Core Viewpoint - HaiMa Cloud Technology Co., Ltd. is pursuing an IPO in Hong Kong despite significant revenue growth from 2022 to 2024, it has not yet achieved profitability [1][4]. Group 1: Financial Performance - Revenue for HaiMa Cloud is projected to grow from approximately RMB 290 million in 2022 to RMB 520 million in 2024 [4]. - The company has incurred losses of RMB 246 million, RMB 218 million, and RMB 186 million for the years 2022, 2023, and 2024 respectively, indicating ongoing financial challenges [4]. - The gross profit margin has fluctuated, with figures of 21.2%, 26.6%, and 24.9% for the years 2022, 2023, and 2024 respectively [5]. Group 2: Business Model and Revenue Sources - HaiMa Cloud claims to be the largest GPU as a Service (GPUaaS) provider in China, with its cloud gaming GPUaaS business expected to account for nearly 90% of revenue by 2024 [3]. - The company has three main business segments: cloud gaming GPUaaS, cloud-native content services, and other services [3]. Group 3: Key Customers and Related Transactions - Migu Culture Technology Co., Ltd. is the largest customer, contributing 42.5%, 46.4%, and 35.7% of HaiMa Cloud's revenue from 2022 to 2024 [2][7]. - Migu Culture holds a 13.62% stake in HaiMa Cloud, highlighting the interconnectedness of their business relationship [2][7]. - China Mobile, the parent company of Migu Culture, has also been a significant supplier, with procurement amounts representing 8.2%, 0.2%, and 0% of total purchases from 2022 to 2024 [8]. Group 4: Operational Challenges - High administrative and research & development expenses have been significant factors contributing to the company's losses, with administrative expenses accounting for 24.5%, 26.4%, and 15.2% of revenue, and R&D expenses accounting for 46.1%, 33.5%, and 19.4% of revenue from 2022 to 2024 [6].

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].

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].

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]