Qiniu (2567) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 16.8% YoY to RMB829.4m; net loss narrowed to RMB33.4m from RMB179.6m, while adjusted net loss was RMB28.6m.

• AI-related revenue reached RMB184.0m, or 22.2% of revenue, supported by AI computing resources, large-model platforms and audiovisual applications.

• Gross margin declined to 19.0% from 21.5%, amid customer pricing pressure and higher network and bandwidth costs.

Financial highlights

• Gross profit rose 3.3% to RMB157.4m from RMB152.4m.

• Loss before tax was RMB33.3m and net loss RMB33.4m; improvement mainly reflected lower preference-share fair-value losses and operating expense controls.

• Adjusted net loss improved to RMB28.6m from RMB39.8m; adjusted EBITDA loss narrowed to RMB3.5m from RMB9.9m.

• Cost of sales rose 20.4% to RMB671.9m and R&D costs increased 6.9% to RMB75.6m; selling and marketing and administrative expenses fell to RMB49.9m and RMB45.0m.

• Total comprehensive loss was RMB34.7m versus RMB198.6m; loss per share was RMB0.02 versus RMB0.41.

Outlook and guidance

• Focus areas include AI audiovisual applications, inference computing and embodied intelligence, supported by low-latency transmission, global nodes, intelligent processing, multi-model capabilities and the MCP ecosystem.

• Strategy is expanding from computing-power provision toward full-process inference services, combining centralized cloud and distributed edge inference.

• Ling Xi AI edge solutions target rapidly deployable AI audiovisual offerings; AI large-model service activations exceeded 10,000 by early August 2025.