Group 1 - The core point of the news is that Genshin Impact will stop supporting and updating its PS4 version due to performance limitations, focusing on higher-performance platforms to enhance user experience and stabilize revenue [1] - The discontinuation of the PS4 version may temporarily impact user data, but it could also drive hardware upgrades, benefiting related hardware manufacturers and reflecting the industry's pursuit of high-quality content [1] Group 2 - The domestic action game Lost Soul has completed all development content and is set to release on August 29, 2025, with pre-orders available on Steam starting at 268 yuan [2] - If the game receives a positive market response post-launch, it could yield significant returns for investors and boost confidence in investing in the domestic gaming sector [2] Group 3 - Teamfight Tactics has initiated a closed beta testing recruitment on Tencent's cloud gaming platform, limited to Android users with a high historical rank, adding an element of mystery to the testing [3] - Successful testing could expand the player base and increase revenue, attracting more investor interest in Tencent's gaming segment, while also potentially innovating the cloud gaming payment model [3]

Group 1 - The 22nd ChinaJoy will be held from August 1 to 4 at the Shanghai New International Expo Center, where Huawei's terminal cloud service interactive media BU president Zhang Sijian announced the full launch of HarmonyOS mini-games overseas [1] - The first short drama linked to a film game, "Wilderness Maze," achieved over 200 million exposures and more than 15 million views within two weeks of its launch [1] - HarmonyOS has seen rapid growth in its gaming ecosystem, with the number of games increasing from over 1,800 at the end of 2024 to over 5,400 currently, showcasing the system's resilience in digital development [1] Group 2 - Fengzhushou provides cloud gaming capabilities to game developers through SaaS and PaaS, enabling them to lower user barriers and expand their customer base, and collaborates with Huawei for HarmonyOS ecosystem application development [2] - Xinghui Entertainment is advancing the adaptation and development of game products on the Huawei HarmonyOS to achieve multi-platform and multi-channel collaborative development [3]

Core Viewpoint - The announcement highlights the investment by the company in Shanghai Lishuan, which has developed its first self-researched GPU chip "7G100" and the first graphics card product Lisuan eXtreme, indicating a strategic move into the GPU market [1] Investment Details - The company invested 200 million yuan in Shanghai Lishuan in 2024, acquiring a 37.88% stake, which will not be included in the consolidated financial statements [1] - The investment is aimed at enhancing the company's presence in the GPU chip development sector, particularly for applications in personal computers, professional design, AI PCs, cloud gaming, cloud rendering, and digital twins [1] Product Development - As of May 25, 2025, Shanghai Lishuan has received the first batch of packaged G100 chips and has completed major functionality testing [1] - The company is currently focused on product optimization and will proceed with customer sampling and mass production, although no revenue has been generated yet [1]

安徽海马云科技股份有限公司（以下简称海马云）正冲刺港股IPO（首次公开募股）。《每日经济新 闻》记者注意到，尽管海马云在报告期（2022年至2024年，下同）收入持续大幅增长，但其仍未实现盈 利。 与此同时，就在海马云IPO申报前夕，多家机构突击入股。 此外，报告期内，海马云对咪咕文化科技有限公司（以下简称咪咕文化）的销售收入占比分别高达 42.5%、46.4%和35.7%，而咪咕文化持有海马云13.62%股份。 海马云目前尚未盈利 海马云是在2023年1月由北京海誉动想科技股份有限公司更名而来，与更名一起进行的是海马云将公司 注册地由北京迁至安徽。 招股书（申报稿）显示，海马云号称是中国最大的云游戏实时云渲染服务GPUaaS（GPU即服务，一种 云解决方案）提供商，其平台承载了《黑神话·悟空》等知名游戏。目前，海马云主要有云游戏 GPUaaS、云原生内容服务和其他服务三大业务。其中，云游戏GPUaaS业务的收入占比在2024年达到近 九成。 2022年至2024年，海马云分别实现收入约2.90亿元、3.37亿元和5.20亿元，但期内亏损及全面开支总额 分别为2.46亿元、2.18亿元和1.86亿元，尚未盈利 ...

Core Viewpoint - Haima Cloud, a leading player in China's cloud gaming real-time rendering service market with a 17.9% market share, has submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming for a mainboard listing [1] Group 1: Company Overview - Haima Cloud is a key technical supporter for popular cloud games such as "Genshin Impact" and "Black Myth: Wukong," and maintains close partnerships with industry giants like China Mobile and Giant Network [1] - The founder, Party Jinfeng, is an experienced entrepreneur who has led the company through a transformation from virtual software and game distribution to cloud gaming GPUaaS services since 2014 [1] - The company has attracted significant investment, raising over 750 million RMB in funding over the past decade [1] Group 2: Financial Challenges - Haima Cloud's total current liabilities have surged from 474 million RMB in 2022 to 2.039 billion RMB in 2024, primarily due to high redemption liabilities [2] - The company has reported negative net cash from operating activities for three consecutive years, indicating significant short-term debt repayment pressure [2] - Trade receivables and notes have increased, with extended turnover days for trade receivables, heightening the risk of cash collection [2] Group 3: Compliance and Regulatory Issues - The company faced regulatory scrutiny in April when the Ministry of Industry and Information Technology reported issues with Haima Cloud's Android SDK, including excessive personal information collection and inadequate SDK information disclosure [3] Group 4: Future Prospects - Despite facing numerous challenges, Haima Cloud retains significant development potential due to its technical strength, business experience, and support from well-known investors [4] - The key challenge for Haima Cloud will be to maintain technological leadership while achieving financial health during its IPO process [4]

