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 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]