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The company is a company that provides audio and video cloud services. According to iResearch, the company's revenue in 2023 accounted for 1.5% of the total audio and video cloud service market. Based on the revenue from APaaS in 2023, the company is also the second-largest audio and video aPaaS service provider in China, with a market share of 14.1%. The company is one of the few companies with the technical ability to develop comprehensive and high-performance mPaaS products, and to integrate and cover all aspects of the audio and video business. The company's main products and services include (1) mPaaS products, including proprietary content distribution networks (QCDN) to accelerate content distribution, object storage platforms (Kodo) for storing content, interactive live streaming products and intelligent media data analysis platforms (Dora), which mainly serve customers with strong development capabilities and high flexibility requirements; and (2) aPaaS solutions, which are mainly aimed at enabling customers to quickly access different functions with simple deployment to achieve business goals. The company's mPaaS products utilize a range of audio and video technologies and a range of AI technologies. The company's QCDN products have achieved extensive network coverage, comprehensive node monitoring and real-time intelligent distribution to provide customers with low-latency cloud services. Currently, the company's mPaaS platform provides an average of more than 4.6 billion minutes of audio and video playback per day. According to iResearch, it is at a high level of the industry average. The company's Kodo products support centralized and edge storage and multi-cloud deployment, enabling customers to easily store and manage large amounts of data. The company's market value after listing was approximately HK$5.6 billion, and the offering price was about 4 times that of PS in 2023, making the valuation reasonable. Considering the current market competition and weak macroeconomic environment in the cloud industry, the company is still at a loss and it is difficult to achieve break-even in the short term, so it is recommended to purchase carefully.
