Group 1 - Company Anhui Haimacloud Technology Co., Ltd. (Haimacloud) is planning to list on the Hong Kong Stock Exchange, with funds raised intended for infrastructure investment, R&D, product development, and working capital [1] - Haimacloud holds a 17.9% market share in China's real-time cloud rendering service market for cloud gaming, with projected revenue of 520 million RMB in 2024 and a three-year compound annual growth rate (CAGR) of 33.8% [2][3] - Despite revenue growth, the company has accumulated losses of 650 million RMB over three years, with net losses of 246 million RMB, 218 million RMB, and 186 million RMB from 2022 to 2024 [3][4] Group 2 - Haimacloud's gross profit margins are low, with rates of 21.2%, 26.6%, and 24.9% from 2022 to 2024, significantly below industry averages [4][5] - The company's cost structure is heavily influenced by computing resources and IDC costs, which accounted for approximately 91% of sales costs in 2022, leading to pressure on gross margins [7][8] - Financing costs have also eroded profits, with financing costs reaching 108 million RMB, 110 million RMB, and 119 million RMB from 2022 to 2024, exceeding gross profit margins [7][9] Group 3 - Haimacloud's revenue concentration is high, with the top five customers contributing 72.7% of total revenue in 2024, and the largest customer, Migu Culture, accounting for 35.7% [10][11] - The company relies on a limited number of suppliers, with the top five suppliers accounting for 70.1% of total purchases in 2024, which poses risks if suppliers increase prices [12][13] - The company has experienced significant cash outflows, with a net cash outflow of 2.821 billion RMB over three years, relying heavily on financing to sustain operations [14][15] Group 4 - Haimacloud faces regulatory risks, having been reported by the Ministry of Industry and Information Technology for issues related to personal information collection, which could impact customer relationships [20][22] - The cloud gaming industry is growing rapidly, with a projected CAGR of 35.4% from 2024 to 2029, but the overall market size remains limited, with only 2.6 billion RMB expected in 2024 [22][23] - Despite being the market leader in real-time cloud rendering services, Haimacloud's position is threatened by major players like Tencent and Alibaba, who can internalize their rendering needs [23]

Core Viewpoint - Nvidia has reached a market capitalization of $4 trillion, becoming the first company globally to achieve this milestone, leading to a surge in technology stocks including Microsoft, Broadcom, and TSMC [2] Company Overview - Haima Cloud, established in 2013, is the first real-time cloud rendering service provider for cloud gaming in China, and has experienced rapid growth alongside industry changes [3] - The company launched its GPU as a Service (GPUaaS) in 2017 and began large-scale commercialization in 2019, partnering with Migu Culture [5] Market Position - By the end of 2024, Haima Cloud operates over 10,000 GPU servers and 63 high-performance GPU computing nodes globally, holding a 17.9% market share in China's cloud gaming real-time rendering service sector [6] - Haima Cloud is the largest provider of real-time cloud rendering services in China, serving nine out of the top ten market participants in the cloud gaming industry [6] Financial Performance - Revenue growth from 2022 to 2024 shows an increase from 290 million RMB to 520 million RMB, while net losses have decreased from 246 million RMB to 186 million RMB [7][8] - The revenue structure indicates a heavy reliance on cloud gaming GPUaaS, which accounted for 85.4%, 65.4%, and 88.1% of total revenue from 2022 to 2024 [9] Client Dependency - The top five clients contributed 81.2%, 72.3%, and 72.7% of total revenue from 2022 to 2024, with Migu Culture being the largest client [9] Cash Flow and Fundraising - Haima Cloud has negative cash flow from operating activities from 2022 to 2024, indicating reliance on financing [10] - The company plans to use IPO proceeds for infrastructure investment, R&D, and operational funding [10]