Group 1 - The core viewpoint of the article is that Goldman Sachs maintains a "Buy" rating for SenseTime-W (00020) with a target price of HKD 3.53, highlighting the management's positive outlook on the company's development direction towards multimodal foundational models [1] - Goldman Sachs believes that as a leading local generative AI software company, SenseTime has a solid foundation for growth due to its self-developed AI foundational model SenseNova and AI infrastructure [1] - The firm anticipates continued growth in SenseTime's generative AI revenue, driven by the company's extensive product coverage and customized solutions for specific industries, which will help capture monetization opportunities in AI [1]

Core Viewpoint - Goldman Sachs reports that SenseTime's management is optimistic about the company's expansion into multimodal foundational models, which will enhance cost-effectiveness and capture more end-user application opportunities [1] Group 1: Company Growth Potential - Goldman Sachs believes that as a leading local generative AI software company, SenseTime has a solid foundation for growth due to its self-developed AI foundational model SenseNova and AI infrastructure [1] - The firm anticipates that SenseTime's generative AI revenue will continue to grow, driven by the company's extensive product coverage and customized solutions for specific industries, enabling it to seize monetization opportunities in AI [1] Group 2: Investment Rating - Goldman Sachs maintains a "Buy" rating on SenseTime, with a target price of HKD 3.53 [1]

Core Viewpoint - SenseTime-W (00020) shows a positive market response with a nearly 3% increase in stock price, reflecting investor confidence in its growth potential in the generative AI sector [1] Group 1: Company Performance - SenseTime-W's stock price rose by 2.94% to HKD 2.45, with a trading volume of HKD 823 million [1] - Goldman Sachs reports that the management is optimistic about expanding into multimodal foundational models, which will enhance cost-effectiveness and capture more end-user application opportunities [1] Group 2: Revenue Growth and Projections - Goldman Sachs anticipates that SenseTime-W's generative AI revenue will continue to grow, driven by a wide product range and customized solutions for specific industries [1] - China Galaxy Securities highlights that SenseTime-W is among the top three players in China's LLM application market, establishing a comprehensive service system covering AI infrastructure, multimodal large models, and industry-specific applications [1] - By the first half of 2025, generative AI business revenue is expected to account for 77% of the group's total, becoming a core growth engine [1] - The firm projects a compound annual growth rate (CAGR) of 30% for SenseTime-W's revenue from fiscal years 2024 to 2027, increasing from RMB 3.8 billion to RMB 8.3 billion, with profitability expected by 2027 [1]

中国银河证券指出，作为中国LLM应用市场前三甲，商汤-W已构建起覆盖AI基础设施、多模态大模型 及行业定制化应用的全栈服务体系，2025年上半年生成式AI业务营收占比集团飙升至77%，成为核心增 长引擎。该行预测，2024-2027财年商汤-W营收复合年增长率将达30%，从38亿元人民币增至83亿元， 2027年有望实现盈利。 高盛发布研报称，商汤-W管理层对公司扩展至多模态基础模型的发展方向持积极态度，此举能提升成 本效益比，并有助捕捉更多终端应用机遇。作为本地领先的生成式AI软件企业，商汤-W拥有自研的AI 基础模型SenseNova及AI基建，为其增长奠定稳固基础，该行预期商汤-W的生成式AI收入将持续增长， 动力来自公司广泛的产品覆盖，以及针对特定行业的定制化解决方案，能把握AI变现机遇。 智通财经APP获悉，商汤-W(00020)涨近3%，截至发稿，涨2.94%，报2.45港元，成交额8.23亿港元。 ...

