Group 1 - The core viewpoint of the article highlights that Qiniu Intelligent (02567) has reached a total of 1.92 million registered users, with over 200,000 new developers and enterprise users added in the fourth quarter of 2025 [1] - The recent performance of Qiniu Intelligent has been particularly strong, with significant stock price increases and rapid trading volume growth over the past two trading days [1] - The global tech community is eagerly anticipating the release of the DeepSeek V4 model, which is expected to reduce the cost per token, leading to exponential growth in the usage of AI Agents [1] Group 2 - Qiniu Intelligent has reported that its MaaS-related user count has surpassed 180,000, indicating a positive trend in the market [1] - The company provides a stable and low-cost computing power and model distribution capability through its MaaS platform, supporting numerous vertical AI applications [1] - As the industry shifts from model training competition to the execution phase of AI Agents, Qiniu Intelligent is positioning itself as the preferred foundation for developers building AI Agents [1]

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]

Group 1 - The core viewpoint of the article highlights that Qiniu Intelligent (02567) has seen a significant increase in its stock price, rising over 7% during trading, with a current price of 0.71 HKD and a trading volume of 1.4063 million HKD [1] - The company recently reported that its MaaS-related user base has surpassed 180,000, indicating a strong customer retention and scale effect [1] - The transition of the company's revenue structure from "bandwidth + storage" to "high-value inference API calls" is emphasized, reflecting a shift towards more profitable services [1] Group 2 - The upcoming release of the DeepSeek V4 model and collaborations such as the Byte AI Spring Festival are noted as catalysts driving the AI application market [1] - Guojin Securities predicts that 2026 will be a pivotal year for AI applications, moving from "technology validation" to "commercial promotion" [1] - Huajin Securities states that the application of AI technology has already transformed traditional businesses like content production and marketing through cost reduction and efficiency improvement, creating new investment opportunities [1]

Group 1: Core Insights - The recent surge in the Hong Kong stock market's AI sector is driven by the collective leap of AI application companies, highlighted by Qiniu Intelligent's (02567) user base surpassing 180,000 for its MaaS offerings, marking a significant milestone in the transition from "model training era" to "inference dividend era" in the global tech industry [1] Group 2: Catalysts for Growth - The rapid rise of the AI sector in Hong Kong is supported by two main expectations: an efficiency revolution and the leading edge of AI applications [2] Group 3: Efficiency Revolution - The anticipated release of DeepSeek V4 is reshaping developers' perceptions of inference costs, significantly lowering the cost per token, which will activate previously dormant enterprise application scenarios as the barriers to accessing high-quality models decrease [3] Group 4: Application Leadership - Chinese AI applications are leading in specific sectors, such as healthcare, where Ant Group's health assistant "Afu" outperforms ChatGPT's similar offerings due to its deep industry data and integrated payment solutions, showcasing China's advanced mobile internet ecosystem and digitalization [4] Group 5: Qiniu Intelligent's User Growth - The milestone of Qiniu Intelligent's MaaS user base exceeding 180,000 should be viewed through the lenses of cloud computing, Agent AI, and edge AI, indicating a strong foundational value [5] Group 6: Non-linear Growth in Inference Demand - The integration of AI Agents into "operating system-level" applications in 2026 will lead to a non-linear increase in inference demand, where a single user request can trigger multiple task breakdowns and sub-model calls, positioning MaaS providers like Qiniu Intelligent as critical entry points for traffic [6] Group 7: Revenue Structure Optimization - Qiniu Intelligent is transitioning its revenue model from "bandwidth + storage" to "high-value inference API calls" by integrating various open-source and closed-source models, with the surge in MaaS users indicating high customer loyalty and scale effects, reflecting the market's recognition of "inference-driven growth" [7]

Group 1 - The core point of the article highlights the significant rise of the AI application sector in the Hong Kong capital market, marked by Qiniu Intelligent's (02567) announcement of surpassing 180,000 MaaS-related users, signaling a shift from the "model training era" to the "inference dividend era" in the global tech industry [1] Group 2 - The recent surge in the Hong Kong AI sector is supported by two main expectations: the efficiency revolution and the leading role of AI applications [2] Group 3 - The anticipation surrounding the release of DeepSeek V4 is reshaping developers' perceptions of inference costs, with significant reductions expected in the cost per token, activating previously dormant enterprise application scenarios [3] Group 4 - Chinese AI applications are leading in specific sectors, such as healthcare, where Ant Group's health assistant "Afu" outperforms ChatGPT's similar features due to its deep industry data and integrated payment systems, showcasing China's advanced mobile internet ecosystem [4] Group 5 - The milestone of Qiniu Intelligent's MaaS user base exceeding 180,000 should be viewed through the lenses of cloud computing, Agent AI, and edge AI [5] Group 6 - The demand for inference is experiencing non-linear growth as AI agents become integrated at an "operating system level," transforming user requests into complex inference loops, which positions MaaS providers like Qiniu Intelligent as critical entry points for traffic [6] Group 7 - Qiniu Intelligent is optimizing its revenue structure by transitioning from PaaS to MaaS, integrating various models to provide value-added services, with the surge in MaaS users indicating a shift towards high-value inference API calls, reflecting strong customer loyalty and scale effects [7]

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1月7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 | 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12月31日 狀態: 新提交 本月底法定/註冊股 ...

