来源：智通财经 8月28日，商汤集团股份有限公司（商汤-W，0020.HK）发布2025年中期业绩，总收入同比增长36%， 达24亿元；生成式AI收入连续第三年高速增长，增长73%；经调整净亏损11.62亿元，同比下降50%；贸 易应收回款额32亿元；毛利9.08亿元，毛利率38.5%。截至2025年上半年，商汤集团总现金储备132亿 元，高于上两个报告期。 2025年上半年，商汤"1+X"战略取得实质性进展，生成式AI占集团收入进一步提升至77%，视觉AI重启 增长曲线，利润空间与现金流双向改善。组织层面，商汤围绕"1"和"X"进行二次联合创业，组建了专业 化、多元化领导架构，并为创新业务设立独立联创团队，释放"X创新业务"的经营活力与资本市场吸引 力。（智通财经记者 秦盛） ...

2025年上半年，商汤持续深化"1+X"战略并取得实质性进展，以生成式AI与视觉AI为双引擎，完成业务 动能稳健和结构优化。生成式AI占集团收入进一步提升至77%，视觉AI重启增长曲线，以高质量客户策 略和领先市场份额，实现利润空间与现金流双向改善。组织层面，围绕"1"和"X"进行二次联合创业，组 建专业化、多元化领导架构，并为创新业务设立独立联创团队，释放"X创新业务"的经营活力与资本市 场吸引力。 商汤集团(00020)发布2025年中期业绩公告，总收入同比增长36%，达人民币24亿元；生成式AI收入连 续第三年高速增长，涨幅达73%；经调整亏损净额同比和环比均大幅收窄，同比下降50%；贸易应收回 款额32亿元，按年大幅提升至96%。截至2025年上半年，集团的总现金储备132亿元，高于上两个报告 期。 ...

经调整亏损净额保持同比和环比都大幅下降，2025年上半年收窄至11.62亿元，同比下降50.0%，验证 了"聚焦核心 - 优化结构 - 提升效率"的经营路径。截止2025年6月30日，集团现金储备为 131.58亿元， 为持续投入大模型底座、行业化应用与生态建设提供充足保障。 2025年上半年，集团收入同比增长35.6%，达23.58亿元。生成式AI收入达18.155亿元，同比增长 72.7%，在集团收入中的占比由2024年上半年的60.4%及2024年财政年度的63.7%进一步提升至 77.0%， 充分体现了行业需求加速向生产级应用的结构性迁移。 集团毛利为9.08亿元，毛利率38.5%。贸易应收回款额31.59亿元，同比提升95.5%，体现销售与交付闭 环效率显著加快。在模型性能迭代与算力效率提升的共同作用下，营收质量保持稳健。 智通财经APP讯，商汤-W(00020)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 23.58亿元(单位下同)，同比增加35.6%;毛利9.08亿元，同比增加18.4%;经调整亏损净额11.62亿元，同比 减少50%;每股亏损0.04元。 ...

智通财经APP获悉，商汤集团(00020)发布2025年中期业绩公告，总收入同比增长36%，达人民币24亿 元；生成式AI收入连续第三年高速增长，涨幅达73%；经调整亏损净额同比和环比均大幅收窄，同比下 降50%；贸易应收回款额32亿元，按年大幅提升至96 %。截至2025年上半年，集团的总现金储备132亿 元，高于上两个报告期。 2025年上半年，商汤持续深化"1+X"战略并取得实质性进展，以生成式AI与视觉AI为双引擎，完成业务 动能稳健和结构优化。生成式AI占集团收入进一步提升至77%，视觉AI重启增长曲线，以高质量客户策 略和领先市场份额，实现利润空间与现金流双向改善。组织层面，围绕"1"和"X"进行二次联合创业，组 建专业化、多元化领导架构，并为创新业务设立独立联创团队，释放"X创新业务"的经营活力与资本市 场吸引力。 ...

集团毛利为9.08亿元，毛利率38.5%。贸易应收回款额31.59亿元，同比提升95.5%，体现销售与交付闭 环效率显著加快。在模型性能迭代与算力效率提升的共同作用下，营收质量保持稳健。 经调整亏损净额保持同比和环比都大幅下降，2025年上半年收窄至11.62亿元，同比下降50.0%，验证 了"聚焦核心-优化结构-提升效率"的经营路径。截止2025年6月30日，集团现金储备为131.58亿元，为持 续投入大模型底座、行业化应用与生态建设提供充足保障。 商汤-W(00020)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币23.58亿元(单位下 同)，同比增加35.6%;毛利9.08亿元，同比增加18.4%;经调整亏损净额11.62亿元，同比减少50%;每股亏 损0.04元。 2025年上半年，集团收入同比增长35.6%，达23.58亿元。生成式AI收入达18.155亿元，同比增长 72.7%，在集团收入中的占比由2024年上半年的60.4%及2024年财政年度的63.7%进一步提升至77.0%， 充分体现了行业需求加速向生产级应用的结构性迁移。 ...

人民财讯8月28日电，8月28日，商汤发布2025年中期业绩。数据显示，今年上半年，商汤营收近24亿 元，同比增长近36%，生成式AI收入占比达77%；经调整亏损净额11.62亿元。 ...

截至2025年6月30日止六個月之 中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審計綜合業績。該等 中期業績乃根據國際會計準則第34號「中期財務報告」編製，且已由核數師及審計 委員會審閱。 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）） 主要摘要 財務概要 | | 截至6月30日止六個月 | | | | | | --- | --- | --- | --- | --- | --- | | | 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 | | | （未經審計） | | | | | | | （人民幣千元，除非為百分比） | | | | | | 收入 | 2,358,198 | 100.0 ...