Summary of SenseTime Conference Call Company Overview - **Company**: SenseTime (0020.HK) - **Industry**: Generative AI and Computer Vision AI Key Points 1. Expansion Strategy - SenseTime is focusing on expanding its multi-modal foundation model to enhance the cost-to-performance ratio, which is expected to capture more end applications [1][2] - The company has developed its in-house AI foundation model, SenseNova, and AI infrastructure, which are crucial for its growth [1] 2. Revenue Growth - The management is optimistic about the continuous growth of SenseTime's Generative AI revenue, supported by a wide product range and customized solutions tailored to specific industries [1] - The company is targeting various sectors including education, finance, tourism, and edge devices like AI glasses and smartphones [2] 3. Profitability Focus - Profitability remains a key focus for SenseTime, particularly in computer vision AI, through selective projects and disciplined cost control [2] - Local AI chips are highlighted as sufficient to meet the company's needs in computer vision AI [2] 4. Payback and Return on Investment - Management emphasizes the importance of predictable payback in Generative AI investments, with strategies including: - Transitioning from single mode to multi-mode to enhance application performance [3] - Deep integration with specific industries to optimize the foundation model and computing power [3] - Utilizing real-world data for training models and developing applications in robotics and autonomous driving [3] 5. Valuation Insights - The 12-month target price (TP) for SenseTime is set at HK$3.53, derived from a two-stage DCF model and a target EV/Sales multiple of 19.0x [4][7] - The DCF valuation is based on a WACC of 10.7% and a terminal growth rate of 2% [4] - The expected revenue growth for 2026-2027 is projected at 32% year-over-year [7] 6. Risks - Key risks identified include: - Slower-than-expected ramp-up of Generative AI customers [7] - Lower-than-expected customer spending [7] - Increased market competition [7] 7. Financial Projections - Projected revenue for the upcoming years: - 2024: Rmb 3,772.1 million - 2025: Rmb 4,891.6 million - 2026: Rmb 6,617.3 million - 2027: Rmb 8,549.9 million [8] 8. Market Position - SenseTime is positioned as a leading player in the local Generative AI software market, with a strong foundation for growth through its proprietary technologies [1] Conclusion - SenseTime is strategically expanding its capabilities in Generative AI and computer vision, focusing on profitability and market penetration across various industries. The company presents a favorable investment opportunity with a target price indicating significant upside potential, although it faces risks related to market dynamics and customer adoption rates.

Core Viewpoint - SenseTime, once a leading AI company, has seen its stock price decline significantly despite the ongoing AI boom, primarily due to its unsustainable business model and mounting losses [3][4][7]. Group 1: Company Background - SenseTime was founded in 2014 by a team from top academic institutions and tech giants, focusing on computer vision technology and offering customized AI solutions [5][6]. - The company experienced rapid growth in its early years, with revenues increasing from 1.85 billion yuan in 2018 to 3.45 billion yuan in 2020, achieving a compound annual growth rate of 36.4% [5][6]. Group 2: Financial Performance - From 2018 to mid-2025, SenseTime accumulated losses of 56.3 billion yuan, with a net profit of -1.478 billion yuan in the first half of 2025, despite a year-on-year growth of 39.84% [3][6]. - As of the latest closing, SenseTime's stock price was 2.38 HKD per share, with a total market capitalization of 96.2 billion HKD, representing a decline of over 70% from its peak of 9.7 HKD per share in 2022 [3][6]. Group 3: Business Model Challenges - SenseTime's reliance on a project-based business model has led to high marginal costs and limited scalability, resulting in a continuous state of loss [6][8]. - The company has faced challenges in generating recurring revenue, as most project revenues are one-time and have long payment cycles [6][8]. Group 4: Recent Developments - In response to industry changes, SenseTime launched the "Riri Xin" multimodal model in 2023, achieving significant performance metrics and expanding its generative AI business [8][9]. - The company restructured its business into three main segments: generative AI, smart vehicles, and visual AI, with generative AI revenue exceeding 1.1 billion yuan in 2023, accounting for over 34% of total revenue [9][10]. Group 5: Market Position and Competition - Despite its technological advantages, SenseTime's market share in the domestic generative AI sector has declined from 16% to 13.8%, indicating increased competition [10][11]. - The company faces significant challenges in maintaining competitiveness due to its limited financial resources compared to larger cloud service providers like Tencent and Alibaba [11].

Core Insights - The HuRun Research Institute released the "2025 HuRun Future Unicorn: Global Gazelle Enterprises List" and the "2025 HuRun China AI Enterprises Top 50" in Beijing, highlighting the growth of AI companies in China [1] Group 1: AI Companies in China - The list of the top 50 AI companies in China features 19 companies from Beijing, leading the nation, with 16 of them located in Haidian District [1] - The ranking focuses on companies primarily engaged in AI computing power or algorithms, with valuations based on market capitalization as of January 9, 2026, for listed companies and estimates for unlisted companies [1] Group 2: Top AI Companies - The top three companies in the list are: - Cambricon Technologies with a valuation of 630 billion RMB, ranked first [2] - Moore Threads with a valuation of 310 billion RMB, ranked second [2] - Muxi Co., Ltd. with a valuation of 250 billion RMB, ranked third [2] - The top three companies are all related to AI chips, attributed to the tightening of high-end AI chip export controls by the U.S., prompting domestic advancements in computing power [2] Group 3: Focus on Large Models - Large models are a key focus area for AI companies in Beijing, with Zhipu AI recently recognized as the "world's first large model public company" [3] - Zhongguancun Science City is home to 16 of the 19 listed companies, reflecting the area's robust AI industry development supported by talent, computing power, and policy [3] Group 4: Global Gazelle Enterprises - The "2025 HuRun Future Unicorn: Global Gazelle Enterprises List" identifies San Francisco, Shanghai, Beijing, New York, Shenzhen, and London as the top five global "gazelle" cities [3] - China has 278 gazelle enterprises, ranking second globally, with an 8% increase from the previous year, and together with the U.S., they account for 71% of the total gazelle enterprises worldwide [3]

