Qiniu (2567) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue rose 8.3% YoY to RMB898.6m, driven by newly launched AI Cloud; net loss narrowed to RMB15.4m from RMB33.4m.

• Adjusted net loss narrowed to RMB15.7m from RMB28.6m, while adjusted EBITDA turned positive at RMB7.9m versus a RMB3.5m loss; shared technology and customer cross-selling supported growth.

Financial highlights

• Revenue rose to RMB898.6m from RMB829.4m; gross profit reached RMB162.0m from RMB157.4m, while cost of sales increased 9.6% to RMB736.5m.

• Gross margin declined to 18.0% from 19.0%; operating loss before tax narrowed to RMB15.2m from RMB33.3m, and net loss narrowed to RMB15.4m from RMB33.4m.

• Adjusted net loss, excluding share-based payments, was RMB15.7m versus RMB28.6m; adjusted EBITDA, excluding share-based payments, was positive RMB7.9m versus negative RMB3.5m.

• R&D expense fell 12.3% to RMB66.3m, administrative expenses to RMB38.6m from RMB45.0m, and selling and marketing expenses to RMB48.1m from RMB49.9m.

Outlook and guidance

• H2 priorities include integrating traditional cloud with AI Cloud, deepening developer-market reach, and expanding use cases through the Coding + FDE model.

• Plans include embedding AI in Media Cloud, expanding model orchestration and inference optimization, and offering end-to-end AI development support.

• FDE delivery is planned in stages: customer-site solution development, standardization into product portfolios, then sales-led replication and scaling.