Core Viewpoint - Haima Cloud has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial challenges with a reported loss of 186 million yuan in the past year and only 53.03 million yuan remaining as of April 30 [1]. Company Overview - Haima Cloud primarily offers GPU as a Service (GPUaaS) for real-time cloud rendering in cloud gaming, holding a 17.9% market share in China for 2024 [1]. - Revenue projections for Haima Cloud from 2022 to 2024 are 290 million yuan, 340 million yuan, and 520 million yuan respectively [1]. - Despite leading the market, Haima Cloud has incurred losses of 246 million yuan, 218 million yuan, and 186 million yuan from 2022 to 2024, totaling 650 million yuan in losses [1]. Financial Performance - The revenue contribution from GPUaaS for Haima Cloud is significant, accounting for 85.4%, 65.4%, and 88.1% of total revenue from 2022 to 2024 [7]. - The overall gross profit margins for Haima Cloud from 2022 to 2024 are 21.23%, 26.57%, and 24.9% respectively [7]. - Financing costs have increased from 108 million yuan in 2022 to 119 million yuan in 2024, representing 22.8% of the company's revenue in 2024 [9]. Business Model and Risks - Haima Cloud's business model involves leasing GPU servers and providing real-time rendering and video encoding services, charging subscription fees [7]. - The company has significant related-party transactions, with China Mobile indirectly holding 13.62% and UCloud holding 7.3% of the company [7]. - Migu Culture has been Haima Cloud's largest customer for three consecutive years, contributing over 35% of revenue annually, peaking at 46.4% [7][8]. R&D and Competitive Landscape - R&D expenses have been declining, from 134 million yuan in 2022 to 100 million yuan in 2024, raising concerns about the company's ability to maintain a competitive edge in the rapidly evolving AI and gaming sectors [11][12]. - The company faces pressure from larger competitors who are investing heavily in AI-generated content and real-time rendering technologies [12]. Shareholder Dynamics - Haima Cloud's major shareholders are under pressure to complete the IPO due to multiple buyback agreements that could trigger significant financial obligations if the company fails to go public [13]. - The company has undergone eight rounds of financing since 2014, raising over 700 million yuan, yet has not achieved profitability [14].

Core Viewpoint - HaiMa Cloud, a rising unicorn from Anhui, provides cloud gaming services that allow users to experience high-performance games and applications on ordinary devices without the need for expensive hardware [2][11]. Group 1: Company Overview - HaiMa Cloud is founded by Dang Jinfeng, a tech enthusiast known for his casual style and innovative approach to technology [6][7]. - The company specializes in GPU as a Service (GPUaaS), enabling users to run high-performance games and applications on low-end devices through cloud rendering [3][8]. - HaiMa Cloud has developed its own ARM-based servers, becoming a pioneer in vertical cloud computing for gaming [10][11]. Group 2: Business Model and Revenue - The primary revenue source for HaiMa Cloud is its cloud gaming GPUaaS, which accounted for 85.4% of total revenue in 2022, with projections showing a significant increase in 2024 [11]. - Major clients include Migu Culture, contributing substantial revenue to the company, with figures of 1.23 billion, 1.56 billion, and 1.85 billion yuan from 2022 to 2024 [11]. - The company has seen a compound annual growth rate (CAGR) of 33.8% in revenue from 2022 to 2024, although it continues to face net losses [17]. Group 3: Market Potential and Trends - The cloud gaming market in China is expected to reach 11.6 billion yuan by 2029, with a CAGR of 35.4% from 2024 to 2029 [16]. - HaiMa Cloud holds a 17.9% market share in real-time cloud rendering services, ranking first among competitors [17]. - The integration of 5G, AI, and VR technologies is anticipated to create new immersive gaming experiences, with a focus on reducing latency to under 20 milliseconds [18][19]. Group 4: Target Demographics and Innovations - There is a growing market for female gamers, with their proportion increasing from 28% in 2022 to 35% in 2024, indicating a need for cloud-native games tailored to their preferences [20]. - The elderly demographic is also a target, with a 120% increase in cloud gaming access via smart TVs, highlighting the demand for easy-to-use games [20]. - Innovative business models are emerging, such as combining cloud gaming with educational content and collaborating with hardware manufacturers for bundled services [21][22].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Views - The company is focused on building a diversified entertainment ecosystem, leveraging AI to drive social growth [4]. - The company has shown a strong recovery trend in its performance, with a significant increase in revenue and net profit in the first quarter of 2025 [6]. - The company is well-positioned in the digital entertainment landscape, with a robust IP operation and a strong pipeline of new products [6][9]. Summary by Sections Company Overview - The company, Hubei Shengtian Network Technology Co., Ltd., was established in 2009 and is a leading digital entertainment platform in China, focusing on a "platform-content-service" integrated operation system [14][19]. - The company has a diverse product matrix that includes cloud gaming, esports hotels, and game operations, supported by a strong IP portfolio [20][24]. IP Operation Business - The company has a solid foundation in the game IP market, with a significant portion of revenue coming from IP products [40]. - The company has established long-term partnerships with major game manufacturers, enhancing its IP operation capabilities [45][50]. Game Development and Publishing - The company has made significant strides in self-developed and independent games, with successful titles like "Star Wings" and "True Three Kingdoms" [54][57]. - The independent game studio, Paras Games, has produced high-quality content, establishing itself as a benchmark in the industry [57]. AI Integration - The company launched its AI platform, VRACE, which integrates various AI technologies to enhance gaming and social experiences [61]. - The AI platform aims to provide intelligent companionship services, significantly improving user engagement on social platforms [61].

