Group 1 - The core viewpoint of the news highlights that SenseTime (商汤-W) has seen a significant increase in its stock price, driven by new project orders in generative AI from various sectors including education, healthcare, media, finance, and transportation [1] - Goldman Sachs anticipates that SenseTime's project orders will accelerate in the future, benefiting from increased cloud capital expenditure in mainland China and favorable policies such as the "AI+" action plan announced in August [1] - The company is expected to focus on large projects to ensure higher efficiency and revenue growth in the coming years, providing a comprehensive suite of solutions that cover computing power, large-scale AI infrastructure, AI foundational models, and generative AI applications [1] Group 2 - According to Guotai Junan, SenseTime's revenue from generative AI reached 1.816 billion yuan in the first half of the year, representing a year-on-year increase of 72.7%, accounting for 77% of total revenue [2] - On the infrastructure side, the heterogeneous cluster has achieved stable operation with approximately 5,000 cards under domestic chip mixing, with a utilization rate of about 80% and a total computing power scale of approximately 25,000 PetaFLOPS, improving computing efficiency by about 20% through resource optimization [2] - The application side has seen the "Little Raccoon" productivity tool gain traction, surpassing 3 million users and processing approximately 10 billion data analysis tokens daily, with established presence in finance, education, and government sectors [2]

Core Insights - Pathological diagnosis is considered the "gold standard" for disease diagnosis but faces challenges such as complex data, a shortage of professionals, and inconsistent diagnostic standards [1] - SenseTime Medical utilizes a medical large language model "DaYi" as a central intelligence, integrating original pathological models and imaging models to create a "cross-specialty integration" technology system [1] - The company aims to provide systematic solutions to the challenges in the industry through efficient integration and collaborative understanding of pathological images, text reports, and clinical information [1] Company Developments - At the "11th Digital Pathology and Artificial Intelligence Academic Symposium," the CEO presented a report on the innovative paradigm of smart pathology driven by foundational models [1] - SenseTime Medical showcased the performance of its pathological large model, emphasizing the application value of artificial intelligence technology in real medical scenarios [1] - The company is developing a comprehensive "smart pathology" solution based on a multi-modal large model, achieving a closed-loop system through three major technology platforms [3] Future Directions - SenseTime Medical plans to continue exploring the intersection of digital pathology and artificial intelligence, focusing on overcoming key technologies of multi-modal large models [3] - The company aims to facilitate the transition of medical large models from "technically feasible" to "clinically useful" through a pathway of "model foundation - platform empowerment - ecosystem co-construction" [3]

（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）） 香港交易及結算所有限公司及香港聯合交易所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。 將於2025年9月23日舉行的股東特別大會的 惡劣天氣安排 茲提述商湯集團股份有限公司（「本公司」）日期為2025年9月4日的通函（「該通 函」）及本公司股東特別大會（「股東特別大會」）通告（「股東特別大會通告」）。除 文義另有所指外，於本公告內所用的詞彙與該通函所界定者具有相同涵義。 根據股東特別大會通告，股東特別大會定於2025年9月23日（星期二）下午四時正 假座香港沙田香港科學園科技大道東12號海濱大樓一座五樓舉行。 由於香港天文台已發出特別公告，預先通知預期於2025年9月23日（星期二）下午 一時正至下午四時正之間懸掛八號颱風信號，股東特別大會將延期至2025年9月 29日（星期一）下午四時正假座同一地點舉行（「延期股東特別大會」）。 1 (a) 股東特別大會通告所載的所有該等決議 ...

Core Viewpoint - The Hong Kong stock market has shown strong performance, with the Hang Seng Index surpassing 27,000 points, marking a three-and-a-half-year high, driven by several key factors including improved overseas liquidity and stable earnings expectations for tech stocks [1] Group 1: Market Performance - The Hang Seng Index has achieved a significant increase, ranking among the top global stock markets [1] - In September, southbound capital inflow into Hong Kong stocks reached 105.2 billion, with 30 billion and 16.8 billion flowing into tech and internet sectors via ETFs respectively [1] Group 2: Technology Indices Overview - Major Hong Kong tech indices include the Hang Seng Tech Index, Hang Seng Internet Tech Index, and Hong Kong Stock Connect Tech Index, all of which have seen growing fund sizes [2] - The Hang Seng Tech Index fund size grew from 8.587 billion in 2020 to 278.536 billion in 2025, while the Hong Kong Stock Connect Tech Index reached 43.270 billion since its inception in 2022 [2] Group 3: Stock Selection and Industry Distribution - The Hang Seng Tech and Hang Seng Internet Tech Indices can invest in all tech companies in the Hong Kong market, providing diversification, while the Hong Kong Stock Connect Tech Index is limited to designated stocks [3] - The Hang Seng Tech Index covers a wide range of industries, focusing on the AI supply chain, semiconductors, and new energy vehicles, while the Hong Kong Stock Connect Tech Index emphasizes consumer electronics and e-commerce [4] Group 4: Heavyweight Holdings and Market Style - The Hang Seng Tech Index has a balanced weight distribution across various tech sectors, while the Hong Kong Stock Connect Tech Index is concentrated in leading companies like Tencent and Xiaomi [5] - The Hang Seng Tech Index primarily consists of large-cap companies with market caps over 100 billion, whereas the Hang Seng Internet Tech Index leans towards mid and small-cap stocks [6] Group 5: Investment Opportunities - The current market environment presents a favorable window for investing in the Hong Kong tech sector, supported by improved expectations, low valuations, and capital inflows [8] - The three major indices have a price-to-earnings ratio around 20, below the 50th percentile of the past decade, indicating a valuation advantage compared to global tech indices [9]

