证券研究报告 商汤-W (20 HK) 港股通 生成式 AI 业务驱动业绩超预期 | | | 2026 年 3 月 26 日│中国香港 其他电子 商汤发布 2025 年业绩公告，2025 年收入 50.15 亿，yoy+32.9%；净利润 亏损 17.66 亿，同比大幅收窄 58.72%；经调整净亏损 19.56 亿元，同比大 幅收窄 54.3%。公司营收和净利润均超出我们预期（预期 25 年营收 48.3 亿，净利润亏损 26.97 亿），主要得益于生成式 AI 营收的高速增长。商汤 持续深化"大装置-模型-应用"三位一体战略，生成式 AI 业务营收高速增 长，盈利能力不断改善，维持买入评级。 生成式 AI 成为公司营收增长主要驱动力 25 年收入拆分来看：1）生成式 AI 收入达 36.30 亿元，yoy+51.0%，收入 占比提升至 72.4%（24 年同期占比为 63.7%），成为公司收入增长主要增 长动力，主要来源于市场对生成式 AI 模型训练、微调和推理的需求持续高 速增长；2）视觉 AI 收入 10.83 亿元，yoy+3.4%，其中 25H2 同比增速达 20.9%，主要通过多模态视觉智能体实 ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update SenseTime (20 HK) SenseTime (20 HK) - FY25 FY25 results beat on solid Gen AI business operating efficiency and enhanced operating efficiency SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business. Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：0020（港幣櫃台）及80020（人民幣櫃台）） 截至2025年12月31日止年度之 年度業績公告 董事會欣然公佈本集團截至2025年12月31日止年度之綜合財務業績。截至2025年 12月31日止年度的綜合財務報表已由核數師根據國際審計準則審核，並經審計委 員會審閱。 主要摘要 財務概要 截至12月31日止年度 | | 2025年 | | 2024年 | | | | --- | --- | --- | --- | --- | --- | | | | 佔總收入 | | 佔總收入 | | | | 金額 | 百分比 | 金額 | 百分比 | 同比變動 | | | | （人民幣千元，除非為百分比） | | | | | 收入 | 5,014,640 | 100.0 | 3,772,101 | 100.0 | 32.9% | | 毛 ...

技术不再是空中楼阁，而是变成了触手可及的"生产工具"。而想要亲手摸到这些未来的开发者和创业者们，此刻正不约而同地看向同一个地方 —— 上海 。 作为拥有极致AI应用场景的 "开发者之城" ，上海再次发出了召集令： 创见时刻，就在上海。 2026全球开发者先锋大会（GDPS） 正式定档 3月27日至29日 ，就在上海徐汇。 这不只是一场属于技术大牛的聚会。在这里，你可以： 这场涵盖 "1场开幕式、3+赛事、50+工作坊、100+互动体验、N场嘉年华" 的AI盛宴，已经为你准备好了通往AGI时代的入口。 允中 发自 凹非寺 量子位 | 公众号 QbitAI 现在，AI进化的速度，已经快到想象力都有点跟不上了。 当你还在纠结如何写prompt时，有人已经靠OpenClaw搭好了 自动化流水线 ；当你在看短剧消磨时间，有人已经独自肝出了一部 电影级大 片 。 现场领千万Token ：手把手教你装配当下最火的"小龙虾"，半小时即可领证"上岗"； 解锁"一人公司"通关指南 ：听顶级创客拆解如何靠AI一个人顶起一支队伍，把商业价值稳稳落地； AIGC实战进阶 ：从AI 3D创作到漫剧规模化生成，大咖带你把Seedance ...

Summary of Conference Call Notes Industry Overview - The focus is on the **China Software** industry, particularly companies involved in software development and AI applications. Key Companies Discussed - **Kingsoft Office** - **Meitu** - **Sensetime** Core Insights and Arguments Valuation Methodology - The valuation approach for the China Software sector has been reset to **Discounted Cash Flow (DCF)** to better reflect free cash flow (FCF) generation and long-term growth prospects in the Gen-AI era [1][2] - Seven stocks were reassessed, including Kingsoft Office, Sensetime, and Meitu, transitioning from near-term P/E to DCF valuation [1] Kingsoft Office (688111.SS) - **Product Launches**: Introduced AI agent Lingxi (WPS AI 3.0) and upgraded WPS 365 for enterprise users, enhancing user adoption through features like real-time collaboration and smart document systems [3] - **Valuation**: Target price set at **Rmb346**, down from **Rmb365**, with a projected 2026 P/S of **21x** and revenue growth of **29% YoY** in 2027-28E [4][8] - **Financial Projections**: - Revenue expected to grow from **Rmb4,556 million** in 2023 to **Rmb12,321 million** by 2028, reflecting a **26% YoY** growth rate [9] - Operating income projected to reach **Rmb4,332 million** by 2028, with a net income of **Rmb4,630 million** [9] Meitu (1357.HK) - **Growth Drivers**: Strong revenue growth in core business areas (photo/video/design) and expansion into overseas markets, with a projected **60%-66% YoY** growth in adjusted net income for 2025 [19] - **Valuation**: Target price remains at **HK$16.0**, with a projected 2026 P/S of **12x** and revenue growth of **31% YoY** in 2027-28E [20][22] - **Financial Projections**: - Revenue expected to grow from **Rmb2,696 million** in 2023 to **Rmb9,050 million** by 2028, with a **31% YoY** growth rate [22] Sensetime (0020.HK) - **Product Offerings**: Launched multiple Generative AI products, including AI Drama generation platform and AI Office assistant, with subscription fees ranging from **Rmb29.9 to Rmb1,599/month** [27] - **Valuation**: Target price set at **HK$3.52**, with a projected 2026 P/S of **18x** and revenue growth of **21% YoY** in 2027-28E [28] Additional Important Insights - The report emphasizes the importance of companies with **strong revenue visibility** and **recurring revenues**, particularly those benefiting from the Gen-AI trend [2] - Scenario analyses for both Kingsoft Office and Meitu were conducted, indicating potential revenue impacts based on changes in Average Revenue Per User (ARPU) [16][24] - The overall sentiment remains positive for software suppliers with accumulated data and industry know-how, despite the early-stage monetization of native-AI applications [1][2] This summary encapsulates the key points from the conference call, focusing on the valuation methodologies, financial projections, and growth strategies of the discussed companies within the China Software industry.