Group 1 - The Hong Kong Internet ETF (159568) has shown strong performance, with a recent increase of 1.36% and a year-to-date net value increase of 52.15% [3][4] - The underlying index, the CSI Hong Kong Stock Connect Internet Index (931637), is currently viewed as being in a "valuation trough" phase, with significant support from capital, policy, and technology factors [3] - The top ten weighted stocks in the CSI Hong Kong Stock Connect Internet Index account for 72.11% of the index, including major companies like Xiaomi, Tencent, and Alibaba [6] Group 2 - The gaming market in China continues to grow, with actual sales revenue reaching 280.51 billion yuan in May 2025, a year-on-year increase of 9.86% [4] - The mobile gaming market specifically has seen a significant increase, with a market size of 211.77 billion yuan, growing by 11.96% year-on-year [4] - The industry is expected to benefit from advancements in AI and cloud gaming technologies, enhancing content production efficiency and user experience [4] Group 3 - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months is 0.052%, indicating the highest tracking precision among similar funds [5] - The current price-to-earnings ratio (PE-TTM) of the index is 21.7, which is below the 89.81% of the time over the past year, indicating a historical low valuation [5]

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the real-time cloud rendering service market for cloud gaming in China, with a market share of 17.9% projected for 2024 [1][3]. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of RMB 2.9 billion, RMB 3.37 billion, and RMB 5.2 billion for the years 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate (CAGR) of 33.8% over three years [3][5]. - Revenue is primarily derived from cloud gaming GPU as a service (GPUaaS) and cloud-native content services, with GPUaaS revenues of RMB 2.48 billion, RMB 2.2 billion, and RMB 4.58 billion for the same years, accounting for 85.4%, 65.4%, and 88.1% of total revenue respectively [3][5]. - Gross profit increased from RMB 61.64 million in 2022 to RMB 89.41 million in 2023, and further to RMB 129.38 million in 2024, with a CAGR of 44.9% [5][6]. Losses and Financial Health - Despite revenue growth, the company reported net losses of RMB 2.45 billion, RMB 2.17 billion, and RMB 1.85 billion for the years 2022, 2023, and 2024, totaling RMB 6.47 billion in cumulative losses [6][8]. - As of December 31, 2024, the company held cash and cash equivalents of RMB 26.24 million, with bank and other borrowings amounting to RMB 154 million, indicating a need for additional funding to sustain operations [8][9]. Customer Dependency - The company has a significant reliance on major clients, with the top five clients contributing 81.2%, 72.3%, and 72.7% of total revenue from 2022 to 2024. Migu Culture, the largest client, accounted for 42.5%, 46.4%, and 35.7% of total revenue during the same period [9][11]. - The number of clients for GPUaaS increased from 37 to 69 between 2022 and 2024, with customer retention rates improving from 77.8% to 88.6% [9]. Market Outlook - The market for real-time cloud rendering services in cloud gaming is expected to reach RMB 11.6 billion by 2029, with a CAGR of 35.4% from 2024 to 2029 [9]. - HaiMa Cloud aims to increase its market share from 12.5% in 2023 to 17.9% in 2024 [9]. Funding and Investment - The company has raised a total of RMB 1.105 billion across 10 funding rounds since 2014, with notable investors including Migu Culture and UCloud [12][14]. - Proceeds from the IPO are intended for infrastructure investment, R&D funding, and operational expenses [12][14].

