新股前瞻|海马云：营收高增VS三年亏6.5亿，云游戏实时云渲染服务龙头亦有“隐忧”

Core Viewpoint - HaiMa Cloud is attempting to go public on the Hong Kong Stock Exchange, despite facing significant financial losses, indicating a strategic move to alleviate financial pressure while capitalizing on its leading position in the cloud gaming market [1][5]. Group 1: Company Overview - HaiMa Cloud, established in 2013, is the largest GPUaaS provider for real-time cloud rendering services in China, serving various industries including gaming and digital education [1][2]. - The company holds a 17.9% market share in China's real-time cloud rendering services for cloud gaming, according to data from ZhiShi Consulting [1]. Group 2: Financial Performance - Revenue growth has been significant, with reported revenues of 290 million, 337 million, and 520 million RMB from 2022 to 2024, reflecting a compound annual growth rate of 33.8% [3]. - Despite revenue growth, the company has incurred net losses of 246 million, 218 million, and 186 million RMB over the same period, totaling 650 million RMB in losses [3][4]. - As of the end of 2024, the company had cash and equivalents of only 26.24 million RMB, with net current liabilities reaching 1.674 billion RMB, indicating substantial financial pressure [4]. Group 3: Market Potential and Challenges - The real-time cloud rendering service market is projected to grow from 11 billion RMB in 2020 to 29.7 billion RMB by 2024, with a compound annual growth rate of 28.1% [6]. - The Chinese market is expected to grow even faster, from 2.4 billion RMB in 2020 to 8 billion RMB by 2024, with a compound annual growth rate of 34.4% [6]. - However, the industry faces challenges such as high operational costs, lack of profitable business models, and competition from major players like Tencent and Alibaba [7]. Group 4: Client Dependency and Risks - HaiMa Cloud's revenue is heavily reliant on a few major clients, with the top five clients contributing over 70% of revenue from 2022 to 2024, raising concerns about revenue stability [8]. - The company’s business model is under pressure due to its dependency on large clients and ongoing financial losses, which could impact its ability to capitalize on market growth [8].