Core Viewpoint - SenseTime has implemented a large device + large model industrial layout in 2023, significantly enhancing its computational power and model capabilities, positioning itself as a leader in generative AI in China [1][2]. Computational Power and Model Capabilities - The total operational computational power of SenseTime's large devices has surpassed 12,000 Petaflops, doubling since the beginning of 2023, with 45,000 GPUs deployed [1]. - The company's "Riri New" large model has achieved advanced training capabilities, including multi-modal and programming functionalities, establishing a leading position domestically [1][2]. Business Segments and Revenue Growth - Generative AI business revenue reached 1.18 billion RMB in the previous year, a 200% year-on-year increase, accounting for 35% of total revenue [1]. - Traditional AI business revenue was 1.84 billion RMB, down 41% year-on-year, with its revenue share declining from 82% in 2022 to 54% in 2023 [1]. - The automotive segment, represented by "Jueying," generated 380 million RMB in revenue, up 31% year-on-year, contributing 11% to total revenue [1]. Strategic Goals for 2024 - The company aims to maintain technological leadership, accelerate the commercialization of generative AI, and improve operational efficiency by focusing resources on core business areas [2][3]. Market Trends and Future Outlook - The demand for generative AI is driven by widespread needs across various industries, indicating the start of a new investment cycle in China's hard technology sector [1][2]. - The company anticipates continued rapid growth in generative AI, projecting that this segment could account for approximately 50% of total revenue by 2024, with a compound annual growth rate (CAGR) of around 50% from 2023 to 2028 [5][6]. Chip Utilization and Market Opportunities - The demand for computational power is expected to grow exponentially, with predictions of a tenfold increase in demand annually, creating opportunities for domestic chip development and optimization [3][4]. - The differentiation in chip usage between training and inference is anticipated to provide new design opportunities for chips tailored to specific tasks [4]. Business Models and Financial Projections - The generative AI business operates under three main models: public cloud, private deployment, and customized development services, with various pricing strategies based on usage [5]. - The financial impact of generative AI on gross margins is expected to be neutral, with current gross margins ranging between 40% and 45% [5]. Governance and Strategic Stability - Following the passing of a key figure, the ownership has been transferred to family members who continue to support the management team, ensuring stability in governance and strategic direction [6]. - The company aims to leverage its historical strengths to drive transformation in the generative AI era while maintaining healthy cash flow from existing operations [6].

证券研究报告 公 2024年03月28日 司 报 告 商汤-W(00020) 行 业： 计算机/IT服务Ⅱ │ 港 投资评级： 股 当前价格： 0.70港元 业务承压，全面加码生成式 AI - 公 目标价格： 司 事件：2023年3月26日，公司发布2023年财报，2023年实现营收34.06 年 基本数据 报 亿元（YoY-10.6%）,毛利约为15亿元（YoY-41%），毛利率为44.1%（YoY- 33,468.93/33,468. 点 总股本/流通股本(百万股) 22.7pct），年度亏损约为64.95 亿元（亏损增加 6.6%），EBITDA 亏损收窄 93 评 流通市值(百万港元) 23,428.25 至54亿元（亏损收窄2.2%）。 每股净资产(元) 0.86  生成式AI业务高速增长，传统AI业务全面收缩。2023年公司重新明 资产负债率(%) 25.01 确了生成式 AI、传统 AI 业务以及智能汽车三大业务板块。其中，生成式 一年内最高/最低(港元) 3.70/0.70 AI收入达11.84亿元，同比增速高达200%，占集团收入的比例提升24.4pct 至34.8%。主要得益于公司在从底 ...

Core Insights - SenseTime Group has established a clear business positioning with three core segments: Generative AI, Traditional AI, and Intelligent Vehicles [1] - The Generative AI segment has been designated as a strategic priority, becoming the main development direction for the company [1] - The company achieved remarkable growth in its Generative AI business, with revenue reaching 1.2 billion yuan, marking the fastest revenue growth for a new business in its ten-year history [1] Business Performance - The Generative AI segment's revenue growth was explosive, achieving a year-on-year increase of 200% and accounting for over 35% of total revenue [2][1] - The total computing power of SenseTime's large model infrastructure, SenseCore, has significantly increased to 12,000 petaFLOPS, with 45,000 operational GPUs [1] Innovation and Market Strategy - SenseTime has introduced a new "Model as a Service" business model, allowing clients to easily fine-tune and access various generative AI capabilities without the need to manage underlying infrastructure [1] - This innovative business model enhances customer experience and expands the company's market channels and business scope [1]

