白山云招股书解读：安全和智算服务收入暴增163%，净利率暴跌超100%

Core Viewpoint - The competitive landscape in the edge cloud service market is intensifying, as Baishan Cloud Technology Co., Ltd. approaches its IPO in Hong Kong. The disclosed financial data and operational conditions have raised concerns due to significant fluctuations in various financial metrics, including a drastic drop in net profit margin exceeding 100% [1] Business Focus - Baishan Cloud primarily provides edge cloud services, including network services, security, and intelligent computing services. Network services involve optimizing resource allocation to enhance service efficiency, while security and intelligent computing services offer data protection and smart computing support for clients [2] Payment Model - The company relies heavily on client payments, with payment terms typically ranging from 30 to 90 days post-billing. This dependency on timely payments poses a risk to cash flow, particularly if clients delay payments [3] Financial Performance - Revenue has shown significant volatility, with total revenue figures for 2022 to the first half of 2025 as follows: 2022: 2,132,462 thousand RMB, 2023: 2,390,511 thousand RMB (up 12.09% from 2022), 2024: 2,217,882 thousand RMB (down 7.22% from 2023), and 2025 H1: 963,905 thousand RMB. Notably, overseas revenue has increased significantly, with a 54.24% growth in 2023 compared to 2022 [4] - The company has reported continuous losses, with net profit figures as follows: 2022: -191,548 thousand RMB (-8.98% net margin), 2023: -93,145 thousand RMB (-3.89% net margin), 2024: -139,781 thousand RMB (-6.30% net margin), and 2025 H1: -62,027 thousand RMB (-6.43% net margin). The net profit margin has fluctuated dramatically, indicating concerns over profitability [5] - Gross margin has slightly decreased, with figures for 2022 to 2025 H1 as follows: 2022: 9.06%, 2023: 12.45%, 2024: 8.79%, and 2025 H1: 9.27%. The fluctuations suggest challenges in cost control, which may impact future profitability [6] Revenue Structure Changes - The revenue structure is shifting, with network services remaining dominant but declining in proportion. Security and intelligent computing services have seen rapid growth, with a 163% increase in 2023 compared to 2022, and a 68.28% increase in 2025 H1 compared to 2024 [7] Related Party Transactions - The company has related party transactions involving guarantees provided by directors, which may pose financial risks if issues arise with these related parties [8] Financial Challenges - The company faces a heavy debt burden, with bank and other borrowings amounting to 399,869 thousand RMB and lease liabilities of 31,908 thousand RMB as of June 30, 2025. Additionally, trade receivables have shown increasing impairment risks, which could pressure asset quality and cash flow [9] Competitive Positioning - The lack of comparative data in the prospectus makes it difficult for investors to assess Baishan Cloud's competitive position within the industry, complicating investment decisions [10] Customer and Supplier Concentration - Customer concentration has decreased, with the percentage of revenue from clients accounting for 10% or more of total revenue dropping from 63.65% in 2022 to 52.84% in 2025 H1. However, the lack of detailed disclosure regarding major suppliers raises concerns about supply stability [11] Management Stability - The company's ownership structure has remained stable, with management compensation showing some fluctuations. However, the absence of a clear incentive mechanism for management may affect long-term company performance [12] Overall Risks - Baishan Cloud faces multiple risks, including market competition, technological innovation, and regulatory compliance, which collectively increase uncertainty regarding its future development [14]