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: 2025年12月3日 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: 2025年11月30日 狀態: 新提交 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 (-) ...

Group 1 - Alibaba has released a significant update to its image generation and editing model Qwen-Image, which now maintains higher consistency in image editing and has made breakthroughs in multi-view transformation, multi-image fusion, and multi-modal reasoning. The new version is integrated into the Qianwen App, allowing users unlimited free access [1] - Despite the impressive advancements of Qwen-Image, the development of AI visual technology faces challenges. The industry will continue to monitor whether Qwen-Image can maintain its technological leadership while reducing model training costs and improving operational efficiency for broader application [1] Group 2 - SenseTime has officially launched and open-sourced a new multi-modal model architecture called NEO, developed in collaboration with NTU S-Lab. NEO is the first native multi-modal architecture that breaks away from traditional modular paradigms, achieving deep integration and overall breakthroughs in performance, efficiency, and versatility [2] - The transition in AI paradigms often begins with breakthroughs in architecture. The shift from CNN to Transformer and from single-modal to multi-modal indicates that those who can innovate beyond traditional methods will secure a place in the next generation of the industry [2] Group 3 - UBTECH Robotics has signed a strategic cooperation framework agreement with ZhiSheng Technology, focusing on the core direction of "industry models + embodied intelligence." The partnership aims to deploy 10,000 robots and jointly develop commercial orders worth billions over the next five years [3] - The true turning point for the humanoid robot industry is not merely the deployment of "10,000" robots, but rather the successful operation of the first robot in real-world scenarios for 365 days without failure, leading to customer repurchases and insurance companies willing to underwrite policies [3]

| Model | LLM | # Data | | | | MMMU MMB MMVet MMStar SEED-I POPE HallB | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T Modular Vision-Language Models (2B) | | | | | | | | | | | Owen2-VL | Owen2-1.5B | -1-1- | 41.1 | 74.9 | 49.5 | 48.0 | | - | 41.7 | | Intern VL2.5 | | InternLM2.5-1.8B >6B / 100M / 16M | 43.6 | 74.7 | 60.8 | 53.7 | - | 90.6 | 42.6 | | Owen2.5-VL | Owen2.5-1.5B | -1-1- | 51.2 | 79.1 | 61.8 | 55.9 | - | - | 46.3 | | Intern VL3 | Owen2.5-1.5B | >6B / 100M / 22M | 48.6 ...

目前专业的AI投资人核心关注技术对商业模式的变革价值。商汤医疗基于30余万病理数据打造的标准 化病理多模态大模型，可直接售予医院，医生无需专业AI知识，医生凭简单少量医疗标注就能自主训 练专属模型。这一模式既摆脱了传统定制化实施的高成本困境，又解决了数据隐私安全痛点，为医疗 AI商业化开辟了全新想象空间。 对此，商汤医疗CEO张少霆表示："我们正将医疗AI从'文本的推理'推向'世界的模拟'，致力于构建一个 能够持续学习、自主进化的未来医院数字基座。" 近日，商汤医疗以"智启新生，医领未来"为主题，举办新征程启航盛典。盛典现场，众多医院与院校权 威专家以及百余家一线投资机构共同见证了这一时刻。业内人士认为，此次盛典不仅全面展现了商汤医 疗的技术实力与生态布局，更向资本市场传递出其领跑下一代智慧医疗革命的强劲信号与坚定信心。 来自人卫科发、联想创投、盈峰控股、蓝驰创投等投资机构的代表参与了本次盛会，并在"产业与资本 市场专场"圆桌中，就AI医疗的平台价值与生态协同展开了深入探讨。其中，联想创投集团董事总经理 梁颖在发言中强调："商汤医疗全线产品已入驻联想SSG(方案服务业务集团)全渠道，同时商汤医疗的产 品正与联 ...

当前，业内主流的多模态模型大多遵循"视觉编码器+投影器+语言模型"的模块化范式。这种基于大语 言模型（LLM）的扩展方式，虽然实现了图像输入的兼容，但本质上仍以语言为中心，图像与语言的 融合仅停留在数据层面。这种"拼凑"式的设计不仅学习效率低下，更限制了模型在复杂多模态场景下 （比如涉及图像细节捕捉或复杂空间结构理解）的处理能力。 商汤NEO架构正是为了解决这一痛点而生。早在2024年下半年，商汤便在国内率先突破多模态原生融 合训练技术，以单一模型在SuperCLUE语言评测和OpenCompass多模态评测中夺冠，并基于这一核心技 术打造了日日新SenseNova 6.0，实现多模态推理能力领先。之后，公司在2025年7月份发布日日新 SenseNova 6.5，通过实现编码器层面的早期融合，把多模态模型性价比提升3倍，并在国内率先推出商 用级别的图文交错推理。商汤此次更进一步，彻底摒弃了传统的模块化结构，从底层原理出发，推出了 从零设计的NEO原生架构。 本报讯 （记者李乔宇）近期，商汤集团股份有限公司（以下简称"商汤"）正式发布并开源了与南洋理 工大学S-Lab合作研发的全新多模态模型架构——NEO，为 ...

