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。 ...

Financial Performance - Total revenue for the first half of 2025 reached RMB 2,358.2 million, a year-on-year increase of 35.6% compared to RMB 1,739.7 million in 2024[4] - Adjusted net loss narrowed to RMB 1,162.1 million, a decrease of 50.0% year-on-year from RMB 2,326.2 million[4] - Revenue increased by 35.6% from RMB 1,739.7 million for the six months ended June 30, 2024, to RMB 2,358.2 million for the six months ended June 30, 2025, primarily driven by the growth in generative AI[37] - Generative AI revenue grew by 72.7%, from RMB 1,051.2 million to RMB 1,815.5 million, accounting for 77.0% of total revenue in the latest period[37] - The loss for the six months ended June 30, 2025, was RMB 1,489.3 million, a reduction from a loss of RMB 2,477.2 million for the same period in 2024, indicating a focus on improving operational efficiency[50] - Adjusted EBITDA for the six months ended June 30, 2025, was RMB (520.6) million, compared to RMB (1,889.6) million for the same period in 2024, reflecting improved operational performance[51] Profitability and Margins - Gross profit amounted to RMB 907.8 million, with a gross margin of 38.5%, down from 44.1% in the previous year[4] - Gross profit increased by 18.4% from RMB 766.8 million to RMB 907.8 million, while gross margin decreased from 44.1% to 38.5% due to rising costs[40] - Sales cost rose by 49.1% from RMB 972.9 million to RMB 1,450.4 million, with hardware costs and subcontracting services contributing significantly[39] Cash Flow and Liquidity - The company’s cash reserves stood at RMB 13,158.4 million as of June 30, 2025, providing ample support for ongoing investments in large model foundations and industry applications[8] - Cash and cash equivalents increased to RMB 11,168.4 million as of June 30, 2025, from RMB 8,888.0 million as of December 31, 2024, showing improved liquidity[57] - Net cash used in operating activities for the six months ended June 30, 2025, was RMB (639.5) million, significantly improved from RMB (3,523.8) million for the same period in 2024[59] - Net cash generated from investing activities for the six months ended June 30, 2025, was RMB 699.7 million, primarily due to a decrease in net investment in time deposits[61] - Net cash generated from financing activities for the six months ended June 30, 2025, was RMB 2,158.0 million, mainly attributed to net borrowings[62] Operational Efficiency - Trade receivables increased by 95.5% year-on-year to RMB 3,158.5 million, indicating improved sales and delivery efficiency[8] - The company achieved a stable operation of approximately 5,000 cards in heterogeneous clusters, with a utilization rate of about 80% and heterogeneous training efficiency reaching approximately 95% compared to homogeneous systems[10] - The total computing power is steadily growing to about 25,000 PetaFLOPS by August 2025, with a 20% improvement in computing power efficiency ratio compared to last year[10] Research and Development - R&D expenses increased by 12.0% from RMB 1,892.2 million to RMB 2,118.5 million, reflecting higher investments in foundational model training and generative AI applications[41] - The multi-modal training efficiency has reached industry-leading levels, with the V6 Omni model being the strongest all-modal interactive model in the domestic market[16] Market Position and Growth - The company was recognized as an industry leader in the "China AI Infrastructure Comprehensive Competitive Performance" report, ranking in the top three overall[14] - The visual AI segment serves over 660 domestic and international clients, with a long-term repurchase rate of 57%[23] - The "Raccoon" product family has surpassed 3 million users, processing approximately 10 billion data analysis tokens daily, significantly improving data production efficiency by about 300% in the financial sector[20] - The company aims to enhance operational vitality and capital market attractiveness through the "1+X" strategy, focusing on the integration of visual AI and generative AI technologies[31] Financial Position - Total assets as of June 30, 2025, amounted to RMB 35,580,941 thousand, an increase from RMB 34,599,511 thousand at the end of 2024[79] - The company’s equity attributable to equity holders decreased to RMB 22,278,695 thousand from RMB 23,460,774 thousand, reflecting accumulated losses[79] - As of June 30, 2025, the company's total equity attributable to equity holders was RMB 22,278,695,000, a decrease from RMB 23,460,774,000 as of January 1, 2025, reflecting a loss of RMB 1,477,949,000 during the period[81] Employee and Governance - The company employed 3,206 employees as of June 30, 2025, reflecting a 14.6% decrease from the previous year[65] - The company has taken measures to restore compliance with corporate governance codes after a temporary non-compliance situation[140] - The audit committee, consisting of independent non-executive directors, has reviewed the unaudited interim financial information for the reporting period[143] Future Outlook - The company has no specific future plans for significant investments or acquisitions of capital assets as of June 30, 2025, but will continue to seek new investment opportunities[73] - The announcement contains forward-looking statements based on current information and beliefs, which may be affected by risks and uncertainties[146]

