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8月31日 狀態: 新提交 | 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 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或 ...

Core Viewpoint - Qiniu Intelligent (02567.HK) reported a revenue of 829 million yuan for the first half of the year, representing a year-on-year growth of 16.8% [2] - The adjusted EBITDA narrowed significantly to -3.5 million yuan, a reduction of 64.6%, nearing breakeven [2] - The number of platform developer users exceeded 1.6 million [2] Group 1 - Qiniu Intelligent is positioned as an enabler of AI technology and developer ecosystems, offering a full-stack product capability and solutions that include AI computing resources, AI large model platforms, and audio-video AI applications [2] - The company has seen accelerated growth in AI-related revenue, achieving 184 million yuan in AI-related income for the first half of 2025, which accounts for 22.2% of total revenue [2] - As of early August 2025, the user count for Qiniu Intelligent's AI large model surpassed 10,000 [2] Group 2 - The global technology industry is undergoing profound changes due to AI technology, with its disruptive impact extending from technical aspects to the restructuring of industrial ecosystems [2] - The shift from parameter competition to commercial implementation in multimodal AI applications demands higher performance in low-latency and high-concurrency capabilities from underlying technology platforms [2] - Qiniu Intelligent continues to focus on insights into developer needs, launching "Lingxi AI" to provide AI compatibility from cloud to edge based on audio-video cloud capabilities and AI inference computing power [2]

Core Viewpoint - Qiniu Intelligent has entered a new growth cycle since 2025, showing strong performance in its mid-year report with significant revenue growth and reduced losses, indicating effective cost control and business scaling [1][5]. Financial Performance - In the first half of 2025, Qiniu Intelligent achieved approximately 829 million yuan in revenue, a year-on-year increase of 16.8% [1]. - Adjusted EBITDA loss narrowed to -3.5 million yuan, representing a substantial improvement of 64.6% year-on-year [1]. Business Segmentation - Traditional MPaaS (Media Platform as a Service) business generated 591 million yuan in revenue, up 16.4% year-on-year, supported by a global network and high reliability in storage services [2]. - APaaS (Application Platform as a Service) business showed remarkable growth with a 24.4% increase, enhancing customer data usage efficiency and development agility [2]. AI Business Growth - AI-related revenue reached 184 million yuan in the first half of 2025, accounting for 22.2% of total revenue, reflecting a strong shift towards AI technology and developer ecosystem [3]. - The number of developer users surpassed 1.6 million, with AI model users exceeding 10,000 [3]. Strategic Transformation - Qiniu Intelligent is transitioning from a traditional audio and video cloud service provider to a multi-modal AI infrastructure and solution provider, driven by the launch of various AI products and services [3]. - The company has introduced solutions like "Lingxi AI" for intelligent voice interaction, addressing key challenges in natural interaction for embodied intelligence [3]. Industry Context - The shift towards AI applications has been supported by macroeconomic changes and policy initiatives, creating significant growth opportunities for Qiniu Intelligent [4]. - The implementation of the "East Data West Computing" project has enhanced the computing power landscape in China, benefiting companies in the AI sector [4]. Market Response - The capital market has reacted positively, with Qiniu Intelligent's stock price increasing by 68% since early July, indicating strong investor interest in companies with technological advantages and growth potential [5]. - Despite still being in the investment phase, the optimization of revenue structure and the increasing share of AI revenue position Qiniu Intelligent as a high-growth potential asset in the Hong Kong tech sector [5].

Core Viewpoint - Qiniu Intelligent has entered a new growth cycle since 2025, showing significant improvement in revenue and loss reduction, particularly in AI-related business segments [1][5]. Group 1: Financial Performance - In the first half of 2025, Qiniu Intelligent achieved revenue of approximately 829 million yuan, representing a year-on-year growth of 16.8% [1]. - Adjusted EBITDA loss narrowed to -3.5 million yuan, a substantial improvement of 64.6% year-on-year [1]. - AI-related revenue reached 184 million yuan, accounting for 22.2% of total revenue, indicating a strong shift towards AI technology [2]. Group 2: Business Segments - Traditional MPaaS (Media Platform as a Service) business generated 591 million yuan, with a year-on-year growth of 16.4%, highlighting its competitive advantage in low-latency and high-reliability services [2]. - APaaS (Application Platform as a Service) business showed remarkable growth at 24.4%, enhancing customer data usage efficiency [2]. - The company has launched various AI services, including DeepSeek AI computing services and AIGC content security solutions, to strengthen its position in the AI industry [3]. Group 3: Strategic Positioning - Qiniu Intelligent is transitioning from a traditional audio and video cloud service provider to a multi-modal AI infrastructure and solution provider [3]. - The macro environment and policy support are favorable for the company's strategic transformation, especially with the rise of AI applications post-ChatGPT [4]. - The company’s stock price has increased by 68% since July, reflecting market confidence in its growth potential and strategic direction [5]. Group 4: Future Outlook - The next two to three years are expected to be critical for Qiniu Intelligent to realize its strategic goals, supported by AI Agent and multi-modal applications [5]. - The ongoing implementation of the "East Data West Calculation" project and local government support for the AI industry present unprecedented growth opportunities for the company [4].

