七牛智能2025年报

目錄 2 4 5 10 25 30 78 94 99 104 105 2025731202512020257312025120 81353502-3503 97927 2025528 3.05 2025731202512020257312025120 公 司 資 料 1617 16 PO Box 309, Ugland HouseGrand CaymanKY1-1104Cayman Islands 1296 801 5519 838 33191928 136F Maples Fund ServicesCayman LimitedPO Box 1093, Boundary HallCricket SquareGrand CaymanKY1-1102Cayman Islands 2567 www.qiniu.ltd 主 席 報 告 20251231 2025 DeepSeekAgentToken2026Token5.3 AIOpenClawAI Agent––Gartner202640%AI Agent8TokenAPI AI 2011APIToken180AgentAI AI 2025 Token 2025Token API Token AIPaaS 2026AIOpenClawAI AgentOpenClaw AI Agent 主 席 報 告 AIAI 2025AIAIAgent 2025MPaaS12.82APaaS4.53AI MPaaS2025KodoDoraAI APaaSAI AIToken APIOCRASR TTS RTCAI AI AgentOpenClawAgent AIAI Agent 2026AI Token AI AgentAPITokenIDCToken30Token APIToken(OPC)180 OpenClawAgent OpenClawMCPAI AgentAgentAgent 主 席 報 告 AIAI AIAIAI AIAIAPaaS AI––––AgentAgentAgent 20251,768.720241,437.023.1%AI2025AI437.324.7%AIAIAIAI 202549.62024127.060.9%EBITDA2025EBITDA0.92024EBITDA71.1 202512311.8AI160,000 管 理 層 討 論 及 分 析 MPaaSAPaaS MPaaS QCDNIaaSCDNCDNQCDN MPaaS APaaS APaaS(i)API(ii)APaaS APaaSAPaaSAPaaSAPaaS MPaaSAPaaSDPaaSQVM 2026 I. a16z2026 20262Open RouterToken5.3Token197% II. 管 理 層 討 論 及 分 析 OpenAI(Harness Engineering) 202640%20255% Token1050 III.(OPC) 2026 OpenAI 15 PaaSMPaaSAPaaS2025AIAIGCAIGC+APaaSAPaaSAIGCAPaaS 20251231MPaaSAPaaS84,3633,687 MPaaSMPaaSMPaaSMPaaS5GPaaSAPaaS MPaaSAPaaS 管 理 層 討 論 及 分 析 (1)MPaaSMPaaS(2)APaaSAPaaS 2026 2025Token(Token API)Token 2026–2026CDN2025AIbeta 2026OpenClawNode.js(Gateway)SkillsAI Agent MaaSOpenClaw––MaaSTokenNode.jsAgent BusNodesOpenClawAI 管 理 層 討 論 及 分 析 20241,437.023.1%20251,768.72024459.487.4%202557.9 MPaaSQCDNKodoDora 2025MPaaS23.3%KodoDoraAI APaaS APaaSAPaaSAPaaS 2025APaaS28.1%AI 2024202543.833.73.0%1.9% (i)(ii)(iii)(iv)(v)SDK(vi)(vii) 20241,153.225.1%20251,442.1 管 理 層 討 論 及 分 析 (1)(2)(3) 20249.8202520.4 2024157.69.8%2025142.2AI 2024115.9202594.5 202512312024101620241231293.6 2025369,000202431,000 2024459.4202557.9 2025123149.620241231127.0 20242025471.762.5 20251231402.1 20251231213.4 管 理 層 討 論 及 分 析 202546.657.5(i)(ii) 2024118.1459.3(i)(ii) 202548.8 42.0 202521.4 2024356.4 2024202535.052.6 2025 2 MPaaSAPaaSDPaaS 2024123120251231 20251231 管 理 層 討 論 及 分 析 202520241231 36 36 36 20251231 董 事 及 高 級 管 理 層 4820115232023626WarpDrive Technology 212011520092011200020083888 20007 200712WPS Office 2005201611 GoMark SummerfieldProgramming in Go: Creating applicationsfor the 21st century 4320233132023626WarpDrive Technology 182014102017120206202152021122011120149 2005620246 4520115232023626 222009820116200432009820017200433888 20016 GoMark SummerfieldProgramming in Go: Creating applicationsfor the 21st century 45 1920216201810202162012920181020067201299888BIDU 2000720067 董 事 及 高 級 管 理 層 40 1220232881201711202142003201652017112011320155Blackstone Advisory Partners L.P. 20081120216 48 192017668851520077201752006122007620057200611 2006320007 35 12201552018102012920155 201272015620163 41 16201711202112201652017119626BILI201142016517022008720105 20077 董 事 及 高 級 管 理 層 37 12201282013520195CDN 20106201611 2011523202361420241016 202512314 107109 20251231 202651520265122026515202651520265111617 1024 董 事 會 報 告 C2 20251231338226112 20251231 20251231227.1 2025123120242025123120242025123119.8%19.5%20242025123138.8%42.5% (i)(ii)(iii)202512312024202512315.0%9.1%20242025123120.1%33.6% 5% 1. 董 事 會 報 告 2. PaaSAPaaS 3. 20251231APaaS20251231 4. 4 202410369.720251231 2025123199.3270.42024930 董 事 會 報 告 13 28 108109 24 26.3 26.426.3 2529 2025123113.51(2)(a)(e)(g) 董 事 會 報 告 3.1320251231 2025331 2025331 320251231 320251231 89 2.4 董 事 會 報 告 202512 31XVXV78352C3 1.L2.202512312,001,720,2753.Dream Galaxy329,861,8804.742,707,0995.Dustland108,052,3806.50,400,000 20251231XVXV78352 18 20251231XV23336 董 事 會 報 告 1.L2.202512312,001,720,2753.Dream Galaxy4.5.MPCsMPC II L.P.MPC II-A L.P.131,809,45514,645,5026.Qiming Venture Partners III, L.P.Qiming Venture Partners III Annex Fund, L.P.Qiming Managing DirectorsFund III, L.P.103,258,44019,002,6633,254,5627.Dustland8. 20251231XV23336 201311420146132017712201810252023511 (a) (b) (i)(ii)(1)(2)(1)(2) (c) (d) (i)30(ii)(iii) 董 事 會 報 告 (e) (i)(10) (ii) (iii) – (A)(B)30(C) – (A) (f) (i)(ii) (g) (h) 18,107,143 (i) (j) (i) (ii) (1) 2024925 (a) 董 事 會 報 告 (b) 1. 2. 3.(A)(B) i. ii. iii. (c) (i)(ii) (a)(b)(c)(d)(e)(f)(g)(h)(i)(j) 71.0 (d) 1.2.(5)3. 董 事 會 報 告 (e) (10) 20251120251231199,664,447 (2)2% 2% 112025123139,932,889 10% (3) 10% 121%12 120.1% 13.4013.4113.42 董 事 會 報 告 (g) (10) (h) (12) 1.2.3.4.125. (i) (j) (k) 12 (h)1212 董 事 會 報 告 (l) 14 (m) 12 (n) (a)(b)(i)(ii)(iii)(iv) (o) 1.2.3.4.5.6.7.(k)30 (p) 董 事 會 報 告 (q) (10) (r) (s) (t) 17.03 20251231199,664,4471,996,644,47410%2,003,520,2759