The market value ranges from 15 billion to 1 billion.

Text/Yang Jianyong

On July 11, Jinshan Cloud suffered a severe drop in the capital market, down 11.68%, less than $ 1 billion. You know, the market value of highlights is also close to $ 15 billion. Today, compared with the highest historical price of $ 74.67, the cumulative decline is as high as 95%; the issue price of $ 17 has fallen by 78%. Of course, behind this is the overall stock market, but in front of Jinshan Cloud is the market share that is constantly being eaten and losing money for years, reflecting the market's concerns about the unicorn that continues to lose money.

Fall in the dilemma of losses, Jinshan Cloud's prospects are worried

In the first quarter of 2022, Jinshan Cloud's net loss was 554.8 million yuan, an increase of 45%year -on -year, and showing an upward trend. In 2021, the net loss was 1.598 billion yuan, an increase of 636 million yuan compared to the net loss in 2020. It should be pointed out that on the cloud service track, the manufacturer that can achieve profitability is rare. For small and small cloud manufacturers, it is even more difficult to achieve profitability to achieve profitability. Including the losses engraved is also a situation of increasing year -on -year increases. In 2020 and 2021, they lost 340 million yuan and 630 million yuan respectively. In the first quarter of 2022, they lost 140 million yuan, and the non -losses were 153 million yuan.

At present, data disclosed through the financial reports of various manufacturers show that only Amazon Cloud Technology and Alibaba Cloud. In the past quarter, Amazon Cloud Technology revenue was US $ 18.441 billion, an increase of 37%year -on -year, and its operating profit was US $ 6.52 billion, which was the core source of profit of Amazon. In fiscal 2022, Alibaba Cloud EBITA's profit was 1.146 billion yuan. Because Microsoft did not disclose the scale of the public cloud Azure revenue, but Microsoft Smart Cloud's largest business sector, Microsoft's largest business sector. As of March 31, 2022, the revenue from the smart cloud sector was 19.1 billion US dollars, an increase of 26%year -on -year. source.

Judging from the data of the world's three major cloud giants, we want to achieve a high threshold for profit in the cloud service market. Because cloud computing is a heavy asset industry, it needs to invest a lot of funds and other resources to build a huge cloud data center around the world. There is also a huge technological innovation and a rich cloud application combination. In other words, for cloud manufacturers, the competition is no longer LaaS infrastructure capabilities, and more is PaaS and SaaS service capabilities such as the Internet of Things, artificial intelligence, and data analysis.

The giant Lin stands, and the gap survival is extremely difficult

In addition to losses in the year, Jinshan Cloud also has to face the giant cloud service market, especially the public cloud track, the giants snatched the market through the price, and the market competition trend will continue. In the case, it is difficult to survive in the giant seams. According to the data disclosed in the quarter, in the first quarter of 2022, Jinshan Cloud revenue was 2.175.8 billion yuan, an increase of 19.9%year -on -year; of which, the public cloud business met was mediocre. In the same period, 13.118 billion yuan increased slightly by 0.5%.

As the largest business sector of Jinshan Cloud, public cloud accounts for more than 60 % of the total revenue. However, the Matthew effect of the public cloud market is obvious. Compared with the cloud giants, small and medium -sized cloud manufacturers have a weak competitiveness, which has led to a slowdown in the growth rate of the public cloud market, including cloud manufacturers such as excellent engraving and Qingyun. In the first quarter of 2022, Qingyun's revenue decreased by 9%year -on -year to 7963 yuan; excellent revenue was 528 million yuan, a year -on -year decrease of 25.73%. The decrease in operating income is that the revenue is mainly proclaimed by the main scale of cloud distribution business, and even the revenue of the public cloud product line cannot cover the cost.

In 2021, the revenue from the carved public cloud business was 2.191 billion yuan, the operating cost was 2.194 billion yuan, and the gross profit margin was -0.13%. Among the specific public cloud products, the network, cloud distribution, and storage are all earning markets. At the same time, the market share of small and medium -sized cloud manufacturers such as Jinshan Cloud and Youyou also continues to decline until it has become "Others". According to the Chinese public cloud market share report released by IDC a few days ago, in the public cloud IaaS+PaaS market, the top five manufacturers are Alibaba Cloud, Tencent Cloud, Huawei Cloud, Tianyi Cloud and Amazon Cloud Technology, which accumulate 74.9% market share.

Later, there were clouds such as Baidu Smart Cloud, JD Cloud, and operators such as China Mobile. In the IDC report, China Mobile continues to strengthen the strategic investment of mobile clouds. While continuously enhances the number of self -developed products in the full stack of clouds, it will create the advantages of the cloud net, the integration of the clouds, the integration of the cloud and the wisdom, and the collaboration of the cloud; China Unicom released Unicom Cloud brand. Through the continuous integration of new generation of information technology such as large, material, wisdom, chain, and Ann, China Unicom Cloud has created seven major scene clouds to help Qianxing Cloud, use numbers, and wisdom. Of course, Jinshan Cloud has made a breakthrough growth in traditional industries such as finance and medical care.

It is worth mentioning that on the public cloud IaaS+PaaS track, the five major cloud manufacturers are divided into melon, showing the stronger pattern of the strong. It is worrying that growth is not optimistic, and it also makes the performance in the capital market.

at last

Yunzheng is increasingly dominated by the IT pattern. The intelligent and digital speed of the cloud as the core is accelerating, bringing the cloud service market in my country to continue to maintain a strong growth trend.IDC is expected to continue to grow at a high speed at a compound growth rate of 30.9%in the next five years. It is expected that by 2026, the market size will reach US $ 105.76 billion (over 700 billion yuan).The expenditures in cloud infrastructure services from all walks of life will continue to maintain a strong growth trend, and companies in the entire cloud ecosystem will benefit.The cloud service market cake is huge, and the competition between the cloud giants has become more and more intense. For small and medium cloud players, it is extremely difficult to share a share in the hands of the giants.Under the increasingly competitive situation, how to break the situation for small and medium -sized cloud manufacturers to facing major tests is also the core of market concern.

Yang Jianyong, a Forbes Chinese writer, is committed to in -depth interpretation of cutting -edge technologies such as the Internet of Things, cloud services and artificial intelligence.

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