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。 （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）） 根據2022年受限制股份單位計劃有條件授出股份獎勵 本公告由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」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 17.06A、17.06B及17.06C條作出。 於2025年9月4日，本公司根據本公司董事會（「董事會」）於2022 年6 月20日採納 的本公司受限制股份單位計劃（並根據日期為2024年6月26日的股東決議案修訂） （「2022年受限制股份單位計劃」）向高級承授人（按照2022年受限制股份單位計劃 下定義，即各為執行董事）授出合共1,360,000,000份受限制股份單位（「受限制股 份單位」）（「建議高級授出」）。詳情載列如下： | 授出日期： | 2025年9月4日 ...

Group 1 - The State Council issued an opinion to promote high-quality development of the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [2] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system [2] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released an action plan for the electronic information manufacturing industry, focusing on high-quality development in the photovoltaic sector [3] Group 2 - China Shipbuilding announced that its A-share stock will be delisted on September 5 [5] - Xiamen Electric Power confirmed no undisclosed significant matters [5] - Guoxin Technology successfully tested a new high-performance chip for automotive electronics [5] - Beijing Lier is exploring AI-related business through strategic cooperation with SenseTime and Xiwang [5] - Ji Feng Technology plans to establish a wholly-owned subsidiary for low-altitude industry investment and operation [5] - KBD plans to acquire 60% of KBD Intelligent Technology for 345 million yuan, entering the automotive intelligence sector [5] - Zhongwei Company launched six new semiconductor equipment products [5]

Core Viewpoint - The release of the "Artificial Intelligence+" policy by the State Council aims to deeply integrate six key areas: technology, industry, consumption, people's livelihood, governance, and global cooperation, with a focus on creating a new form of intelligent economy and society by 2035 [1][5]. Group 1: Company Performance - SenseTime (0020.HK) reported a remarkable mid-year performance for 2025, with revenue growth of 36% to 2.4 billion yuan, exceeding market expectations [3]. - The revenue from generative AI grew by 73% for the third consecutive year, while adjusted losses decreased significantly by 50%, with total cash reserves reaching 13.2 billion yuan [3]. - The company has established a complete AI ecosystem from foundational technology to top-level applications, aligning closely with the national "Artificial Intelligence+" strategy [3][6]. Group 2: Strategic Alignment with Policy - SenseTime's strategy of "computing power infrastructure - large model research - large model application" aligns well with national policy demands, showing substantial progress in its "1+X" strategy [6]. - The company has achieved a total computing power of over 25,000 PetaFLOPS, with an 80% utilization rate of heterogeneous clusters, demonstrating high efficiency [8]. - SenseTime's various applications in smart city management, healthcare, and industrial automation reflect the company's commitment to the "Artificial Intelligence+" initiative [8][9]. Group 3: Market Opportunities - The "Artificial Intelligence+" policy is expected to create significant market opportunities across six key action areas, with each field potentially containing trillion-level market scales [12]. - SenseTime's ongoing projects in smart health, education, and public safety are examples of how the company is leveraging these opportunities to enhance its market presence [9][10]. Group 4: Future Outlook - Looking ahead, SenseTime plans to continue iterating its multi-modal large model and expand its technological leadership in strong reasoning and intelligent agents [13]. - The company aims to deepen its presence in key policy areas such as industrial automation, automotive, and healthcare, while fostering innovation through its "1+X" strategy [13]. - SenseTime is committed to enhancing international cooperation and contributing to global AI governance standards, positioning itself as a core player in the global AI landscape [11][13].

Core Viewpoint - Beijing Lier has signed a strategic cooperation agreement with Shanghai SenseTime Technology Co., Ltd. and Hangzhou Xiwang Chip Technology Co., Ltd. to explore collaboration in AI computing power, industrial manufacturing, and decision-making AI vertical model development and application [1] Group 1 - The strategic cooperation aims to jointly research and explore AI computing power collaboration [1] - The partnership will focus on the development and application of vertical models for industrial manufacturing and decision-making AI [1] - The agreement includes the development and promotion of related intelligent agents [1]

Core Insights - SenseCore from SenseTime has achieved full compatibility with Huawei's Ascend 384 SuperPod, enhancing AI model training capabilities [1] - The Ascend 384 SuperPod is recognized as the largest scale supernode solution in the industry, addressing computational collaboration and communication efficiency issues in AI model training [1] - SenseCore aims to provide agile, flexible, and reliable full-stack AI infrastructure services, facilitating the efficient implementation and large-scale application of large model technologies [1] Technical Developments - The integration of SenseCore with the Ascend 384 SuperPod enables multi-tenant, large-scale, and elastic AI cloud services [1] - Future collaborations will explore various application scenarios, including large model inference acceleration, intelligent agent deployment, and optimization of large model training and inference for vertical industries [1] - The successful adaptation of SenseCore with the Ascend 384 SuperPod is expected to accelerate its application across various sectors [1]

