一上台，商汤科技董事长兼CEO 徐立就感叹，"如果三个月不更新自己的认知，可能就会被淘汰。" 4月10日，商汤举办2025技术交流日，徐立正式发布全新升级的"日日新SenseNova V6"（以下简称"日日 新V6"）大模型体系。 在徐立看来，多模态模型和通用人工智能的发展，画上约等号，以计算机视觉起家的商汤，从视觉能力 到原生多模态模型的布局，则是自然延伸。 商汤科技联合创始人兼大模型首席科学家林达华向《21CBR》记者表示，公司去年5、6月份就在做多模 态的探索，到了9、10月，技术路线基本跑通。 林达华称，之所以专注多模态推理，而非纯文本赛道的竞争，在于坚信未来的交互，必然是多模态的。 日日新V6，作为拥有超6000亿参数的MoE原生多模态通用大模型，凭借单一模型就可以完成文本、多 模态等各类任务。 其技术能力上的突破，重在四个方面： 长思维链：超过200B高质量多模态长思维链数据，最长64K思维链；数理能力：数据分析能力大幅领先 GPT-4o；推理能力：多模态深度推理国内第一，对标OpenAI o1；全局记忆：率先在国内突破长视频理 解，支持10分钟的视频理解及深度推理。 值得一提的是，长记忆。林达华 ...

AI （人工智能），这个曾经遥不可及的概念，如今已经渗透到我们生活的方方面面。从手机上的语 音助手到自动驾驶汽车，从 AI 辅助医疗诊断到金融领域的智能风控， AI 正在以惊人的速度改变我 们的世界。 正如" AI教母" 、斯坦福大学教授李飞飞所说："毫无疑问，历史学家今后一定会把这段时间称作'真 正的第一个 AI 时代'"。 而当我们回头细数 AI 发展史时，我们也许会惊讶于其只有短短不到 80 年 ...... 这一切是如何开始的呢？ 文 / 赵文娜 混沌商业研究团队 AI "生命"史 一、 人工智能的诞生（ 20 世纪中叶） 1950 年，英国数学家艾伦 · 图灵在论文《计算机器与智能》中提出了著名的"图灵测试"，即设想一 个机器若能实现在人机对话和交互中让人类无法分辨其身份，即可被视为具备智能。这一思想定义了 人工智能的哲学目标，也成为后续人工智能技术发展的启蒙。 1956 年，在美国的达特茅斯学院，约翰 · 麦卡锡、马文 · 闵斯基、克劳德 · 香农等科学家聚在一 起，讨论用机器来模仿人类学习以及其他方面的智能。会上首次使用"人工智能（ Artificial Intelligence ）"一词，并规 ...

Core Insights - SenseTime launched the upgraded "Riri Xin V6" large model system in Shanghai on April 10, enhancing multi-modal integration to expand the application scenarios of artificial intelligence [1] - In the era of general artificial intelligence, large models empower humanoid robots with stronger external perception and deep thinking capabilities, while also being widely applied in various everyday life scenarios [1] - The transition from "cloud-based" to "grounded" applications signifies a significant advancement in making AI more accessible and practical for the general public [1]

