Core Viewpoint - Haima Cloud has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial challenges with a reported loss of 186 million yuan in the past year and only 53.03 million yuan remaining as of April 30 [1]. Company Overview - Haima Cloud primarily offers GPU as a Service (GPUaaS) for real-time cloud rendering in cloud gaming, holding a 17.9% market share in China for 2024 [1]. - Revenue projections for Haima Cloud from 2022 to 2024 are 290 million yuan, 340 million yuan, and 520 million yuan respectively [1]. - Despite leading the market, Haima Cloud has incurred losses of 246 million yuan, 218 million yuan, and 186 million yuan from 2022 to 2024, totaling 650 million yuan in losses [1]. Financial Performance - The revenue contribution from GPUaaS for Haima Cloud is significant, accounting for 85.4%, 65.4%, and 88.1% of total revenue from 2022 to 2024 [7]. - The overall gross profit margins for Haima Cloud from 2022 to 2024 are 21.23%, 26.57%, and 24.9% respectively [7]. - Financing costs have increased from 108 million yuan in 2022 to 119 million yuan in 2024, representing 22.8% of the company's revenue in 2024 [9]. Business Model and Risks - Haima Cloud's business model involves leasing GPU servers and providing real-time rendering and video encoding services, charging subscription fees [7]. - The company has significant related-party transactions, with China Mobile indirectly holding 13.62% and UCloud holding 7.3% of the company [7]. - Migu Culture has been Haima Cloud's largest customer for three consecutive years, contributing over 35% of revenue annually, peaking at 46.4% [7][8]. R&D and Competitive Landscape - R&D expenses have been declining, from 134 million yuan in 2022 to 100 million yuan in 2024, raising concerns about the company's ability to maintain a competitive edge in the rapidly evolving AI and gaming sectors [11][12]. - The company faces pressure from larger competitors who are investing heavily in AI-generated content and real-time rendering technologies [12]. Shareholder Dynamics - Haima Cloud's major shareholders are under pressure to complete the IPO due to multiple buyback agreements that could trigger significant financial obligations if the company fails to go public [13]. - The company has undergone eight rounds of financing since 2014, raising over 700 million yuan, yet has not achieved profitability [14].