Core Viewpoint - Beijing Lier (002392.SZ) has signed a strategic cooperation agreement with SenseTime and Hangzhou Xiwang Chip Technology Co., Ltd. to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [1][2] Group 1 - The agreement aims to jointly research and explore strategic cooperation in AI computing power, industrial manufacturing, and decision-making AI vertical model development [1] - The three parties will promote the sales and application of Xiwang's AI chips across various fields, focusing on the already mass-produced S1, S2, and the upcoming S3 inference chips [1] - The collaboration will leverage Beijing Lier's strong customer relationships to advance the use of AI chips in steel companies' AI data center businesses [1]

Core Viewpoint - The company Beijing Lier has signed a strategic cooperation agreement with SenseTime and Horizon Robotics to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI models [1] Group 1: Strategic Cooperation - The agreement involves joint research and exploration in AI computing power, industrial manufacturing, and decision-making AI vertical models [1] - The collaboration also includes the development and promotion of related intelligent agents [1] Group 2: Market Context - The business area targeted by this cooperation is a new venture for the company, indicating that the market is not yet mature [1] - There is uncertainty regarding downstream demand in this emerging market [1]

Core Viewpoint - Beijing Lier (002392.SZ) announced a strategic cooperation agreement with SenseTime and Horizon Robotics to explore AI computing power collaboration, development and application of industrial manufacturing and decision-making AI vertical models, and related intelligent agent development and promotion [1] Group 1 - The cooperation is a framework agreement, indicating that specific cooperation content and related business implementation progress remain uncertain [1] - The agreement is not expected to have a significant impact on the company's current performance [1]

Core Viewpoint - The company has signed a strategic cooperation agreement with Shanghai SenseTime Technology Co., Ltd. and Hangzhou Xiwang Chip Technology Co., Ltd. to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [1] Group 1 - The cooperation aims to jointly research and develop AI computing power, industrial manufacturing, and decision-making AI models [1] - The agreement includes promoting the sales and application of AI chips and establishing a joint computing power business entity [1] - The agreement is a framework agreement and will not have a significant impact on the company's current performance; future performance impact will depend on the implementation of subsequent projects [1]

Core Viewpoint - The company has shown significant improvement in its financial performance, driven primarily by the rapid growth of its generative AI business, while also implementing a successful "1+X" strategy that has led to reduced expenses and improved cash flow [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 2.358 billion yuan, representing a year-over-year increase of 35.48%, while the adjusted net loss narrowed significantly by 50% to 1.162 billion yuan [1]. - The revenue composition for the first half of 2025 indicates that generative AI contributed 1.816 billion yuan, a year-over-year increase of 72.7%, accounting for 77.0% of total revenue [1]. - The company's operating cash outflow significantly reduced to 640 million yuan in the first half of 2025, compared to 3.524 billion yuan in the same period of 2024, due to improved accounts receivable collection and inventory management [2]. Group 2: Strategic Implementation - The "1+X" strategy has led to a notable decrease in sales and management expenses by 17.3% and 18.8% respectively, while R&D expenses increased by 12% due to higher costs associated with model training [2]. - The company has achieved a gross margin of 38.5% in the first half of 2025, although this represents a year-over-year decline of 5.6 percentage points due to rising costs related to hardware and AIDC [2]. Group 3: Competitive Advantages - The company has enhanced its total computing power to 25,000 PetaFLOPS, achieving stable operation with approximately 5,000 heterogeneous chips and an 80% cluster utilization rate [3]. - The newly released model, "Riri Xin 6.5," is the first in China to achieve cross-modal reasoning, significantly improving its performance and cost-effectiveness [3]. - The company's ecosystem, including the "Little Raccoon" series, serves over 3 million users across various sectors such as finance, education, and government [3]. Group 4: Revenue Forecast and Valuation - The revenue forecast for 2025-2026 is maintained at 4.83 billion and 6.10 billion yuan, with a slight upward adjustment for 2027 to 7.555 billion yuan, reflecting the rapid growth of the generative AI segment [4]. - The target price for the company is set at 2.44 HKD, based on a price-to-sales ratio of 17.9x for 2025, which is influenced by the overall increase in comparable company valuations [4].