Group 1 - The core viewpoint of the announcement is that SenseTime-W (00020.HK) has successfully completed the subscription and placement agreements as of July 31, 2025, with all conditions met [1] - The company has subscribed for a total of 1,666,667,000 shares at a subscription price of HKD 1.50 per share, representing approximately 4.58% of the issued B shares and 4.50% of the total issued shares prior to completion [1] - After the issuance of the subscribed shares, the proportion of issued B shares will be approximately 4.38% and the total issued shares will be approximately 4.31% [1] Group 2 - The net proceeds from the subscription amount to approximately HKD 2,498 million, which the company plans to use primarily to support its core business development [2] - The funds will be allocated to building an industry-leading AI cloud, expanding the scale and scenario coverage of SenseTime's AI infrastructure, and supporting the research and development of generative AI [2] - The company aims to commercialize applications in vertical scenarios, explore technology integration in innovative vertical fields, and enhance risk control and settlement applications in digital finance using AI large models [2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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7月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 是 | | | | 證券代號 (如上市) | 00020 | | 說明 | B 類普通股 | | | | | | | 多櫃檯證券代號 | 80020 | RMB | 說明 | | | | | | | | A. ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告不會直接或間接於或向美國派發。本公告並非在美國境內購買或認購證券的要約或招攬 或其組成部分。本公告所述的本公司股份並未且不會根據1933年美國證券法（經修訂）（「證券 法」）登記，且不得於美國境內提呈發售或出售，惟根據證券法登記者或獲豁免遵守證券法登記 規定者除外。本公告所述的本公司股份(i)僅可根據證券法第144A條項下的登記豁免向合資格機 構買家；及(ii)依據證券法S規例於美國境外以離岸交易方式提呈發售及出售。本公司股份將不 會於美國公開發售。 （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）） 完成根據一般授權配售新B類股份 配售代理 國泰君安証券（香港）有限公司 中信里昂證券有限公司 茲提述商湯集團股份有限公司（「本公司」）日期為2025 ...

Group 1: Core Insights - Major tech companies are accelerating their investments in the robotics sector, with a total of 23 funding rounds in embodied intelligence enterprises this year [1][6] - Companies like Tencent, Alibaba, Meituan, Baidu, JD.com, and Xiaomi are building their own robotics teams to enhance their capabilities in embodied intelligence [1][6] - The World Artificial Intelligence Conference (WAIC) showcased various products and collaborations from these companies, highlighting their focus on developing industry-specific models and partnerships [1][2][4] Group 2: Company Strategies - Tencent launched the Tairos open platform, which provides modular software solutions for the robotics industry, aiming to empower developers with essential software capabilities [2][8] - JD.com has established its JoyInside brand, collaborating with numerous robotics companies to integrate dialogue-driven intelligent agents into various smart hardware [4][8] - NetEase introduced the "Lingjue" model for outdoor mining excavators, focusing on specific applications and open-sourcing its training dataset [5][10] Group 3: Investment Trends - Among the seven major companies, Alibaba has been the most aggressive with six investments, followed by Meituan with five, and JD.com with four [6][7] - The investments are primarily directed towards startups in the embodied intelligence space, with a focus on enhancing their own technological capabilities [6][11] Group 4: Future Directions - Companies are increasingly focusing on data, platforms, and models rather than hardware, as they seek to establish a strong position in the embodied intelligence ecosystem [11][12] - There is a recognition that while major companies have advantages in data and algorithms, they face challenges in hardware development, creating opportunities for startups [12][14] - The industry is expected to see further consolidation as major players look to acquire companies that specialize in perception and control layers to complete their embodied intelligence ecosystems [14]