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on real-time cloud rendering services for various industries, including gaming and digital education [1] Group 1: Company Overview - Established in 2013, HaiMa Cloud is the first company in China to independently design and develop servers and build GPU clusters for real-time cloud rendering [1] - The company has formed long-term partnerships with major clients, including China Mobile and leading game developers [1] - As of 2024, HaiMa Cloud is the largest GPUaaS provider for real-time cloud rendering services in China, holding a market share of 17.9% [1] Group 2: Financial Performance - Revenue for HaiMa Cloud was 290 million RMB in 2022, projected to grow to 520 million RMB by 2024, reflecting a compound annual growth rate (CAGR) of 33.8% [2] - Despite revenue growth, the company has been operating at a loss, with net losses of 245 million RMB in 2022, 217 million RMB in 2023, and 185 million RMB in 2024 [2] - The majority of revenue comes from cloud gaming GPUaaS, which accounted for 85.4% of total revenue in 2022, decreasing to 65.4% in 2023, and increasing to 88.1% in 2024 [2] Group 3: Customer Dependency - HaiMa Cloud has a significant reliance on a few major clients, with the top five clients contributing 81.2% of total revenue in 2022, 72.3% in 2023, and 72.7% in 2024 [3] - The largest client, Migu Culture, contributed 123 million RMB in 2022, 156 million RMB in 2023, and 185 million RMB in 2024, representing 42.5%, 46.4%, and 35.7% of total revenue, respectively [3] - The company anticipates market growth in real-time cloud rendering services, with projections indicating a market size of 11.6 billion RMB by 2029 and a CAGR of 35.4% from 2024 to 2029 [3] Group 4: Funding and Use of Proceeds - Since its inception, HaiMa Cloud has completed 10 rounds of financing, raising a total of 1.105 billion RMB [4] - The funds raised from the IPO will primarily be used for infrastructure investment, R&D activities related to core platform software, and the development of new products [4]

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and China Merchants International as joint sponsors [1]. Company Overview - HaiMa Cloud is the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on projected 2024 revenues [3]. - The company offers real-time cloud rendering services and related solutions to various industries, including gaming, digital entertainment, digital tourism, and digital education, supported by self-developed integrated platform software and infrastructure hardware [3][4]. Business Strategy - The company implements a "1+1+N" strategy, which includes a core technology base (GPU-based computing infrastructure and platform software), a core application scenario (cloud gaming), and a variety of expanding application scenarios [3]. Client Base and Services - HaiMa Cloud serves a diverse client base, including digital content operators, gaming platforms, game developers, and mobile hardware manufacturers, allowing them to integrate proprietary SDKs and APIs into their products [4]. - The company's platform supports over 28,000 games, including major titles released on various devices [5]. Financial Performance - The company reported revenues of approximately RMB 290 million, RMB 337 million, and RMB 520 million for the fiscal years 2022, 2023, and 2024, respectively [5][6]. - The total comprehensive loss for the same periods was approximately RMB 246 million, RMB 218 million, and RMB 186 million [5][6]. - Gross profit margins improved from 21.2% in 2022 to 24.9% in 2024, indicating a positive trend in profitability [6].

