Qiniu Limited (2567) AI Stock Analysis

• Market Cap: HK$980.84M
• Dividend Yield: N/A
• Average Volume (3M): 2.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 388
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.02
• Shares Outstanding: 2,001,720,200
• 10 Day Avg. Volume: 2,024,200
• 30 Day Avg. Volume: 2,079,133
• PEG Ratio: -0.09
• Price to Book (P/B): 3.99
• Price to Sales (P/S): 1.21
• P/FCF Ratio: -13.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$1.10
• Price Target Upside: 69.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): HK$2.03B

• Rating: 43 Neutral
• Price Target: HK$0.58 ▼(-10.92% Downside)
• Action: Upgraded Date: 01/30/26
• Date: Action: Upgraded 01/30/26

The score is primarily weighed down by weak financial health—negative equity, ongoing losses, and negative operating/free cash flow—despite modest revenue growth. Technicals also point to a broader downtrend, with only oversold signals offering limited support. Valuation impact is minimal due to missing P/E and dividend data.

Positive Factors

Revenue Growth Trend

Modest 7.72% year‑over‑year revenue growth indicates persistent customer demand for the company’s infrastructure software. Over 2–6 months this supports a path to scale: steady top‑line expansion can enable operating leverage and margin recovery if cost structure is managed.

Industry Tailwinds

Operating in software infrastructure exposes the company to secular trends—cloud migration, data growth, and distributed application needs. These structural demand drivers persist beyond short cycles and can expand the addressable market for platform and storage offerings over the medium term.

Lean Team Size

A relatively small workforce (388 employees) suggests a lean, capital‑efficient operating model typical of infrastructure software firms. Over months this can enable scalable R&D and go‑to‑market leverage, allowing revenue growth to translate to improved margins if headcount growth is controlled.

Negative Factors

Negative Equity / High Leverage

Negative stockholders’ equity signals structural balance‑sheet weakness and elevated leverage. Over the medium term this limits financing options, increases default or covenant risk, and raises the likelihood of dilutive capital raises or restructuring, impairing strategic flexibility.

Persistent Negative Profitability

Sustained negative operating and EBITDA margins indicate the company fails to convert revenue into operating profits. Absent durable improvements in pricing, product mix, or cost structure, this undermines long‑term free cash generation and makes sustainable self‑funding of growth unlikely.

Negative Operating & Free Cash Flow

Ongoing negative operating and free cash flow create structural funding needs and dependency on external capital. Over months this constrains reinvestment, can force financing at adverse terms, and raises execution risk for product development and go‑to‑market initiatives.

Qiniu Limited Business Overview & Revenue Model

Company Description

Qiniu Limited provides audiovisual cloud services in China. The company's principal products and services include media platform as a service (MPaaS) products, which include a range of audiovisual solutions, such as content delivery network, which accelerates content delivery (QCDN); object storage platform, which stores content (Kodo); interactive live streaming products, which enable real-time streaming of audiovisual content; and intelligent media data analytics platform, which offers an array of data processing and analytic capabilities (Dora). Its principal products also comprise application platform as a service (APaaS) solutions, which are scenario-based audiovisual solutions based on its MPaaS capabilities and leveraging its low-code platform to enable customers to gain access to different functionalities with steps of deployment to achieve their business aim. The company operates a base of customers across various industries, including pan-entertainment, social networking, healthcare, e-commerce, education, media, financial services, automotive, telecommunications, and intelligent manufacturing. Qiniu Limited was incorporated in 2011 and is headquartered in Shanghai, China.

How the Company Makes Money

Qiniu Limited generates revenue primarily through a subscription-based model for its cloud storage and CDN services, where customers pay for the volume of data stored and the bandwidth used. Key revenue streams include fees from cloud services, which are charged based on usage metrics such as data storage, data transfer, and additional features like security and analytics. The company also earns income from value-added services such as video transcoding and image optimization. Significant partnerships with major technology firms and integrations with popular content management systems further enhance its market reach and provide a steady flow of customers, contributing to its overall earnings.

Qiniu Limited Financial Statement Overview

Summary

Revenue grew 7.72% YoY, but profitability remains weak with negative EBIT/EBITDA margins and a declining net margin. Balance sheet risk is elevated due to negative stockholders’ equity and heavy liabilities, and operating/free cash flow are still negative, indicating reliance on external funding.

Income Statement

Qiniu Limited shows an upward trend in revenue growth, with a 7.72% increase from the previous year. However, the company struggles with profitability, as evidenced by negative EBIT and EBITDA margins, alongside a declining net profit margin. This reflects ongoing challenges in managing operating expenses relative to revenue.

Balance Sheet

The company has a negative stockholders' equity, indicating potential financial distress and high leverage. The debt-to-equity ratio is not meaningful due to negative equity, and the equity ratio is also negative. Despite an increase in assets, the liabilities remain significantly high, posing a risk to financial stability.

Cash Flow

Cash flow from operations is negative, reflecting difficulties in generating cash from core activities. Although free cash flow has improved slightly, it remains negative, indicating challenges in sustaining business operations without relying on external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	342.37M	1.44B	1.33B	1.15B	1.47B
Gross Profit	70.54M	283.82M	280.25M	228.64M	291.18M
EBITDA	-131.79M	-396.62M	-245.05M	-110.53M	-122.87M
Net Income	-148.02M	-459.37M	-324.11M	-212.75M	-219.71M
Balance Sheet
Total Assets	858.27M	1.20B	859.78M	904.08M	1.09B
Cash, Cash Equivalents and Short-Term Investments	273.49M	519.46M	274.25M	290.36M	337.35M
Total Debt	247.40M	223.37M	211.94M	197.74M	162.97M
Total Liabilities	4.02B	766.82M	3.88B	3.58B	3.32B
Stockholders Equity	-3.16B	435.48M	-3.02B	-2.68B	-2.24B
Cash Flow
Free Cash Flow	-6.36M	-124.17M	-15.45M	-87.48M	-273.51M
Operating Cash Flow	-6.27M	-118.13M	-3.84M	-71.34M	-91.49M
Investing Cash Flow	70.04M	42.02M	-14.88M	-62.49M	144.45M
Financing Cash Flow	6.21M	356.37M	-4.70M	20.82M	98.05M

Qiniu Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2567, the sentiment is Negative. The current price of 0.65 is above the 20-day moving average (MA) of 0.46, above the 50-day MA of 0.58, and below the 200-day MA of 0.93, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 33.69 is Neutral, neither overbought nor oversold. The STOCH value of 87.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2567.

Qiniu Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1480	77 Outperform	HK$266.40M	4.24	5.56%	5.22%	-16.27%	-36.15%
3773	70 Outperform	HK$672.30M	10.10	7.35%	―	12.63%	-37.50%
0046	70 Outperform	HK$334.90M	4.94	5.83%	7.24%	-1.26%	-10.80%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6939	56 Neutral	HK$793.69M	-3.07	-2.86%	2.94%	2.22%	-434.25%
6036	53 Neutral	HK$489.18M	10.72	5.11%	―	14.50%	247.50%
2567	43 Neutral	HK$980.84M	―	―	―	―	―