QINIU

Qiniu Smart closed down 4.7% at HKD 0.405, undergoing a surge-and-retreat pattern: it briefly hit the intraday high of HKD 0.430 in the morning session but weakened steadily, reaching an intraday low of HKD 0.395 in the afternoon and closing near the low. The decline was driven by lingering earnings concerns despite improvement: Q4 2025 net loss narrowed 90.86% YoY to HKD 13.59 million, with revenue surging 35.13% YoY to HKD 522.28 million, but the net profit margin remained at -2.60%. The current price of HKD 0.405 is 74.84% below the 52-week high of HKD 1.61 and only slightly above the MA20 of HKD 0.41, with a YTD decline of 37.69%. However, the stock is 12.5% above its 52-week low of HKD 0.36, and the narrowing loss trajectory may provide some cushion.