新股前瞻|海马云：营收高增VS三年亏6.5亿，云游戏实时云渲染服务龙头亦有“隐忧”

智通财经02-23

疑似《黑神话：悟空》云服务商又双叒叕向港交所冲刺IPO了。1月30日，安徽海马云科技股份有限公司(以下简称“海马云”)正式向港交所主板递交上市申请书，中金公司与招银国际为联席保荐人。这是该公司继2025年6月首次递表后，再度冲刺港股上市。该公司成立于2013年，是中国最大的云游戏实时云渲染服务(即视觉内容计算及生成)GPUaaS提供商，主要为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供服务及...

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href=http://www.zhitongcaijing.com/content/detail/1406384.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>疑似《黑神话：悟空》云服务商又双叒叕向港交所冲刺IPO了。1月30日，安徽海马云科技股份有限公司(以下简称“海马云”)正式向港交所主板递交上市申请书，中金公司与招银国际为联席保荐人。这是该公司继2025年6月首次递表后，再度冲刺港股上市。该公司成立于2013年，是中国最大的云游戏实时云渲染服务(即视觉内容计算及生成)GPUaaS提供商，主要为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供服务及...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1406384.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1515016050.SGD","symbol_name":"Blackrock Emerging Markets Equity Income A6 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worries\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"91229":1.96,"ALBmain":0.6,"BBYY":0.6,"BABU":0.6,"BABW":0.6,"BABO":0.6,"BABX":0.6,"KBAB":0.6,"HBBD.SI":0.6},"content_text":"疑似《黑神话：悟空》云服务商又双叒叕向港交所冲刺IPO了。1月30日，安徽海马云科技股份有限公司(以下简称“海马云”)正式向港交所主板递交上市申请书，中金公司与招银国际为联席保荐人。这是该公司继2025年6月首次递表后，再度冲刺港股上市。该公司成立于2013年，是中国最大的云游戏实时云渲染服务(即视觉内容计算及生成)GPUaaS提供商，主要为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供服务及相关解决方案。根据灼识咨询的资料，按2024年的收入计算，海马云在中国云游戏场景实时云渲染服务提供商中排名第一，市场份额为17.9%。结合基本面来看，海马云二次递表的背后则是这家头部云服务商不可回避的“反差”——一面是中国最大的云游戏实时云渲染服务GPUaaS提供商光环，另一面则是三年累计亏损6.5亿元的未盈利窘境。那么，透过招股书进一步探讨一下，海马云此次赴港上市上市究竟意欲何为，公司的投资价值又究竟如何?业绩“AB面”：营收高增VS持续亏损据智通财经获悉，GPUaaS是一种云解决方案，使用户可以通过虚 拟化技术远程、经济高效地访问以GPU为基础的计算资源。其主要包括(i)图形GPUaaS， 主要是实时云渲染; 及计算GPUaaS，主要是AI推理和AI训练。作为中国最大的云游戏实时云渲染服务GPUaaS提供商，海马云主要向多元化客户群体提供实时云渲染服务和相关解决方案，其中主要包括企业客户(如数字内容运营商、游戏平台、游戏开发商、游戏工具服务商和手机硬件制造商等)。截至2024年12月31日，该公司为中国云游戏行业前十大市场 参与者中的九名提供云游戏实时云渲染服务，并与包括中国移动、多家知名手机硬件 制造商、头部的游戏平台和头部游戏开发商在内的知名市场参与者建立了长期合作伙伴关系。