Group 1 - The Chinese Football Association plans to establish a national esports football team to participate in various esports football events organized by FIFA and AFC [1] - The initiative is expected to create business growth opportunities for esports venue and facility suppliers, as they will need to provide training grounds, competition venues, and related equipment that meet esports football project technical standards [1] - Professional esports equipment manufacturers may see increased sales due to the demand for high-refresh-rate monitors, low-latency keyboards and mice, and specialized gaming chairs as a result of the national team's preparations and regional venue construction [1] Group 2 - In July, 127 domestic online games were approved by the National Press and Publication Administration, with notable absences of major publishers Tencent and NetEase from the list [2] - The stable issuance of game licenses helps gaming companies clarify their product launch plans and boosts investor confidence, potentially leading to revenue growth for listed gaming companies [2] - Companies like Kaiying Network and Giant Network may see upward adjustments in market expectations for their future performance following the approval of their games, which could positively impact their stock prices [2] Group 3 - Microsoft is testing an update for Xbox PC applications and Xbox consoles to enable cross-device cloud gaming synchronization [3] - This feature will enhance the synergy between Xbox consoles and handheld devices, integrating them into Microsoft's gaming ecosystem and allowing seamless connectivity [3] - The demand for Microsoft's gaming hardware is expected to increase as a result of this functionality, potentially driving sales growth and enhancing hardware business revenue [3]

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. (HaiMa Cloud) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of real-time cloud rendering services in the cloud gaming sector, despite facing significant financial losses and dependency on major clients [1][3][4]. Company Overview - HaiMa Cloud is recognized as the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering in China, with a market share of 17.9% projected for 2024 [3][4]. - The company has completed 10 rounds of financing since its establishment in 2013, raising over 1 billion RMB, with investments from top-tier institutions like Sequoia China and Hillhouse Capital [3][12]. Financial Performance - From 2022 to 2024, HaiMa Cloud's revenue is projected to grow from 290 million RMB to 519 million RMB, while net losses are expected to decrease from 246 million RMB to 186 million RMB, totaling 650 million RMB in losses over three years [4][5]. - The company’s adjusted net losses for the same period are forecasted to decline from 174 million RMB to 84 million RMB [4][6]. - Research and development expenses are high, accounting for 46.1%, 33.5%, and 19.4% of total revenue from 2022 to 2024, contributing to the overall losses [6][10]. Client Dependency - HaiMa Cloud's revenue is heavily reliant on its top five clients, which contributed over 70% of total revenue from 2022 to 2024, indicating a high customer concentration risk [15][17]. - The largest client, Migu Culture, accounted for 42.5%, 46.4%, and 35.7% of total revenue during the same period [17]. Market Potential - The real-time cloud rendering service market in China is expected to reach 33.2 billion RMB by 2029, with a compound annual growth rate (CAGR) of 33.1% from 2024 to 2029 [19]. - The cloud gaming market in China is projected to grow from 42 billion RMB in 2024 to 165 billion RMB by 2027, with a CAGR of 58% [22]. Investment Strategy - The IPO proceeds are planned to be allocated as follows: 40% for infrastructure investment (mainly GPU procurement), 30% for research and development, 20% for emerging fields like game AI, and 10% for working capital [14]. - The company aims to diversify its client base and reduce reliance on major clients, targeting to increase the number of clients to over 100 by 2025 and decrease the revenue contribution from the top five clients to below 60% [23].

Group 1 - Company, Anhui Haima Cloud Technology Co., Ltd. (Haima Cloud), has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to list on the main board [1] - Haima Cloud is a GPU as a Service (GPUaaS) provider specializing in real-time cloud rendering services for cloud gaming, XR, cloud mobile, and metaverse applications, with operations in multiple regions including China, the US, Japan, Europe, and Southeast Asia [1][2] - The company has shown significant revenue growth from 2022 to 2024, with revenues of 290 million yuan, 340 million yuan, and 520 million yuan, representing a compound annual growth rate (CAGR) of 33.8% [2] Group 2 - Despite revenue growth, Haima Cloud has reported continuous net losses, totaling 650 million yuan over the three-year period, with net losses of 246 million yuan, 218 million yuan, and 186 million yuan for the respective years [2][4] - The company's gross margin has been low compared to industry standards, with gross margins of 21.2%, 26.6%, and 24.9% during the same period, while the average gross margin for mid-sized gaming companies in the Hong Kong market is 56.6% [2][3] Group 3 - Haima Cloud's reliance on a few major clients is significant, with revenue from the top five clients accounting for 81.2%, 72.3%, and 72.7% of total revenue during the reporting period, indicating a high customer concentration risk [3] - The largest client, Migu Culture, has contributed 42.5%, 46.4%, and 35.7% of revenue in the respective years, highlighting the dependency on this single client [3] Group 4 - The company has faced negative cash flow from operating activities, with net cash outflows of 490 million yuan, 1.65 billion yuan, and 680 million yuan over the three years, totaling 2.82 billion yuan [4][5] - Haima Cloud has relied heavily on financing activities to sustain operations, with net inflows of 465 million yuan, 2.185 billion yuan, and 1.066 billion yuan during the same period [5] Group 5 - The company has entered into various agreements with shareholders that include redemption clauses, which could trigger significant financial obligations if the IPO fails [6] - The urgency for the IPO is underscored by the need to meet these obligations, as failure to list could lead to substantial financial strain on the company [6][7] Group 6 - The cloud gaming industry is experiencing collective anxiety, with predictions indicating that the market size in China will grow from 4.2 billion yuan in 2024 to 16.5 billion yuan by 2027, with a CAGR of 58% [6] - However, the industry has yet to see a consistently profitable cloud gaming platform, as evidenced by the failures of major players like Google Stadia and Amazon Luna, indicating challenges in achieving commercial viability [6]

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].