Group 1 - Qiniu Cloud (七牛云) and Wuxiang Cloud Valley (五象云谷) have established a strategic partnership to scale AI inference computing power, targeting the trillion-dollar AI inference market [1][4] - Qiniu Cloud has three main product lines: Media Cloud, AI Cloud, and LinX Cloud, with a recent focus on AI inference computing products, marking a comprehensive layout from cloud to edge [1][3] - In the first half of 2025, Qiniu Cloud's AI-related revenue reached 184 million yuan, accounting for 22.2% of total revenue, primarily from AI inference services and computing resource leasing [3] Group 2 - The partnership aims to enhance the commercialization potential of Wuxiang Cloud Valley's computing resources, which has a total investment of 3.6 billion yuan and can provide up to 40,000 PetaFLOPS of intelligent computing power [4] - Qiniu Cloud's platform has over 169,000 developers, with a rapid increase in AI-related user demand, reaching 15,000 users due to the availability of over 50 adjustable large models [3][4] - Future collaborations will explore vertical fields such as AI + education and AI + energy, aiming to create new opportunities in the AI sector [4]

智通财经APP获悉，2025年9月18日，七牛云(02567)与五象云谷达成战略合作，正式开启AI推理算力规模化布局，为广大企业和创业者打造AI普惠推理算 力，共同进军千亿AI推理算力市场。 七牛云在音视频领域14年载的耕耘，目前拥有音视频云(Media Cloud)，算力AI云(AI Cloud)，灵矽AI(LinX Cloud)三大产品线，在音视频云的基础上全新发 力，全面推出AI推理算力产品，今年8月推出的灵矽AI也标志着七牛云从云到端的全面布局，开拓智能硬件AI市场新未来。 相比长周期性、高波动的AI训练需求，AI推理需求是将模型"产品化、服务化"后的持续调用——每秒、每分、每时在千万级用户或千百个自动化系统中被不 断触发，AI推理算力将成为带来七牛云AI业务的新增长点，和音视频云，面向智能硬件的灵矽AI形成三位一体的业务联通。 截止至8月，七牛云平台开发者群体数量已超169万，新增注册量持续增长，AI开发的算力需求不断攀升，合作的达成意味着七牛云能够为企业级客户和独 立开发者提供更精细化的大模型AI推理和推理算力租赁服务，进一步降低AI应用的开发门槛，创客和开发者可大幅缩短从概念验证到规模化商用的周 ...

Core Viewpoint - Qiniu Intelligent (02567.HK) reported a revenue of 829 million yuan for the first half of the year, representing a year-on-year growth of 16.8% [2] - The adjusted EBITDA narrowed significantly to -3.5 million yuan, a reduction of 64.6%, nearing breakeven [2] - The number of platform developer users exceeded 1.6 million [2] Group 1 - Qiniu Intelligent is positioned as an enabler of AI technology and developer ecosystems, offering a full-stack product capability and solutions that include AI computing resources, AI large model platforms, and audio-video AI applications [2] - The company has seen accelerated growth in AI-related revenue, achieving 184 million yuan in AI-related income for the first half of 2025, which accounts for 22.2% of total revenue [2] - As of early August 2025, the user count for Qiniu Intelligent's AI large model surpassed 10,000 [2] Group 2 - The global technology industry is undergoing profound changes due to AI technology, with its disruptive impact extending from technical aspects to the restructuring of industrial ecosystems [2] - The shift from parameter competition to commercial implementation in multimodal AI applications demands higher performance in low-latency and high-concurrency capabilities from underlying technology platforms [2] - Qiniu Intelligent continues to focus on insights into developer needs, launching "Lingxi AI" to provide AI compatibility from cloud to edge based on audio-video cloud capabilities and AI inference computing power [2]

Core Viewpoint - Qiniu Intelligent has launched its new generation voice interaction solution "Lingxi AI," aiming to reshape the AI interaction landscape and enhance its market valuation [7][9]. Financial Performance - In the first half of the year, Qiniu Intelligent reported revenue of 829 million yuan, a year-on-year increase of 16.8% [4]. - Adjusted EBITDA significantly narrowed to -3.5 million yuan, a decrease of 64.6% [4]. - The number of platform developers exceeded 1.6 million [4]. Business Segments - The main revenue source remains MPaaS (Media Platform as a Service), generating 591 million yuan, up 16.4% year-on-year, with average revenue per paying customer increasing by 16.5% to 8,434 yuan [4][5]. - APaaS (Application Platform as a Service) solutions achieved revenue of 222 million yuan, reflecting a growth of 24.4% year-on-year [5]. AI Expansion - AI-related revenue reached 184 million yuan, accounting for 22.2% of total revenue [6]. - The user base for Qiniu's AI large model surpassed 10,000 in early August [6]. Product Development - The "Lingxi AI" platform aims to provide natural dialogue capabilities for any hardware, creating a comprehensive AI voice interaction ecosystem [9]. - The platform supports seamless integration with major third-party large models and is compatible with mainstream chip platforms, enhancing its appeal to developers [10]. Market Trends - The global humanoid robot market is projected to exceed $150 billion by 2035, indicating significant growth potential in the embodied intelligence sector [9]. - The trend of AI transitioning from cloud to end-user applications is evident, with a forecasted shipment of 533 million personal smart audio devices by 2025 [9].