高盛发布研报称，商汤-W(00020)最新项目消息显示，其已从教育、医疗、媒体、金融、交通等领域的 企业(ToB)与政府(ToG)客户中，获得生成式AI新项目订单。该行预期未来项目将加速增长，主要受惠于 内地云端资本开支提升，以及8月公布的"AI+"行动方案等利好政策推动。该行上调2028至30年盈利预 测1%、1%及2%;维持"买入"评级，目标价由3.09港元升至3.53港元。 该行认为，商汤可针对不同客户需求，提供覆盖算力、大规模AI基础设施、AI基础模型，以及生成式 AI应用的全套解决方案能力;并料公司未来几年将继续专注于大型项目，以确保更高效率并提高收入。 ...

智通财经APP获悉，高盛发布研报称，商汤-W(00020)最新项目消息显示，其已从教育、医疗、媒体、 金融、交通等领域的企业(ToB)与政府(ToG)客户中，获得生成式AI新项目订单。该行预期未来项目将加 速增长，主要受惠于内地云端资本开支提升，以及8月公布的"AI+"行动方案等利好政策推动。该行上 调2028至30年盈利预测1%、1%及2%;维持"买入"评级，目标价由3.09港元升至3.53港元。 该行认为，商汤可针对不同客户需求，提供覆盖算力、大规模AI基础设施、AI基础模型，以及生成式 AI应用的全套解决方案能力;并料公司未来几年将继续专注于大型项目，以确保更高效率并提高收入。 ...

Core Viewpoint - Goldman Sachs reports that SenseTime has secured new generative AI project orders from enterprise (ToB) and government (ToG) clients across various sectors including education, healthcare, media, finance, and transportation, indicating a positive growth outlook for the company [1] Group 1: Project Growth and Market Conditions - The firm anticipates accelerated project growth driven by increased cloud capital expenditure in mainland China and favorable policies such as the AI+ action plan announced in August [1] - SenseTime is positioned to meet diverse client needs by offering a comprehensive suite of solutions that includes computing power, large-scale AI infrastructure, AI foundational models, and generative AI applications [1] Group 2: Strategic Focus and Financial Outlook - The company is expected to continue focusing on large-scale projects in the coming years to ensure higher efficiency and revenue growth [1] - Goldman Sachs has raised its target price for SenseTime from HKD 3.09 to HKD 3.53 while maintaining a "Buy" rating [1]

