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].

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8月31日 狀態: 新提交 FF301 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9月3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 (-) | | | | | | ...

Core Viewpoint - Huatai Securities published a research report indicating that SenseTime's revenue for the first half of the year reached 2.358 billion yuan, representing a year-on-year increase of 35.48%, with adjusted net losses significantly narrowing by 50% [1] Group 1: Financial Performance - SenseTime's revenue for the first half of the year was 2.358 billion yuan, up 35.48% year-on-year [1] - The company's adjusted net loss decreased by 50% [1] Group 2: Future Projections - Huatai Securities maintains revenue forecasts for SenseTime at 4.83 billion yuan and 6.1 billion yuan for the next two years [1] - The revenue forecast for 2027 has been slightly adjusted upward to 7.555 billion yuan, an increase of 3.22% from previous estimates [1] Group 3: Strategic Outlook - The firm is optimistic about SenseTime's integrated strategy of computing power, large models, and applications, anticipating rapid growth in generative AI [1] - Huatai Securities has upgraded the target price for SenseTime from 1.73 HKD to 2.44 HKD, primarily due to the increase in average valuations of comparable companies and positive outlook on SenseTime's generative AI business [1]