白山云时隔两年再次递表 经营业绩大幅“变脸” 招股书行业数据“漏洞百出” 是无心之举还是有意为之？

Core Viewpoint - Baishan Cloud Holdings Limited has submitted a new listing application to the Hong Kong Stock Exchange after nearly two years, but its financial performance has significantly deteriorated, with revenues declining and losses expanding [1][7]. Financial Performance - For the years 2024 and the first half of 2025, Baishan Cloud's revenue decreased by 7.22% and 12.77% year-on-year, respectively, while losses increased by 113.28% and 54.52% [1][16]. - The total net loss during the reporting period amounted to approximately 390 million yuan [1]. - The company's accounts receivable are high, accounting for over 70% of current assets, indicating a significant portion of working capital is tied up [1][20]. - As of June 30, 2025, Baishan Cloud's bank and other borrowings reached 400 million yuan, while cash and cash equivalents were only 80 million yuan, highlighting a severe liquidity risk [1][24]. Market Position - Baishan Cloud is the second-largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [2][11]. - The company has not expanded its market share or the number of edge nodes in the past two years, raising questions about its core competitiveness [11][16]. Patent and Legal Issues - Baishan Cloud has been involved in multiple patent infringement lawsuits, including a notable 250 million yuan lawsuit against Wangsu Technology [4][6]. - The company has faced scrutiny from regulators for failing to disclose significant litigation in a timely manner [6][7]. Research and Development - Baishan Cloud exhibits a tendency to prioritize marketing over research and development, with R&D expenses significantly lower than sales expenses [18]. - The average salary for R&D personnel is approximately 18,300 yuan per month, while sales personnel earn an average of 67,500 yuan, indicating a disparity in investment in talent [18]. Accounts Receivable and Risk - As of June 30, 2025, accounts receivable and related items accounted for 89.86% of current assets, with a significant portion overdue [19][20]. - The provision for bad debts on accounts receivable is notably lower than that of peers, raising concerns about the adequacy of these provisions [21][23].