每经编辑｜何小桃 上海游戏公司米哈游《原神》项目组员工于正月初八（2月24日）意外猝死，引发关注。 据南方都市报报道，近日，有关米哈游员工意外猝死的消息在小红书、B站、新浪微博等网络平台上传播。根据其中一张流传较广的朋友圈截图显示，发 帖人称其36岁的表弟生前供职于米哈游，是游戏《原神》的游戏程序员，正月初八下班后在上海出租屋里去世。当事人对米哈游的赔偿方案表达了质疑。 2月27日，米哈游内部发文回应米哈游员工意外离世。 具体内容如下：我们怀着极其沉痛的心情，向大家同步一个令人悲痛的消息：我们的同事**意外离世。在春节假期后于2月24日返岗复工，当日19时08分 下班。25日上午**未如常参加早会，电话也一直联系不上，出于对员工安全的担忧，我们第一时间联系了家属与警方。警方前往其住所后发现**已经不幸 离世。从2019年12月加入公司已经与大家并肩战斗6年多，他工作认真，为人和善，现本该是处在人生中最黄金的年华，却遭遇不幸，我们深感痛心与惋 惜。公司已成立专项小组，在充分尊重家属意愿的前提下，全力协助家属处理善后事宜，提供一切必要的支持与陪伴。 我们知道，失去一位好同事、好朋友，对大家的心理冲击也很大，我们都 ...

Group 1 - The cloud gaming sector experienced a significant rise at the beginning of trading, with Perfect World increasing by over 10% [1] - Shunwang Technology saw a 4% increase, indicating positive market sentiment towards the sector [1] - Other companies such as Capital Online, Guomai Culture, and Xiechuang Data also showed strong performance [1]

Core Viewpoint - The company, ShengTian Network, has announced a share buyback plan and positive profit forecasts for 2025, indicating a turnaround from previous losses [2][4]. Group 1: Share Buyback - ShengTian Network has repurchased a total of 3.2909 million shares, accounting for 0.67% of the total share capital, with a total transaction amount of approximately 35.9972 million yuan, nearing the lower limit of the buyback plan [2][3]. - The buyback was conducted at a maximum price of 13.27 yuan per share and a minimum price of 9.52 yuan per share, both below the previously set upper limit of 20 yuan per share [3]. Group 2: Financial Performance - The company forecasts a net profit attributable to shareholders of 20 million to 30 million yuan for 2025, marking a significant turnaround from a loss of 261 million yuan in the same period last year [4]. - The growth in the company's game operation and advertising businesses has contributed to this positive outlook, with a focus on global expansion and successful overseas performance of its original IP titles [4]. Group 3: Strategic Partnerships - ShengTian Network has established a significant partnership with Xiaopeng Motors, integrating its "Sui Le You" cloud gaming platform with Xiaopeng's Tianji AIOS 6.0 system, which will be launched in Xiaopeng vehicles [4]. - This collaboration represents the first instance of an active service cockpit integrating a high-quality cloud gaming ecosystem, enhancing the evolution of smart cars into mobile living spaces [4].