Core Viewpoint - Cathay Securities has initiated coverage on Qiniu Intelligent (02567) with a "Buy" rating, projecting revenues of 1.69 billion, 2.03 billion, and 2.46 billion RMB for 2025-2027, respectively, and assigning a 1.0x PS valuation for 2026, leading to a target market value of 2.03 billion RMB and a target price of 1.1 HKD [1] Group 1 - Qiniu Intelligent has a solid foundation in digital intelligence with diverse business operations [2] - Established in 2011, Qiniu Intelligent is a leading audio and video cloud service provider in China, with core businesses including MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service) [2] - In 2023, Qiniu Intelligent ranked as the third-largest audio and video PaaS provider and the second-largest APaaS supplier in China, benefiting from AI technology advancements to offer more intelligent features and scenario-based solutions [2] Group 2 - Qiniu Intelligent's AI business is showing strong growth, with AI-related revenue accounting for 22.2% in the first half of 2025, supported by its strategic partnership with Alibaba [3] - The company is actively developing edge applications through its low-code APaaS platform, which lowers development barriers and enables clients to quickly deploy intelligent audio and video solutions [3] - Alibaba's investment (approximately 16.27% stake) enhances Qiniu Intelligent's competitive edge in the cloud computing market by providing ecosystem resources [3] Group 3 - Qiniu Intelligent is transitioning from a technology tool provider to an ecosystem platform, showcasing its strategic ambition through its "Lingxi AI" natural interaction platform [4] - The company integrates natural language understanding and contextual responses in smart home and service robot scenarios, positioning itself uniquely in the emerging embodied intelligence wave [4] - The launch of the "Wisdom Open Object" general embodied intelligence platform signifies a pivotal moment in the robotics industry, as Qiniu Intelligent aims to capture system-level benefits during this transition from "feature phones" to "smartphones" in robotics [4]

Core Viewpoint - Cathay Securities has initiated coverage on Qiniu Intelligent (02567) with a "Buy" rating, projecting revenues of 1.69 billion, 2.03 billion, and 2.46 billion RMB for 2025-2027, respectively, and assigning a 1.0x PS valuation for 2026, leading to a target market value of 2.03 billion RMB and a target price of 1.1 HKD [1] Group 1 - Qiniu Intelligent has a solid foundation in digital intelligence with diverse business operations, being a leading audio and video cloud service provider in China since its establishment in 2011 [2] - The company ranks as the third-largest PaaS service provider and the second-largest APaaS supplier in China as of 2023, leveraging AI technology to enhance its service offerings and potentially exceed performance expectations [2] Group 2 - Qiniu Intelligent's strong positioning in edge AI and its collaboration with Alibaba's ecosystem are key drivers for the company, with AI-related business revenue reaching 22.2% in the first half of 2025 [3] - The low-code APaaS platform reduces development barriers, enabling clients to quickly deploy intelligent audio and video solutions, while Alibaba's strategic investment strengthens Qiniu's competitive edge in the cloud computing market [3] Group 3 - The company's strategic ambition is evident in its transition from a technology tool provider to an ecosystem platform, exemplified by the launch of the "Lingxi AI" natural interaction platform for smart home and service robot applications [4] - The introduction of the "Hui Si Kai Wu" general embodied intelligence platform signifies a pivotal moment in the robotics industry, positioning Qiniu to capture systemic benefits as the sector evolves from "feature phones" to "smartphones" [4]

Core Insights - The "Annual Outstanding AI Application Enterprise" award was presented to Qiniu Technology (02567.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session held by Gelonghui on December 22 [1] Group 1: Award Significance - The award aims to recognize companies that have achieved technological breakthroughs in the field of artificial intelligence and are guiding future development paths [1] - Selected companies span multiple key sectors, including industrial manufacturing and smart healthcare, demonstrating the application of AI technology in new or existing scenarios to create significant commercial value [1] Group 2: Evaluation Process - The selection process for the award involved quantitative data analysis and evaluation by an expert review panel to determine the final results [1]

Group 1 - The "Annual Outstanding AI Application Enterprises" award recognizes leading companies that have achieved technological breakthroughs in the field of artificial intelligence and guide future development paths [4] - The selected companies span multiple key sectors, such as industrial manufacturing and smart healthcare, applying AI technology to create significant commercial value [4] - The evaluation process for the awards involved quantitative data analysis and a panel of expert judges to determine the final results [4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, with a global perspective focused on China [4] - The award selection covers all listed companies and unicorns on major exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4] - Ten companies were awarded the title of "Annual Outstanding AI Application Enterprises," including Innovation Works, Hehe Information, BGI Genomics, Lexin, Qiniu Intelligent, 360 Security Technology, SenseTime, WeDoctor, Yixin Group, and Zhongkang Holdings [1][4]