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 ...

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].