QINIU (02567) saw its shares rise more than 9% at their peak. At the time of writing, the stock was up 5.26% to HKD 0.5, with a turnover of HKD 4.0195 million.

The revaluation is driven by surging demand for model usage, fueled by the evolution of the AI Agent paradigm and the rise of one-person companies. In 2025, QINIU's AI-related revenue reached RMB 437 million, increasing its contribution to total revenue from 22.2% in the first half to 24.7%. Adjusted EBITDA showed a profit of RMB 900,000, marking the first positive result since its listing and a key transition from scale growth to profitability.

The rising contribution from AI revenue not only validates the effectiveness of the company's strategic shift towards becoming an "MaaS Scheduling Hub" but also indicates that its core positioning within the AI ecosystem is accelerating value realization. As of December 31, 2025, the company's registered platform developer users exceeded 1.8 million, with over 160,000 developers having activated its large AI model services.

Separate calculations indicate that China's overall daily Token consumption has skyrocketed from the 100 billion level in early 2024 to the 180 trillion level by February 2026. This figure continues to expand rapidly as AI agents evolve towards multimodality and multi-agent collaboration.