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从PPTV到PPIO,派欧云不止负债越来越高
Bei Jing Shang Bao·2025-06-24 15:07

Core Viewpoint - PPIO Cloud, founded by former PPTV executives, is seeking to go public in Hong Kong, ranking seventh among edge cloud service providers in China with a market share of 4.1% in 2024, while facing challenges such as rising sales costs and increasing net losses [2][7]. Group 1: Company Overview - PPIO Cloud was established in 2018 and operates under a light asset model in the cloud computing sector [2]. - The company specializes in distributed cloud computing, which is more suitable for applications like image and video transmission compared to centralized cloud platforms [3]. Group 2: Financial Performance - Revenue is projected to grow from 286 million yuan in 2022 to 558 million yuan in 2024, with adjusted net losses increasing from 39.13 million yuan to 61.62 million yuan during the same period [4][6]. - Sales costs have risen significantly, with 2024 sales costs expected to account for 87.7% of revenue, up from over 80% in previous years [5][4]. - The company’s liabilities have also increased, with net current liabilities rising from 439 million yuan in 2023 to 738 million yuan in 2024 [5]. Group 3: Market Position - PPIO Cloud ranks seventh in the Chinese edge cloud computing market, with the top three competitors holding a combined market share of 36.5% [2][7]. - The company’s revenue is primarily derived from edge cloud computing services, which accounted for 98.1% of total revenue in 2024, while AI cloud computing services are still in early development stages [9][10]. Group 4: Customer Dependency - PPIO Cloud faces significant customer concentration risk, with revenue from the top five clients making up 89.5% of total revenue in 2024 [11]. - The largest client contributed 35.2% of total revenue in 2024, indicating a reliance on a few key customers for financial stability [12].