对此，游戏科学创始人、CEO冯骥在先导预告片发布不久之后，在个人微博发文表示，在《黑神话：悟 空》发售后有相当长一段时间，他过得云里雾里。团队一度开始正式制作《黑神话：悟空》DLC的相关 内容，但后来他意识到："DLC当然是个不坏的选择，但此时此刻，我们更想先做一款黑神话的新作 ——新的英雄，新的玩法，新的视觉，新的技术，新的故事。放开手脚，大胆尝试，不拘定法，从零开 始。" 商报讯(记者苗露)在《黑神话：悟空》上市一周年之际，北京时间8月20日凌晨2点，由游戏科学开发的 黑神话系列第二部作品《黑神话：钟馗》，正式公布首支CG先导预告片，并已在2025科隆游戏展的展 前发布会同步亮相。 据游戏科学官网披露，《黑神话：钟馗》是黑神话系列的第二部作品，作为一款标准的单机动作角色扮 演游戏，其商业模式与《黑神话：悟空》别无二致。目前新作已正式进入开发状态，但尚无实机内容演 示。 受相关消息影响，昨日A股开盘游戏板块就呈现震荡拉高，盘中涨近2%，午后略有调整，截至下午收 盘，该板块整体收涨1.52%，24只成分股中19只上涨。与板块相关的游戏ETF(516010)收涨1.74%，游戏 ETF华泰柏瑞收涨1.46%。 ...

Market Overview - A-shares surged, with the Shanghai Composite Index reaching a 10-year high and the total market capitalization of A-shares surpassing 100 trillion yuan for the first time in history [1][2]. Sector Performance - The film and entertainment sector saw significant gains, with the index rising over 5% and multiple stocks hitting the daily limit of 20% [3][4]. - The gaming sector also performed well, with the index increasing nearly 3% and achieving a 5-year high, driven by strong performances from companies like Mango TV and Fangzheng Technology [5]. - The liquid cooling server sector experienced a surge of over 6%, with many stocks hitting the daily limit, fueled by increased demand for cooling solutions in AI computing [6][7]. Film and Entertainment Insights - The summer season is a peak time for media and entertainment consumption, with total box office revenue for the summer of 2025 exceeding 9.5 billion yuan [3]. - The total box office for 2025 has surpassed 36.8 billion yuan, with top films including "Nezha: The Devil's Child" and "Detective Chinatown 1900" [4]. Gaming Industry Data - The domestic gaming market generated actual sales revenue of 168 billion yuan in the first half of the year, marking a year-on-year growth of 14.08% [5]. - The number of gaming users reached approximately 679 million, reflecting a growth of 0.72% [5]. Liquid Cooling Server Market - The liquid cooling server market in China is projected to grow by 52.6% in 2023 and by 67% in 2024, with a compound annual growth rate of 45.8% expected by 2028 [7][8]. - Companies like Feilong Co. are expanding their production capabilities and exploring international markets, particularly in Taiwan [7].

8月1日至4日，第二十二届ChinaJoy将在上海新国际博览中心盛大启幕。华为终端云服务互动媒体BU总 裁张思建在CDEC高峰论坛发表演讲，他表示，鸿蒙小游戏已经全面启动出海。 首款影视游戏联动的短剧《荒野迷踪》，上线2周曝光2亿+，播放量超过1500万+。此外，鸿蒙小游戏 已经全面启动出海。华为鸿蒙携手合作伙伴探索出海机遇，推出了全渠道深度联运模式，提供一体化出 海解决方案，去年已经出海到中东地区。 证券时报认为，鸿蒙操作系统所提供的自主、安全、可控的数字基础设施，为鸿蒙游戏生态的持续发展 奠定了坚实的基础。数据显示，在过去一年中，鸿蒙游戏生态实现了高速增长，游戏数量从2024年底的 1800余款跃升至如今的5400余款，充分展现了鸿蒙系统在应对数字化发展挑战中的强大韧性。随着5G 和云计算等技术的进一步发展，叠加出海节奏的加快，鸿蒙游戏有望在云游戏等细分领域里实现更多突 破。 公司方面，据证券时报表示， 蜂助手：公司为游戏厂商提供云游戏能力支撑，通过云端的SaaS及PaaS能力赋能游戏厂商，让游戏上 云，帮助厂商降低用户门槛、扩大客群规模。公司与华为合作并参与鸿蒙生态应用开发，可通过 HUAWEI云统一为 ...

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].

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].