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].
以68%涨幅领涨港股科技板块，七牛智能站上“AI”浪潮新风口