-margin AI business [13][14]. Group 5: Valuation and Market Position - The current market valuation does not fully reflect Qiniu Intelligent's transition to a high-growth AI infrastructure provider, as it remains categorized as a traditional media cloud service [16][17]. - Compared to international peers, Qiniu's valuation multiples are significantly lower, suggesting potential for revaluation as the company progresses through a catalyst-rich period [17]. - The extensive developer ecosystem of over 1.69 million provides a solid foundation for revenue growth, with any increase in conversion rates leading to substantial revenue elasticity [15].

消息面上，9月18日，七牛云与五象云谷达成战略合作，正式开启AI推理算力规模化布局，为广大企业 和创业者打造AI普惠推理算力，共同进军千亿AI推理算力市场。七牛云在音视频领域14年载的耕耘， 目前拥有音视频云(Media Cloud)，算力AI云(AI Cloud)，灵矽AI(LinX Cloud)三大产品线，在音视频云的 基础上全新发力，全面推出AI推理算力产品，今年8月推出的灵矽AI也标志着七牛云从云到端的全面布 局，开拓智能硬件AI市场新未来。 值得一提的是，今年上半年，七牛云AI相关收入已达1.84亿元，贡献了总收入的22.2%，该收入主要集 中于AI推理服务和算力资源租赁。8月上旬至9月上旬，得益于可调用的大模型数量超过50个，涵盖 LLM推理模型、工具调用、AI编程以及支持Claude CodeAI的推理接口等功能，七牛云平台AI推理需求 快速增长，AI相关用户快速增至15000人。 智通财经APP获悉，七牛智能(02567)早盘升5%，截至发稿，涨4.29%，报1.46港元，成交额231.44万港 元。 ...

Group 1 - Qiniu Cloud (七牛云) and Wuxiang Cloud Valley (五象云谷) have established a strategic partnership to scale AI inference computing power, targeting the trillion-dollar AI inference market [1][4] - Qiniu Cloud has three main product lines: Media Cloud, AI Cloud, and LinX Cloud, with a recent focus on AI inference computing products, marking a comprehensive layout from cloud to edge [1][3] - In the first half of 2025, Qiniu Cloud's AI-related revenue reached 184 million yuan, accounting for 22.2% of total revenue, primarily from AI inference services and computing resource leasing [3] Group 2 - The partnership aims to enhance the commercialization potential of Wuxiang Cloud Valley's computing resources, which has a total investment of 3.6 billion yuan and can provide up to 40,000 PetaFLOPS of intelligent computing power [4] - Qiniu Cloud's platform has over 169,000 developers, with a rapid increase in AI-related user demand, reaching 15,000 users due to the availability of over 50 adjustable large models [3][4] - Future collaborations will explore vertical fields such as AI + education and AI + energy, aiming to create new opportunities in the AI sector [4]

Core Viewpoint - Qiniu Intelligent (2567.HK) has entered into a strategic partnership with Wuxiang Cloud Valley to scale AI inference computing power, targeting the trillion-dollar AI inference computing market [1] Group 1: Strategic Partnership - The collaboration aims to provide accessible AI inference computing power for enterprises and entrepreneurs [1] - Both companies will explore vertical fields such as AI + education and AI + energy [1] Group 2: Product Offerings - Qiniu Intelligent currently has three product lines: Media Cloud, AI Cloud, and LinX Cloud, with a new focus on AI inference computing products [1] - The launch of LinX AI in August signifies Qiniu's comprehensive layout from cloud to edge, expanding into the smart hardware AI market [1] Group 3: Market Demand - As of August, Qiniu Intelligent's developer community has exceeded 1.69 million, with a continuous increase in new registrations [1] - The demand for AI computing power is rising, and the partnership will enable Qiniu to offer refined large model AI inference and computing power leasing services [1] - This collaboration is expected to lower the development threshold for AI applications, significantly shortening the cycle from concept validation to large-scale commercialization [1]

智通财经APP获悉，2025年9月18日，七牛云(02567)与五象云谷达成战略合作，正式开启AI推理算力规模化布局，为广大企业和创业者打造AI普惠推理算 力，共同进军千亿AI推理算力市场。 七牛云在音视频领域14年载的耕耘，目前拥有音视频云(Media Cloud)，算力AI云(AI Cloud)，灵矽AI(LinX Cloud)三大产品线，在音视频云的基础上全新发 力，全面推出AI推理算力产品，今年8月推出的灵矽AI也标志着七牛云从云到端的全面布局，开拓智能硬件AI市场新未来。 相比长周期性、高波动的AI训练需求，AI推理需求是将模型"产品化、服务化"后的持续调用——每秒、每分、每时在千万级用户或千百个自动化系统中被不 断触发，AI推理算力将成为带来七牛云AI业务的新增长点，和音视频云，面向智能硬件的灵矽AI形成三位一体的业务联通。 截止至8月，七牛云平台开发者群体数量已超169万，新增注册量持续增长，AI开发的算力需求不断攀升，合作的达成意味着七牛云能够为企业级客户和独 立开发者提供更精细化的大模型AI推理和推理算力租赁服务，进一步降低AI应用的开发门槛，创客和开发者可大幅缩短从概念验证到规模化商用的周 ...

Group 1 - The core focus is on the AI inference market, which is identified as a trillion-dollar opportunity, with a significant increase in remaining performance obligations (RPO) reaching $455 billion [1] - AI inference is characterized as a continuous demand that will be utilized across various scenarios, contrasting with the periodic and resource-intensive nature of AI training [1] - Qiniu Intelligent reported AI-related revenue of 184 million yuan, contributing 22.2% to total revenue, with a notable increase in AI users reaching 15,000 due to the availability of over 50 callable large models [1] Group 2 - Meeting AI inference demand requires reducing end-to-end latency and increasing throughput in production environments, with inference compute needs surpassing training requirements [2] - High-quality, accessible enterprise data is essential for providing actionable insights from inference models, making structured data assets a key resource for entering the "inference era" [2] - Qiniu Intelligent's past 14 years of experience in audio and video cloud services has equipped it with low-latency, high-throughput global real-time nodes and vast storage capabilities, positioning it favorably in the AI cloud service growth curve [2]

Group 1 - The core opportunity in the AI market lies in AI inference, which is expected to be a trillion-dollar market, as highlighted by Oracle founder Larry Ellison [1] - Oracle's remaining performance obligations (RPO) surged to $455 billion, indicating strong future revenue potential [1] - AI training is resource-intensive and cyclical, while AI inference represents a continuous demand for resources, driving sustained growth in AI cloud services [1] Group 2 - Qiniu Intelligent reported AI-related revenue of 184 million yuan, accounting for 22.2% of total revenue, with a user base exceeding 15,000 [2] - The company's AI revenue is primarily derived from AI inference services and computing resources, with over 50 callable large models available [2] - To meet AI inference demands, companies must reduce end-to-end latency and improve throughput under high request pressure, necessitating high-quality enterprise data [2] Group 3 - Qiniu Intelligent leverages its 14 years of experience in audio and video cloud services to enhance its AI cloud services, focusing on low latency and high throughput [3] - The company occupies a dual position in the value chain by providing upstream data and midstream computing infrastructure, leading to long-term revenue growth from inference computing [3] - The integration of private audio and video heterogeneous data into inference models is crucial for the company's growth in AI services [3]

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]