Yunify Technologies Inc.

QingCloud 2025 年年报摘要是一份财务证明，使 Yunify Technologies Inc. 在经济上引人关注：上市实体 QingCloud 仍处于亏损状态，报告了 2025 年归属于股东的净亏损 6,666.31 万元人民币，累计未分配亏损 12.218 亿元人民币，同时描述了一种依赖服务器、网络设备、机架、带宽、IP 资源、光纤和租用数据中心资源的云模式（https://static.cninfo.com.cn/finalpage/2026-04-30/1225256769.PDF）。因此，问题不在于该公司能否描述云产品，而在于受监管的中国买家将 Yunify/QingCloud 视为基础设施、软件平台，还是在合规、资本、GPU 和信任决定真实价格时的一种国内生存选项。

QingCloud's 2025 annual report summary is the financial proof that makes Yunify Technologies Inc. economically interesting: the listed QingCloud business was still loss-making, reporting a 2025 net loss attributable to shareholders of RMB66.6631 million and accumulated undistributed losses of RMB1.2218 billion, while describing a cloud model that depends on servers, network equipment, racks, bandwidth, IP resources, optical fibre and leased data-centre resources (https://static.cninfo.com.cn/finalpage/2026-04-30/1225256769.PDF). The question is therefore not whether the company can describe cloud products. It is whether a regulated Chinese buyer treats Yunify/QingCloud as infrastructure, as a software platform, or as a domestic survival option when compliance, capital, GPUs and trust set the real price.