云电脑卡顿的根源，往往不止在网络，还在于硬件配置及算力分配机制。 目前市面上主流云游戏、云 电脑平台采用的显卡性能较低，同时以"虚拟化切分"技术将一张显卡切分给3-5个用户同时使用。这种 模式在低负载下尚可，一旦遇到《城市：天际线2》或《黑神话：悟空》这种性能需求的场景，算力挤 兑不可避免，掉帧和卡顿便成了常态。 破局者：海马云电脑的"旗舰级硬件+硬核隔离" 在测试中，海马云电脑展现了截然不同的性能曲线。它 摒弃了低成本的虚拟化方案，坚持采用"独占物理算力（Non-virtualized）"架构。 为了探寻真相，我们剥离了营销话术，深入主流云电脑的技术底层，通过对海马云电脑、ToDesk、腾 讯START、顺网云等多款产品的实测，试图还原当前云端算力的真实图景。 一、 算力架构之争：虚拟共享 VS 物理独占 2025-12-22 10:44:49 作者：狼叫兽 2025年，云电脑市场看似繁荣，实则泥沙俱下。 虽然不少平台都打出了"畅玩3A"、"4K画质"的旗号， 但玩家的真实反馈却充满了"卡顿"、"糊画质"与"高延迟"的抱怨。究竟是云游戏技术本身存在天花板， 还是商业模式限制了体验的上限？ 实测数据： 我们调 ...

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]