Qiniu (2567) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose 7.7% YoY to RMB1,437.0m; net loss widened to RMB459.4m, mainly from higher fair value losses on convertible redeemable preferred shares.

• Adjusted net loss, excluding fair value changes on preferred shares, share-based payments and listing expenses, was RMB127.0m vs RMB115.6m in 2023.

Financial highlights

• Gross profit was RMB283.8m vs RMB280.2m; cost of sales increased 9.4% to RMB1,153.2m, in line with revenue growth.

• Operating expenses included R&D of RMB157.6m, up 23.1%, and selling and marketing of RMB115.9m, down from RMB139.1m amid cost controls.

• Fair value loss on convertible redeemable preferred shares rose to RMB293.6m from RMB156.1m, primarily due to revaluation upon the October 2024 IPO.

• Total comprehensive loss was RMB471.7m vs RMB373.1m in 2023; 2024 included RMB12.3m of other comprehensive loss, net of tax.

Outlook and guidance

• 2025 priorities include broadening customer reach and revenue sources, optimizing costs, expanding overseas, adopting open-source large models including DeepSeek and Tongyi Qianwen, and accelerating AI and computing-power investment.

• 2025 work plan targets business-scale growth and improved operating efficiency through product R&D, stronger critical-systems operations, and deeper presence in major application scenarios.