在政策与技术双轮驱动下，AI及相关赛道呈现"长坡厚雪"的广阔前景。 近两个月，七牛智能（02567）以其48.8%的惊人涨幅（近五成）脱颖而出，不仅超越恒生指数同期 20.1%的涨幅，更跑赢港股人工智能板块的30.1%与AIGC概念板块的34.3%，成为港股科技股领涨标 杆。 在这背后，得益于公司较早上线的MCP托管服务，并针对用户需求提供多个模型效果的中立对比，今 年7月，七牛智能AI大模型用户量成功突破10000人，验证了其技术路线的市场吸引力，也标志着公司 换道AI战略布局迎来新里程（002219）碑。 领跑"AI+音视频"赛道：从技术积淀到价值跃迁 智通财经APP了解到，自上市以来，七牛智能便一直积极围绕AI展开战略布局，正式换道AI。 如今，公司已蜕变成为"音视频+AI+云服务"赛道的领先者。支撑这一表现的核心，源于七牛智能围绕 AI进行的系统性布局，其中包括： ·基础架构层：今年2月推出DeepSeek系列业务，切入AI算力与Agent领域，形成国产GPU云服务器、AI 推理解决方案等关键能力； ·应用安全层：创新打造"AIGC内容安全一体化解决方案"，覆盖敏感信息识别至数据溯源全生命周期风 控， ...

Group 1 - The core viewpoint is that under the dual drive of policy and technology, AI and related sectors present a broad prospect characterized by "long slopes and thick snow" [1] - Qiniu Intelligent has achieved a remarkable 48.8% increase in stock price over the past two months, outperforming the Hang Seng Index's 20.1% and the Hong Kong AI sector's 30.1% [1] - The company has successfully surpassed 10,000 users for its AI large model, validating its market appeal and marking a new milestone in its AI strategic layout [1] Group 2 - Qiniu Intelligent has transformed into a leader in the "audio-video + AI + cloud services" sector, supported by a systematic layout around AI [2] - Key components of this layout include the launch of the DeepSeek series for AI computing power, an integrated AIGC content security solution, and tools for one-stop audio-video content marketing [2] - The company's core advantage lies in its integrated MPaaS technology, which supports complex scenario-based audio-video solutions [2] Group 3 - The strategic foresight of the "AI as a Service" model is becoming evident, with significant enhancements in service value and expanded application scenarios [3] - The strong stock performance of Qiniu Intelligent reflects the market's re-evaluation of its strategic positioning at the intersection of the "audio-video cloud" and "AI" technology waves [3] Group 4 - The recent WAIC 2025 highlighted a transformative shift towards efficiency and inclusivity in AI, with over 31 projects signed, totaling investments exceeding 150 billion yuan [4] - Policies emphasize the integration of "artificial intelligence +" into the real economy, focusing on smart connected vehicles, AI smartphones, and intelligent robots [4] - The AI industry is still in its early stages, with expectations for infrastructure like computing power and cloud computing to deliver performance soon [4][5] Group 5 - The deepening of digital China's construction is accelerating the release of value in infrastructure and application sectors, enhancing the fundamentals of the AI field [5] - Qiniu Intelligent is positioned at the forefront of a new technological revolution, leveraging its triple gene of audio-video, AI, and cloud services [5]

七牛智能(02567)发布公告，自2025年7月31日起，梁君慧女士已获委任接替已提呈辞任的何倩彤女士， 以担任以下职位：(a)公司联席公司秘书;(b)根据香港联合交易所有限公司证券上市规则第3.05条的授权 代表;(c)上市规则第19.05(2)条及香港法例第622章公司条例第16部项下所规定代表公司于香港接收法律 程序文件及通知的获授权代表。 ...

七牛智能(02567)发布公告，自2025年7月31日起，梁君慧女士已获委任接替已提呈辞任的何倩彤女士， 以担任以下职位：(a)公司联席公司秘书;(b)根据香港联合交易所有限公司证券上市规则第3.05条的授权 代表;(c)上市规则第19.05(2)条及香港法例第622章公司条例第16部项下所规定代表公司于香港接收法律 程序文件及通知的获授权代表。 ...

格隆汇7月31日丨七牛智能(02567.HK)发布公告，自2025年7月31日起，梁君慧已获委任接替已提呈辞任 的何倩彤，以担任联席公司秘书、授权代表及法律程序文件代理人。 ...

