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 ...

Core Insights - Qiniu Intelligent (02567) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 829 million RMB, representing a year-on-year increase of 16.75% [1] - Gross profit for the same period was 157 million RMB, showing a year-on-year increase of 3.3% [1] Business Growth Drivers - The company's growth is attributed to its leading products and solutions that meet the increasing business demands of customers [1] - Additionally, the utilization of AI technology has empowered clients' business efficiency and intelligent upgrades [1] AI Revenue Contribution - For the six months ending June 30, 2025, AI-related revenue amounted to 184 million RMB, accounting for 22.2% of total revenue during the same period [1] - This growth is driven by the company's role as an enabler in the AI technology and developer ecosystem, offering comprehensive product capabilities and solutions that include AI computing resources, AI large model platforms, and audio-video AI applications [1]

Group 1 - The core revenue of Qiniu Intelligent (02567.HK) for the six months ending June 30, 2025, reached RMB 829 million, representing a year-on-year growth of 16.8% [1] - The growth is attributed to the company's leading products and solutions that meet the increasing business demands of customers, as well as the empowerment of AI technology for enhancing business efficiency and intelligent upgrades [1] - AI-related revenue amounted to RMB 184 million, accounting for 22.2% of total revenue during the same period, driven by the company's comprehensive product capabilities and solutions in AI computing resources, AI large model platforms, and audio-video AI applications [1] Group 2 - The company's revenue is based on three main business lines: MPaaS, APaaS solutions, and other services [2] - The MPaaS business includes products such as integrated QCDN products, Kodo, interactive live streaming products, and the Dora cloud-based intelligent media data analysis platform, which provide low-latency, high-stability, and high-availability network services [2] - The APaaS solutions, built on MPaaS technology, offer customized solutions with rapid deployment and easy scalability, significantly enhancing customers' agility in scenario-based innovation across five application scenarios: social entertainment, video marketing, visual internet, intelligent new media, and the metaverse [2]

Core Viewpoint - Qiniu Smart (02567) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 829 million RMB, representing a year-on-year increase of 16.75% [1] Financial Performance - The company's gross profit for the same period was 157 million RMB, showing a year-on-year increase of 3.3% [1] - AI-related revenue reached 184 million RMB, accounting for 22.2% of total revenue during the period [1] Business Growth Drivers - The growth in the company's business is attributed to its leading products and solutions that meet the increasing business demands of customers [1] - The utilization of AI technology has empowered customers' business efficiency and intelligent upgrades, contributing to the overall growth [1] - The comprehensive product capabilities and solutions built around AI computing resources, AI large model platforms, and audio-video AI applications have continuously injected new momentum into business growth [1]

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) 截 至2025年6月30日止六個月 中期業績公告 七 牛 智 能 科 技 有 限 公 司（「本公司」或「七 牛」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈， 本 公 司、其 附 屬 公 司 及 合 併 聯 屬 實 體（統 稱 為「本集團」或「我 們」）截 至2025年6月 30日 止 六 個 月（「報告期間」）之 未 經 審 核 簡 明 合 併 中 期 業 績 連 同 截 至2024年6月30 日止六個月之比較數字如下： 財務業績摘要 本集團收益由截至2024年6月30日止六個月的人民幣710.4百萬元增至截至 2025年6月30日止六個月的人民幣829.4百萬元，同比增長16.8%。 我們於截至2025年6月30日止六個月錄得虧損人民幣33.4百 ...