Financial Performance - Total revenue for the six months ended June 30, 2025, was RMB 829.4 million, an increase of 16.8% compared to RMB 710.4 million for the same period in 2024[12]. - The company recorded a loss of RMB 33.4 million for the six months ended June 30, 2025, a significant reduction of 81.4% from a loss of RMB 179.6 million in the same period of 2024[13]. - Adjusted net loss (non-IFRS) was RMB 28.6 million, down 28.1% from RMB 39.8 million in the prior year[14]. - Adjusted EBITDA (non-IFRS) loss was RMB 3.5 million, a 64.6% improvement from a loss of RMB 9.9 million in the previous year[14]. - Total comprehensive loss for the six months ended June 30, 2025, was RMB 198.6 million, compared to RMB 34.7 million for the same period in 2024, primarily due to changes in the fair value of convertible redeemable preferred shares[51]. Revenue Breakdown - AI-related revenue reached RMB 184.0 million, accounting for 22.2% of total revenue for the period[13]. - Total revenue from MPaaS products increased by 16.4% to RMB 591,412,000 for the six months ended June 30, 2025, driven by growth in QCDN, Kodo, and Dora[30]. - QCDN revenue reached RMB 375,772,000, accounting for 64% of total MPaaS revenue, compared to 68% in the previous year[29]. - APaaS revenue increased by 24.4% to RMB 221,895,000, primarily due to a significant rise in video marketing revenue[33]. - Total revenue from other services for the six months ended June 30, 2025, was RMB 16.1 million, accounting for approximately 1.9% of total revenue[37]. User and Market Insights - As of June 30, 2025, the registered developer user base exceeded 1.6 million[15]. - The number of users for AI large model services exceeded 10,000 by early August 2025, indicating strong market demand[26]. - AI inference computing in China is projected to grow at a compound annual growth rate of 190% from 2024 to 2028, with its scale expected to surpass training computing by 2028[26]. - The global AI audio and video application market is shifting towards commercial implementation, requiring low latency and high concurrency capabilities[25]. Cost and Expenses - Sales cost increased by 20.4% from RMB 558.0 million for the six months ended June 30, 2024, to RMB 671.9 million for the six months ended June 30, 2025, consistent with revenue growth[38]. - R&D expenses rose by 6.9% from RMB 70.7 million for the six months ended June 30, 2024, to RMB 75.6 million for the same period in 2025, driven by increased investment in APaaS and AI-related projects[42]. - Selling and marketing expenses decreased from RMB 56.0 million for the six months ended June 30, 2024, to RMB 49.9 million for the same period in 2025, due to ongoing cost control efforts[43]. - Administrative expenses decreased from RMB 57.0 million for the six months ended June 30, 2024, to RMB 45.0 million for the same period in 2025, reflecting continued cost management[45]. Assets and Liabilities - Non-current assets decreased by 6.4% to RMB 190.6 million from RMB 203.6 million as of December 31, 2024[12]. - Current assets decreased by 11.0% to RMB 888.4 million from RMB 998.7 million as of December 31, 2024[12]. - Current liabilities decreased by 11.9% to RMB 662.5 million from RMB 752.2 million as of December 31, 2024[12]. - Total equity attributable to owners of the parent decreased by 6.8% to RMB 405.7 million from RMB 435.5 million as of December 31, 2024[12]. - The company's debt-to-asset ratio as of June 30, 2025, was 62.4%[52]. Cash Flow and Investments - The net cash flow used in operating activities for the six months ended June 30, 2025, was RMB 89.5 million, primarily due to a pre-tax loss of RMB 33.3 million[54]. - The net cash flow used in investing activities for the same period was RMB 149.7 million, mainly from cash outflows related to fixed deposits[56]. - The net cash flow used in financing activities was RMB 5.6 million, reflecting cash inflows from new borrowings offset by repayments of lease liabilities and other borrowings[58]. - Total capital expenditures for the six months ended June 30, 2025, amounted to RMB 17.3 million[60]. Corporate Governance and Compliance - The company has complied with all applicable Chinese laws and regulations without facing any penalties or enforcement actions during the reporting period[81]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules regarding audit committee composition[94]. - The company has maintained high standards of corporate governance to protect shareholder interests[89]. Shareholder Information - As of June 30, 2025, the total number of issued shares of the company is 1,996,644,474 shares[2]. - The company did not declare any interim dividend for the six months ending June 30, 2025[93]. - The company has adopted a share incentive plan in August 2025 that does not involve issuing new shares[99]. - The company has adopted a pre-IPO share scheme to attract and retain top talent since January 14, 2013[110]. Stock Options and Incentives - The total number of stock options granted under the pre-IPO share option plan is 131,225,193, with 129,798,693 options remaining unexercised as of June 30, 2025[129]. - The maximum number of shares that may be granted or issued under the pre-IPO share option plan is capped at 18,107,143 shares, excluding the impact of capitalized issues[123]. - The exercise price for stock options granted to executives ranges from $0.015 to $0.3000, with the highest number of options (50,400,000) granted to the executive director Chen Yiling at an exercise price of $0.0459[129]. - The company has adopted a post-IPO share option plan approved by shareholders on September 25, 2024, effective from the listing date[131]. - The purpose of the post-IPO share option plan is to incentivize qualified participants for their contributions to the company and to retain outstanding employees[132].

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].

Core Viewpoint - Qiniu Intelligent (02567) has entered a strategic partnership with Wuxiang Cloud Valley to scale AI inference computing power, targeting the trillion-dollar AI inference market [1] Company Summary - Qiniu Cloud's stock rose by 5% in early trading, reaching 1.46 HKD with a trading volume of 2.3144 million HKD [1] - The company has three main product lines: Media Cloud, AI Cloud, and LinX Cloud, focusing on AI inference computing products [1] - In the first half of this year, Qiniu Cloud's AI-related revenue reached 184 million CNY, accounting for 22.2% of total revenue, primarily from AI inference services and computing resource leasing [1] Industry Summary - The partnership aims to provide accessible AI inference computing power for enterprises and entrepreneurs, indicating a significant growth opportunity in the AI inference market [1] - The demand for AI inference on Qiniu Cloud's platform has rapidly increased, with the number of AI-related users growing to 15,000, supported by over 50 callable large models [1]

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]

Core Insights - Qiniu Cloud (02567) has entered a strategic partnership with Wuxiang Cloud Valley to scale AI inference computing power, targeting the trillion-dollar AI inference market [1][3] - The collaboration aims to provide affordable AI inference computing power for enterprises and entrepreneurs, enhancing the accessibility of AI technologies [1][4] Company Overview - Qiniu Cloud has 14 years of experience in the audio and video sector, with three main product lines: Media Cloud, AI Cloud, and LinX Cloud, 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] Market Dynamics - The demand for AI inference is rapidly increasing, driven by over 50 deployable large models on Qiniu Cloud's platform, including LLM inference models and AI programming support [3] - The number of AI-related users on Qiniu Cloud has surged to 15,000, indicating a strong market interest and growth potential in AI inference services [3] Infrastructure and Investment - Wuxiang Cloud Valley's Intelligent Computing Center, with a total investment of 3.6 billion yuan and a construction area of 149,000 square meters, aims to provide up to 40,000P of intelligent computing power [4] - The partnership is expected to unlock the commercial potential of Wuxiang Cloud Valley's computing resources, enhancing the overall service offerings in AI [4] Future Prospects - Qiniu Cloud and Wuxiang Cloud Valley plan to explore collaborations in vertical fields such as AI + education and AI + energy, aiming to create new opportunities in the AI landscape [4]

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]

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 ...