
Qiniu Limited (: 2567) 20251231 2025123120241231 202412311,437.0202512311,768.7AI 2025123157.920241231459.4 2025123149.620241231127.0 20251231EBITDA0.920241231EBITDA71.1EBITDA 20251,768.720241,437.023.1%AI2025AI437.324.7%AIAIAIAI 202549.62024127.060.9%EBITDA2025EBITDA0.92024EBITDA71.1 202512311.8AI160,000 MPaaSAPaaSMPaaS(1)QCDN(2)Kodo(3)(4)Dora– MPaaSMPaaS MPaaSAPaaSAPaaSAPaaSAPaaSAPaaS DPaaSQVM 2026 I. a16z2026 20262Open RouterToken5.3Token197% II. OpenAI(Harness Engineering) 202640%20255% Token1050 III.(OPC) 2026 OpenAI 15 2026 2025Token(Token API)Token 2026–2026CDN 2025AIbeta 2026OpenClawNode.js(Gateway)SkillsAI Agent MaaSOpenClaw––MaaSTokenNode.jsAgent BusNodesOpenClawAI 20252024 41,768,7101,437,009(1,442,130)(1,153,184) 5 (57,502)(459,336) 6 (369)(31) (57,871)(459,367) (57,871)(459,367) 20252024 (57,871)(459,367) 40,345(23,599) (44,930)11,299 (4,585)(12,300) (62,456)(471,667) (1)– (62,456)(471,667) 20251231 2025123120241231 8,52414,3782,490247 11,01414,625 359,511435,479 151,4211,418– 15(22,750)380,841434,061 359,512435,479 (1)– 359,511435,479 20251231 20251231 1. 2011523202361420241016PO Box 309, Ugland House, GrandCayman, KY1-1104, Cayman Islands5519 PaaS 20251231 2. 2.1 20251231 (a) (b)(c) 2.2 21 21 718183637 3. PaaS 8 345,629,0002024285,032,000 4. PaaSMPaaSAPaaSDPaaS PaaS PaaS PaaS PaaS (c) 202554,659,000202471,685,000 20252024 11 61,67163,26534,61331,916 96,28495,181 20252024 19,4629,426 20,3839,759 5. 6. 2023 17%10,000190,000 16.5%202520241231 20% 20081125% 2019202215% 3,000,00025%2023112027123120% (a)200% 20252024 842,128,0002024906,871,00020251231121,368,000202460,941,000 2025123136,667,00059,447,000202415,164,00027,160,000 7. 202512311,993,088,9832024762,471,784 *202410161,632,795,088163,279.50882024101620241231 202520241231 8. 2024 9. 20252024 20251231977,113,000.00202483,836,000.00 11. 30902025123115%202419%42%202445% 202520241231 9 13. 3090 6 20252024 20251231 15. 20252024 0.00012,001,720,27520241,996,644,474 (a)202410162.75159,750,000114,000 (b)20241016 (c)202410161,632,795,088163,279.5088 (d)2025123122,206,00024,963,00022,750,0002025123122,206,000 (e)5,075,80120240.1160.35620245,075,80120241,044,183951,0002024474,0002024 20241,437.023.1%20251,768.72024459.487.4%202557.9 MPaaS MPaaSQCDNKodoDora 2025MPaaS23.3%KodoDoraAI APaaS APaaSAPaaSAPaaS 2025APaaS28.1%AI MPaaS84,36382,597APaaS3,6872,901MPaaS(1)15,19112,585APaaS(2)122,985122,010 (1)MPaaSMPaaS(2)APaaSAPaaS 2024202543.833.73.0%1.9% PaaSMPaaSAPaaS2025AIAIGCAIGC+APaaSAPaaSAIGCAPaaS 20251231MPaaSAPaaS84,3633,687 MPaaSMPaaSMPaaSMPaaS5GPaaSAPaaS MPaaSAPaaS (i)(ii)(iii)(iv)(v)SDK(vi)(vii) 20241,153.225.1%20251,442.1 (1)(2)(3) 20249.8202520.4 2024157.69.8%2025142.2AI 2024115.9202594.5 202512312024101620241231293.6 2025369,000202431,000 2024459.4202557.9 2025123149.620241231127.0 20242025471.762.5 20251231402.1 20251231213.4 MPaaSAPaaSDPaaS 2024202535.052.6 2025 2024123120251231 20251231 20251231 2025123133822611220251231 20251231227.1 20251231122,134,434 20251231 202410369.720251231 2025123199.3270.42024930 (12)(12)202510162026101520251015 2025866Q1-45519 202582025172025826 20251231 202651520265122026515202651520265111617 C1 C.2.120115 C1 2025123120252025822,206,00024,963,000 1231 C3 20251231 20251231 20251231 2025 (www.hkexnews.hk)(www.qiniu.ltd)2025123120264 2026320