(a) 本公司聯席公司秘書； 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) 聯席公司秘書、授權代表及 法律程序文件代理人變更 七 牛 智 能 科 技 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，自2025年7月31 日起，梁君慧女士（「梁女士」）已獲委任接替已提呈辭任的何倩彤女士（「何女士」）， 以擔任以下職位： 張 袁 昊 先 生（「張先生」）將 繼 續 擔 任 本 公 司 的 另 一 名 聯 席 公 司 秘 書。 何 女 士 已 確 認，彼 與 董 事 會 並 無 意 見 分 歧，且 概 無 有 關 彼 辭 任 的 事 宜 須 提 請 聯 交所或本公司股東垂注。 – 1 – (b) 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規 ...

Core Viewpoint - Qiniu Intelligent is a leading provider of audio and video cloud services in China, focusing on MPaaS and APaaS solutions, with significant growth in revenue and customer base expected in the coming years [1][2][3] Company Overview - Qiniu Intelligent is recognized as the third-largest audio and video PaaS provider and the second-largest APaaS provider in China as of 2023 [1] - The company reported a revenue of 1.437 billion yuan for 2024, reflecting a year-on-year growth of 7.72% [1] - The adjusted net loss decreased from 150 million yuan in 2022 to 60.92 million yuan in 2023, a reduction of 59.3% [1] Business Segments - The company operates in both MPaaS and APaaS segments, leveraging over a decade of experience in audio and video cloud services [1] - APaaS revenue for 2024 is projected to be 354 million yuan, with a year-on-year growth of 25.8%, accounting for 24.6% of total revenue [1] Market Potential - The audio and video cloud service market in China is expected to grow from approximately 91.5 billion yuan in 2023 to 240.5 billion yuan by 2028, with a CAGR of 21.3% [2] - The PaaS market share is anticipated to increase from 24.9% in 2023 to 32.3% in 2028, with APaaS expected to grow from 2 billion yuan to 14.4 billion yuan, achieving a CAGR of 48.6% [2] Technological Advancements - The company emphasizes AI and computing power as core strategies, developing AI-driven products such as large language model inference services and intelligent audio-video processing capabilities [2] - Qiniu Intelligent possesses key technologies for one-stop scenario-based audio and video solutions, including audio-video technology, low-code platforms, and AI capabilities [2] Customer Base - As of 2023, the company has 2,597 paying APaaS customers, representing a year-on-year increase of 32.0%, with a customer retention rate of 87.9% [2] Future Outlook - The company plans to accelerate its overseas business expansion to increase its international market share [3] - Revenue projections for 2025-2027 are 1.7 billion, 2 billion, and 2.5 billion yuan respectively, with year-on-year growth rates of 18%, 20%, and 21% [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Qiniu Smart [2][7]. Core Insights - Qiniu Smart is a leading provider of audio and video cloud services in China, recognized as the third-largest PaaS and second-largest APaaS service provider in the country. The company has a strong market position and is expected to benefit from the growing demand in the audio and video cloud service market [6][17]. - The company is projected to achieve revenue growth from RMB 1.334 billion in 2023 to RMB 1.689 billion in 2025, with a compound annual growth rate (CAGR) of 18%. Adjusted net profit is expected to improve significantly from a loss of RMB 116 million in 2023 to a profit of RMB 25 million by 2027 [5][7]. - The report highlights the significant market potential for audio and video cloud services, with the market size expected to grow from RMB 915 billion in 2023 to RMB 2,405 billion by 2028, representing a CAGR of 21.3% [6][46]. Financial Data and Profit Forecast - Revenue projections for Qiniu Smart are as follows: RMB 1.334 billion in 2023, RMB 1.437 billion in 2024, RMB 1.689 billion in 2025, RMB 2.031 billion in 2026, and RMB 2.457 billion in 2027, with respective growth rates of 16%, 8%, 18%, 20%, and 21% [5][7]. - The adjusted net profit forecast indicates losses of RMB 116 million in 2023, RMB 127 million in 2024, a reduced loss of RMB 60 million in 2025, a break-even in 2026, and a profit of RMB 25 million in 2027 [5][7]. Market Space and Growth Drivers - The audio and video cloud service market in China is characterized by high growth potential, driven by advancements in network infrastructure and audio-video transmission technologies. The PaaS segment is expected to capture a larger market share, increasing from 24.9% in 2023 to 32.3% by 2028 [46][50]. - The APaaS market is anticipated to grow at a rapid pace, with projections indicating an increase from RMB 20 billion in 2023 to RMB 144 billion by 2028, achieving a CAGR of 48.6% [50][58]. Competitive Landscape - Qiniu Smart holds a market share of 5.8% in the audio and video PaaS market, ranking third among competitors. The competitive environment is described as relatively mild for independent PaaS providers, allowing for collaboration with IaaS service providers without direct competition [54][55]. - The APaaS market is slightly more concentrated, with Qiniu Smart capturing a 14.1% market share, ranking second among its peers [58][59]. Technology and Strategic Focus - The company emphasizes AI and computational power as core strategic elements, focusing on developing AI-driven products and enhancing service value through integrated MPaaS and APaaS solutions [6][40]. - Qiniu Smart's technology foundation includes audio-video technology, low-code platforms, and AI capabilities, which are expected to enhance its competitive edge in the market [6][40].