12月29日，以"AI 共生·智启未来:人工智能赋能产业新生态"为主题的《中国互联网企业综合实力指数(2025)》发布 会在北京召开。会上，备受业界瞩目的"2025年中国互联网综合实力前百家企业"榜单正式发布。白山云凭借在边 缘云和边缘智算领域的持续探索、领先的技术创新、稳健的业务增长以及积极的企业社会责任担当，再度获评中 国互联网百强企业。 自2013年以来，中国互联网协会已连续13年开展中国互联网企业综合实力指数研究工作。通过构建涵盖企业规 模、盈利水平、创新能力、成长性、风险防控能力及社会责任等维度的科学评估模型，全面考量企业综合竞争 力，是业内公认最具公正性和权威性的互联网企业评价标杆之一。 此次与榜单同时发布的《中国互联网企业综合实力指数（2025）》研究报告特别指出，总体来看，2025年中国互 联网综合实力企业呈现出财务风险防控能力稳健、业务多元地理聚集显著、社会责任履行意识加强、国际竞争能 力加快培育、市值估值规模大幅增长等显著特征。 多次入选中国互联网百强企业，是白山云在激烈的市场竞争中，坚持长期主义、深耕核心赛道所交出的一份扎实 成绩单。作为国内领先的独立边缘云服务提供商，白山云打造了网络、 ...

首都在线 20251230 摘要 首都在线受益于大模型推理应用增长，边缘云需求随之提升，公司致力 于打造国产与英伟达适配平台，支持 MiniMax 等大模型企业出海，客户 依赖性增强。 基于 MaaS 服务和 Converged UI 平台的新业务每月增长率达 20%- 30%，有望显著提升公司毛利和收入水平。 首都在线转型较早，与智谱等公司建立了深度合作，积累了技术投入和 用户理解优势，并具备全球资源适配能力，满足客户国内外资源布局需 求。 公司通过"铁三角战略"（销售、产品技术解决方案、大客户服务）深 耕大客户，提供国产设备适配服务，确保业务合规性和连续性。 首都在线积极布局前瞻领域，包括太空算力相关业务，已在文昌建设算 力中心，在庆阳设立算力中心支持酒泉卫星发射，并探索 AI 生成短剧等 行业应用。 公司采取根据客户需求逐步扩大资产和合作的策略，国内重点布局庆阳、 怀来、芜湖和海南等八大节点，海外布局包括达拉斯和新加坡。 首都在线通过 MAAS 服务及 ComfyUI 与模型厂商合作推广业务，获取 较高毛利，并通过政府补助及政策支持，实现区域内较高盈利。 Q&A 近期大模型上市和 AI 应用发展对首都在 ...

过去几年，"边缘云"这个词被频繁提起。原因很简单：数据越来越靠近用户、靠近设备、靠近现场，而 传统只依赖中心云的方式，已经难以覆盖所有业务场景。 许多企业因此开始问：国内边缘云计算平台有哪些? 但在实践中，越来越多团队发现——这个问题真正想解决的，并不是"有多少平台"，而是： 企业怎么才能在边缘计算越来越重要的时代里，稳稳地把业务运行起来? 怎么让边缘节点越多，系统越不乱? 怎么让云端和边缘协同，而不是割裂? 因此，与其列名单，不如从企业实际需求出发重新理解边缘云。 一、为什么企业开始关心"边缘云"，但不再纠结平台列表? 1)实时性需求被推到"毫秒级" 直播互动、智能终端、车联网、工业联动…… 这些链路无法等待中心云往返，计算必须在"现场"完成。 2)本地数据暴涨，上传中心云的成本和延迟都在增加 大量数据需要就地处理，否则带宽压力会非常大。 3)线上业务碎片化，节点数量越来越多 一家企业可能拥有几十、几百甚至几千个边缘节点。 节点越多、越分散，越难管理。 4)旧系统、新架构并存，云—边协同变得复杂 企业很难"一步到位"上云，很多场景必须保持与本地系统协作。 边缘云的出现，是因为企业遇到了非常现实的压力。 所以 ...

