海马云的毛利率长期处于行业低位，2024年毛利率最高，为26.6%。但参考港股市场中等规模的游戏公 司，2024年平均毛利率达到56.6%。 同行第三（按2024年的收入）的顺网科技，其在游戏传媒行业的毛利率高达64.3%，游戏业务产品毛利 率更是高达85.9%。 中国云游戏实时云渲染服务GPUaaS提供商，安徽海马云科技近日在港交所递交招股书，拟在香港主板 挂牌上市，中金公司和招银国际担任联席保荐人。 作为中国云游戏场景实时云渲染服务市场份额17.9%的头部企业，海马云 2022年至2024这3年复合增长率33.8%，其中2024年营收达5.2亿元。同比增幅更是高达54.4%，增长势头 显著。 但光鲜数据背后，是3年公司净亏损分别为2.46亿元、2.18亿元及1.86亿元，3年累计亏损6.5亿元。 "增收不增利"的根源在于盈利效率的孱弱。 2022年~2024年，经营活动现金净流出分别为4.9亿元、16.5亿元和6.8亿元，3年累计净流出28.21亿元， 核心业务造血能力持续缺失。 投资活动同样"只出不进"，同期净流出4.0亿元、5.3亿元和3.4亿元。 公司完全依赖融资活动维系运营，3年间融资净流入4.6 ...

近日，算力"卖水人"英伟达（NVDA.US）又迎来了一波强劲上涨，市值直接突破4万亿美元关口，也是全球首个达到4万亿美元市值的公司。 在英伟达的带领下，微软（MSFT.US）、博通（AVGO.US）、台积电（TSM.US）等科技股亦迎来大涨。 在英伟达等概念股大涨之下，算力再度成为市场关注的焦点之一。而就在近日，云游戏实时云渲染服务GPUaaS提供商——安徽海马云科技股份有限公司 （以下简称"海马云"）向港交所递交了招股书，中金公司和招银国际是联席保荐人。 深耕云游戏领域，已获多轮融资 根据招股书，海马云的历史可追溯至2013年。作为国内中国首家云游戏实时云渲染服务提供商，海马云的发展也伴随着行业的变革。 于2017年，海马云正式推出云游戏GPUaaS服务，并与咪咕文化建立合作关系。自2019年起，海马云的云游戏GPUaaS服务正式大规模商业化，随后迎来快 速发展。 根据灼识咨询的资料，按2024年的收入计算，海马云在中国云游戏场景实时云渲染服务提供商中排名第一，市场份额为17.9%。时至今日，海马云已是中 国最大的云游戏实时云渲染服务GPUaaS提供商，为游戏、泛娱乐、数字文旅、AIGC、XR等行业的客户提 ...

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 - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to enhance the efficiency and service level of public computing resources, promoting high-quality development in computing power through 16 key tasks across six areas [1][2]. Group 1: Key Tasks and Areas - The action plan outlines six main areas: strengthening the foundation of computing power interconnection, optimizing computing facilities interconnection, promoting resource sharing, innovating business interconnection, creating application scenarios, and ensuring network and data security [2]. - Specific tasks include tackling core technology challenges, establishing standards and norms, and developing interconnection rules [2]. Group 2: Application Scenarios - The plan promotes the application of computing power interconnection in enterprise-level scenarios such as artificial intelligence, scientific computing, intelligent manufacturing, remote medical care, and consumer-level scenarios like intelligent driving, cloud rendering, cloud computing, and cloud gaming [2]. - It encourages the integration of computing power interconnection with energy internet, industrial internet, and mobile internet for innovative applications [2]. Group 3: Implementation Support - To ensure the successful implementation of the action plan, the Ministry will enhance resource investment and create a supportive environment through policies, funding, talent, and resource allocation [2]. - The plan emphasizes the cultivation of enterprises and optimization of the industry ecosystem, supporting backbone computing power enterprises, high-tech companies, and specialized small and medium-sized enterprises [2].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan" to promote the application of computing power interconnection in various new business scenarios [1] Group 1: Application Scenarios - The plan emphasizes the application of computing power interconnection in service scenarios such as computing resource services, task scheduling, market transactions, and open-source community operations [1] - It aims to enhance enterprise-level applications in artificial intelligence, scientific computing, intelligent manufacturing, remote medical services, and visual internet [1] - The initiative also targets consumer-level applications including intelligent driving, cloud rendering, cloud computing, and cloud gaming [1] Group 2: Integration with Other Technologies - The plan encourages the integration and innovative application of computing power interconnection with energy internet, industrial internet, and mobile internet [1]

Core Viewpoint - The successful landing of the Asia Link Cable (ALC) international submarine cable in Lingshui marks a significant step in enhancing Hainan's international communication capabilities and contributes to the construction of an efficient, secure, and intelligent global information interconnection channel in the Asia-Pacific region [1][2] Group 1: Project Overview - The ALC international submarine cable spans over 6,100 kilometers, connecting Hong Kong and Singapore, with branches extending to the Philippines, Vietnam, Brunei, Malaysia, and Lingshui, Hainan [1] - The specific branch that landed in Lingshui is 590 kilometers long and represents the first direct international submarine cable built by China Telecom in Hainan [1] Group 2: Technical Capabilities - The ALC cable utilizes advanced high-capacity optical fiber transmission technology, providing a transmission bandwidth of up to 20 Tb/s, equivalent to the data required to transmit over a thousand HD movies per second [2] - This high bandwidth supports various applications, including cross-border financial transactions, real-time cloud rendering, ultra-high-definition video transmission, and cross-border computing power scheduling [2] Group 3: Future Developments - Following the landing of the ALC cable, China Telecom plans to accelerate the development of international communication infrastructure in Haikou and Sanya, integrating deeply into the overall construction of the free trade port [2] - The company aims to leverage new-generation information technologies such as 5G, cloud computing, big data, and artificial intelligence to provide international communication services for Chinese enterprises going global and multinational companies entering the region [2] - The initiative is expected to promote the development of cross-border data, artificial intelligence, gaming, international tourism, cross-border e-commerce, cross-border finance, and international logistics, contributing to the integration of Hainan's digital economy and real economy [2]