智通财经APP获悉，中盛集团发布研报称，判断云知声(09678)近三年营收将呈现出加速的状态， 预 计 2025—2027 年 公 司 营 收 分 别 为 12.36 / 19.23 / 29.18 亿 元， 增 速 分 别 为 31.6%、55.6%、51.7%， 于 2026 年实现盈利。考虑到云知声 大模型业务增长得到验证，AI 临床诊断与医保降费应用潜力较 大，给予 2026 年公司 PS 估值 25 倍，目标价 750.58 港元， 首次覆盖给予"买入"评级。 中盛集团主要观点如下： 云知声是中国 AGI 技术的先驱者 公司是国内较早将深度学习语音技术产业化、多模态技术融合、 并实现大模型商业化落地的 AI 企业。 如今通过持续拓展模型， 已打造多模态大模型与专业行业大模型矩阵。MedBench4.0 最新测评显示， 云知声自主研发的 UniGPT‑Med 在医疗智能体、 医疗大语言模型、医疗多模态大模型三个项目获得第 一，幻觉 率低于 3%，领先行业。 双平台高低搭配，加速商业化扩张 MaaS 放眼全局，通过区域 / 行业大模型私有化部署，拿下政府、 大型企业等高端客户，搭建专属算力 与知识底座， ...

证券日报网讯 1月28日，首都在线在互动平台回答投资者提问时表示，公司与燧原科技联合打造了燧原 曜图™文生图MaaS平台服务产品。该产品以燧原科技邃思®系列芯片为算力支撑、公司提供计算服 务，是面向企业级文生图服务产品，具备开箱即用、所见即所得的文本生成图像能力，通过软硬一体方 案降低客户应用难度与算力成本。此外，双方还基于各自技术优势联合攻关大模型MaaS领域，为开发 者提供便捷经济的大模型API调用解决方案，并共同发起MaaS产业联盟。 （编辑 姚尧） ...

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Plaza" is set to launch on January 19, 2026, aiming to establish a foundational base for AI Native development through comprehensive model coverage, compatible API architecture, and advanced services [1] - The year 2026 is anticipated to be a breakout year for Multi-Agent reasoning, with a shift towards multi-step reasoning in AI tasks, leading to increased user engagement and token consumption on the MaaS platform [1] User Growth and Financial Performance - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, with a total of over 1.92 million registered users on Qiniu Cloud as of January 14, 2026, marking a significant non-linear growth [2] - AI-related revenue for Qiniu Intelligent surpassed 184 million yuan, contributing 22.2% to total revenue in the first half of 2025, indicating a competitive advantage in the AI reasoning ecosystem [2] Market Position and Competitive Advantage - Qiniu Intelligent is evolving from a cloud service provider to a "MaaS scheduling hub" in the rapidly changing large model market, where open-source models are gaining traction due to cost-effectiveness and flexibility [3] - The MaaS platform allows users to call different models on demand, providing a neutral entry point for developers to conduct A/B testing and performance benchmarking without being tied to specific model vendors [4] Data Accumulation and User Engagement - The MaaS platform is building a "data moat" by accumulating real-world performance data of AI models across various scenarios, enhancing user stickiness and providing tailored recommendations for model usage [6] - The platform's management console offers transparent resource control, enabling enterprises to compare model performance and manage budgets effectively, thus supporting compliance and cost control [6] Market Growth and Future Outlook - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion yuan, a year-on-year increase of 421.2%, positioning Qiniu Intelligent uniquely in a competitive landscape [8] - As Multi-Agent applications enter a phase of large-scale deployment in 2026, the demand for multi-model scheduling and long-range reasoning is expected to grow exponentially, enhancing Qiniu's core value as a model scheduling layer [8]