Core Viewpoint - Baishan Cloud Holdings Limited has submitted a new listing application to the Hong Kong Stock Exchange, positioning itself as the second-largest independent edge cloud service provider in China by total revenue for 2024, with a market share of approximately 2.0% [2]. Financial Performance - Revenue projections for Baishan Cloud from 2022 to 2025 are as follows: CNY 2.132 billion in 2022, CNY 2.391 billion in 2023, CNY 2.218 billion in 2024, and CNY 963.9 million for the first half of 2025 [3][4]. - The adjusted net losses for the same periods are CNY 166.1 million, CNY 53.7 million, CNY 114.5 million, and CNY 54.6 million respectively, totaling approximately CNY 390 million [2][4]. - The compound annual growth rate (CAGR) of overseas business revenue from 2022 to 2024 is approximately 29.2% [2]. Cash Flow and Debt - The net cash flow from operating activities for Baishan Cloud is projected to be CNY 41.5 million in 2022, -CNY 235,000 in 2023, -CNY 148.2 million in 2024, and CNY 74.3 million for the first half of 2025 [5]. - As of the end of 2022, 2023, 2024, and mid-2025, the company reported net current liabilities of CNY 433 million, CNY 537 million, CNY 369 million, and CNY 450 million respectively [5]. Business Strategy - The funds raised from the listing will be used to expand the service network and product offerings, enhance research and development capabilities, and improve technical capabilities [6][7]. - The company plans to selectively pursue strategic investments and acquisition opportunities that complement its existing services and enhance its technological capabilities [7].

Core Insights - Baishan Cloud Technology, a leading edge cloud service provider from Guiyang, Guizhou, is seeking to list on the Hong Kong Stock Exchange after a previous failed attempt in December 2023 [1][10] - The company is recognized as the second largest independent edge cloud service provider in China, with a significant global presence [3][4] Company Overview - Established in April 2015, Baishan Cloud focuses on providing comprehensive edge cloud services, including network services, security, and intelligent computing [3] - The edge cloud architecture allows for localized data processing, enhancing response times and reducing bandwidth usage [3] Market Position - According to a report by Zhaoshang Consulting, Baishan Cloud holds approximately 2% market share in the edge cloud service sector in China for 2024 [3] - The global cloud service market is projected to grow from 2.18 trillion yuan in 2020 to 4.68 trillion yuan in 2024, with China's market expected to grow from 261.3 billion yuan to 625.4 billion yuan in the same period [4] Financial Performance - Baishan Cloud reported revenues of 2.13 billion yuan, 2.39 billion yuan, 2.22 billion yuan, and 964 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [7] - The company has incurred cumulative losses of 498 million yuan over the reporting period, indicating it has not yet achieved profitability [7] Service Offerings - The company's services are categorized into network services and security/intelligent computing services, with a growing focus on AI-driven applications [7][9] - The revenue from security and intelligent computing services has increased significantly, accounting for 31.9% of total revenue in the first half of 2025 [9] Global Expansion - Baishan Cloud has established over 1,500 global edge nodes across 290 cities in 60 countries, with a network bandwidth of approximately 93 Tbps [6] - The company has achieved a compound annual growth rate of about 29.2% in overseas revenue from 2022 to 2024, reflecting successful international expansion [6]

Core Viewpoint - Baishan Cloud Holdings Limited has submitted a new listing application to the Hong Kong Stock Exchange after nearly two years, but its financial performance has significantly deteriorated, with revenues declining and losses expanding [1][7]. Financial Performance - For the years 2024 and the first half of 2025, Baishan Cloud's revenue decreased by 7.22% and 12.77% year-on-year, respectively, while losses increased by 113.28% and 54.52% [1][16]. - The total net loss during the reporting period amounted to approximately 390 million yuan [1]. - The company's accounts receivable are high, accounting for over 70% of current assets, indicating a significant portion of working capital is tied up [1][20]. - As of June 30, 2025, Baishan Cloud's bank and other borrowings reached 400 million yuan, while cash and cash equivalents were only 80 million yuan, highlighting a severe liquidity risk [1][24]. Market Position - Baishan Cloud is the second-largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [2][11]. - The company has not expanded its market share or the number of edge nodes in the past two years, raising questions about its core competitiveness [11][16]. Patent and Legal Issues - Baishan Cloud has been involved in multiple patent infringement lawsuits, including a notable 250 million yuan lawsuit against Wangsu Technology [4][6]. - The company has faced scrutiny from regulators for failing to disclose significant litigation in a timely manner [6][7]. Research and Development - Baishan Cloud exhibits a tendency to prioritize marketing over research and development, with R&D expenses significantly lower than sales expenses [18]. - The average salary for R&D personnel is approximately 18,300 yuan per month, while sales personnel earn an average of 67,500 yuan, indicating a disparity in investment in talent [18]. Accounts Receivable and Risk - As of June 30, 2025, accounts receivable and related items accounted for 89.86% of current assets, with a significant portion overdue [19][20]. - The provision for bad debts on accounts receivable is notably lower than that of peers, raising concerns about the adequacy of these provisions [21][23].