Summary of the Conference Call on SenseTime Technology Company Overview - **Company**: SenseTime Technology - **Industry**: Artificial Intelligence (AI) Key Points and Arguments Performance and Achievements - SenseTime's "Riri Xin" fusion model ranked first in both SuperCLUE and OpenCompass evaluations, achieving a total score of 18.3, tying with DeepCV3, indicating a significant breakthrough in native fusion modality training [2][4][5] - The company launched the Riri Xin 6.0 version, which constructs over 200 billion high-quality tokens for multi-modal long thinking chain data, achieving a length of 64K, significantly enhancing data analysis capabilities, particularly in vertical industries like finance [2][20] Government Support and Industry Growth - The Shanghai government is heavily supporting the AI industry, with the industry scale expected to exceed 450 billion yuan by the end of 2024, and over 60 generative AI models have been registered with the state [2][7] - SenseTime has developed the SenseCore AI computing platform to provide efficient computing power support for large model research and industrial applications in Shanghai [2][8] Technological Innovations - SenseTime's multi-modal models excel in processing unstructured data, improving efficiency and decision-making in scenarios like financial audits and e-commerce price comparisons [2][24] - The company emphasizes the importance of multi-modal models in achieving general artificial intelligence, as they can enhance learning efficiency and address complex problems [12][67] Future Directions and Applications - SenseTime aims to apply its native modality fusion widely across various scenarios to enhance interaction experiences [6][9] - The company is focused on deepening AI applications in key industries and fostering collaboration with academic institutions to build open platforms [9] Market Position and Competitive Edge - According to a report by Frost & Sullivan, SenseTime ranks first in China's generative AI technology stack market due to its continuous investment in technology innovation and high-performance domestic inference engines [3] Real-World Applications - The multi-modal model has been successfully applied in various fields, including automatic driving and smart healthcare, showcasing its ability to solve complex issues and enhance user experience [2][8][24] - In the e-commerce sector, the model can automatically analyze price information across platforms, providing optimal purchasing suggestions [25][26] Challenges and Opportunities - The rapid growth of multi-modal data presents challenges in data management and processing, necessitating the development of adaptive technologies to optimize performance [19][67] - The company is committed to addressing the challenges of data scarcity in the robotics sector through virtual simulation technologies [68][72] Educational Impact - SenseTime's technology is also being integrated into educational tools, enhancing learning experiences through interactive and immersive methods [50][52] Collaboration and Ecosystem Development - SenseTime collaborates with various partners, including Kirin Software, to develop comprehensive solutions that enhance the domestic AI ecosystem [30][59] Additional Important Content - The company is preparing for the World Artificial Intelligence Conference in 2025, aiming to foster international cooperation and share innovative outcomes [9] - SenseTime's advancements in video editing and AI capabilities are set to revolutionize content creation and enhance user engagement [55][57] This summary encapsulates the key insights from the conference call regarding SenseTime Technology's performance, innovations, market position, and future directions in the AI industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company has achieved over 100% growth in its generative AI business, which has become its largest revenue source, accounting for 63.7% of total revenue in 2024 [6][8] - The company completed a restructuring of its "1+X" organizational framework, focusing resources on core businesses, particularly generative AI and visual AI [6] - The company is set to release its new model, "Riri Xin 6.0," in Q2 2025, which is expected to significantly enhance multimodal understanding and interaction capabilities [6] - The company maintains a leading position in the visual AI market, with a customer repurchase rate increase of 31 percentage points in 2024 [8] - The company has made significant advancements in its autonomous driving business, with over 1.1 million new designated vehicles added in 2024 [8] Financial Data and Forecast - Revenue is projected to grow from 34.06 billion CNY in 2023 to 73.97 billion CNY by 2027, with a year-on-year growth rate of 27% in 2027 [6][9] - The net profit is expected to improve from a loss of 6.44 billion CNY in 2023 to a profit of 305 million CNY by 2027, reflecting a significant turnaround [6][9] - The gross margin is forecasted to increase from 44.07% in 2023 to 57.82% in 2027 [6][9] - The company’s return on equity (ROE) is expected to turn positive by 2026, reaching 1.33% in 2027 [6][9] Market Performance - The company's stock closed at 1.47 HKD on April 1, 2025, with a market capitalization of 54.401 billion HKD [2] - The stock has experienced a 52-week price range of 0.58 to 2.35 HKD [2] Valuation - The company is assigned a price-to-sales (P/S) ratio of 16-20 times for 2025, indicating a fair value range of 2.15 to 2.69 HKD per share [6][9]