业绩简评 2024 年 3 月 26日，公司发布 2023 年报。公司2023年全年实现 营收 34.1 亿元，同比下滑 10.6%；毛利率为 44.1%，同比下滑 22.7pct，毛利润为 15.0 亿元，同比下滑 41.0%；净利润为-64.9 亿元，亏损扩大6.6%；经调整EBITDA为-43.7 亿元，亏损扩大 3.7%。 2023 年下半年，公司营收为 19.7 亿元，同比下滑 17.6%；毛利 率为 43.2%，同比下滑 24.0pct，毛利润为 8.5 亿元，同比下滑 47.0%；净利润为-33.5 亿元，亏损扩大16.2%；经调整EBITDA 为 23.4 亿元，亏损扩大23.9%。 经营分析 分业务而言：1）生成式AI业务 2023 年实现营收11.8 亿元，同 比增长199.9%，主要受益于公司大装置及大模型服务能力的领 先。公司目前总算力达到1.2 万 petaFLOPS，运营GPU数量达 4.5 万张。2）智能汽车业务2023 年实现营收3.8 亿元，同比增 港币(元) 成交金额(百万元) 4.00 7,000 长 31.1%；2023 年下半年智能汽车营收为3.0亿元，同比增长 6, ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 3,405.8 million, a decrease of 10.6% compared to RMB 3,808.5 million in 2022[5]. - Gross profit for the same period was RMB 1,500.8 million, with a gross margin of 44.1%, down from 66.8% in 2022[5]. - The company reported a net loss of RMB 6,494.7 million, an increase in loss of 6.6% from RMB 6,092.99 million in the previous year[5]. - Revenue for the year ended December 31, 2023, was RMB 3,405,842 thousand, a decrease of 10.6% compared to RMB 3,808,510 thousand in 2022[39]. - Gross profit for 2023 was RMB 1,500,787 thousand, down 41.0% from RMB 2,542,267 thousand in 2022[39]. - Operating loss for 2023 was RMB 6,646,555 thousand, slightly increased from RMB 6,528,323 thousand in 2022[39]. - The annual loss for 2023 was RMB 6,494.7 million, compared to a loss of RMB 6,093.0 million in 2022, as operational cost savings were insufficient to offset the decline in gross profit[54]. - The total comprehensive loss for the year amounted to RMB 6,280.361 million, up from RMB 4,147.653 million in 2022[84]. Revenue Breakdown - Revenue from generative AI reached RMB 1,183.7 million, representing a rapid growth of 199.9% and accounting for 34.8% of total revenue[7]. - Revenue from the intelligent vehicle business was RMB 383.7 million, a year-on-year increase of 31.1%, contributing 11.3% to total revenue[7]. - Traditional AI business revenue declined by 41.1% to RMB 1,838.4 million, reducing its share of total revenue from 81.9% in 2022 to 53.9% in 2023[7]. - Revenue decreased by 10.6% from RMB 3,808.5 million in 2022 to RMB 3,405.8 million in 2023, primarily due to a decline in traditional AI revenue, partially offset by increases in generative AI and smart vehicle revenues[40]. - Generative AI revenue surged by 199.9%, rising from RMB 394.7 million in 2022 to RMB 1,183.7 million in 2023, driven by explosive demand for generative AI model training, fine-tuning, and reasoning[40]. - Traditional AI revenue fell by 41.1% from RMB 3,121.1 million in 2022 to RMB 1,838.4 million in 2023, reflecting a significant reduction in reliance on smart city business[41]. - Smart vehicle revenue increased by 31.1%, from RMB 292.7 million in 2022 to RMB 383.7 million in 2023, with a notable rise in ADAS-related revenue[41]. Operational Metrics - The company’s EBITDA loss was RMB 5,449.6 million, a decrease of 2.2% from RMB 5,570.2 million in 2022[5]. - Trade receivables increased by 48.5% to RMB 3,885 million[7]. - The total computing power reached 12,000 petaFLOPS, with 45,000 GPUs operational[7]. - The company has seen a significant increase in strategic customer collaborations, with the number of clients with orders exceeding 10 million RMB reaching several dozen[16]. - The company has established partnerships with major smartphone brands like Xiaomi and Honor to develop innovative features for AI applications[25]. Research and Development - The company is committed to the development of version 5.0 of the "Daily New" model, expected to be released in April 2024, which will fully meet the standards of GPT-4-turbo[20]. - The company has established an advanced end small model