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]

Market Overview - On August 27, the Hang Seng Index fell by 1.27%, closing at 25,201.76 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 15.371 billion [1][2] Trading Activity - The total trading volume for the Stock Connect on August 27 was HKD 191.172 billion, with a net purchase of HKD 15.371 billion [1] - The Shanghai Stock Connect had a trading volume of HKD 118.378 billion and a net purchase of HKD 9.005 billion, while the Shenzhen Stock Connect had a trading volume of HKD 72.794 billion and a net purchase of HKD 6.366 billion [1] Active Stocks - In the Shanghai Stock Connect, the most actively traded stock was SMIC, with a trading volume of HKD 6.799 billion, followed by Alibaba and Tencent, with trading volumes of HKD 4.360 billion and HKD 4.078 billion, respectively [1][2] - In terms of net buying, the top stock was the Tracker Fund of Hong Kong (盈富基金), with a net purchase of HKD 3.056 billion, despite its closing price dropping by 1.23% [1] - SMIC recorded the highest net selling amount of HKD 586 million, while its closing price increased by 0.09% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, SMIC also led in trading volume with HKD 5.356 billion, followed by Alibaba and the Tracker Fund of Hong Kong, with trading volumes of HKD 3.473 billion and HKD 2.502 billion, respectively [2] - The Tracker Fund of Hong Kong had a net purchase of HKD 2.494 billion, while Xiaomi Group recorded the highest net selling amount of HKD 300 million, with its closing price down by 0.56% [2]

Summary of Key Points from Conference Call Records Industry Overview - The AI application sector has underperformed since August, but the long-term logic remains unchanged, with application revenue expected to grow significantly in the coming years [1][4] - The AI infrastructure industry is evolving with the increasing demand for resource management and application integration, driven by the AI wave [28] Company-Specific Insights Kingsoft (金山) - Kingsoft's WPS AI 3.0 aims to make AI the core of user interaction, with significant user growth and expected revenue from AI features to reach approximately 700 million RMB this year [1][12] - Monthly active users of WPS AI increased from 20 million to 30 million, with a projected growth to 60-70 million by the end of the year [10][11] - Kingsoft is focusing on attracting members rather than immediate monetization, with AI-driven membership revenue expected to double this year [12] - The company has made significant strides in the private enterprise market, with higher user value compared to state-owned enterprises [13] - Kingsoft's international revenue exceeded 100 million RMB, with plans for a unified global product launch [14] - Revenue for Kingsoft is projected to reach 5.8 billion RMB this year, with expectations of 7 billion RMB next year [16] Deepin (深信服) - Deepin's AI computing platform (AICP) integrates into its hyper-converged product line, enhancing its cloud computing business [1][17] - The company is expected to see a revenue increase of 10% this year, reaching 8.1 billion RMB, with profits projected to double [21][27] - Deepin's market share in hyper-converged infrastructure is around 20%, benefiting from the domestic shift towards local alternatives [27][23] - The demand for security solutions is increasing, contributing to stable revenue growth [24] iFlytek (科大讯飞) - iFlytek achieved a 17% revenue growth in the first half of 2025, with significant growth in its learning machine and enterprise deployment businesses [37] - The company is expected to release profits in the second half of the year as promotional costs stabilize [37] SenseTime (商汤科技) - SenseTime anticipates a 25% growth in AIGC revenue, shifting to a light-asset operation model to improve cash flow [38] - The company is optimistic about GPU cloud computing demand, indicating a positive outlook for its future [38] Innovation Flagship (创新旗帜) - Innovation Flagship has seen a significant revenue turnaround in the AI + manufacturing sector, with a 22% growth in the first half of 2025 [39] - The company is focusing on robotics and blockchain solutions, reflecting confidence in its growth strategy [39] Zhongke Chuangda (中科创达) - Zhongke Chuangda's IoT business grew by 136% year-on-year, with strong performance in both domestic and overseas markets [1][29] - The company is benefiting from the rise of AI smartphones and has seen a notable increase in its software and automotive sectors [29][30] Market Trends and Future Outlook - The AI application sector is expected to see significant revenue growth in the next two years, despite current market challenges [5][4] - Companies are focusing on product iteration and user accumulation to prepare for future commercialization [5] - The AI infrastructure market is evolving with increased demand for integrated solutions and resource management [28] Conclusion - The AI sector, particularly in applications and infrastructure, is poised for growth despite current market fluctuations. Companies like Kingsoft, Deepin, iFlytek, and others are strategically positioning themselves to capitalize on future opportunities through innovation and market expansion.

