QINIU (02567) saw its shares rise more than 5% again, climbing 5.43% to HK$0.485 at the time of writing. The company's annual financial report revealed full-year revenue of RMB 1.768 billion, representing a year-on-year increase of 23.1%. AI-related revenue reached RMB 437 million, with its contribution to total revenue increasing from 22.2% in the first half of the year to 24.7%. Adjusted EBITDA turned positive for the first time since its listing, marking the company's inaugural profit. During the reporting period, QINIU established itself as a neutral and independent model service provider through its Token API platform. By utilizing a unified governance layer and dynamic algorithms, the company achieved an optimal balance between risk control and cost efficiency, successfully decoupling its business logic from competition in fundamental algorithms. This strategic positioning enables the company to build long-term pricing power based on its platform orchestration and management capabilities, allowing it to capture the benefits of industry-wide growth in token consumption indiscriminately and form a solid underlying moat.