Core Viewpoint - The current AI market is transitioning from a phase of conceptual enthusiasm to a critical stage of commercial validation, with investors focusing on companies that can demonstrate real business value [1] Financial Performance - Qiniu Intelligent's mid-year report for 2025 shows a solid growth trajectory, with revenue increasing by 16.8% year-on-year to 829 million yuan, and adjusted EBITDA losses narrowing by 64.6% to 3.5 million yuan, indicating a path to profitability [3][4] Business Model and Growth Quality - Qiniu Intelligent's revenue is driven by two main segments: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service), with MPaaS revenue at 591 million yuan (up 16.4%) and APaaS revenue at 222 million yuan (up 24.4%) [7] - The AI-related business generated 184 million yuan, accounting for 22.2% of total revenue, indicating a strong growth engine [7] - The company has established a sustainable AI ecosystem, with a clear "customer value funnel" that enhances customer stickiness and drives profitability [8] Strategic Developments - Qiniu Intelligent is focusing on the MCP (Model Context Protocol) architecture, which connects AI models with enterprise data, facilitating the integration of AI solutions into various business contexts [10][11] - The launch of the "Lingxi AI" natural interaction platform positions the company to capitalize on the growing demand for embodied intelligence and AI applications in various sectors, including education and smart home technology [12] Valuation Insights - The current market valuation of Qiniu Intelligent at a static price-to-sales (PS) ratio of 2.4 is significantly lower than the industry average, indicating that the market has not fully recognized the company's transition from a PaaS tool provider to an AI ecosystem operator [14] - The company holds a leading position in the multimodal cloud service sector, with a market share of 14.1% in 2023, which enhances its competitive advantage [16] - The shift towards high-margin APaaS solutions is expected to improve profitability and overall financial outlook, suggesting a potential for valuation enhancement as the company continues to evolve [17]

Core Viewpoint - The AI industry is transitioning from a phase of exploration to a critical commercialization verification phase, with investors focusing on companies that can demonstrate real commercial value [2][3]. Group 1: Company Performance - Qiniu Intelligent's mid-year report for 2025 shows a solid growth trajectory, with revenue increasing by 16.8% year-on-year to 829 million yuan, and adjusted EBITDA losses narrowing by 64.6% to -3.5 million yuan, indicating a path to profitability [7][8]. - The company is demonstrating a stable "basic plate" by achieving more sales while reducing losses, contrasting with many AI companies that are increasing revenue but also increasing losses due to high customer acquisition costs [8]. Group 2: Business Model and Ecosystem - Qiniu Intelligent's revenue is driven by two main segments: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service), with MPaaS revenue at 591 million yuan (up 16.4%) and APaaS revenue at 222 million yuan (up 24.4%) [10]. - The AI-related business generated 184 million yuan, accounting for 22.2% of total revenue, indicating a strong growth engine for the company [10]. - The company has established a sustainable AI ecosystem, with a clear "customer value funnel" where MPaaS attracts a large customer base, and APaaS refines that value into high-margin solutions [11][12]. Group 3: Technological Advancements - Qiniu Intelligent is focusing on the MCP (Model Context Protocol) architecture to enhance its technology platform, which is seen as a key infrastructure for bridging AI models with enterprise data [16][17]. - The company has launched the "Lingxi AI" natural interaction platform, which enhances user experience in various sectors, including education and smart home applications [19][20]. Group 4: Valuation Logic - The current market valuation of Qiniu Intelligent at a static price-to-sales (PS) ratio of 2.4 is significantly lower than the average for AI infrastructure platforms, indicating that the market has not fully recognized its transition from a PaaS tool provider to an AI ecosystem operator [23]. - The company holds a leading position in the multimodal cloud service sector in China, with a market share of 14.1% in 2023, which enhances its value in the upcoming multimodal AI market [24]. - The shift towards high-margin APaaS solutions is expected to improve the company's profitability and overall valuation, as the revenue structure continues to optimize [26].

Group 1 - 360 Group announced its "All in Agent" strategy, encouraging all employees to establish AI beliefs and measure business processes and roles through intelligent integration rates [2] - Alibaba's Accio Agent gained rapid popularity overseas, facilitating market research, product development, and supplier communication for cross-border e-commerce, with a large influx of users leading to an invitation-only system [2] - Tencent Cloud launched the upgraded CloudBase AI CLI, which integrates AI tools into a unified management platform, potentially reducing coding workload by 80% [2] Group 2 - Qiniu Intelligent introduced the "Lingxi AI" natural interaction solution, aiming to address the core challenges of embodied intelligence by providing an open interaction platform for hardware manufacturers and developers [2] - The solution is designed to eliminate barriers related to complex algorithms and insufficient computing power, allowing innovators to focus on application and scenario innovation [2] - Qiniu's CEO emphasized the future exploration of voice interaction and embodied intelligence integration to enhance AI's role in human life [2]