Core Insights - SenseTime has spun off an AI medical company that has quickly become a quasi-unicorn within six months [1] - The company aims to design and empower "future hospitals" driven by medical large models, focusing on comprehensive perception and deep understanding of medical scenarios [2][4] - SenseTime Medical has raised a total of 1 billion yuan in funding within a short period, with significant investments from various strategic partners [3] Business Strategy and Development - SenseTime Medical is a core extension of the group's "1+X" strategic ecosystem, with the group providing robust technical support [4] - The company has initiated its Series A financing round, aiming to further expand its capital base [3] - The team consists of around 100 members, with over 70% in research and development, featuring graduates from top global universities [20] Technology and Product Development - The AI system follows a "general-special integration" approach, utilizing a central "brain" to manage various medical image models and knowledge bases [6] - The self-developed medical large language model "Daiyi®" has outperformed other models in professional tests, showcasing its capabilities across multiple dimensions [8] - The company has developed a dual-platform system to enhance clinical thinking capabilities and facilitate collaboration among various AI applications [10][11] Clinical Applications and Impact - SenseTime Medical has launched over 40 AI modules targeting various clinical areas, significantly improving efficiency and diagnostic accuracy [14][15] - The "SenseCare®" solutions have demonstrated substantial improvements in clinical workflows, such as a 30%-50% increase in efficiency for pathology departments [15] - The company has partnered with leading hospitals and institutions to implement AI solutions, achieving notable results in surgical planning and research support [26][28][31] Market Expansion and Future Outlook - SenseTime Medical is actively expanding its market presence, having obtained the first AI+medical device registration in Singapore and initiating operations in Indonesia [33] - The company is focused on building a "world model" that simulates complex medical environments, moving beyond simple Q&A interactions [35][36] - Future strategies include deepening the "1+X" approach, with a focus on generative AI and visual AI as core business drivers [37][38]

近期，人工智能领域投融资持续活跃，其中"AI+医疗"因其明确的临床需求与商业化前景，成为资本密 集注入的黄金赛道。证券时报记者获悉，在AI医疗领域，商汤已孵化了一家准独角兽企业——商汤医 疗，商汤医疗在半年内累计融资规模达10亿元。 产业资本加持 前不久，商汤医疗宣布顺利完成数亿元融资，由联想创投、联创资本、九弦资本、申冉投资等多家机构 共同参与。结合年初获得美的系盈峰控股、人民卫生出版社集团旗下人卫科技发展公司的战略注资，在 大模型应用愈演愈热，而资本仍趋谨慎的环境下，商汤医疗的融资却呈现马太效应。 商汤医疗的每一轮融资，不仅是大量资金的注入，更是战略生态的深度融合。在近日举行的商汤医疗新 征程启航盛典上，来自人卫科发、联想创投、盈峰控股、蓝驰创投等投资机构代表，就AI医疗的平台 价值与生态协同展开了深入探讨。其中，联想创投集团董事总经理梁颖表示，"商汤医疗全线产品已入 驻联想SSG（方案服务业务集团）全渠道，同时商汤医疗的产品正与联想各类硬件产品进行适配，实现 软硬件结合的高强互补。" 有别于海外市场，国内传统医疗软件销售模式存在成本高、定制化依赖强等痛点，而商汤医疗的布局正 突破这一局限。举例来说，公司 ...

Core Insights - The MEET2026 Smart Future Conference will focus on cutting-edge technologies and industry developments that have garnered significant attention throughout the year [1] - The theme "Symbiosis Without Boundaries, Intelligence to Ignite the Future" emphasizes how AI and smart technologies penetrate various industries, disciplines, and scenarios, becoming a core driving force for societal evolution [2] Group 1: Conference Highlights - The conference will cover hot topics in the tech circle this year, including reinforcement learning, multimodal AI, chip computing power, AI in various industries, and AI going global [3] - It will feature the latest collisions between academic frontiers and commercial applications, showcasing leading technological achievements from infrastructure, models, and product industries [4] - The event will also include the authoritative release of the annual AI rankings and the annual AI trend report [5][116] Group 2: Notable Speakers - Zhang Yaqin, President of Tsinghua University's Intelligent Industry Research Institute and an academician of the Chinese Academy of Engineering, has extensive experience in AI and digital video technologies [11][12] - Sun Maosong, Executive Vice President of Tsinghua University's AI Research Institute, has led numerous national projects in AI research [15] - Wang Zhongyuan, Director of the Beijing Academy of Artificial Intelligence, has a strong background in AI core technology development and has published over 100 papers [19] Group 3: Industry Impact - The annual AI rankings initiated by Quantum Bit have become one of the most influential lists in the AI industry, evaluating companies, products, and individuals across three dimensions [117] - The annual AI trend report will analyze ten significant AI trends based on technological maturity, implementation status, and potential value, highlighting representative institutions and best cases [118] - The conference aims to attract thousands of tech professionals and millions of online viewers, establishing itself as an annual barometer for the smart technology industry [122]

