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AI推理是下一个万亿市场?七牛智能与五象云谷合作,卡位产业爆发拐点
格隆汇APP·2025-09-19 12:19

Core Viewpoint - The strategic partnership between Qiniu Intelligent and Wuxiang Cloud Valley aims to make AI inference computing power affordable, targeting the trillion-level AI inference market as the industry shifts focus from "training" to "inference" [2][3]. Group 1: Growth Logic - The collaboration is positioned to seize the explosive growth window of inference computing power, with future AI computing power distribution expected to be "5% training, 95% inference" [3]. - The demand for inference is projected to grow exponentially, with token usage in AI applications increasing significantly, as evidenced by Google's token processing volume doubling from 480 trillion to 960 trillion in just two months [4]. - The partnership aims to build a composite barrier of "ecosystem + infrastructure," emphasizing that inference computing requires not just high performance but also low latency, cost efficiency, and stability [5]. Group 2: Market Opportunities - The collaboration aligns with national policies promoting "inclusive AI," potentially attracting policy support and resources [6]. - The partnership will explore vertical industry solutions such as "AI + education" and "AI + energy," targeting sectors with low digitalization and high demand for AI applications [6]. - The geographical advantage of Wuxiang Cloud Valley in Guangxi positions Qiniu Intelligent to tap into the Southeast Asian market, providing cross-border inference services [7]. Group 3: Business Model and Financials - Qiniu Intelligent has established a three-layer business model: Media Cloud for stable cash flow, AI Cloud as a high-margin growth engine, and LinX Cloud for multi-modal operations [10][11][13]. - The company is nearing a profitability inflection point, with adjusted EBITDA narrowing to -3.5 million HKD in the first half of 2025, driven by the rapid growth of its AI business [15]. - The partnership is expected to enhance revenue visibility and attract more long-tail customers, with a significant increase in the number of AI-related users from 10,000 to 15,000 in a short period [16]. Group 4: Valuation and Market Position - The market currently undervalues Qiniu Intelligent, as it is still perceived as a traditional audio-visual cloud service provider, despite its transition to a high-growth AI infrastructure provider [17]. - The company's valuation multiples are significantly lower compared to international peers, indicating potential for revaluation as it enters a catalyst-rich period with new projects and partnerships [17].