Core Insights - The AI sector in the Hong Kong stock market is undergoing a significant value reassessment as it transitions from a parameter arms race to large-scale application deployment, with Qiniu Intelligent (02567) emerging as a focal point due to its explosive growth in the MaaS (Model as a Service) platform [1] - Qiniu Intelligent's recent launch of the upgraded "AI Model Plaza" marks a milestone in its transformation from a traditional cloud service provider to a "China MaaS Dispatch Hub," filling a critical gap in the domestic AI ecosystem [1][2] - The company's neutral positioning allows it to serve as a platform for developers to conduct A/B testing and performance benchmarking without representing any specific model vendor's interests [2] Company Developments - Since the launch of the MaaS platform in 2025, the number of users has experienced non-linear growth, surpassing 180,000, with total registered users exceeding 1.92 million by January 14, 2026, indicating significant scale effects in its ecosystem [2] - Qiniu Intelligent's AI-related revenue reached 184 million yuan in the first half of 2025, contributing 22.2% to total revenue, reflecting the success of its transition from traditional audio and video cloud services to AI infrastructure [4] - The company is building a robust data moat through its all-stack management console, allowing enterprises to manage resources effectively and compare model performance, which enhances user stickiness and attracts more developers [4] Industry Trends - The market for large models is undergoing dynamic changes, with the rise of open-source models altering user habits from reliance on single models to using multiple models in various scenarios [1][3] - The MaaS platform's call frequency and contextual consistency requirements are expected to grow exponentially as multi-agent reasoning becomes more prevalent, positioning Qiniu Intelligent favorably in the competitive landscape [3][5] - The Chinese MaaS market reached 1.29 billion yuan in the first half of 2025, growing over 400% year-on-year, highlighting the explosive growth potential in this blue ocean market [4] Strategic Outlook - As the market for multi-agent applications enters a phase of large-scale deployment, the reliance on "model dispatch layers" is anticipated to increase significantly, prompting Qiniu Intelligent to evolve its business model from simple transaction fees to an "ecosystem empowerment" strategy [5] - The company's unique positioning as the only AI hub in the Hong Kong stock market is drawing increasing attention from capital markets, with institutions like Guotai Junan and Shenwan Hongyuan assigning "buy" ratings [4][5]
中国版“OpenRouter”七牛智能（02567）港股唯一具备“AI枢纽”能力的稀缺标的