Core Insights - A new company, Xiamen SenseTime Intelligent Development Co., Ltd., was established on January 19 with a registered capital of 30 million USD [1] - The company is fully owned by SenseTime Group Limited and focuses on various aspects of artificial intelligence software development [1] Company Overview - The registered capital of the new company is 30 million USD [1] - The business scope includes the development of foundational AI software, application software, theoretical and algorithmic software, and general AI application systems [1] - SenseTime Group Limited is the sole shareholder of Xiamen SenseTime Intelligent Development Co., Ltd. [1]

Core Insights - The 2025 Hurun China Artificial Intelligence Enterprises Top 50 list was released, ranking companies based on their value, with a focus on AI-related businesses [1][3] Group 1: Company Rankings and Values - The top-ranked company is Cambricon, valued at 630 billion RMB, showing a 165% increase from the previous year [3] - The second position is held by Moore Threads, valued at 310 billion RMB, followed by Nuxi at 250 billion RMB [3] - The top ten includes industry leaders such as iFlytek, SenseTime, and AIGC pioneer Yiyu Zhizhi [3] Group 2: Industry Trends and Composition - Among the listed companies, 14 are in the computing hardware sector, an increase of 9 from last year, while 11 are in data analysis, up by 4 [3] - The average value of the listed companies is 540 billion RMB, which is 2.4 times higher than last year, with 5 companies exceeding 100 billion RMB [3] - The entry threshold for the list has risen to 9.5 billion RMB, an increase of 3.5 billion RMB from the previous year [3] Group 3: Geographic Distribution - Beijing leads with 19 companies on the list, followed by Shanghai with 14, Shenzhen with 6, and Guangzhou with 4, indicating that over 80% of the companies are based in first-tier cities [3] Group 4: Company Age and New Entrants - The average age of the listed companies is 12 years, with 6 companies established after 2021, all of which are AI model firms [4] Group 5: Market Insights and User Engagement - As of June 2025, the user base for generative AI in China reached 515 million, indicating a significant market presence [6] - Nearly 60% of respondents in a recent survey prefer AI tools for exploring new solutions, highlighting the evolving role of AI from a supportive tool to a companion [6]

Core Insights - The "2025 Hurun China AI Companies Top 50" report ranks companies based on their value, highlighting the rapid growth and significance of AI in reshaping wealth in China [1][4]. Group 1: Company Rankings and Values - The top-ranked company is Cambricon, valued at 630 billion RMB, showing a 165% increase from the previous year [1][4]. - The ranking includes 21 non-listed companies, with the entry threshold set at 95 billion RMB, an increase of 35 billion RMB from last year [4]. - The average value of the listed companies is 540 billion RMB, which is 2.4 times higher than last year [4]. Group 2: Industry Trends and Growth - There is a notable increase in AI chip companies, with 14 firms making the list, up from 5 last year, driven by U.S. export controls on high-end AI chips [4][5]. - The report indicates that AI is transforming the wealth landscape in China, with significant wealth increases for key figures in the AI sector [4][6]. Group 3: New Entrants and Market Dynamics - 18 new companies joined the list, with 10 being AI chip-related, reflecting a shift in business focus for some firms from non-AI to AI [5]. - Companies like Chipone have seen a substantial increase in revenue from AI-related design services, indicating a strong market demand for AI capabilities [5][6]. Group 4: Sectoral Breakdown - The report categorizes AI companies into sectors: computing power (e.g., Cambricon), data analysis (e.g., Jingtaitech), machine vision (e.g., SenseTime), voice recognition (e.g., iFlytek), content generation (e.g., Kimi), and autonomous driving (e.g., Didi Autonomous Driving) [6][7]. - The focus on AI as a core business is emphasized, with only 31 companies meeting the criteria of having AI as their main business and a valuation above 9.5 billion RMB [4][6]. Group 5: Global Expansion and Future Outlook - AI companies are increasingly acting as "behind-the-scenes enablers" for industries like consumer electronics and new energy vehicles, with many still primarily focused on the domestic market [6][7]. - The long-term outlook suggests that companies with core technologies and practical applications will emerge as leaders, transitioning AI from a speculative concept to a foundational infrastructure [7].