Core Viewpoint - Baishan Cloud Technology, a leading edge cloud service provider from Guiyang, Guizhou, is preparing for a public listing on the Hong Kong Stock Exchange after a previous failed attempt in December 2023, with CITIC Securities and Haitong International as joint sponsors [1][12]. Company Overview - Established in April 2015, Baishan Cloud is headquartered in Guiyang and focuses on providing comprehensive edge cloud services, including network services, security, and intelligent computing [3]. - The company is recognized as the second-largest independent edge cloud service provider in China by total revenue for 2024, with an estimated market share of approximately 2% [3]. Market Growth - The global cloud service market is projected to grow from 2.1798 trillion yuan in 2020 to 4.6796 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029 [4]. - In contrast, China's cloud service market is expected to expand from 261.3 billion yuan in 2020 to 625.4 billion yuan in 2024, with a higher CAGR of 22.3% during the same period [4]. Business Model and Services - Baishan Cloud offers high-speed, secure, and cost-effective digital experiences through its integrated edge cloud platform, which supports global connectivity and business transformation [5]. - The company has introduced edge intelligent computing cloud solutions to address the limitations of centralized GPU computing, optimizing services for edge AI inference [5]. Financial Performance - From 2022 to the first half of 2025, Baishan Cloud reported revenues of 2.132 billion yuan, 2.391 billion yuan, 2.218 billion yuan, and 964 million yuan, respectively, with cumulative losses amounting to 498 million yuan [9][10]. - The gross profit margins during this period were 9.1%, 12.5%, 8.8%, and 9.3%, indicating significant fluctuations [10]. Revenue Breakdown - The revenue from security and intelligent computing services has rapidly increased, accounting for 7.4%, 17.3%, 23.3%, and 31.9% of total revenue during the reporting period, highlighting a second growth driver for the company [11]. Global Expansion - Baishan Cloud has successfully expanded its global footprint, deploying over 1,500 edge nodes across 290 cities in 60 countries and regions, with a network bandwidth of approximately 93 Tbps [5][6].

Core Viewpoint - The competitive landscape in the edge cloud service market is intensifying, as Baishan Cloud Technology Co., Ltd. approaches its IPO in Hong Kong. The disclosed financial data and operational conditions have raised concerns due to significant fluctuations in various financial metrics, including a drastic drop in net profit margin exceeding 100% [1] Business Focus - Baishan Cloud primarily provides edge cloud services, including network services, security, and intelligent computing services. Network services involve optimizing resource allocation to enhance service efficiency, while security and intelligent computing services offer data protection and smart computing support for clients [2] Payment Model - The company relies heavily on client payments, with payment terms typically ranging from 30 to 90 days post-billing. This dependency on timely payments poses a risk to cash flow, particularly if clients delay payments [3] Financial Performance - Revenue has shown significant volatility, with total revenue figures for 2022 to the first half of 2025 as follows: 2022: 2,132,462 thousand RMB, 2023: 2,390,511 thousand RMB (up 12.09% from 2022), 2024: 2,217,882 thousand RMB (down 7.22% from 2023), and 2025 H1: 963,905 thousand RMB. Notably, overseas revenue has increased significantly, with a 54.24% growth in 2023 compared to 2022 [4] - The company has reported continuous losses, with net profit figures as follows: 2022: -191,548 thousand RMB (-8.98% net margin), 2023: -93,145 thousand RMB (-3.89% net margin), 2024: -139,781 thousand RMB (-6.30% net margin), and 2025 H1: -62,027 thousand RMB (-6.43% net margin). The net profit margin has fluctuated dramatically, indicating concerns over profitability [5] - Gross margin has slightly decreased, with figures for 2022 to 2025 H1 as follows: 2022: 9.06%, 2023: 12.45%, 2024: 8.79%, and 2025 H1: 9.27%. The fluctuations suggest challenges in cost control, which may impact future profitability [6] Revenue Structure Changes - The revenue structure is shifting, with network services remaining dominant but declining in proportion. Security and intelligent computing services have seen rapid growth, with a 163% increase in 2023 compared to 2022, and a 68.28% increase in 2025 H1 compared to 2024 [7] Related Party Transactions - The company has related party transactions involving guarantees provided by directors, which may pose financial risks if issues arise with these related parties [8] Financial Challenges - The company faces a heavy debt burden, with bank and other borrowings amounting to 399,869 thousand RMB and lease liabilities of 31,908 thousand RMB as of June 30, 2025. Additionally, trade receivables have shown increasing impairment risks, which could pressure asset quality and cash flow [9] Competitive Positioning - The lack of comparative data in the prospectus makes it difficult for investors to assess Baishan Cloud's competitive position within the industry, complicating investment decisions [10] Customer and Supplier Concentration - Customer concentration has decreased, with the percentage of revenue from clients accounting for 10% or more of total revenue dropping from 63.65% in 2022 to 52.84% in 2025 H1. However, the lack of detailed disclosure regarding major suppliers raises concerns about supply stability [11] Management Stability - The company's ownership structure has remained stable, with management compensation showing some fluctuations. However, the absence of a clear incentive mechanism for management may affect long-term company performance [12] Overall Risks - Baishan Cloud faces multiple risks, including market competition, technological innovation, and regulatory compliance, which collectively increase uncertainty regarding its future development [14]