Market Overview - The market experienced a rebound with the Shanghai Composite Index returning to 4100 points, closing at 4102.20, up by 0.85% [2][4] - The Shenzhen Component Index closed at 14156.27, up by 0.21%, while the ChiNext Index fell by 0.40% to 3311.51 [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 633 billion yuan from the previous trading day [6] Sector Performance - The top-performing sectors included coal (up 7.58%), building materials (up 3.48%), and real estate (up 2.97%) [3][4] - Conversely, sectors such as media (-3.12%), telecommunications (-2.73%), and computing (-1.70%) underperformed [3][4] - Concept indices showed strong performance in coal, TOPCON batteries, and BC batteries, while concepts like Kuaishou and cloud gaming lagged behind [3][4] Future Outlook - The report indicates that the market is expected to stabilize with a focus on consumption policies and infrastructure development [6] - Short-term volatility is anticipated due to profit-taking pressures after a rapid rise in stock prices over the past two months [6] - Long-term, the market is expected to transition from a valuation-driven rally to one driven by earnings, with a focus on strategic resource products and technology growth [6] News Highlights - The central government's No. 1 document emphasizes the integration of AI with agriculture and the development of new agricultural production capabilities [5] - The People's Bank of China announced an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system [5] - In January 2026, A-share new accounts reached 4.9158 million, a 213% increase year-on-year [5]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.29%, the Shenzhen Component Index by 2.19%, and the ChiNext Index by 1.86%. The North Star 50 Index saw a significant rise of 3.27% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,656 billion yuan, a decrease of 410 billion yuan compared to the previous day, with over 4,800 stocks rising across the three markets [1] Sector Performance - Leading sectors included photovoltaic equipment, CPO, commercial aerospace, engineering machinery, rare earth permanent magnets, cloud gaming, storage chips, cultivated diamonds, and epoxy propylene, all showing significant gains [1] - The banking, insurance, and agricultural products sectors lagged behind in performance [1] ETF Performance - The storage chip sector experienced a major surge, with the Huatai-PB Fund's China-Korea Semiconductor ETF rising by 8% [1] - The photovoltaic sector rebounded strongly, with the Guotai and Fuguo Fund's Sci-Tech Innovation Board New Energy ETF increasing by 7.42% and 6.84%, respectively [1] - The non-ferrous metals sector also saw a rebound, with the Southern Fund's Non-Ferrous Metals ETF rising by 6.84% [1] - The engineering machinery sector saw afternoon gains, with the GF Fund's Engineering Machinery ETF and the Dachen Engineering Machinery ETF increasing by 6.6% and 6.51%, respectively [1] - The New Economy ETF from Yinhua fell by 6.9%, while the Hong Kong stock market weakened, with the Hong Kong Stock Connect Technology ETF from Ping An declining by 1% [1] - Banking stocks fell, with the Banking ETF and the Huatai Banking ETF decreasing by 1% and 0.88%, respectively [1]

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, indicating its commitment to the capital market and the rapidly growing real-time cloud rendering sector [2] Company Overview - HaiMa Cloud is a leading provider of GPU as a Service (GPUaaS) in China, offering an end-to-end platform that integrates GPU hardware and software [2] - The company has developed a comprehensive GPUaaS solution, targeting both enterprise and individual users with services such as cloud gaming, cloud XR, cloud mobile, and metaverse applications [2] - HaiMa Cloud's service network spans multiple regions, including China, the United States, Japan, Europe, and Southeast Asia, showcasing its extensive market reach [2] Financial Performance - The financial data disclosed in the prospectus shows that HaiMa Cloud has maintained steady revenue growth, with revenues of 290 million RMB, 337 million RMB, and 520 million RMB projected for 2022, 2023, and 2024 respectively, indicating a significant compound annual growth rate [2] - The company's losses have narrowed from 245 million RMB to 186 million RMB between 2022 and 2024, with the loss margin decreasing from 84.6% to 35.7%, reflecting improved profitability [2] Recent Performance - In the first ten months of 2025, the company achieved revenues of 584 million RMB, with a gross profit of 143 million RMB and a loss of 149 million RMB, while the adjusted net loss was only 43.42 million RMB, showing substantial improvement [3] - The core revenue source is the cloud gaming GPUaaS business, contributing 521 million RMB, which accounts for 89.2% of total revenue [3] Industry Growth - The real-time cloud rendering industry is experiencing robust growth, with the global market size expected to increase from 11 billion RMB in 2020 to 29.7 billion RMB in 2024, representing a compound annual growth rate of 28.1% [3] - The Chinese market is outperforming globally, with a projected growth from 2.4 billion RMB in 2020 to 8 billion RMB in 2024, achieving a compound annual growth rate of 34.4% [4] Market Dynamics - The cloud gaming segment is the primary growth driver, with a compound annual growth rate of 45.2% from 2020 to 2024, and an expected rate of 35.4% from 2024 to 2029, aligning well with HaiMa Cloud's core business strategy [5]