（於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：0020（港幣櫃台）及80020（人民幣櫃台）） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 香港，2026年3月6日 於本公告日期，執行董事為徐立博士、王曉剛博士、林達華博士、楊帆先生及王 征先生；非執行董事為范瑗瑗女士；以及獨立非執行董事為薛瀾教授、林怡仲先 生及邱達根先生。 董事會召開日期 商湯集團股份有限公司（「本公司」，連同其附屬公司及合併聯屬實體統稱「本集 團」）董事會（「董事會」）茲通告，本公司謹定於2026年3月24日（星期二）舉行董事 會會議，以（其中包括）考慮及批准本集團截至2025年12月31日止的年度業績及 其刊發，及考慮派發末期股息（如有）。 承董事會命 SenseTime Group Inc. 商湯集團股份有限公司 執行主席 首席執行官 徐立博士 ...

Core Viewpoint - The development paradigm of multimodal large models is being fundamentally restructured, with the introduction of NEO-unify by SenseTime and Nanyang Technological University, marking a significant breakthrough in achieving a truly "native, unified, end-to-end" multimodal model architecture [1][2][3]. Group 1: Technical Breakthroughs - NEO-unify eliminates the reliance on traditional visual encoders (VE) and variational autoencoders (VAE), moving away from component-based approaches to a model that directly processes near-lossless pixel and text inputs [3][10]. - The innovative Mixture-of-Transformer (MoT) architecture enables a seamless integration of visual and language understanding and generation capabilities within the same framework [4][13]. - This architecture signifies a shift from "modal connection" to "native unified intelligence," laying the groundwork for future integrated cross-modal cognitive and generative systems [5][6]. Group 2: Current Challenges in Multimodal Intelligence - The existing multimodal architectures have created a natural divide between perception and generation, which has been a persistent challenge in the field [7]. - Recent attempts to create "shared encoders" have often led to new structural design trade-offs, highlighting the need for a more cohesive approach [8][9]. Group 3: Model Performance and Efficiency - NEO-unify demonstrates superior performance metrics compared to other models, achieving notable results in various benchmarks, such as a score of 86.71 in the WISE benchmark and 0.914 in LongText-en [19]. - The model's design allows for high data and computational efficiency, achieving better performance with fewer training tokens compared to other models like Bagel [49]. Group 4: Future Implications - The introduction of NEO-unify represents not just a model architecture innovation but also a clear pathway towards the next generation of intelligent systems, where multimodal AI evolves from "component stacking" to "essential unity" [51][54]. - Ongoing research and development efforts are in a critical phase of scaling and iteration, with upcoming model results and open-source contributions expected to be released soon [55].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 商汤集团股份有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00020 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 80020 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 1,992,000,000,000 | USD | | 0.000000025 | USD | | 49,800 | | 增加 / 減少 (-) | ...

Market Performance - The Hang Seng Index rose by 0.95% to close at 26,630.54 points, while the Hang Seng Tech Index increased by 0.56% to 5,137.84 points, and the National Enterprises Index gained 0.51% to 8,859.49 points [1] - The main board recorded a trading volume exceeding 288.4 billion HKD, with a net inflow of over 14.9 billion HKD in the southbound trading of Stock Connect [1] Sector Performance - Sectors such as gold, biomedicine, technology, coal, high-speed rail infrastructure, oil and gas, and telecommunications generally saw gains, while sectors like non-ferrous metals, commercial aerospace, banking, and real estate experienced mixed results [1] - New consumption, chips, new energy vehicle companies, brokerages, and aerospace sectors mostly faced declines [1] Individual Stock Movements - Notable stock movements included Xiaomi Group down by 0.80%, China Ping An up by 0.22%, SenseTime up by 4.92%, and SMIC up by 0.59% [1] - Tencent Holdings rose by 1.17% with a trading volume exceeding 16.7 billion HKD, while Alibaba fell by 0.07% with a trading volume over 12.7 billion HKD [2] - Longi Green Energy surged by 10.06% with a trading volume of 9.1 billion HKD [2]

Group 1 - The Hang Seng Index rose by 0.95%, while the Hang Seng Tech Index increased by 0.56% [1] - New World Development saw a rise of over 7%, WuXi Biologics increased by over 5%, SenseTime rose nearly 5%, and China Shenhua Energy gained over 4% [1] - Longfor Group, CSPC Pharmaceutical Group, and WuXi AppTec all experienced gains of over 3% [1]