Core Insights - BaishanCloud is the second largest independent edge cloud service provider in China based on projected total revenue for 2024 and is among the top ten edge cloud service providers in the country [1] Financial Performance - Revenue figures for BaishanCloud are as follows: RMB 2.1325 billion in 2022, RMB 2.3905 billion in 2023, RMB 2.2179 billion in 2024, and RMB 0.9639 billion for the six months ending June 30, 2025 [1] - The compound annual growth rate (CAGR) of overseas business revenue from 2022 to 2024 is approximately 29.2% [1] International Expansion - BaishanCloud has established a presence in over 60 rapidly growing markets, including Southeast Asia, the Middle East, Central Asia, North Africa, and Latin America [1] - The company has deployed over 1,500 edge nodes across more than 290 cities globally as of June 30, 2025 [1] Product Development - In response to the surge in AI demand, BaishanCloud has developed a smart computing product line [2] - Revenue from security and smart computing services has increased significantly, accounting for 7.4%, 17.3%, 23.3%, and 31.9% of total revenue in the respective years [2] - High-value security and smart computing services are expected to continue being a significant part of the company's revenue in the future [2]

Core Insights - The Chinese edge cloud industry is experiencing rapid growth, with a market size projected to reach 12.87 billion yuan in 2024, representing a year-on-year increase of 19.61% [1][9] - This growth is primarily driven by the commercialization of 5G technology, the increasing number of IoT devices, and the acceleration of digital transformation [1][9] Industry Overview - Edge cloud is a distributed cloud computing architecture that deploys computing, storage, and network resources closer to data sources or end users, characterized by low latency, localized autonomy, and a distributed architecture [2] Industry Value Chain - The upstream of the edge cloud industry includes core components such as edge servers, gateways, AI chips, smart network cards, GPUs, and storage devices, while the midstream consists of edge cloud service providers and platform operators [4] - The downstream applications span various sectors including connected vehicles, smart transportation, industrial internet, smart security, healthcare, smart homes, and finance [4] Market Size - The edge cloud market in China is expected to grow significantly, with the 2024 market size estimated at 12.87 billion yuan, driven by 5G technology, IoT proliferation, and the need for efficient data processing [9] Key Companies and Competitive Landscape - The competitive landscape of the edge cloud industry is characterized by a collaborative competition model, with major players like Alibaba Cloud, Huawei Cloud, and Tencent Cloud leading the market [10] - Telecom operators such as China Mobile and China Unicom leverage their 5G networks to build edge nodes, while vertical service providers like Wangsu Technology focus on CDN and edge computing integration [10][11] Industry Development Trends 1. **Technological Integration**: The edge cloud will increasingly integrate with 5G-A/6G, AI models, and blockchain technologies to create a collaborative intelligent computing network [13] 2. **Vertical Scene Deepening**: Edge cloud applications will deepen in sectors like smart manufacturing and smart cities, expanding into emerging fields such as the metaverse and digital twins [14] 3. **Collaborative Development**: The edge cloud industry chain will form a collaborative ecosystem, accelerating globalization and enhancing China's technological competitiveness [16]