Core Viewpoint - The current AI market is transitioning from a phase of conceptual enthusiasm to a critical stage of commercial validation, with investors focusing on companies that can demonstrate real business value [1] Financial Performance - Qiniu Intelligent's mid-year report for 2025 shows a solid growth trajectory, with revenue increasing by 16.8% year-on-year to 829 million yuan, and adjusted EBITDA losses narrowing by 64.6% to 3.5 million yuan, indicating a path to profitability [3][4] Business Model and Growth Quality - Qiniu Intelligent's revenue is driven by two main segments: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service), with MPaaS revenue at 591 million yuan (up 16.4%) and APaaS revenue at 222 million yuan (up 24.4%) [7] - The AI-related business generated 184 million yuan, accounting for 22.2% of total revenue, indicating a strong growth engine [7] - The company has established a sustainable AI ecosystem, with a clear "customer value funnel" that enhances customer stickiness and drives profitability [8] Strategic Developments - Qiniu Intelligent is focusing on the MCP (Model Context Protocol) architecture, which connects AI models with enterprise data, facilitating the integration of AI solutions into various business contexts [10][11] - The launch of the "Lingxi AI" natural interaction platform positions the company to capitalize on the growing demand for embodied intelligence and AI applications in various sectors, including education and smart home technology [12] Valuation Insights - The current market valuation of Qiniu Intelligent at a static price-to-sales (PS) ratio of 2.4 is significantly lower than the industry average, indicating that the market has not fully recognized the company's transition from a PaaS tool provider to an AI ecosystem operator [14] - The company holds a leading position in the multimodal cloud service sector, with a market share of 14.1% in 2023, which enhances its competitive advantage [16] - The shift towards high-margin APaaS solutions is expected to improve profitability and overall financial outlook, suggesting a potential for valuation enhancement as the company continues to evolve [17]

Core Viewpoint - The AI industry is transitioning from a phase of exploration to a critical commercialization verification phase, with investors focusing on companies that can demonstrate real commercial value [2][3]. Group 1: Company Performance - Qiniu Intelligent's mid-year report for 2025 shows a solid growth trajectory, with revenue increasing by 16.8% year-on-year to 829 million yuan, and adjusted EBITDA losses narrowing by 64.6% to -3.5 million yuan, indicating a path to profitability [7][8]. - The company is demonstrating a stable "basic plate" by achieving more sales while reducing losses, contrasting with many AI companies that are increasing revenue but also increasing losses due to high customer acquisition costs [8]. Group 2: Business Model and Ecosystem - Qiniu Intelligent's revenue is driven by two main segments: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service), with MPaaS revenue at 591 million yuan (up 16.4%) and APaaS revenue at 222 million yuan (up 24.4%) [10]. - The AI-related business generated 184 million yuan, accounting for 22.2% of total revenue, indicating a strong growth engine for the company [10]. - The company has established a sustainable AI ecosystem, with a clear "customer value funnel" where MPaaS attracts a large customer base, and APaaS refines that value into high-margin solutions [11][12]. Group 3: Technological Advancements - Qiniu Intelligent is focusing on the MCP (Model Context Protocol) architecture to enhance its technology platform, which is seen as a key infrastructure for bridging AI models with enterprise data [16][17]. - The company has launched the "Lingxi AI" natural interaction platform, which enhances user experience in various sectors, including education and smart home applications [19][20]. Group 4: Valuation Logic - The current market valuation of Qiniu Intelligent at a static price-to-sales (PS) ratio of 2.4 is significantly lower than the average for AI infrastructure platforms, indicating that the market has not fully recognized its transition from a PaaS tool provider to an AI ecosystem operator [23]. - The company holds a leading position in the multimodal cloud service sector in China, with a market share of 14.1% in 2023, which enhances its value in the upcoming multimodal AI market [24]. - The shift towards high-margin APaaS solutions is expected to improve the company's profitability and overall valuation, as the revenue structure continues to optimize [26].

Core Viewpoint - Qiniu Intelligent (02567.HK) announced the board's decision to adopt a share award plan on August 26, 2025, which will utilize existing shares purchased by a trustee with cash injected by the company [1] Group 1 - The share award plan will be based on existing shares [1] - The shares will be purchased on the Stock Exchange and held in trust for selected participants until they vest according to the plan rules [1]

Core Viewpoint - Qiniu Intelligent (02567) announced the board's decision to adopt the 2025 Share Award (Existing Shares) Plan on August 26, 2025, which involves the purchase of existing shares on the stock exchange using cash injected by the company into a trust [1] Summary by Relevant Sections - **Share Award Plan**: The 2025 Share Award Plan will utilize existing shares purchased by a trustee on the stock exchange with cash provided by the company [1] - **Trust Structure**: The awarded shares will be held in trust for selected participants until the shares vest according to the plan rules [1]

Core Viewpoint - Qiniu Smart (02567) announced the board's decision to adopt the 2025 Share Award (Existing Shares) Plan on August 26, 2025, which involves the purchase of existing shares on the stock exchange using cash injected by the company [1] Group 1 - The 2025 Share Award Plan will utilize existing shares purchased by a trustee on the stock exchange [1] - The awarded shares will be held in trust for selected participants until they vest according to the plan rules [1]

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) 採 納2025年 股 份 獎 勵（現 有 股 份）計 劃 董事會已議決於2025年8月26日採納2025年 股 份 獎 勵（現 有 股 份）計 劃。2025年 股 份 獎 勵（現 有 股 份）計 劃 項 下 的 獎 勵 股 份 來 源 須 為 受 託 人 以 本 公 司 注 入 的 現 金 於 聯 交 所 購 買 的 現 有 股 份，該 等 股 份 將 以 信 託 形 式 為 選 定 參 與 者 持 有，直 至有關獎勵股份根據計劃規則歸屬選定參與者為止。 2025年 股 份 獎 勵（現 有 股 份）計 劃 構 成 上 市 規 則 第17章項下由本公司現有股份 籌 資 的 股 份 計 劃，並 須 遵 守 上 市 規 則 第17.12條 項 下 的 適 用 披 露 規 定。2025年 股 份 獎 勵（現 有 股 份）計 劃 並 不 涉 及 授 予 通 過 發 行 新 股 來 支 付 的 獎 勵，故 不 構 成上市規則第17章 所 指 的 涉 及 發 行 新 股 的 計 ...