3月26日，商汤科技发布2024年财报，总体收入同比增长10.8%，亏损同比大幅收窄33.7%，其中生成式 AI增长103.1%，营收占比从2023年的35%来到64%[1]。 考虑到时下生成式AI"退潮裸泳"的大背景，这种表现令人侧目。新旧势力纷纷遭遇"落地墙"围堵，商汤 却像是每个班都有的学霸，别人还在回顾知识点，ta已经开始刷题了。 在AI公司中，商汤的学霸光环向来耀眼。提到中国AI产业，商汤是绝不会忽略的一家公司。出道至今研 发实力从未掉出过第一梯队，研发成果如数家珍。但光环背后，一度是面包和理想的长久拉锯。 2018年—2022年间，商汤开始投入基础设施建设，研发费用率由此飙升，背负起巨大的盈利压力，但也 由此生长出了独一无二的商业模式。如今守得云开见月明，是科技产业对长期主义者的又一次褒奖。 从"大装置"开始 上海临港，距离特斯拉超级工厂3公里，是商汤SenseCore AI大装置所在地——商汤智算中心AIDC，后 者是当前亚洲最大的超算平台之一[2]。 商汤智算中心AIDC AIDC正式启动于2021年，SenseCore AI大装置的打造则从更早之前就开始了，是商汤埋的最深的一个伏 笔。 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.772 billion CNY for 2024, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders was a loss of 4.278 billion CNY, narrowing from a loss of 6.440 billion CNY in the previous year [4][6] - The growth in generative AI revenue was 103.1% year-on-year, slightly exceeding the previous expectation of 100%, while traditional AI revenue declined by 39.5% [6] - The company is transitioning successfully to generative AI, with this segment accounting for 63.7% of total revenue [6] - The company is expected to release version 6.0 of its generative AI model in Q2 2025, focusing on enhancing multimodal understanding and interaction capabilities [6] Financial Data and Profit Forecast - The company forecasts revenues of 5.138 billion CNY for 2025, with a year-on-year growth rate of 36% [5] - The adjusted net loss for 2025 is projected to be 3.540 billion CNY, with a gradual reduction in losses expected in subsequent years [5][7] - The company maintains a high R&D investment, with R&D expenses accounting for 109.5% of sales in 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a significant revenue growth of 10.8% in 2024, with total revenue reaching 3.77 billion RMB, compared to a decline of 10.6% in 2023 [2]. - The revenue from generative AI surged by 103% to 2.4 billion RMB, increasing its share of total revenue from 35% in 2023 to 64% in 2024 [2]. - Adjusted net loss narrowed by 33.7% to 4.31 billion RMB, while EBITDA loss decreased by 42.3% to 3.14 billion RMB [2]. - The company has optimized its cash flow management, reducing the cash flow cycle from 334 days to 228 days, despite a net cash outflow of 3.93 billion RMB from operating activities [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,772.1 million RMB, with a growth rate of 10.8% [7]. - The adjusted net loss for 2024 was 4,278.4 million RMB, showing improvement from the previous year [11]. - The gross margin slightly decreased to 42.9% from 44.1% in 2023 [2]. Business Highlights - The company is focusing on a synergistic development model of "large devices + large models + AI applications," enhancing resource allocation [4]. - The AI applications are gaining traction, with a sixfold increase in customer willingness to pay in 2024 compared to 2023 [5]. - The company is positioned third in China's GenAI IaaS market with a 13.3% market share [4]. Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 15% and 17% to 4.88 billion RMB and 6.24 billion RMB, respectively [6]. - The net profit projections for 2025 and 2026 are revised to -2.73 billion RMB and -0.66 billion RMB, with a new forecast for 2027 showing a potential profit of 140 million RMB [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 3.77 billion yuan for 2024, a year-on-year increase of 10.8%, with generative AI revenue reaching 2.4 billion yuan, growing by 103.1% [1]. - Adjusted net loss narrowed to 4.25 billion yuan from 5.41 billion yuan in the previous year [1]. - Revenue projections for 2025-2027 are estimated at 5.069 billion yuan, 6.920 billion yuan, and 9.538 billion yuan, reflecting growth rates of 34.38%, 36.51%, and 37.84% respectively [3]. Financial Performance - The company’s operating income for 2024 is projected to be 3.772 billion yuan, with a growth rate of 10.75% [6]. - The adjusted net profit for 2025 is expected to be -3.783 billion yuan, improving from -4.278 billion yuan in 2024, indicating a growth of 11.57% [3][6]. - The research indicates a decrease in sales, management, and R&D expense ratios, with R&D expense ratio at 109.5%, up by 7.8 percentage points year-on-year [2]. Business Strategy - The company is advancing a "large device - large model - application" strategy, focusing on AI visual and intelligent driving businesses, which saw revenue declines of 39.5% and 33.2% respectively [2]. - The AI visual customer repurchase rate increased by 31 percentage points, and the company is expanding into Southeast Asia and the Middle East [2]. - The company delivered 1.67 million units of its product, a 9.2% increase year-on-year, and plans to mass-produce a collaboration with Dongfeng Intelligent Driving in 2025 [2]. Valuation Metrics - The projected price-to-sales (P/S) ratios for 2025, 2026, and 2027 are 11.61, 8.50, and 6.17 respectively [3][6]. - The diluted earnings per share (EPS) is expected to improve from -0.12 yuan in 2024 to -0.06 yuan in 2027 [6].

Group 1 - The core viewpoint of the report is that the company maintains an "outperform" rating for SenseTime-W (00020) and is optimistic about the mid-term demand for AIGC, switching to a 10.8x P/S for 2026 [1] - The company expects a revenue growth of 10.8% year-on-year in 2024, reaching 3.772 billion yuan, with generative AI and visual AI revenues increasing by 103.1% and 39.5% respectively [2] - The company has achieved a computing power scale of 23,000P by the end of March 2025, a 92% year-on-year increase, and plans to adopt a dual-driven model of self-built and light asset operations in the future [2] Group 2 - The company has initiated a "1+X" new structure in 2024, focusing on its core business while encouraging independent operations and financing for ecosystem enterprises [3] - The accounts receivable turnover days have improved from 399 days in 2024 to 231 days, with cash inflow increasing by 19% year-on-year to 4.623 billion yuan [3] - The company has a total cash reserve of 12.75 billion yuan at the end of 2024, indicating sufficient liquidity [3]