Group 1 - Southbound funds traded approximately HKD 191.17 billion today, an increase of nearly HKD 43 billion compared to the previous day, accounting for 51.48% of the total turnover of the Hang Seng Index [2] - Despite the decline in Hong Kong stocks, southbound funds significantly increased their positions, with a net purchase of approximately HKD 15.37 billion, including a net inflow of about HKD 9.00 billion from the Shanghai-Hong Kong Stock Connect and HKD 6.37 billion from the Shenzhen-Hong Kong Stock Connect [2] - Major ETFs such as the Tracker Fund of Hong Kong, Hang Seng China Enterprises Index ETF, and Southern Hang Seng Technology ETF saw substantial inflows of HKD 5.55 billion, HKD 3.04 billion, and HKD 0.95 billion respectively [2] Group 2 - Individual stocks with significant net purchases included Alibaba Group (HKD 2.18 billion), Meituan (HKD 1.78 billion), and CanSino Biologics (HKD 0.57 billion) [3] - Stocks with notable net outflows included SMIC (HKD 0.66 billion) and Xiaomi Group (HKD 0.30 billion) [3] Group 3 - Alibaba Group's stock rose by 0.16%, with short-term fund trends remaining unclear, having reduced holdings by 1.54 million shares over the past five days [4] - Meituan's stock fell by 3.08%, but short-term funds accelerated inflows, increasing holdings by 24.10 million shares over the past five days [4] - CanSino Biologics' stock dropped by 7.10%, with short-term fund trends remaining unclear, having reduced holdings by 90,000 shares over the past five days [4] - SMIC's stock rose by 0.09%, with short-term funds primarily flowing in, having increased holdings by 4.22 million shares over the past five days [4] - Xiaomi Group's stock fell by 0.56%, with short-term fund inflows slowing down, having increased holdings by 2.53 million shares over the past five days [4] Group 4 - In the past month, the top active stocks in the Shanghai-Hong Kong Stock Connect included SMIC, Alibaba Group, and Tencent Holdings, with net outflows of HKD 0.59 billion, HKD 1.14 billion, and HKD 0.54 billion respectively [6] - In the Shenzhen-Hong Kong Stock Connect, the top active stocks included SMIC, Alibaba Group, and the Tracker Fund of Hong Kong, with net outflows of HKD 0.72 billion, HKD 1.04 billion, and HKD 2.49 billion respectively [7]

Market Performance - The Hang Seng Index closed down by 1.27% [1] - The Hang Seng Tech Index decreased by 1.47% [1] - The Hong Kong Tech ETF (159751) fell by 2.14% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 1.5% [1] Sector Performance - The construction products and personal care products sectors showed the highest gains [1] - The aerospace and defense, as well as pharmaceutical sectors, experienced the largest declines [1] Individual Stock Performance - Lens Technology saw an increase of 7.78% [1] - Nongfu Spring rose by 7.11% [1] - NIO Inc. (SW) increased by 4.26% [1] - China Resources Mixc Lifestyle Services fell by 9.08% [1] - Country Garden Services dropped by 11.11% [1] - October Rice Field rose by 9.71% [1] - SenseTime (W) increased by 8.9% [1]

Group 1 - The Hang Seng Index closed down by 1.27% [1] - The Hang Seng Tech Index fell by 1.47% [1] - Alibaba Health dropped over 4% [1] - SenseTime increased by over 8% [1] - Nongfu Spring rose by over 7% [1] - China Resources Mixc Lifestyle fell by over 9% [1]