西风 发自 凹非寺 量子位 | 公众号 QbitAI 在最近与科隆国际游戏展同期举办的Devcom开发者大会上，AI再次赚足了脸面。 微软、腾讯、谷歌、Meta等国际巨头带来 超过20场AI相关议题 ，" AI如何提升游戏美术生产效率 "、" AI工具如何与传统工作流无缝集成 "、" AI在动画生成、场景构建等具体环节的应用案例 "成为开发者们探讨的重点内容。 近年来，游戏美术对精细度的要求呈现指数级增长。随之而来的是几何级增长的工作量。 而在科隆游戏展期间， 腾讯游戏首次面向全球发布 游 戏 创作AI 全链 路解决方案VISVISE 。 简单来说，VISVISE包含一整套AI工具，分为动画制作、模型制作、数字资产管理、智能NPC四大管线，覆盖游戏美术开发全流程，重点在 于辅助游戏美术完成那些 重复、机械且工作量巨大的"体力活" 。 比如在3D动画制作方面，VISVISE的 MotionBlink可根据用户输入的少量关键帧， 自动 补全中 间帧 ，生成完整序列动画 。 在过去，动画师手动补帧甚至要占角色动画制作总工时的60%-70%，短短10秒的动画制作，手K精修可能要3-7人天才能完成。 而现在，AI自动补 ...

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 an application for a Hong Kong IPO, positioning itself as the largest GPUaaS provider for real-time cloud rendering in China's cloud gaming industry, with a projected revenue CAGR of 33.8% from 2022 to 2024, despite ongoing losses [1][10]. Group 1: Company Overview - HaiMa Cloud is recognized as the largest GPUaaS provider for real-time cloud rendering in China, holding a market share of 17.9% in 2024 [3]. - The company has established long-term partnerships with major players in the industry, including China Mobile and several leading game developers, serving over 28,000 games as of December 31, 2024 [5]. Group 2: Financial Performance - Revenue is expected to grow from RMB 290.29 million in 2022 to RMB 519.53 million in 2024, reflecting a CAGR of 33.8% [10]. - Despite revenue growth, the company has not achieved profitability, with losses projected at RMB 186 million in 2024, down from RMB 246 million in 2022 [10]. - The gross profit margin is projected to decline from 26.6% in 2023 to 24.9% in 2024, influenced by high R&D and administrative expenses [11]. Group 3: Customer Concentration - The company exhibits high customer concentration, with revenue from its top five clients accounting for 72.7% of total revenue in 2024 [2][7]. - Migu Culture, a digital entertainment company, is the largest client, contributing 42.5%, 46.4%, and 35.7% of total revenue in 2022, 2023, and 2024, respectively [9]. Group 4: Investment and Use of Proceeds - The funds raised from the IPO will be allocated towards infrastructure investment, R&D for core platform software, and the development of emerging products, including enhancements in gaming AI capabilities [13].

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 騰訊雲是騰訊控股有限公司旗下的產品，為開發者及企業提供雲服務、雲數據、 雲運營等服務方案。本集團近年來也致力於將AI技術應用於本集團遊戲中以增 強遊戲角色互動性，更將AI融入到遊戲研發的各個環節，實現更高效智能的遊 戲製作流程。雙方將在以下幾個方面達成合作： iDreamSky Technology Holdings Limited ࡋỖཙൠ、ᢰ᧗㛑ᴹ䲀ޜਨ （於開曼群島註冊成立的有限公司） （股份代號：1119） 自願公告 與騰訊雲在遊戲AI領域達成戰略合作，成立聯合創新實驗室 本公告乃由創夢天地科技控股有限公司（「本公司」，連同其附屬公司及中國綜 合聯屬主體統稱為「本集團」）自願刊發，旨在知會本公司股東及有意投資者有 關本集團之最新業務發展。 本公司董事（「董事」）會（「董事會」）謹此公佈，本公司之中國綜合聯屬主體深 圳市創夢天地科技有限公司已於近日與騰訊雲計算（北京）有限責任公司（「騰 訊雲」）訂 ...