Core Viewpoint - The article discusses the challenges and dynamics faced by the autonomous driving sector, particularly focusing on the company SenseTime's subsidiary, Absolute Shadow, as it seeks external financing amidst a tightening market environment [4][5][20]. Group 1: Market Dynamics - The autonomous driving battlefield is entering a critical phase, with significant events such as the announcement of a 3.6 billion financing round by another player, indicating a narrowing financing environment [5]. - Absolute Shadow is seen as a unique player outside the final competition circle, struggling to secure its position in a market dominated by tech giants and established automotive manufacturers [6][10]. Group 2: Company Positioning - Absolute Shadow is categorized among three types of companies in the autonomous driving landscape: those incubated by tech giants, those supported by automotive manufacturers, and those founded by star entrepreneurs [6]. - The company has faced challenges in becoming a core platform provider, with its product lines significantly reduced and a focus on specific platforms like Horizon and NVIDIA [24][26]. Group 3: Talent and Management Issues - The company has experienced significant turnover in its leadership, impacting its ability to meet the demands of long-term production cycles [27]. - Frequent changes in management have led to a disconnect between the algorithm and engineering teams, hindering the transition from theoretical models to practical applications [31]. Group 4: Customer Relationships - Absolute Shadow's customer base primarily consists of secondary suppliers, with its largest client, Nezha Auto, facing operational challenges that jeopardize future orders [28][29]. - The company has attempted to attract clients through innovative delivery models but risks being marginalized as competitors solidify their partnerships [29]. Group 5: Financial Viability and Future Outlook - The company has struggled with profitability, with most of its revenue coming from low-margin products rather than high-value autonomous driving solutions [31]. - Despite its challenges, Absolute Shadow retains potential value in areas like AI infrastructure and multi-modal interactions, although it has fallen behind in the autonomous driving sector [32][33].

Core Viewpoint - The company, Teslin Smart Technology Co., Ltd., has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, marking its third attempt after previous submissions lapsed. The company has experienced a valuation increase of approximately 310 times over nine years, with significant investments from major players like SenseTime and JD.com. Despite a compound annual growth rate (CAGR) of 58% in revenue over the past three years, the company has yet to achieve profitability, with fluctuating gross margins [1][2][3]. Group 1 - Teslin was established in 2015 and offers a full-stack AIoT product suite, including software, hardware, and services, through its TacOS operating system [2][3]. - The company is recognized as one of the top five public domain AIoT product providers in China, with its TacOS being one of the earliest public AIoT operating systems in Asia [2][3]. - As of June 30, 2025, Teslin's products have been deployed by over 900 clients across 172 cities globally, including locations in China, UAE, Singapore, and Australia [2][3]. Group 2 - Revenue figures for Teslin during the reporting period are as follows: 738 million yuan in 2022, 1 billion yuan in 2023, 1.843 billion yuan in 2024, and 632 million yuan in the first half of 2025. The revenue for 2024 represents an 84.3% increase from 2023, with a 77% increase in the first half of 2025 compared to the same period in 2024 [3][4]. - The AI industry digitalization revenue accounted for 89% of total revenue in 2024, amounting to 1.641 billion yuan, and saw a significant increase of 191.1% in the first half of 2025 compared to the same period in 2024 [3][4]. - The company has not yet achieved profitability, reporting net losses of approximately 2.387 billion yuan in 2022, 803 million yuan in 2023, 2.1 billion yuan in 2024, and 574 million yuan in the first half of 2025 [3][4]. Group 3 - Research and development (R&D) expenses for Teslin were 329 million yuan in 2022, 322 million yuan in 2023, 377 million yuan in 2024, and 162 million yuan in the first half of 2025, reflecting an 11.4% increase from the same period in 2024 [4]. - The gross margin fluctuated during the reporting period, with figures of approximately 10.1% in 2022, 31.03% in 2023, 15.32% in 2024, and 22.74% in the first half of 2025 [4]. Group 4 - Since its establishment, Teslin has completed nine rounds of financing, raising a total of 5.3 billion yuan, with the latest round in May 2025 bringing in approximately 1.619 billion yuan [5][6]. - The company's valuation has increased from 70 million yuan to approximately 21.691 billion yuan over nine years, representing a growth of about 310 times [5][6]. - Notable investors include ALCapital, IDG Capital, and major technology firms, with the management team holding 26.61% of voting rights [6].