截至2025年10月31日，公司平台承载超过营运32,000款游戏，包括近年来多款在不同设备上推出的大作，如一款由中国开发并于2024年发布的现象级动作角色扮 演3A游戏，以及一款由中国开发并于2020年发布且具有提升手机游戏体验里程碑式成 就的开创性开放世界游戏。其中，由中国开发并于2024年发布的现象级动作角色扮演3A游戏疑似《黑神话：悟空》。然而，虽然海马云的实时云渲染能力在云游戏领域得到充分验证，但公司业绩确呈现明显的“AB面”。一面是营收规模持续增长的“A面”。据招股书披露，2022年至2024年，该公司实现营收2.90亿元、3.37亿元、5.20亿元，三年符合增长率达33.8%。截至2025年前10月，公司营收继续保持高增长，同比增长37.98%至5.84亿元。透过收入结构来看，云游戏GPUaaS业务依然是公司核心收入来源，2025年前10个月贡献收入5.21亿元，同比增长31.4%，占比高达89.2%;云原生内容服务收入3970万元，同比增长157.4%，占比6.8%。另一面则是盈利与财务压力较为突出的“B面”。2022年至2024年，海马云录得净亏损分别为2.46亿、2.18亿元、1.86亿元，三年时间累计亏损6.5亿元。截至2025年前10月，公司仍延续亏势，录得净亏损为1.49亿元。据悉，该公司持续亏损主要是受高昂的计算资源、IDC成本及服务器采购成本拖累。同时，高额的融资成本也侵蚀了大部分毛利。智通财经观察到，持续亏损之下，海马云的资金压力也有所增大：截至2024年末，公司现金及等价物仅2624万元，但净流动负债高达16.74亿元，流动比率仅为0.2倍，偿债压力较大。另外，公司签有对赌协议，若未能在 2026年12月31日前 完成上市，将触发股份回购义务，或将进一步加重财务负担。由上可以看到，即便作为国内云游戏实时云渲染服务GPUaaS提供商龙头，海马云亦存有不可避免的盈利和财务压力，而此次赴港上市显然不失为公司缓解财务压力的一大明智选择。“高潜力”与“大挑战”并存海马云所处的“云游戏实时云渲染”赛道是一个新兴市场，这也意味着该赛道整体呈现高潜力、发展驱动力强劲等特征。据悉，作为云游戏的核心技术支撑，该细分市场增速明确。根据灼识咨询的数据，实时云渲染服务市场仍处于相对早期的发展阶段，全球实 时云渲染服务市场规模从2020年的人民币110亿元增至2024年的人民币297亿元，复合年增长率为28.1%。预计到2029年将达到人民币870亿元，2024年至2029年的复合年增长率为24.0%。在这其中，中国实时云渲染服务市场的增长率超过了全球实时云渲染服务市场。根据灼识咨询的数据，中国实时云渲染服务市场规模从2020年的人民币24亿元增至2024 年的人民币80亿元，2020年至2024年的复合年增长率为34.4%，预计到2029年将进一步 达到人民币332亿元，2024年至2029年的复合年增长率为33.1%。不过，尽管这一新兴市场前景广阔，但实则赛道也面临一些“大挑战”。一是，商业盈利世界性难题：云游戏“重资产、高投入”的模式导致全球范围内都缺乏持续盈利的成功案例，谷歌的云游戏服务Stadia就因商业化困难而关闭。二是，技术与成本平衡难：提供高质量、低延迟的体验需要部署大量GPU服务器并承担高昂的算力和IDC成本，这持续挤压着企业的利润空间。最后则是，巨头竞争与内部化风险——游戏大厂(如米哈游)可能自建渲染能力，而腾讯、阿里等科技巨头也在该领域布局，可能挤压独立服务商的市场空间。在这样潜力与挑战并存的发展背景下，海马云还存有一大发展“隐忧”：即公司收入严重依赖大客户。据招股书披露，2022-2024年，前五大客户贡献收入占比均超70%，其中第一大客户收入贡献长期超过35%。一旦大客户预算或战略调整，将对公司收入造成巨大冲击。综合上述来看，不难看出，海马云卡位在一个高增长的新兴技术赛道，并凭借其技术优势和行业地位成为了“隐形冠军”。然而，其商业模式也正面临一定挑战：过度依赖大客户和持续亏损的表现，使其公司压力不容小觑。故此，其投资价值也讲呈现“高风险、高回报”特征，且主要取决于公司技术护城河和市场份额，能否支撑它最终跨越财务亏损和客户依赖这两座大山，分享到行业爆发的红利。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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