Group 1 - The core viewpoint of the article emphasizes the evolution of artificial intelligence (AI) from being merely a tool to becoming empathetic partners, highlighting the importance of responsible AI usage in gaining a competitive edge [1][2] - The development of AI is moving towards deeper understanding and interaction with the physical world, with significant advancements in models that can simulate real-world scenarios, such as the "绝影开悟" model which can generate data equivalent to 10 real vehicles or 100 road-tested vehicles daily [2][3] - The focus on AI agents is becoming a popular trend, with companies targeting the next battlefield in AI capabilities, where large models serve as the brain and AI agents provide the necessary action [3] Group 2 - Concerns regarding the safety and reliability of large models are increasingly being raised, as their accuracy in critical fields like healthcare and finance still falls short of required standards [4][5] - Experts suggest that the challenges of reliability in AI models should not be simplified to mere "hallucinations," but rather addressed through the establishment of engineering frameworks to ensure their effectiveness [5] - The potential risks associated with advanced AI systems necessitate global collaboration to ensure that AI remains beneficial to humanity, with a focus on developing AI that can assist rather than dominate human intelligence [5]

商汤同时在会上推出了具身智能平台，即机器人大脑，加强竞争优势。星展指，商汤领先的多模态生成 式人工智能(文本+图像+音频+视频处理)能力，受惠于其专有的视觉数据和强大的训练与推理效率，让 公司在开发人工智能的应用时坐拥优势。 星展发布研报称，维持对商汤-W(00020)"买入"的投资评级，目标价则由1.8港元上调16.7%至2.1港元。 该行指， 商汤在2025世界人工智能大会(WAIC)发布的升级版 SenseNova V6.5 是全球顶尖型号，与 V6 相比成本效益提升约5倍;管理层致力将人工智能商业化，为客户创造成果。 ...

商汤同时在会上推出了具身智能平台，即机器人大脑，加强竞争优势。星展指，商汤领先的多模态生成 式人工智能(文本+图像+音频+视频处理)能力，受惠于其专有的视觉数据和强大的训练与推理效率，让 公司在开发人工智能的应用时坐拥优势。 智通财经APP获悉，星展发布研报称，维持对商汤-W(00020)"买入"的投资评级，目标价则由1.8港元上 调16.7%至2.1港元。该行指，商汤在2025世界人工智能大会(WAIC)发布的升级版 SenseNova V6.5 是全 球顶尖型号，与 V6 相比成本效益提升约5倍;管理层致力将人工智能商业化，为客户创造成果。 ...

Core Viewpoint - The article discusses the transition from large language models (LLMs) to "world models" as the next competitive focus in AI, highlighting the limitations of LLMs and the potential of world models to reshape AI's future and drive economic growth [2][5][28]. Summary by Sections AI's Evolution - AI development is categorized into three stages: perceptual AI, generative AI, and embodied AI, with each stage representing significant technological advancements [5][18]. Stage One: Perceptual AI - The breakthrough in perceptual AI occurred in 2012 when Geoffrey Hinton's team surpassed human image recognition accuracy, but its capabilities were limited to recognition without reasoning or cross-domain learning [7][9]. Stage Two: Generative AI - The introduction of the Transformer architecture in 2017 marked a qualitative leap, enabling AI to train on vast amounts of text data, significantly increasing its knowledge base [12][13]. However, this growth is nearing a limit, with predictions that usable internet data for training will peak around 2028 [15]. Stage Three: Embodied AI - The next phase involves embodied AI, where AI learns through interaction with the real world rather than just textual data, necessitating the development of world models [16][18]. What is a World Model? - A world model is a high-precision simulator that adheres to physical laws, allowing AI to learn through trial and error in a virtual environment, significantly reducing the data collection costs associated with real-world training [19][20]. Challenges of World Models - Unlike simple video generation, world models must ensure consistency with physical laws to be effective for training AI, addressing issues like physical inconsistencies in generated scenarios [20][22]. Breakthroughs by SenseTime - SenseTime's "KAIWU" world model allows users to describe scenarios in natural language, generating videos that comply with physical laws, thus revolutionizing training for autonomous driving and robotics [22][24]. Implications of World Models - The shift to world models will change data production methods, enhance training efficiency, and transform industries such as autonomous driving, robotics, manufacturing, healthcare, and education [28]. Future Outlook - The emergence of world models is anticipated to accelerate economic growth, with the potential for a "ChatGPT moment" in the next 1-2 years, driven by unprecedented investment and innovation in the AI sector [28][29].

