据智通财经获悉，GPUaaS是一种云解决方案，使用户可以通过虚 拟化技术远程、经济高效地访问以 GPU为基础的计算资源。其主要包括(i)图形GPUaaS， 主要是实时云渲染; 及计算GPUaaS，主要是AI推 理和AI训练。 疑似《黑神话：悟空》云服务商又双叒叕向港交所冲刺IPO了。 1月30日，安徽海马云科技股份有限公司(以下简称"海马云")正式向港交所主板递交上市申请书，中金 公司（601995）与招银国际为联席保荐人。这是该公司继2025年6月首次递表后，再度冲刺港股上市。 该公司成立于2013年，是中国最大的云游戏实时云渲染服务(即视觉内容计算及生成)GPUaaS提供商， 主要为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供服务及相关解决方案。根据灼识咨询的资 料，按2024年的收入计算，海马云在中国云游戏场景实时云渲染服务提供商中排名第一，市场份额为 17.9%。 结合基本面来看，海马云二次递表的背后则是这家头部云服务商不可回避的"反差"——一面是中国最大 的云游戏实时云渲染服务GPUaaS提供商光环，另一面则是三年累计亏损6.5亿元的未盈利窘境。 那么，透过招股书进一步探讨一下，海马云此次赴港上 ...

疑似《黑神话：悟空》云服务商又双叒叕向港交所冲刺IPO了。 1月30日，安徽海马云科技股份有限公司(以下简称"海马云")正式向港交所主板递交上市申请书，中金 公司与招银国际为联席保荐人。这是该公司继2025年6月首次递表后，再度冲刺港股上市。 该公司成立于2013年，是中国最大的云游戏实时云渲染服务(即视觉内容计算及生成)GPUaaS提供商， 主要为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供服务及相关解决方案。根据灼识咨询的资 料，按2024年的收入计算，海马云在中国云游戏场景实时云渲染服务提供商中排名第一，市场份额为 17.9%。 结合基本面来看，海马云二次递表的背后则是这家头部云服务商不可回避的"反差"——一面是中国最大 的云游戏实时云渲染服务GPUaaS提供商光环，另一面则是三年累计亏损6.5亿元的未盈利窘境。 那么，透过招股书进一步探讨一下，海马云此次赴港上市上市究竟意欲何为，公司的投资价值又究竟如 何? 业绩"AB面"：营收高增VS持续亏损 作为中国最大的云游戏实时云渲染服务GPUaaS提供商，海马云主要向多元化客户群体提供实时云渲染 服务和相关解决方案，其中主要包括企业客户(如数字内容运营商 ...

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]

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]