Core Viewpoint - Qiniu Intelligent officially launched its MaaS platform "AI Model Plaza" on January 19, 2023, which is regarded as the "Chinese version of OpenRouter" [1] Group 1: Platform Features - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral scheduling hub for AI development [1] Group 2: User Growth and Ecosystem Development - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, and as of January 14, 2026, the total registered users on Qiniu Cloud surpassed 1.92 million, indicating a non-linear growth trend [1] - The rapid user growth signifies that Qiniu Intelligent's MaaS ecosystem is achieving economies of scale [1] Group 3: Future Outlook - With the anticipated explosion in demand for multi-agent reasoning in 2026, Qiniu Intelligent is expected to evolve from a "service provider" to the "core of the ecosystem" [1]

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Square" has been newly launched, providing a comprehensive development foundation for the AI Native era through a model square with full-scenario coverage, highly compatible API architecture, forward-looking Agent + MCP services, and a full-stack management console [1] Group 1 - The year 2026 is widely regarded by the capital market as the breakout year for Multi-Agent reasoning, with new tools emerging and production paradigms shifting towards more step-by-step reasoning [1] - The MaaS platform is transitioning from being dominated by single-turn dialogues to being driven by long sequences and multi-step intelligent agent tasks, leading to a significant increase in model invocation frequency and higher demands for contextual consistency [1] Group 2 - Since the launch of the MaaS platform in 2025, the number of MaaS-related users has rapidly exceeded 180,000, with the total registered users on Qiniu Cloud surpassing 1.92 million as of January 14, 2026, indicating a non-linear expansion and the emergence of scale effects in the Qiniu Intelligent MaaS ecosystem [2] - In the first half of 2025, Qiniu Intelligent's AI-related revenue surpassed 184 million yuan, contributing 22.2% to total revenue, demonstrating the company's competitive advantage and leading potential in the AI reasoning ecosystem [2]

Core Viewpoint - The article discusses the significance of the Spring Festival Gala (Spring Festival) as a pivotal moment for companies, particularly in the context of AI and cloud services, highlighting the competitive landscape and strategic positioning of ByteDance's Volcano Engine in the AI cloud market [1][2][3]. Group 1: AI Cloud Market Dynamics - The Spring Festival Gala has become a platform for AI companies, with Volcano Engine set to showcase its capabilities, marking a competitive shift in the cloud market [2][3]. - Alibaba aims to capture 80% of the incremental growth in China's AI cloud market this year, intensifying competition for cloud service providers [2][10]. - The AI cloud market is projected to exceed 120 billion yuan by mid-2025, with significant contributions from sectors like finance, government, and manufacturing [10]. Group 2: Strategic Positioning of ByteDance - ByteDance is shifting its focus from consumer (C-end) products to business (B-end) capabilities, using the Spring Festival as a platform to correct public perception and emphasize its B-end offerings [4][9]. - The decision to feature Volcano Engine at the Spring Festival reflects ByteDance's strategy to enhance its B-end presence and showcase its technological capabilities [4][9]. - The company aims to break the stereotype of being "C-end heavy" by demonstrating its commitment to B-end growth through high-profile events [9]. Group 3: Technical Capabilities and Challenges - The Spring Festival presents extreme technical challenges for cloud service providers, requiring high concurrency and zero-error performance, which will test Volcano Engine's capabilities [12][16]. - Historical data indicates that the Spring Festival Gala could reach 168 billion interactions, necessitating robust technical infrastructure to handle peak loads [12][16]. - Volcano Engine has demonstrated its technical prowess through past collaborations, including supporting Douyin's Spring Festival Gala with significant interaction volumes [12][16]. Group 4: Competitive Landscape - The competition between Volcano Engine and Alibaba Cloud is intensifying, with both companies vying for market share in the rapidly evolving AI cloud sector [16][19]. - Alibaba Cloud has established a strong market presence, with a reported market share of 35.8% in the AI cloud sector, compared to Volcano Engine's position in the following tier [21][19]. - The future of the cloud services market is expected to be characterized by differentiated competition among various players, each leveraging unique technological strengths [22].