Core Viewpoint - Qiniu Cloud has launched a new generation of intelligent hardware voice interaction solution "Lingxi AI," which aims to enhance natural voice dialogue capabilities and provide seamless multi-model integration, allowing creators to focus on expanding the boundaries of intelligence without being limited by algorithm barriers and hardware computing power [1] Industry Summary - AI technology is gradually penetrating from cloud to edge, driven by the growing demand for personalization, leading to a continuous rise in edge AI applications and product needs [1] - The combination of multi-modal perception capabilities and breakthroughs in real-time communication technology is empowering new terminal scenarios, opening up new possibilities for human-machine voice interaction [1] - According to Canalys, global shipments of personal smart audio devices are expected to exceed 533 million units by 2025 [1] Company Summary - Lingxi AI enables any hardware device to possess natural dialogue capabilities akin to human interaction, creating a complete AI voice interaction ecosystem from hardware to software, development tools to application markets [1] - The system fully supports mainstream chip platforms such as Zhongke Lanyun, Liangniu, Guoxinwei, Lexin, and Yuefang Technology, and provides a comprehensive software SDK solution to meet various development scenario needs [1]

Core Viewpoint - The launch of Qiniu Cloud's "Lingxi AI" marks a significant advancement in the field of embodied AI, focusing on enhancing natural interaction capabilities, which are crucial for the practical application of embodied intelligence [1][6]. Group 1: Product Launch and Features - Qiniu Cloud officially launched its next-generation intelligent hardware natural interaction solution "Lingxi AI" on August 15, targeting the core bottleneck of natural interaction capabilities in embodied AI [1]. - "Lingxi AI" is an open interaction platform designed for hardware manufacturers and developers, aiming to simplify AI hardware development by providing end-to-end solutions [3]. - The platform features a multi-model plug-and-play capability, allowing seamless switching between major models like DeepSeek and Tongyi Qianwen, enabling developers to avoid committing to a single technology route [4]. Group 2: Technical Innovations - "Lingxi AI" incorporates advanced voice recognition and generation technologies, creating a complete voice interaction chain that includes user identification and emotional expression [5]. - The system achieves ultra-low latency interactions of less than 600ms, significantly improving the fluidity of conversations to rival human interactions [5]. - It supports personalized voice cloning with just a 10-second voice sample, enhancing user immersion and personalization [5]. Group 3: Market Potential and Strategic Positioning - The global personal smart audio device shipment is projected to reach 533 million units in 2024, driven by the demand for personalized and immediate intelligent interactions [2]. - "Lingxi AI" has high application potential in rapidly growing sectors such as education, smart home, and robotics, addressing the need for emotional engagement and natural language control [6]. - The global humanoid robot market is expected to exceed $150 billion by 2035, highlighting the importance of achieving human-like natural interaction for commercial viability in embodied intelligence [6]. Group 4: Business Model and Valuation Impact - The introduction of "Lingxi AI" allows Qiniu Cloud to transition from a cloud service provider to a core player in the interaction layer, enhancing its position in the industry value chain [7]. - This strategic shift is expected to reshape Qiniu Cloud's valuation logic from a scale-driven cloud vendor model to a high-margin, ecosystem-driven AI platform model [9]. - The company's revenue structure is set to diversify from solely cloud resource leasing to include licensing fees, usage fees, and revenue sharing, increasing its long-term ecosystem value [9].

Core Viewpoint - The article discusses the launch of Qiniu Cloud's new AI interaction platform "Lingxi AI," which aims to address the core bottleneck of natural interaction capabilities in embodied AI, thereby enhancing user experience and facilitating the commercialization of intelligent hardware [1][5][12]. Group 1: Product Overview - "Lingxi AI" is an open interaction platform designed for hardware manufacturers and developers, aiming to simplify AI hardware development by providing end-to-end solutions [5][9]. - The platform features multi-model plug-and-play capabilities, allowing seamless switching between major AI models without committing to a single technology route [7]. - It supports full chip compatibility with various production platforms, significantly reducing the adaptation cycle from six months to four weeks [8]. Group 2: Technological Advancements - "Lingxi AI" enhances emotional and natural dialogue capabilities, moving beyond traditional voice command systems to include nuanced human-like interactions [11]. - The system achieves an ultra-low latency interaction experience of less than 600 milliseconds, optimizing voice recognition and response speed to provide a conversational flow comparable to human interaction [11]. Group 3: Market Potential and Strategic Positioning - The global market for personal smart audio devices is projected to reach 533 million units in 2024, driven by the demand for personalized and immediate intelligent interactions [4]. - The launch of "Lingxi AI" positions Qiniu Cloud as a core player in the interaction layer of the AI ecosystem, transitioning from a cloud service provider to an interactive technology leader [14][16]. - Analysts suggest that this strategic shift could reshape Qiniu Cloud's valuation logic, moving from a scale-driven cloud model to a high-margin, ecosystem-driven AI platform model, with significant growth potential in education, smart home, and robotics sectors [16].