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, highlighting a contrast between its market leadership in cloud gaming and its ongoing profitability challenges [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 sectors including gaming and digital education [1][2]. - The company holds a 17.9% market share in the real-time cloud rendering service sector for cloud gaming in China, ranking first among its peers [1]. Group 2: Financial Performance - Revenue growth has been strong, with figures of 290 million, 337 million, and 520 million RMB from 2022 to 2024, reflecting a compound annual growth rate of 33.8% [3]. - For the first ten months of 2025, revenue reached 584 million RMB, a year-on-year increase of 37.98% [3]. - Despite revenue growth, the company has recorded net losses of 246 million, 218 million, and 186 million RMB from 2022 to 2024, totaling 650 million RMB in losses [3][4]. Group 3: Market Potential - The global real-time cloud rendering service market is projected to grow from 11 billion RMB in 2020 to 29.7 billion RMB in 2024, with a compound annual growth rate of 28.1% [6]. - The Chinese market is expected to grow from 2.4 billion RMB in 2020 to 8 billion RMB in 2024, with a higher growth rate of 34.4% [6]. Group 4: Challenges - The company faces significant challenges, including a lack of profitable business models in the cloud gaming sector and high operational costs related to GPU servers [7]. - HaiMa Cloud's revenue is heavily reliant on a few major clients, with the top five clients contributing over 70% of revenue, posing a risk if any client reduces their budget [7][8].