Market Overview - The Hang Seng Index closed at 25,201.76 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,697.53 points, down 1.47% [1] - The China Enterprises Index closed at 9,020.26 points, down 1.40% [1] - The Red Chip Index closed at 4,273.29 points, down 1.62% [1] Top Gainers - Nongfu Spring rose over 7% to 50.250 HKD [1][2] - NIO-SW increased over 4% to 51.700 HKD [1][2] - Shanghai Fudan and WanGuo Data-SW both rose over 1% [1][2] Top Losers - Beike-W fell over 6% to 47.200 HKD [1][2] - Naixue's Tea and Stone Pharmaceutical Group both dropped over 5% [1][2] - Li Ning, Alibaba Health, and Pop Mart fell over 4% [1][2] - JD Logistics, Zhou Hei Ya, and Mengniu Dairy declined over 3% [1][2] - Other notable declines include Zhou Dafu, Dongfang Zhenxuan, and Haidilao, all down over 2% [1][2]

Group 1: Company Performance and R&D Investment - Leading companies in the AI agent industry show significant scale advantages in R&D investment, with iFlytek's R&D expenditure reaching 4.58 billion yuan in 2024, a year-on-year increase of 19.37%, accounting for 19.62% of its revenue, which grew to 23.343 billion yuan [1] - Emerging growth companies like Fourth Paradigm reported a revenue of 1.077 billion yuan in Q1 2025, with R&D expenses of 368 million yuan, indicating an improvement in R&D efficiency as the R&D expense ratio decreased from 42.2% in 2024 to 34.2% [1] - Some companies exhibit a "high R&D investment, low revenue scale" characteristic, such as SenseTime, which had an R&D expense ratio of 106% in 2024, and CloudWalk Technology, which saw its R&D investment account for 181.74% of revenue in Q1 2024, with a significant revenue decline of 36.69% to 398 million yuan [1] Group 2: Industry Application and Market Penetration - The AI agent industry in China is characterized by a dual approach of "vertical deepening" and "cross-domain expansion," covering various sectors such as finance, education, healthcare, energy, and manufacturing, creating a multi-dimensional "industry-scenario" application matrix [2] - In the finance sector, leading companies like Fourth Paradigm and CloudWalk Technology serve major financial institutions, with Fourth Paradigm implementing credit risk control and asset management solutions [2] - iFlytek leads in the education sector, with its AI learning machine ranking first on major e-commerce platforms for three consecutive years, generating 7.229 billion yuan in revenue from its smart education business [2] Group 3: Business Model and Revenue Contribution - Companies in the AI agent industry have varying revenue contributions from their AI-related businesses, with iFlytek's AI agent business accounting for 55.8% of total revenue, Fourth Paradigm at 74.8%, and CloudWalk Technology at approximately 45% [4] - The business layout of these companies includes diverse applications, with iFlytek focusing on education and healthcare, Fourth Paradigm on finance and energy, and CloudWalk Technology on manufacturing and energy sectors [4] Group 4: Industry Structure and Geographic Distribution - The AI agent industry participants can be categorized based on technological autonomy and application scenarios, including tech giants, vertical startups, traditional enterprises transitioning, and research institution-derived companies [5] - The geographic distribution of the AI agent industry shows significant clustering in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions, driven by policy advantages, industrial support, and talent reserves [7] - Major cities like Beijing and Shanghai attract high-end talent due to their educational resources and research institution density, contributing to the industry's growth [7]

Core Insights - On August 27, SenseTime-W made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 565.00 billion, accounting for 29.55% of the day's total trading amount, with a net buying amount of HKD 134.39 billion [1] - Among the active stocks, SMIC had the highest trading volume at HKD 121.55 billion, followed by Alibaba-W and Tencent Holdings with trading volumes of HKD 78.33 billion and HKD 62.70 billion, respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1] - SenseTime-W recorded a trading volume of HKD 31.58 billion on its first appearance, with a net selling amount of HKD 0.86 billion, and closed the day with an increase of 8.90% [1] Active Stocks Overview - The following table summarizes the trading activity of the top active stocks on August 27: | Stock Code | Stock Name | Trading Amount (billion HKD) | Net Buying Amount (billion HKD) | Recent Listings | Latest Closing Price (HKD) | Daily Change (%) | |------------|------------------|-------------------------------|----------------------------------|------------------|----------------------------|-------------------| | 01810 | Xiaomi Group | 51.06 | -2.97 | 23 | 53.200 | -0.56 | | 00700 | Tencent Holdings | 62.70 | 0.41 | 23 | 599.000 | -1.72 | | 00981 | SMIC | 121.55 | -6.59 | 23 | 56.250 | 0.09 | | 09988 | Alibaba-W | 78.33 | 21.78 | 23 | 121.500 | 0.16 | | 03690 | Meituan-W | 43.88 | 17.83 | 19 | 116.300 | -3.08 | | 02800 | Tracker Fund | 56.61 | 55.50 | 16 | 25.700 | -1.23 | | 01347 | Hua Hong Semiconductor | 35.22 | 3.59 | 13 | 52.750 | -0.85 | | 02828 | Hang Seng China Enterprises | 32.06 | 30.43 | 11 | 92.300 | -1.28 | | 03033 | Southern Hang Seng Technology | 10.02 | 9.54 | 11 | 5.595 | -1.41 | | 09926 | CanSino Biologics | 41.98 | 5.74 | 9 | 157.000 | -7.10 | | 00020 | SenseTime-W | 31.58 | -0.86 | 1 | 2.080 | 8.90 | [1]