According to the latest announcement of the Hong Kong Stock Exchange on the evening of September 24, Qiniu Intelligent Technology Co., Ltd. (hereinafter referred to as "Qiniu Cloud") has successfully passed the listing hearing of the Hong Kong Stock Exchange, marking that it will officially land on the Hong Kong stock market.
Qiniu Cloud was established in 2011. The company is committed to creating the world's leading one-stop scenario-based intelligent audio and video APaaS service. The company's services cover video on demand, interactive live broadcast, real-time audio and video, camera cloud and other fields. Its customer groups include the Internet, radio and television and new media, automobiles, finance and other industries.
More than 1.5 million registered users
As of the first quarter of this year, Qiniu Cloud has more than 1.5 million registered users, most of whom are developers or developer teams of enterprises. Among them, the company's active users reached 643,000, a year-on-year increase of 7.2%. At the same time, the company's MPaaS platform provides more than 4.6 billion minutes of audio and video playback on average every day, and processes more than 1.2 million minutes of audio and video content every day. At the same time, the company's MPaaS platform has an EB-level data storage scale.
Both revenue and gross profit showed steady growth, but still not out of the red
Qiniu Cloud's revenue comes from audio and video MPaaS and APaaS. MPaaS is a series of audio and video solutions, including QCDN, a proprietary content distribution network that accelerates content distribution, Kodo, an object storage platform for storing content, etc. The APaaS solution is a scenario-based audio and video solution based on MPaaS and low-code platforms, allowing customers to quickly call different functions with simple deployment. According to Qiniu Cloud's latest prospectus, revenue mainly comes from MPaaS.
From 2021 to 2023, Qiniu Cloud's revenue was 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan, respectively, of which 93.1%, 76.3%, and 73.1% came from MPaaS. In the first quarter of 2024, MPaaS business contributed 72.9% of Qiniu Cloud's revenue, with total revenue of 342 million yuan.
Compared with 18.4% in the first quarter of 2023, Qiniu Cloud's gross profit margin in the first quarter of 2024 increased by 2.3 percentage points, but the company has not yet gotten out of the loss. The adjusted net loss in the first quarter of 2024 was 24.241 million yuan, narrowing by 21.1% year-on-year. If the period from 2021 to 2023 is taken as the interval, Qiniu Cloud's adjusted net loss accumulated to 340 million yuan.
It usually takes more than 10 years for audio and video cloud service providers to achieve profitability
In the latest version of the prospectus, Qiniu Cloud said, "It usually takes more than 10 years for audio and video cloud service providers to achieve profitability." Future profit plans: focus on and deepen APaaS business, and continue to enhance MPaaS,
The gross profit margin of APaaS is higher than that of MPaaS. Taking the first quarter of 2024 as an example, the gross profit margin of MPaaS is 18.2%, and the gross profit margin of APaaS is 29.2%.
According to iResearch, Qiniu Cloud is the third largest audio and video PaaS provider and the second largest audio and video APaaS provider in China in terms of revenue in 2023. In the PaaS market, Qiniu Cloud, which ranks third, will have a market share of 5.8% in 2023, while the top two will have a market share of 17% and 6.4% respectively. In the APaaS market, Qiniu Cloud, which ranks second, will have a market share of 14.1%, while the top company will have a market share of 16.6%. Also based on revenue in 2023, Qiniu Cloud accounts for 1.5% of the entire audio and video cloud service market.
Qiniu Cloud has realized a multi-scenario, full-capability, and full-link product system with more than ten years of experience in the audio and video industry. In addition, the company has achieved scale expansion on the operational side. By cooperating with industry representative companies, it has developed new scenario-based audio and video solutions, and quickly replicated and expanded new solutions to serve other potential customers and achieve scale. With the continuous consolidation of its business moat, Qiniu Cloud is expected to continue to convert registered users into paying users, enjoy the growth of economies of scale brought about by the expansion of its customer base, and improve its profitability.
In the field of AI, Qiniu Cloud provides a variety of AI technologies including intelligent vision, intelligent voice, and intelligent editing in audio and video services, which greatly improves the intelligence level of services. In addition, Qiniu Cloud closely follows the AIGC trend and develops high-quality algorithms in audio and video generation, visual recognition, 3D scene generation, etc. by using large language models such as Wenxinyiyan and ChatGPT, further improving content production efficiency.
This paper is from Ulink Media, Shenzhen, China, the organizer of IOTE EXPO (IoT Expo in China)
