Core Viewpoint - Qiniu Intelligent has entered a new growth cycle since 2025, showing significant improvement in revenue and loss reduction, particularly in AI-related business segments [1][5]. Group 1: Financial Performance - In the first half of 2025, Qiniu Intelligent achieved revenue of approximately 829 million yuan, representing a year-on-year growth of 16.8% [1]. - Adjusted EBITDA loss narrowed to -3.5 million yuan, a substantial improvement of 64.6% year-on-year [1]. - AI-related revenue reached 184 million yuan, accounting for 22.2% of total revenue, indicating a strong shift towards AI technology [2]. Group 2: Business Segments - Traditional MPaaS (Media Platform as a Service) business generated 591 million yuan, with a year-on-year growth of 16.4%, highlighting its competitive advantage in low-latency and high-reliability services [2]. - APaaS (Application Platform as a Service) business showed remarkable growth at 24.4%, enhancing customer data usage efficiency [2]. - The company has launched various AI services, including DeepSeek AI computing services and AIGC content security solutions, to strengthen its position in the AI industry [3]. Group 3: Strategic Positioning - Qiniu Intelligent is transitioning from a traditional audio and video cloud service provider to a multi-modal AI infrastructure and solution provider [3]. - The macro environment and policy support are favorable for the company's strategic transformation, especially with the rise of AI applications post-ChatGPT [4]. - The company’s stock price has increased by 68% since July, reflecting market confidence in its growth potential and strategic direction [5]. Group 4: Future Outlook - The next two to three years are expected to be critical for Qiniu Intelligent to realize its strategic goals, supported by AI Agent and multi-modal applications [5]. - The ongoing implementation of the "East Data West Calculation" project and local government support for the AI industry present unprecedented growth opportunities for the company [4].

公告称，集团的业务增长，一方面得益于集团领先的产品和解决方案能够满足客户持续增长的业务需 求，另一方面源于集团利用AI技术为客户业务的效率提升和智能化升级赋能。 七牛智能(02567)发布截至2025年6月30日止六个月中期业绩，收益8.29亿元(人民币，下同)，同比增加 16.75%;毛利1.57亿元，同比增加3.3%。 截至2025年6月30日止六个月，集团AI相关收入为1.84亿元，占同期总收入比例为22.2%，这得益于集团 作为AI技术及开发者生态系统的赋能者，所构建的涵盖AI算力资源、AI大模型平台与音视频AI应用的 全面产品能力和解决方案，持续为业务增长注入新动能。 ...

截至2025年6月30日止六个月，集团AI相关收入为1.84亿元，占同期总收入比例为22.2%，这得益于集团 作为AI技术及开发者生态系统的赋能者，所构建的涵盖AI算力资源、AI大模型平台与音视频AI应用的 全面产品能力和解决方案，持续为业务增长注入新动能。 智通财经APP讯，七牛智能(02567)发布截至2025年6月30日止六个月中期业绩，收益8.29亿元(人民币， 下同)，同比增加16.75%;毛利1.57亿元，同比增加3.3%。 公告称，集团的业务增长，一方面得益于集团领先的产品和解决方案能够满足客户持续增长的业务需 求，另一方面源于集团利用AI技术为客户业务的效率提升和智能化升级赋能。 ...

Group 1 - The core viewpoint of the news is the establishment of a joint venture between Haotian International Construction Investment and Jiangsu Litong, with Haotian holding 75% and Litong 25% of the equity [1] - The joint venture will receive capital commitments of RMB 300 million from Haotian and RMB 100 million from Litong, and will become a subsidiary of the company as long as Haotian remains a subsidiary [2] - The joint venture aims to engage in AI computing resources and 5G big data-related businesses, including but not limited to computing power services and related technical consulting, business planning, logistics, and trade [2] Group 2 - The AI sector has seen significant advancements over the past year, with developments in large language models and multimodal models, leading to a decrease in training and inference costs, thus lowering the application threshold for large models [3] - The trend is accelerating the evolution of data centers towards AI Data Centers (AIDC), presenting new opportunities for industry growth [3] - The joint venture with Jiangsu Litong provides a valuable opportunity for the company to enter the AI business, which is expected to generate annual revenues potentially reaching USD 300 million or more if successful [3]