Industry News - The State Council held a press conference announcing that starting from January 1, 2022, eligible infants can receive childcare subsidies, with a preliminary budget of approximately 90 billion yuan for this year [6] - A national teleconference on the prevention and control of the Chikungunya virus was held, emphasizing the need for environmental sanitation and effective mosquito control measures [6] - The Chinese medicine industry will implement labeling regulations for medicinal herbs starting August 1, 2023, requiring labels to include expiration dates [7] - The China Coking Industry Association held a market analysis meeting, where representatives agreed to raise coking prices by 50 to 75 yuan per ton starting July 31 [7] - A successful launch of low-orbit satellite internet satellites was conducted using the Long March 8 rocket, marking advancements in automated launch technology [8] Company News - Upwind New Materials announced a suspension of trading due to abnormal stock price fluctuations [3] - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and plans to distribute a cash dividend of 10.07 yuan per share [9] - Vanke A announced that Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company [9] - XGIMI Technology projected a net profit increase of 2062% year-on-year for the first half of the year [9] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [9] - Yangtze Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [9] - Digital Certification announced that its controlling shareholder intends to transfer shares without compensation, changing the controlling shareholder to Beijing Data Group [9] - Chip products from Shanghai Lisan are undergoing optimization, with no revenue generated yet [9] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in a U.S. court [9] - Chipsea Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - Sunshine Dairy announced that its controlling shareholder sold a total of 1.1452 million shares in the past two days [9]

Core Viewpoint - Chinese enterprises are transitioning from "Made in China" to "Created in China," and further to "Belief in China," emphasizing the importance of craftsmanship in this evolution [2][6][56]. Group 1: Event Overview - The "East Forward" conference, held on July 25, 2025, in Zhejiang, focused on the theme of "craftsmanship" as a key to global expansion for Chinese brands [2][6]. - The event was supported by various governmental bodies and aimed to build a robust overseas service system for enterprises [2][3]. Group 2: Challenges and Strategies - The journey of brands like Yuanqi Forest illustrates the challenges of capturing user needs, innovating cultural symbols, and overcoming compliance hurdles in global markets [10]. - The renewable energy sector is witnessing a shift from participation to leadership, with companies like Zhejiang Chint New Energy focusing on building a global sales network and enhancing brand credibility [12]. Group 3: Cultural and Technological Integration - The integration of AI technology is reshaping industry logic, allowing Chinese stories to resonate globally, with companies becoming co-creators of value rather than mere exporters [16][19]. - The importance of localizing operations and understanding cultural nuances is highlighted as essential for successful market penetration [19][31]. Group 4: Compliance and Risk Management - Compliance with data regulations is critical, as over 80% of countries have implemented data laws, necessitating a global control mechanism for enterprises [22][25]. - The financial inefficiencies faced by outbound enterprises can be mitigated through services that ensure competitive pricing and comprehensive support [27]. Group 5: Market Opportunities - Dubai is emerging as a prime location for Chinese enterprises due to its strategic advantages, including a robust financial system and favorable tax policies [34][41]. - The conference also facilitated discussions on investment opportunities in the UAE, providing a platform for Chinese companies to connect with local stakeholders [41][52]. Group 6: Future Outlook - The concept of "craftsmanship" is seen as a guiding principle for Chinese brands to navigate global markets and establish a lasting presence [38][56]. - The conference concluded with the release of the "East Forward 2025 Global Innovation Directory," aimed at guiding Chinese brands in their international endeavors [38].