Core Viewpoint - Haima Cloud is positioned as a leading provider of GPUaaS in China, focusing on real-time cloud rendering services for various industries, including gaming and digital entertainment, with a strategic plan for IPO in 2025 [2][3]. Group 1: Company Overview - Established in 2013, Haima Cloud is the first company in China to design and develop its own servers for real-time cloud rendering [2]. - Since 2019, the company has strategically deployed GPUaaS on a large scale, becoming the largest provider of real-time cloud rendering services in China [2]. - As of December 31, 2024, Haima Cloud serves nine out of the top ten market participants in China's cloud gaming industry and has partnerships with major players like China Mobile and leading game developers [2]. Group 2: Market Position - According to Zhaosheng Consulting, Haima Cloud ranks first among real-time cloud rendering service providers in China's cloud gaming sector, holding a market share of 17.9% based on 2024 revenue [3]. Group 3: Infrastructure and Expansion - Haima Cloud operates over 10,000 GPU servers and 63 high-performance GPU computing nodes globally, making it one of the largest and most widely distributed GPU computing infrastructures for real-time cloud rendering in China [4]. - The company has established computing nodes in countries such as Singapore and Vietnam, with ongoing deployments in the UK, France, Germany, Japan, South Korea, Australia, Poland, and Canada [4]. Group 4: Financial Performance - Revenue figures for Haima Cloud from 2022 to 2024 are as follows: CNY 290 million, CNY 337 million, and CNY 520 million, reflecting a compound annual growth rate (CAGR) of 33.8% [4]. - Gross profit for the same period was CNY 62 million, CNY 89 million, and CNY 129 million, with a CAGR of 44.9% [4]. - The gross margin percentages were 21.2%, 26.6%, and 24.9% for the years 2022, 2023, and 2024, respectively [4]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for continuous infrastructure investment, funding R&D related to core platform software, developing and promoting emerging products, and supporting ongoing development of gaming AI capabilities [5].

Core Viewpoint - Microsoft remains committed to cloud gaming despite the declining interest in the technology sector, focusing on developing next-generation servers for Xbox Cloud Gaming to enhance bandwidth and reduce latency [1][3]. Group 1: Industry Trends - Major companies like Google, Amazon, Meta, Tencent, and NetEase have retreated from cloud gaming due to identified pain points, leading to a disillusionment with the concept [3][5]. - The high cost of gaming hardware, such as gaming consoles priced over 3,000 yuan and high-performance computers costing 6,000 to 7,000 yuan, creates a barrier for many potential gamers [5][10]. Group 2: Technical Challenges - Cloud gaming relies on two core technologies: virtualization and service orchestration, which are essential for resource management and reducing latency through edge computing [8][10]. - The current data transmission methods are inadequate for cloud gaming, as it requires unique real-time streaming for each user, making it difficult to utilize traditional content delivery networks (CDNs) [10][11]. Group 3: Microsoft's Strategy - Microsoft views cloud gaming as a crucial element for transforming its gaming business, aiming to shift from a hardware-centric model to a service-oriented one through subscription and cloud gaming [13][15]. - The company is exploring a hybrid rendering model that switches between cloud gaming and local rendering based on network stability, which could enhance user experience [15].

【环球网科技综合报道】6月24日消息，据外媒thedailyjagran报道， 索尼互动娱乐近期透露了关于PlayStation 6（PS6）的计划，引发了游戏社区的广泛关 注。尽管云游戏和数字订阅服务正在兴起，但索尼采取了更为务实的策略，致力于将云技术与主机功能融合，而非完全取代传统主机。 业内分析师推测，索尼可能正在开发一款专为移动游戏设计的全新便携式PlayStation设备，并可能具备云同步功能。这将与任天堂在混合游戏领域的成功保 持一致，同时也符合索尼为其不断增长的内容库提供多样化访问点的愿景。 索尼似乎在传递一个明确的信息：创新不应以牺牲玩家的选择为代价。云游戏正在无缝融入游戏生态系统，但索尼尊重主机游戏的传统，并逐步适应未来趋 势。 外媒称，索尼似乎不仅在开发PS6，还可能推出一款更注重硬件的便携式游戏机。他们采取了更加平衡、以玩家为中心的策略。当其他公司争相部署人工智 能并将所有内容转换为流媒体时，索尼似乎正加倍努力，以满足玩家对性能、灵活性和游戏生态系统选择的需求。（青云） 在最近的投资者采访中，索尼总裁西野英明明确表示，大多数玩家仍然希望继续在本地玩游戏，而不依赖网络条件。这一表态强化了索 ...