海马云赴港IPO：三年亏损6.5亿，云游戏“盈利谜题”何解？

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. (HaiMa Cloud) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of real-time cloud rendering services in the cloud gaming sector, despite facing significant financial losses and dependency on major clients [1][3][4]. Company Overview - HaiMa Cloud is recognized as the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering in China, with a market share of 17.9% projected for 2024 [3][4]. - The company has completed 10 rounds of financing since its establishment in 2013, raising over 1 billion RMB, with investments from top-tier institutions like Sequoia China and Hillhouse Capital [3][12]. Financial Performance - From 2022 to 2024, HaiMa Cloud's revenue is projected to grow from 290 million RMB to 519 million RMB, while net losses are expected to decrease from 246 million RMB to 186 million RMB, totaling 650 million RMB in losses over three years [4][5]. - The company’s adjusted net losses for the same period are forecasted to decline from 174 million RMB to 84 million RMB [4][6]. - Research and development expenses are high, accounting for 46.1%, 33.5%, and 19.4% of total revenue from 2022 to 2024, contributing to the overall losses [6][10]. Client Dependency - HaiMa Cloud's revenue is heavily reliant on its top five clients, which contributed over 70% of total revenue from 2022 to 2024, indicating a high customer concentration risk [15][17]. - The largest client, Migu Culture, accounted for 42.5%, 46.4%, and 35.7% of total revenue during the same period [17]. Market Potential - The real-time cloud rendering service market in China is expected to reach 33.2 billion RMB by 2029, with a compound annual growth rate (CAGR) of 33.1% from 2024 to 2029 [19]. - The cloud gaming market in China is projected to grow from 42 billion RMB in 2024 to 165 billion RMB by 2027, with a CAGR of 58% [22]. Investment Strategy - The IPO proceeds are planned to be allocated as follows: 40% for infrastructure investment (mainly GPU procurement), 30% for research and development, 20% for emerging fields like game AI, and 10% for working capital [14]. - The company aims to diversify its client base and reduce reliance on major clients, targeting to increase the number of clients to over 100 by 2025 and decrease the revenue contribution from the top five clients to below 60% [23].