Core Viewpoint - The article emphasizes that AI infrastructure is fundamentally about cloud computing itself, suggesting that the integration of AI into business processes will drive significant productivity improvements, similar to the historical impact of electricity on industrial production [2][3]. Group 1: AI Integration in Business - Companies are not just looking for single AI models or cloud capabilities; they seek a comprehensive experience that allows for lower-cost access to more powerful models integrated into their business processes [2]. - The first batch of AI users will categorize their applications into different tiers, utilizing internal data for fine-tuning or even training models from scratch [3]. - A survey of 146 industry clients revealed that the quality of AI tokens is more important than quantity, as businesses prioritize efficiency and impactful decision-making over casual use [4]. Group 2: Industry-Specific Applications - Traditional industries are leveraging AI to enhance efficiency by utilizing accumulated data for specific applications, such as automotive diagnostics and investment strategies [5]. - Companies in agriculture are using AI to monitor livestock health and behavior, while lighting companies are developing AI to interpret user commands more naturally [5]. - The recruitment industry is increasingly adopting AI for resume screening and interview automation, leading to new workflows that integrate AI into daily operations [5]. Group 3: Market Growth and Future Potential - The enterprise market for AI is expected to grow continuously, with many applications yet to be unlocked, indicating a transformative potential for various sectors [6]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by mid-2025, with Alibaba Cloud holding a 35.8% market share, surpassing the combined share of its closest competitors [8][9]. - Alibaba plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, significantly increasing its capital expenditure compared to the previous decade [9]. Group 4: Infrastructure and Service Models - Alibaba Cloud aims to build a comprehensive AI infrastructure that goes beyond merely providing API services, focusing on enhancing efficiency and offering tailored solutions for different industries [8]. - The company categorizes its services into MaaS (Model as a Service), PaaS (Platform as a Service), and IaaS (Infrastructure as a Service), allowing businesses to access AI capabilities in a flexible manner [10]. - The infrastructure being developed is designed to support a wide range of AI applications, ensuring that companies can effectively utilize AI in their operations [11]. Group 5: Competitive Landscape - The competition in the AI cloud market is shifting towards a "soft and hard integration" capability, where hardware and software work together to optimize AI model performance and deployment [13]. - Alibaba Cloud's goal is to capture 80% of the incremental growth in the Chinese AI cloud market by 2026, indicating a strong ambition to lead in this rapidly evolving sector [13].

Core Insights - The article discusses the transition of the AI large model industry from a phase of intense competition to a period focused on commercial validation, highlighting the distinct paths taken by two companies, Zhiyu and MiniMax, as they went public in the Hong Kong market [2][17]. Group 1: Business Models and Strategies - Zhiyu adopts a "MaaS" (Model as a Service) approach, focusing on becoming a foundational infrastructure for various industries, emphasizing stability and long-term value [3][5]. - MiniMax, on the other hand, pursues a global C-end strategy, leveraging product innovation and market speed to establish a competitive edge, with a significant portion of its revenue coming from overseas markets [3][5][27]. - Both companies' paths reflect their strategic judgments regarding different stages of AI commercialization, with no absolute superiority between the two approaches [4][6]. Group 2: Financial Performance - Zhiyu's revenue grew from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a compound annual growth rate of 130%, and a projected revenue of 738 million yuan in 2025 [7][8]. - MiniMax's revenue surged from 3.5 million USD in 2023 to 30.5 million USD in 2024, marking a year-on-year growth rate of 782.2% [8]. - Both companies face significant losses, with Zhiyu accumulating over 6.2 billion yuan in losses from 2022 to mid-2025, and MiniMax's losses reaching approximately 9.3 billion yuan during the same period [9][10]. Group 3: Industry Trends and Market Dynamics - The successful IPOs of Zhiyu and MiniMax signify a shift in the AI large model industry, moving away from the "parameter competition" era towards a more rational investment landscape [17][21]. - The market is witnessing a clear differentiation among AI companies, with some exiting direct competition in favor of niche markets, while others, like Zhiyu and MiniMax, demonstrate viable business models and growth potential [18][22]. - Major internet companies are entering the AI space, altering the competitive landscape with their resources and strategies, which creates a disparity in competition between established giants and startups [23][24]. Group 4: Future Outlook - The article concludes that the paths of Zhiyu and MiniMax illustrate the diverse possibilities within the AI industry, with both companies facing similar challenges of high operational costs and the need for sustainable profitability [29][30]. - The successful listings of these companies mark a new beginning in the AI competition, emphasizing the importance of technological assets and ecosystem potential in valuation [30][31].