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,437.0 million, representing a 7.7% increase compared to RMB 1,334.0 million in 2023[11] - Gross profit for the same period was RMB 283.8 million, a slight increase of 1.3% from RMB 280.2 million in 2023[11] - The company reported a loss before tax of RMB 459.3 million, which is a 41.7% increase from a loss of RMB 324.1 million in 2023[11] - The adjusted net loss for the year was RMB 127.0 million, compared to a loss of RMB 115.6 million in 2023, reflecting a 9.9% increase in losses[11] - Total comprehensive loss for the year was RMB 471.7 million in 2024, compared to RMB 373.1 million in 2023, with differences primarily due to foreign exchange differences[68] - The fair value loss of convertible redeemable preferred shares increased by 88.1% from RMB 156.1 million in 2023 to RMB 293.6 million in 2024, primarily due to the revaluation of the company's equity value following the IPO on October 16, 2024[62] - The company recorded a net loss of RMB 459.4 million in 2024, up from RMB 324.1 million in 2023, mainly due to the fair value changes of convertible redeemable preferred shares[65] Assets and Liabilities - Non-current assets decreased to RMB 203,633 thousand from RMB 237,806 thousand in 2023, indicating a decline of approximately 14.3%[14] - Current assets increased significantly to RMB 998,667 thousand from RMB 621,974 thousand in 2023, marking a growth of about 60.5%[14] - Cash and cash equivalents, restricted cash, and time deposits totaled RMB 519.5 million as of December 31, 2024[69] - Net cash used in operating activities was RMB 118.1 million in 2024, compared to RMB 3.8 million in 2023[70] - Net cash generated from investing activities was RMB 42.0 million in 2024, compared to a net cash used of RMB 14.9 million in 2023[75] - Net cash generated from financing activities was RMB 356.4 million in 2024, reflecting proceeds from the IPO[76] Research and Development - The company aims to strengthen its research and development efforts in artificial intelligence and machine learning by recruiting industry-leading experts[16] - The company has increased its R&D investment in AI and computing power to solidify its leading position in the field, launching a series of AI-related services including AI large language model inference services[21] - R&D expenses increased by 23.1% from RMB 128.0 million in 2023 to RMB 157.6 million in 2024, driven by investments in APaaS and AI-related projects[60] - The company is focusing on enhancing its R&D capabilities and improving its technological infrastructure, allocating 12.0% of the net proceeds (approximately HKD 44.4 million) for this purpose by December 31, 2028[142] Market Expansion and Strategy - The company has established new international nodes in Thailand, Japan, and Brazil in 2024, expanding its global service reach[16] - The company is actively expanding its international market presence, particularly in Southeast Asia and the Middle East, to tap into significant market potential[25] - The company aims to enhance its products and services to meet global customer needs while actively expanding into international markets[27] - The company plans to expand its customer base and optimize cost structures while accelerating overseas business development in 2025[49] Product Development and Innovation - The company plans to launch more innovative products based on the latest AI research in 2025, aimed at addressing current challenges in audio and video processing[23] - The company launched a new international website to optimize user experience and cater to specific regional demands[16] - The company launched a newly designed international website to enhance the user experience, featuring deep optimizations in interface design and functionality, with added support for multiple languages including Japanese and Korean[19] - New product development includes the launch of a cloud storage solution, expected to contribute an additional $20 million in revenue by the end of the fiscal year[103] Customer Base and Revenue Sources - As of December 31, 2024, the company has accumulated 82,597 MPaaS customers and 2,901 APaaS customers, indicating a diverse customer base across various verticals[41] - MPaaS paid customer count decreased from 92,480 in 2023 to 82,597 in 2024, while APaaS paid customer count increased from 2,597 to 2,901[46] - Average contribution per MPaaS paid customer rose from RMB 10,500 in 2023 to RMB 12,585 in 2024, and for APaaS, it increased from RMB 108,300 to RMB 122,010[46] - APaaS revenue grew by 25.8% from RMB 281.4 million in 2023 to RMB 353.9 million in 2024, largely due to enhanced functionalities and scenario-based solutions[54] Operational Efficiency and Cost Management - The company is optimizing its cost structure and enhancing operational efficiency through a comprehensive cost audit, while exploring new revenue sources through partnerships and customized services[25] - The management team has emphasized a focus on operational efficiency, aiming to reduce costs by 8% over the next fiscal year[107] - Sales costs rose by 9.4% from RMB 1,053.7 million in 2023 to RMB 1,153.2 million in 2024, consistent with revenue growth[57] Corporate Governance and Compliance - The company has not faced any penalties or legal actions during the reporting period, ensuring compliance with applicable laws and regulations[131] - The company emphasizes internal controls to prevent bribery and corruption, with regular audits and monitoring procedures in place[96] - The board of directors has approved a new strategic plan that includes diversifying product offerings and enhancing customer engagement strategies[109] Shareholder Information and Stock Options - The total number of shares issued by the company is 1,996,644,474 shares[173] - Major shareholders include Dream Galaxy with 329,861,880 shares (16.52%) and Taobao China with 324,912,456 shares (16.27%)[171] - The total number of unexercised options granted under the pre-IPO share plan is 14,654,577, which represents approximately 0.73% of the company's issued share capital if fully exercised[190] - The company has adopted a post-IPO share option plan approved by shareholders on September 25, 2024[194] Future Outlook - The company has set a future outlook with a revenue guidance of $200 million for the next quarter, indicating a projected growth of 33%[102] - The company aims to expand its business and enhance market penetration of existing products while developing new products to drive growth[138] - The company plans to allocate 38.0% of the net proceeds (approximately HKD 140.5 million) to penetrate and solidify its APaaS business by December 31, 2028[142]

