派欧云赴港IPO：现金流、净资产为负，创始人还向公司借款

Core Viewpoint - The company, Paiou Cloud, founded in 2018, is seeking to go public on the Hong Kong Stock Exchange, focusing on independent distributed cloud computing services. Despite being ranked first among independent edge cloud computing service providers in China by revenue for 2024, it holds only a 4.1% market share overall, indicating significant competitive pressure and challenges in profitability and cash flow [2][3]. Financial Performance - Paiou Cloud's revenue has shown rapid growth, with figures of 286 million RMB, 358 million RMB, and 558 million RMB for 2022, 2023, and 2024 respectively. However, the gross profit has only increased marginally, leading to a decline in gross margin from 16.1% in 2022 to 12.3% in 2024 [3][4]. - The gross margin for the core edge cloud computing service is projected to drop to 14.4% in 2025, a decrease of 3.4 percentage points year-on-year. The AI cloud computing service has been operating at a loss since its introduction [5]. Cost Structure - The company has experienced a significant increase in sales costs, with total sales costs rising from 239 million RMB in 2022 to 489 million RMB in 2024, a year-on-year increase of 66.32%, which outpaces revenue growth [6]. - Research and development expenses have also increased, amounting to 41 million RMB, 67 million RMB, and 86 million RMB for the respective years, with R&D expense ratios of 14.5%, 18.9%, and 15.5% [8]. Profitability Challenges - Adjusted net profits for Paiou Cloud were -39 million RMB, -37 million RMB, and -61 million RMB for 2022, 2023, and 2024, respectively, indicating ongoing financial losses. The net cash flow from operating activities was also negative during this period [8][10]. - The company faces potential redemption pressure from preferred shareholders, with significant losses recorded on convertible redeemable preferred shares, which could lead to further financial strain [11]. Asset Management - The net asset value of Paiou Cloud has been declining, with figures of 292 million RMB, 259 million RMB, and 200 million RMB for the end of 2022, 2023, and 2024, respectively. By including convertible redeemable preferred shares, the net asset value could be negative by 738 million RMB by the end of 2024 [12]. Funding and Cash Flow - The company has been under financial pressure, with loans provided to the founder, indicating a reliance on internal funding sources. The cash and cash equivalents were only 45 million RMB at the end of 2023, highlighting liquidity concerns [14].