Summary of SenseTime Conference Call Company Overview - **Company**: SenseTime (0020.HK) - **Industry**: Artificial Intelligence (AI) and Cloud Computing Key Points and Arguments 1. **New Project Wins**: SenseTime has secured new generative AI projects from various sectors including education, healthcare, media, finance, and transportation, indicating a broad market appeal and demand for its solutions [1][2] 2. **Cloud Capex Spending**: The company anticipates accelerated project wins driven by increasing cloud capital expenditure in China, exemplified by a Rmb1 billion order from China Mobile for AI inferencing solutions [1] 3. **Comprehensive AI Solutions**: SenseTime offers a complete solution package that includes computing power, large-scale AI infrastructure (SenseCore), and AI foundation models (SenseNova 6.5), catering to both business-to-business (ToB) and business-to-consumer (ToC) applications [1] 4. **Project Value**: The average project value for industry clients is approximately US$390,000, showcasing the financial significance of these contracts [2] 5. **Diversification of Client Base**: The company has expanded its client base beyond technology and communication sectors to include various industries, enhancing its market presence [2] 6. **Focus on Large Projects**: SenseTime plans to concentrate on larger projects in the coming years to improve operational efficiency and revenue generation per employee [2] Financial Projections 1. **Earnings Revisions**: The net loss projections for 2026 and 2027 have been revised to Rmb951 million and Rmb194 million, respectively, reflecting improved expectations due to higher generative AI project revenues [6] 2. **Revenue Growth**: The company expects a revenue growth rate of 32% year-over-year for 2026-2027, indicating strong market demand and operational scaling [9] 3. **Target Price**: The 12-month target price is set at HK$3.53, with an implied EV/Sales valuation of 19x, reflecting a positive outlook based on historical performance and market conditions [8][21] Valuation Metrics 1. **Valuation Methodology**: The valuation is based on a two-stage discounted cash flow (DCF) model and an EV/Sales approach, with a WACC of 10.7% and a terminal growth rate of 2% [10][21] 2. **DCF Valuation**: The DCF value per share is estimated at HK$3.46, while the EV/Sales valuation is pegged at HK$3.60, indicating a robust valuation framework [10][12] Risks 1. **Market Risks**: Key risks include slower-than-expected adoption of generative AI by customers, lower-than-anticipated customer spending, and increased competition in the AI market [22] Additional Insights 1. **Project Breakdown**: A detailed exhibit lists key projects across various industries, highlighting significant contracts such as the AI city services empowerment project for Kunming Government valued at Rmb28.67 million [6] 2. **Financial Performance**: The company is projected to achieve positive EBITDA by 2026, with a gradual improvement in operational margins over the forecast period [19] This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of SenseTime's current position, future outlook, and associated risks in the AI industry.

Core Viewpoint - The article discusses the emergence of AI chip startups in China, focusing on the establishment of "曦望" (Sunrise) as a subsidiary of商汤 (SenseTime) to develop large model inference chips, aiming to reduce inference costs significantly and capitalize on the growing AI chip market [4][7][9]. Company Overview - "曦望" was formed as part of商汤's "1+X" strategy, which involves splitting off high-potential but resource-intensive chip development into an independent entity [5][9]. - The company aims to leverage商汤's five years of experience in chip development to accelerate its growth and market entry [11][13]. Leadership and Team - 王湛, a former key figure at百度 (Baidu), has joined "曦望" as co-CEO, bringing extensive experience in managing large teams and product development [5][6]. - The executive team includes王勇, who has 20 years of chip industry experience, and the team has grown by 50% to nearly 200 members, with many coming from major tech companies [12][13]. Financial Investment and Product Development -商汤 has invested over 1.1 billion yuan in chip development over the past five years, with "曦望" raising over 1.5 billion yuan in recent funding rounds [13][14]. - "曦望" has successfully produced two chips: the S1 chip for cloud-edge visual inference and the S2 chip for large model inference, with plans for the S3 chip to reduce inference costs by 90% [14][15][17]. Market Context and Competitive Landscape - The Chinese AI chip industry is at a pivotal moment, with companies like寒武纪 (Cambricon) and others gaining significant market traction [9][22]. - The article highlights the importance of timing in entering the AI chip market, suggesting that "曦望" is well-positioned to capitalize on the current market dynamics [24][25]. Strategic Focus and Future Outlook - "曦望" aims to focus on specific market segments and leverage its relationship with industry capital to ensure successful product commercialization [18][19]. - The company believes that the future of AI chips will hinge on integrated hardware and software capabilities, as well as the ability to predict market trends [25].

Core Insights - The article discusses the launch of "AI Wenke," an AI-powered intelligent guide developed by SenseTime and Dunhuang Contemporary Art Museum, designed to enhance the visitor experience in cultural tourism [3][12]. Group 1: Product Features - "AI Wenke" is a multimodal intelligent guide that offers personalized, interactive experiences, allowing visitors to engage with art and history in a more human-like manner [3][12]. - The system utilizes advanced multimodal interaction capabilities, enabling visitors to ask questions and receive real-time responses through voice, visual, and text inputs [12][14]. - Visitors can take photos of exhibits, and "AI Wenke" will automatically recognize them and provide detailed narratives about the artifacts [12][14]. Group 2: Visitor Experience - The guide transforms the museum experience from a passive observation to an interactive dialogue, allowing for a more engaging exploration of exhibits [14][16]. - Users can select different narration styles, catering to diverse audiences, including youth, seniors, and children, enhancing the overall enjoyment of the visit [16]. - After the visit, a personalized "AI exhibition report" is generated, summarizing the duration of the visit and interaction statistics, providing a unique reflection of the experience [16]. Group 3: Broader Implications - "AI Wenke" integrates various features such as virtual IP reception, AR experiences, and intelligent route recommendations, making it applicable in museums, cultural parks, and tourism sites [16]. - The technology aims to shift cultural institutions from traditional labor-intensive operations to data-driven decision-making models, enhancing operational efficiency and visitor retention [16].