New Stock Outlook | Seahorse Cloud: High revenue growth VS 6.5 billion losses in three years, leading cloud gaming real-time cloud rendering service also has "hidden risks"

It is reported that the suspected "Black Myth: Wukong" cloud service provider is once again rushing for an IPO on the Hong Kong Stock Exchange. On January 30th, Anhui Haima Cloud Technology Co., Ltd. (hereinafter referred to as "Haima Cloud") officially submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC and Zhongtai International as joint sponsors. This is the company's second attempt to list on the Hong Kong stock market since its initial submission in June 2025. Established in 2013, the company is China's largest provider of cloud gaming real-time cloud rendering services (visual content calculation and generation) GPUaaS, mainly serving clients in the gaming, entertainment, digital cultural tourism, digital education, and other industries with services and related solutions. According to data from Insight Consultancy, based on revenue in 2024, Haima Cloud ranks first among Chinese cloud gaming real-time cloud rendering service providers with a market share of 17.9%. Looking at the fundamentals, behind Haima Cloud's second submission is the unavoidable "contradiction" faced by this leading cloud service provider - on one hand, it is the largest provider of cloud gaming real-time cloud rendering services GPUaaS in China, and on the other hand, it is in a predicament of three-year cumulative losses of 650 million yuan. So, through the prospectus, let's further explore the purpose of Haima Cloud's IPO in Hong Kong this time, and what is the investment value of the company? Performance "AB Surface": High Revenue Growth VS Continued Losses It is reported that GPUaaS is a cloud solution that allows users to access GPU-based computing resources remotely and cost-effectively through virtualization technology. It mainly includes (i) graphical GPUaaS, mainly real-time cloud rendering; and computational GPUaaS, mainly AI inference and AI training. As China's largest provider of cloud gaming real-time cloud rendering services GPUaaS, Haima Cloud mainly provides real-time cloud rendering services and related solutions to a diversified clientele, including enterprise clients such as digital content operators, game platforms, game developers, game tool service providers, and mobile hardware manufacturers. As of December 31, 2024, the company provided real-time cloud rendering services to nine of the top ten market participants in the Chinese cloud gaming industry and established long-term partnerships with well-known market participants including China Mobile Limited, several well-known mobile hardware manufacturers, top game platforms, and leading game developers. As of October 31, 2025, the company's platform hosted more than 32,000 operating games, including several blockbuster games released on different devices in recent years, such as a phenomenally popular action role-playing 3A game developed in China and released in 2024, as well as a groundbreaking open-world game developed and released in China in 2020, which has achieved a milestone in improving the mobile gaming experience. Among these, the phenomenally popular action role-playing 3A game developed in China and released in 2024 is suspected to be "Black Myth: Wukong." However, despite Haima Cloud's real-time cloud rendering capabilities being fully validated in the cloud gaming field, the company's performance shows a clear "AB Surface". On one hand is the "A Surface" of continued revenue growth. According to the prospectus, the company achieved revenues of 290 million yuan, 337 million yuan, and 520 million yuan in 2022-2024, with a three-year compound growth rate of 33.8%. As of October 2025, the company's revenue continued to grow significantly, with a year-on-year increase of 37.98% to 584 million yuan. Looking at the income structure, the cloud gaming GPUaaS business remains the company's core source of income, contributing 521 million yuan in revenue in the first 10 months of 2025, a year-on-year increase of 31.4%, accounting for a high proportion of 89.2%; cloud-native content services revenue was 39.7 million yuan, a year-on-year increase of 157.4%, accounting for 6.8%. On the other hand, the "B Surface" of profitability and financial pressure is more prominent. From 2022 to 2024, Haima Cloud recorded net losses of 246 million yuan, 218 million yuan, and 186 million yuan, respectively, accumulating a total loss of 650 million yuan over three years. As of the first 10 months of 2025, the company continued to experience losses, with a net loss of 149 million yuan. It is reported that the company's continued losses are mainly due to high computational resources, IDC costs, and server procurement costs. At the same time, high financing costs have also eroded most of the gross profit. GMTEight observed that under continuing losses, Haima Cloud's financial pressure has increased: as of the end of 2024, the company had cash and cash equivalents of only 26.24 million yuan, but net current liabilities reached 1.674 billion yuan, with a current ratio of only 0.2, indicating significant debt pressure. In addition, the company has entered into a put option agreement, which, if the company fails to list by December 31, 2026, will trigger an obligation to repurchase shares, potentially further burdening the company financially. From the above, it can be seen that even as a leading provider of cloud gaming real-time cloud rendering services GPUaaS in China, Haima Cloud faces inevitable profitability and financial pressure, making its IPO in Hong Kong a wise choice for alleviating financial pressure. "Highest potential" and "Greatest challenges" coexist Haima Cloud operates in the emerging market of "cloud gaming real-time cloud rendering," which means that this sector as a whole exhibits characteristics of high potential and strong development. As the core technical support for cloud gaming, this sub-market has a clear growth trajectory. According to data from Insight Consultancy, the real-time cloud rendering service market is still in a relatively early stage of development, with the global real-time cloud rendering service market growing from 110 billion yuan in 2020 to 297 billion yuan in 2024, a compound annual growth rate of 28.1%. It is estimated to reach 870 billion yuan by 2029, with a compound annual growth rate of 24.0% from 2024 to 2029. Among them, the growth rate of the Chinese real-time cloud rendering service market has outpaced that of the global market. According to data from Insight Consultancy, the Chinese real-time cloud rendering service market grew from 24 billion yuan in 2020 to 80 billion yuan in 2024, with a compound annual growth rate of 34.4% from 2020 to 2024. It is expected to further reach 332 billion yuan by 2029, with a compound annual growth rate of 33.1% from 2024 to 2029. However, despite the vast prospects of this emerging market, there are also some major challenges. One is the universal challenge of commercial profitability: the "heavy assets, high investment" model of cloud gaming has led to a lack of successful cases of sustainable profitability worldwide, with Google's cloud gaming service Stadia closing due to commercial difficulties. Secondly, the challenge of balancing technology and costs: providing a high-quality, low-latency experience requires deploying a large number of GPU servers and bearing high computational and IDC costs, which continues to squeeze enterprise profit margins. Lastly, there is the risk of competition from giants and internalization - game giants (such as Mihoyo) may build their rendering capabilities, while tech giants such as Tencent and Alibaba also are in the field, potentially squeezing the market space for independent service providers. Against this backdrop of potential and challenges, Haima Cloud also faces a significant "hidden concern": its revenue is heavily dependent on large clients. According to the prospectus, from 2022 to 2024, the top five clients accounted for over 70% of revenue, with the first largest client contributing over 35% of revenue for an extended period of time. If major clients adjust their budgets or strategies, it will have a huge impact on the company's revenue. In conclusion, it is clear that Haima Cloud is positioned in a high-growth emerging technology track and has become an "invisible champion" based on its technological advantages and industry position. However, its business model also faces certain challenges: over-reliance on large clients and continued losses performance make its company's pressure significant. Therefore, its investment value exhibits a "high risk, high return" characteristic, depending mainly on the company's technological moat and market share to overcome the two major obstacles of financial losses and client dependence and share in the industry's explosive growth.