Core Viewpoint - HaiMa Cloud Technology Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, indicating its commitment to the capital market and the rapidly growing real-time cloud rendering sector [2] Company Overview - HaiMa Cloud is a leading provider of GPU as a Service (GPUaaS) in China, offering an end-to-end platform that integrates GPU hardware and software [2] - The company has developed a comprehensive GPUaaS solution, targeting both enterprise and individual users with services such as cloud gaming, cloud XR, cloud mobile, and metaverse applications [2] - HaiMa Cloud's service network spans multiple regions, including China, the United States, Japan, Europe, and Southeast Asia, showcasing its extensive market reach [2] Financial Performance - The financial data disclosed in the prospectus shows that HaiMa Cloud has maintained steady revenue growth, with revenues of 290 million RMB, 337 million RMB, and 520 million RMB projected for 2022, 2023, and 2024 respectively, indicating a significant compound annual growth rate [2] - The company's losses have narrowed from 245 million RMB to 186 million RMB between 2022 and 2024, with the loss margin decreasing from 84.6% to 35.7%, reflecting improved profitability [2] Recent Performance - In the first ten months of 2025, the company achieved revenues of 584 million RMB, with a gross profit of 143 million RMB and a loss of 149 million RMB, while the adjusted net loss was only 43.42 million RMB, showing substantial improvement [3] - The core revenue source is the cloud gaming GPUaaS business, contributing 521 million RMB, which accounts for 89.2% of total revenue [3] Industry Growth - The real-time cloud rendering industry is experiencing robust growth, with the global market size expected to increase from 11 billion RMB in 2020 to 29.7 billion RMB in 2024, representing a compound annual growth rate of 28.1% [3] - The Chinese market is outperforming globally, with a projected growth from 2.4 billion RMB in 2020 to 8 billion RMB in 2024, achieving a compound annual growth rate of 34.4% [4] Market Dynamics - The cloud gaming segment is the primary growth driver, with a compound annual growth rate of 45.2% from 2020 to 2024, and an expected rate of 35.4% from 2024 to 2029, aligning well with HaiMa Cloud's core business strategy [5]

Core Insights - The cloud computer market in 2025 appears prosperous but is plagued by issues such as lag, poor graphics quality, and high latency, raising questions about the technology's limitations and business model constraints [1] Group 1: Performance and Technology - The root cause of lag in cloud gaming often lies in hardware configuration and power distribution mechanisms, with many platforms using low-performance graphics cards and a "virtualization" approach that divides a single GPU among multiple users, leading to performance degradation in high-demand scenarios [2] - Haima Cloud Computer stands out by utilizing a "non-virtualized" architecture with dedicated physical computing power, confirmed through testing with RTX 4070/4090 graphics cards and Intel i7-12700KF processors, resulting in significantly better performance [2][3] - In stress tests, Haima Cloud achieved an average of 86 fps (peak 101 fps) in 4K graphics for demanding games, demonstrating stable performance without the micro-stuttering common in virtualized platforms [3] Group 2: Network and Latency - Network latency is critical for cloud gaming, with physical distance from data centers affecting performance; users connecting across provinces can experience round-trip times (RTT) exceeding 30 ms, detrimental for FPS gaming [4] - Haima Cloud's innovative architecture, based on a proprietary high-bandwidth low-latency streaming system, has achieved a 98% in-province direct connection rate, keeping latency under 10 ms and virtually eliminating packet loss [4] Group 3: Ecosystem and Versatility - The richness of content is a key measure of platform success; while Tencent START offers convenience, it lacks support for major third-party titles, and other platforms are limited in their application for serious productivity tasks [5] - Haima Cloud distinguishes itself with a built-in library of 500 TB of games, enabling instant play and successfully extending its capabilities into productivity applications, performing comparably to high-end local workstations [5] Group 4: Cost Structure - The pricing strategy in the cloud computer market varies significantly, with some platforms charging 3-5 yuan per hour, making cloud gaming expensive [7] - Haima Cloud has managed to reduce the cost of using RTX 4070 configurations to 0.66 yuan per hour, based on a membership package, which is 20% lower than the market average and offers a more affordable long-term solution for users [7] Group 5: Conclusion - The cloud computer market is undergoing a transformation from merely functional to highly usable, with Haima Cloud emerging as the optimal choice for gamers seeking high-quality graphics, low latency, and cost-effectiveness [8][9]

Group 1 - The core idea of the news is the successful demonstration of Haima Cloud Computer's capabilities in a live streaming event with top CS:GO streamers, showcasing its performance as an "e-sports cloud computer" [1] - Haima Cloud Computer is the first in the industry to achieve "e-sports cloud computer" certification, supporting up to 360 frames per second (fps), which is significantly higher than the typical 60-120 fps offered by most cloud computers [3] - The live test highlighted the importance of frame rate stability and low latency in competitive gaming, with Haima Cloud Computer maintaining a stable frame rate even in complex gaming scenarios [3] Group 2 - Haima Cloud Computer uniquely supports 8K resolution output, utilizing advanced technologies such as HDR10 and 4:4:4 lossless encoding to ensure high-quality, lossless transmission of graphics [5] - The platform boasts a minimum latency of 8 milliseconds, with 97% of users experiencing latency under 10 milliseconds, which is close to local connection levels [5] - The hardware configuration includes top-tier RTX 90/70 series graphics cards, providing a performance increase of up to 300% compared to standard cloud computers equipped with RTX 3060 [5] Group 3 - Haima Cloud Computer democratizes high-end gaming experiences, allowing users with low-cost devices to access premium gaming performance without the need for expensive hardware [7] - The company emphasizes that cloud gaming is no longer a compromise but a superior experience, marking a significant shift in the gaming industry towards high frame rates and low latency [7] - The advancements in technology and hardware configuration position Haima Cloud Computer as a leader in the new era of e-sports and cloud gaming [7]

Core Breakthrough: Redefining Cloud Gaming Experience Standards - The company has achieved a peak output of 360 frames per second, significantly surpassing the typical 60 frames offered by standard cloud gaming services, thus providing a smoother visual experience and reducing input latency [3][4] - The platform uniquely offers 8K ultra-high-definition resolution, overcoming the common issue of detail loss in traditional cloud gaming due to compression technology [3] - Extensive investment in infrastructure has led to the deployment of edge computing nodes nationwide, allowing 97% of users to access services within their province, achieving network latency below 10ms [3] Legendary Testimony: Endorsement by Professional Esports Players - The choice of Haima Cloud Computer by CS:GO legend DANK1NG for his cloud esports live broadcast serves as a strong endorsement of the product's capabilities [6] - During the live stream, DANK1NG showcased not only his exceptional skills but also validated the company's claims of providing an "esports-level cloud computer" experience [6] Significance of the Live Broadcast: A Milestone for Cloud Esports - The live broadcast is recognized as the first public cloud esports event, demonstrating that cloud gaming can be both playable and professional [8] - The success of this esports-level live broadcast signals a maturation of the entire cloud esports ecosystem, indicating a shift towards mainstream gaming experiences [8] - With ongoing innovations from leading companies like Haima Cloud Computer, cloud esports is expected to become a significant component of the gaming world, catering to both professional events and casual players [8]

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]