白山云更新港股IPO招股书：上半年收入下滑，仍处于负资产状况

Core Viewpoint - Baishan Cloud Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its global presence after previously withdrawing its A-share application due to lengthy review processes [4]. Company Overview - Baishan Cloud was established in 2015 and provides a full suite of edge cloud services, including network, security, and computing services [4]. - The company manages a vast array of heterogeneous resources globally, deploying them closer to end-users to accelerate content delivery and enhance user experience [4]. - As of June 30, 2025, Baishan Cloud has deployed over 1,500 global edge nodes across more than 290 cities in 60 countries, with a network bandwidth of approximately 93 Tbps [5]. Market Position - According to a report by Zhaoshang Consulting, Baishan Cloud is the second-largest independent edge cloud service provider in China based on total revenue, with a market share of about 2.0% in 2024 [4]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the first half of 2025, were approximately RMB 2.132 billion, RMB 2.391 billion, RMB 2.218 billion, and RMB 964 million respectively [6]. - Baishan Cloud reported a net loss of RMB 1.933 billion, RMB 0.927 billion, RMB 1.467 billion, and RMB 0.646 billion for the same periods [6]. - In the first half of 2025, the company's revenue decreased by 12.76% year-on-year, with losses widening from RMB 0.58 billion in the first half of 2024 to RMB 0.65 billion [7]. Customer Base - The company served approximately 1,340, 1,300, 1,270, and 880 paying customers in 2022, 2023, 2024, and the first half of 2025 respectively, with a focus on key clients [7].