【IPO前哨】海马云冲刺港股：算力热潮下，能否获得市场青睐？

Core Viewpoint - Nvidia has reached a market capitalization of $4 trillion, becoming the first company globally to achieve this milestone, leading to a surge in technology stocks including Microsoft, Broadcom, and TSMC [2] Company Overview - Haima Cloud, established in 2013, is the first real-time cloud rendering service provider for cloud gaming in China, and has experienced rapid growth alongside industry changes [3] - The company launched its GPU as a Service (GPUaaS) in 2017 and began large-scale commercialization in 2019, partnering with Migu Culture [5] Market Position - By the end of 2024, Haima Cloud operates over 10,000 GPU servers and 63 high-performance GPU computing nodes globally, holding a 17.9% market share in China's cloud gaming real-time rendering service sector [6] - Haima Cloud is the largest provider of real-time cloud rendering services in China, serving nine out of the top ten market participants in the cloud gaming industry [6] Financial Performance - Revenue growth from 2022 to 2024 shows an increase from 290 million RMB to 520 million RMB, while net losses have decreased from 246 million RMB to 186 million RMB [7][8] - The revenue structure indicates a heavy reliance on cloud gaming GPUaaS, which accounted for 85.4%, 65.4%, and 88.1% of total revenue from 2022 to 2024 [9] Client Dependency - The top five clients contributed 81.2%, 72.3%, and 72.7% of total revenue from 2022 to 2024, with Migu Culture being the largest client [9] Cash Flow and Fundraising - Haima Cloud has negative cash flow from operating activities from 2022 to 2024, indicating reliance on financing [10] - The company plans to use IPO proceeds for infrastructure investment, R&D, and operational funding [10]