白山云拟赴港IPO，“AI+海外”双引擎

Core Viewpoint - Baishan Cloud Holdings Limited has submitted an updated listing application to the Hong Kong Stock Exchange, highlighting its position as a leading independent edge cloud service provider in China and its strategic focus on edge AI infrastructure [1][2]. Financial Performance - Baishan Cloud's total revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as 2.132 billion, 2.391 billion, 2.218 billion, and 964 million RMB respectively [1]. - The company's overseas revenue has shown significant growth, with figures of 390 million, 601 million, and 650 million RMB from 2022 to 2024, reflecting a compound annual growth rate of approximately 29.2% [5][6]. Market Position - According to a report by Zhaoshang Consulting, Baishan Cloud is the second-largest independent edge cloud service provider in China, with a market share of approximately 2.0% in the edge cloud service sector, which is projected to reach a market size of 81 billion RMB in 2024 [1][6]. - The company has established a strong presence in emerging markets, with overseas revenue accounting for over 30% of total income by the first half of 2025 [5][7]. Technological Advancements - Baishan Cloud has developed a global integrated edge cloud platform utilizing advanced technologies such as heterogeneous resource management, edge-native technology, and built-in edge security, which significantly enhance digital experiences for clients [1][4]. - The company has achieved a 30% increase in GPU utilization and a 100% improvement in model response speed through the adoption of open-source technologies in its edge AI inference services [4]. Strategic Focus - The company is transitioning from edge cloud services to edge AI infrastructure, with a notable increase in revenue contribution from its security and intelligent computing services, rising from 7.4% in 2022 to 31.9% in the first half of 2025 [2][3]. - Baishan Cloud aims to leverage its global distributed computing network and proprietary scheduling technology to enhance service delivery capabilities and optimize edge AI inference [2][3]. Global Expansion - Baishan Cloud has strategically expanded its operations to Southeast Asia, the Middle East, Central Asia, North Africa, and Latin America, establishing a significant market share in these regions [7][8]. - The company has set up over 1,500 global edge nodes across 290 cities in 60 countries, with a focus on localizing services to better connect with clients [7][8].