Core Insights - The article discusses the transition of the AI large model industry from a phase of intense competition to a period focused on commercial validation, marked by the recent IPOs of two major players, Zhiyu and MiniMax [2][17]. Group 1: Business Models and Strategies - Zhiyu adopts a "MaaS" (Model as a Service) approach, focusing on becoming a foundational infrastructure for various industries, emphasizing stability and long-term value [3][5]. - MiniMax, on the other hand, pursues a global C-end strategy, leveraging its innovative product offerings and aiming for rapid market penetration [3][5]. - Both companies' paths reflect their foundational philosophies and strategic judgments regarding the commercialization of AI [4]. Group 2: Financial Performance - Zhiyu's revenue is projected to grow from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a compound annual growth rate of 130% [7]. - MiniMax's revenue is expected to surge from 3.5 million USD in 2023 to 30.5 million USD in 2024, reflecting a staggering growth rate of 782.2% [8]. - Despite high revenue growth, both companies face significant losses, with Zhiyu accumulating over 6.2 billion yuan in losses from 2022 to mid-2025, and MiniMax around 9.3 billion yuan during the same period [9][10]. Group 3: Industry Dynamics - The successful IPOs of Zhiyu and MiniMax signify a shift in the AI large model industry, moving away from the "parameter competition" era towards a more structured commercial phase [17][22]. - The competitive landscape is evolving, with major internet companies like ByteDance, Alibaba, and Tencent entering the market, leveraging their resources and ecosystems [23][25]. - The article highlights a growing recognition among investors regarding the importance of clear business models and growth potential in the AI sector [21][22]. Group 4: Future Outlook - The article concludes that the paths taken by Zhiyu and MiniMax illustrate the diverse possibilities within the AI industry, with both companies facing similar challenges of high operational costs and the need for sustainable profitability [26][27]. - The successful listings of these companies mark a new beginning in the competition for AI development, emphasizing the importance of continuous iteration and adaptation in the industry [27].

Core Viewpoint - The AI industry has entered a realization phase, with the competition among large model companies intensifying as they shift focus from scale to profitability [1] Company Overview - Zhiyu, established in 2019, specializes in foundational model development and has created a comprehensive model matrix covering language, code, multimodal, and intelligent agents, adapting to over 40 domestic chip types [3] - Zhiyu aims for AGI from its inception, distinguishing itself from competitors, and ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers globally based on projected 2024 revenue [4] Financial Performance - Zhiyu has begun to focus on profitability, launching a MaaS strategy in 2021, with nine of the top ten internet companies in China using its GLM model, making it the only startup with significant revenue from MaaS [5] - Revenue projections show significant growth, with expected revenues of 57.4 million yuan, 124.5 million yuan, and 312.4 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 130%. In the first half of 2025, revenue reached 190 million yuan, a year-on-year increase of 325% [5] Losses and Margins - Despite rapid growth, Zhiyu's losses have also increased, with net losses of 143 million yuan, 788 million yuan, and 2.956 billion yuan from 2022 to 2024, and a net loss of 2.351 billion yuan in the first half of 2025 [7] - Gross margins have shown a declining trend, with rates of 54.6%, 64.6%, and 56.3% from 2022 to 2024, and a gross margin of 50% in the first half of 2025 [7] Investment and Market Outlook - Prior to its IPO, Zhiyu completed eight funding rounds, raising over 8.3 billion yuan from notable investors including Meituan, Ant Group, Alibaba, Tencent, Sequoia China, and Hillhouse [7] - According to CITIC Securities, Zhiyu's revenue has consistently doubled over the past two years, with expectations to exceed 1 billion USD in 2025. The domestic large language model market is projected to grow 20-fold over the next six years, with enterprise demand driving a trillion yuan opportunity [7] - The IPO of Zhiyu is seen as a valuation anchor for the industry, indicating a shift from explosive growth to stability, with capital focusing more on revenue than scale [8]