Company Overview - HaiMa Cloud is the largest GPUaaS provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% as of 2024 [3] - The company offers services across various industries, including gaming, digital entertainment, digital tourism, and digital education, supported by self-developed integrated platform software and hardware [3][4] - As of December 31, 2024, HaiMa Cloud provides services to nine out of the top ten market participants in China's cloud gaming industry, establishing long-term partnerships with major players like China Mobile and leading game developers [4] Financial Performance - Revenue figures for HaiMa Cloud are as follows: approximately RMB 290 million in 2022, RMB 337 million in 2023, RMB 520 million in 2024, RMB 423 million for the ten months ending October 31, 2024, and RMB 584 million for the ten months ending October 31, 2025 [6][9] - The total loss and comprehensive expenses for the company were approximately RMB 246 million in 2022, RMB 218 million in 2023, RMB 186 million in 2024, RMB 135 million for the ten months ending October 31, 2024, and RMB 149 million for the ten months ending October 31, 2025 [7][9] Industry Overview - The global real-time cloud rendering service market is projected to grow from RMB 11 billion in 2020 to RMB 29.7 billion by 2024, with a compound annual growth rate (CAGR) of 28.1% from 2020 to 2024 [10] - China's real-time cloud rendering service market is expected to grow from RMB 2.4 billion in 2020 to RMB 8 billion by 2024, with a CAGR of 34.4% during the same period [11] - The gaming industry is experiencing steady growth, with the global market size increasing from RMB 1,245.6 billion in 2020 to RMB 1,336.7 billion in 2024, and projected to reach RMB 1,632 billion by 2029 [13]

Company Overview - Haima Cloud is the largest GPUaaS provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on 2024 revenue [3] - The company offers GPUaaS solutions that allow users to access GPU-based computing resources remotely and cost-effectively, primarily serving industries such as gaming, digital entertainment, digital tourism, and digital education [3][4] - As of December 31, 2024, Haima Cloud provided services to nine of the top ten market participants in China's cloud gaming industry, establishing long-term partnerships with major players like China Mobile and leading game developers [4] Financial Performance - Revenue figures for Haima Cloud are as follows: approximately RMB 290 million in 2022, RMB 337 million in 2023, RMB 520 million in 2024, RMB 423 million for the ten months ending October 31, 2024, and RMB 584 million for the ten months ending October 31, 2025 [6] - The total loss and comprehensive expenses for the company were approximately RMB 246 million in 2022, RMB 218 million in 2023, RMB 186 million in 2024, RMB 135 million for the ten months ending October 31, 2024, and RMB 149 million for the ten months ending October 31, 2025 [7] Industry Overview - The global real-time cloud rendering service market is projected to grow from RMB 11 billion in 2020 to RMB 29.7 billion by 2024, with a compound annual growth rate (CAGR) of 28.1% from 2020 to 2024, and expected to reach RMB 87 billion by 2029 [10] - The Chinese real-time cloud rendering service market is expected to grow from RMB 2.4 billion in 2020 to RMB 8 billion by 2024, with a CAGR of 34.4% from 2020 to 2024, and projected to reach RMB 33.2 billion by 2029 [11] - The gaming industry is expanding globally, with the market size increasing from RMB 1,245.6 billion in 2020 to RMB 1,336.7 billion in 2024, and expected to reach RMB 1,632 billion by 2029, reflecting a CAGR of 1.8% from 2020 to 2024 [13]

Group 1 - The core viewpoint of the article is that Anhui Haimacloud Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time, with CICC and CMBL as joint sponsors [1] - Haimacloud is identified as the largest provider of real-time cloud rendering services (GPUaaS) for cloud gaming in China, with a robust GPU-based computing infrastructure and platform software capabilities [1] - The company has a market share of 17.9% in the real-time cloud rendering service sector for cloud gaming in China, ranking first based on projected revenue for 2024 according to data from a consulting firm [1] Group 2 - The company is exploring the potential to expand its capabilities into other high-performance real-time graphics rendering scenarios, including areas such as pan-entertainment, digital tourism, digital education, AIGC, XR, live streaming, and e-commerce [1] - Cloud gaming is highlighted as the company's primary and most mature commercial application, supported by its full-core real-time cloud rendering technology [1]

Group 1 - The core point of the article is that Anhui Haimacloud Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time, with CICC and CMBI acting as joint sponsors [1] - Haimacloud is recognized as the largest provider of real-time cloud rendering services (GPUaaS) for cloud gaming in China, with a robust GPU-based computing infrastructure and platform software capabilities [1] - The company has established its primary business in cloud gaming and is exploring the potential to expand its capabilities into other high-performance real-time graphics rendering scenarios, including digital entertainment, digital tourism, digital education, AIGC, XR, live streaming, and e-commerce [1] Group 2 - According to research from Aoyisi Consulting, Haimacloud ranks first among real-time cloud rendering service providers in the Chinese cloud gaming market, holding a market share of 17.9% based on projected revenues for 2024 [1]