Core Viewpoint - The rise of online education, live streaming, short videos, and e-commerce has catalyzed the growth of the audio and video cloud service market, while the maturity of AI technology is driving the development of intelligent computing services, creating new business models and injecting vitality into the market [1] Group 1: Company Overview - Qiniu Smart, established in 2011, has evolved into a leading one-stop intelligent audio and video service provider in China [2] - The company primarily offers two product lines: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service) [3] Group 2: Product and Service Lines - MPaaS includes a range of audio and video solutions covering storage, content distribution, live interaction, and data analysis [3] - APaaS provides low-code, scenario-based audio and video solutions, allowing enterprises to quickly deploy customized applications without starting from scratch [3][5] Group 3: Revenue Growth and Financial Performance - Revenue from APaaS has seen rapid growth since its launch in 2021, with figures of 24.9 million RMB in 2021, 194 million RMB in 2022, 281 million RMB in 2023, and 83.2 million RMB in Q1 2024, representing a revenue share increase from 1.7% to 24.3% over the same period [6][7] - The company's gross margin has improved, with rates of 19.8% in 2021, 19.9% in 2022, 21.0% in 2023, and 20.6% in Q1 2024, driven by the higher margin APaaS business [7][8] Group 4: AI Services Expansion - In February, Qiniu Smart launched the DeepSeek series, marking its entry into AI computing and AI Agent services [9] - The company offers solutions for AI inference, domestic GPU cloud servers, and AIGC content security, catering to sensitive industries like finance and healthcare [9][10] Group 5: International Expansion - Qiniu Smart is actively expanding its overseas business, targeting Southeast Asia and North America, with subsidiaries in Hong Kong and Singapore [12] - The company plans to allocate approximately 20% of its IPO proceeds to overseas business development over the next 3-5 years [13]