七牛智能作为中国领先的音视频云服务商，以深厚的MPaaS技术为基石，通过"音视频+AI"双轮驱动战 略持续创新，其中2025年上半年AI相关业务收入占比已达22.2%，展现出强劲增长动能;公司积极布局端 侧应用，其低代码APaaS平台有效降低开发门槛，助力客户快速部署智能化音视频解决方案，而阿里系 股东淘宝中国控股作为重要战略投资者(持股约16.27%)，不仅为公司提供生态资源协同，更强化了其在 云计算市场的竞争壁垒。 七牛智能深度布局 国泰海通发布研报称，首次覆盖七牛智能(02567)给予"增持"评级。预计2025-2027年收入分别为 16.9/20.3/24.6亿元，公司主营业务结构清晰，技术优势显著，根据PS估值最终给予公司2026年1.0倍PS 估值，对应合理市值为20.3亿人民币，对应公司目标价1.1港元(按1港元=0.92元换算)。 国泰海通主要观点如下： 七牛智能数智化根基深厚，多元业务齐头并进 七牛智能成立于2011年，是中国领先的音视频云服务商。它的核心业务包括MPaaS(音视频平台即服务) 和APaaS(应用平台即服务)两大板块。在市场地位方面，七牛智能在2023年是中国第三大音视频Pa ...

风险提示：市场竞争加剧的风险、新产品和解决方案未被市场接纳的风险、解决方案向新的垂直行业扩 张不成功的风险。 七牛智能端侧布局稳固，AI业务变现与阿里系生态支持共同书写企业驱动力 七牛智能作为中国领先的音视频云服务商，以深厚的MPaaS技术为基石，通过"音视频+AI"双轮驱动战 略持续创新，其中2025年上半年AI相关业务收入占比已达22.2%，展现出强劲增长动能;公司积极布局端 侧应用，其低代码APaaS平台有效降低开发门槛，助力客户快速部署智能化音视频解决方案，而阿里系 股东淘宝中国控股作为重要战略投资者(持股约16.27%)，不仅为公司提供生态资源协同，更强化了其在 云计算市场的竞争壁垒。 七牛智能深度布局 智通财经APP获悉，国泰海通发布研报称，首次覆盖七牛智能(02567)给予"增持"评级。预计2025-2027 年收入分别为16.9/20.3/24.6亿元，公司主营业务结构清晰，技术优势显著，根据PS估值最终给予公司 2026年1.0倍PS估值，对应合理市值为20.3亿人民币，对应公司目标价1.1港元(按1港元=0.92元换算)。 国泰海通主要观点如下： 七牛智能数智化根基深厚，多元业务齐头并进 ...

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].

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].