that provides performance comparable to large models but is small enough to run on laptops or mobile devices[15]. - The company continues to invest in research and development, with R&D expenses amounting to RMB 503,596,000 in 2023, up from RMB 458,755,000 in 2022, marking an increase of about 9.8%[151]. - The company has engaged an independent external appraiser to assess the recoverable amounts of cash-generating units, ensuring the accuracy and reliability of financial information[153]. Cash Flow and Liquidity - The total cash and cash equivalents increased to RMB 9,423.5 million as of December 31, 2023, up from RMB 7,962.8 million at the end of 2022, marking an increase of about 18.3%[61]. - The net cash used in operating activities for 2023 was RMB (3,234.3) million, compared to RMB (3,084.5) million in 2022, indicating a worsening of approximately 4.9%[62]. - The cash flow from financing activities generated RMB 1,083.6 million in 2023, a decrease from RMB 3,329.1 million in 2022, indicating a decline of about 67.5%[62]. - The company primarily met its cash needs through shareholder contributions, with cash and cash equivalents significantly increasing over the year[61]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 32,888,024 thousand, a decrease from RMB 37,426,993 thousand in 2022[86]. - Total liabilities rose to RMB 9,732,551 thousand in 2023, compared to RMB 8,413,133 thousand in 2022, indicating an increase of about 15.6%[88]. - The company reported a net cash inflow from financial assets of RMB 12,697 thousand in 2023, down from RMB 18,307 thousand in 2022[94]. - The company has pledged assets with a book value of RMB 4,336.0 million in properties and land use rights, along with RMB 324.0 million in restricted cash to secure loans[80]. Future Outlook - The company plans to accelerate the commercialization of generative AI and enhance market penetration, aiming to provide cost-effective solutions[36]. - The focus for 2024 includes leveraging the synergy of large devices and models to enhance service capabilities and reduce reasoning costs[36]. - The company plans to achieve mass production of urban NOA functionality in 2024, aiming to maintain a leading position in the domestic market for autonomous driving deliveries[27]. - The company anticipates continued enhancement of model capabilities, with expectations for significant advancements in generative AI applications in enterprises[37]. Governance and Compliance - The company is committed to maintaining a "zero tolerance" policy towards fraud and corruption, ensuring a transparent business environment[35]. - The company received multiple certifications, including ISO 27001 and ISO 27701, demonstrating its commitment to information security and privacy management[34]. - The board has decided not to declare a final dividend for the year ending December 31, 2023[197].

SenseTime Group (00020) H2 2023 Earnings Call March 26, 2024 05:00 AM ET Speaker0 Good evening, everyone, and welcome to Sensetime Group's twenty twenty three Annual Results Presentation. I'm Jessie Lin, the Joint Company Secretary and today's MC. Let me introduce the management representatives joining us today. Doctor. Xu Li, Chairman and CEO of Senstime Group Mr. Xu Bin, Co Founder and Executive Director and Mr. Wang Zheng, CFO. First of all, let me read the disclaimer. Today's discussions may contain for ...

OpenAI「珠玉在前」，确实具备参照价值，但是否该成为「追赶」对象依然值得商榷。 回望过去一年风风火火的大模型之战，从最初的拼参数、讲数据到最近的找落地、看应用，「实用主义」成为 2024 年的主节奏。 该如何走出自身大模型之路？抓最前沿的技术趋势，但为开发者设置最低的使用门槛，这是商汤给出的解法。 今天商汤科技正式发布「日日新 SenseNova 4.0」，宣告大模型体系多维度全面升级。 「日日新 SenseNova 4.0」拥有更全面的知识覆盖、更可靠的推理能⼒，更优越的长⽂本理解力及更稳定的数字推理能⼒和更强的代码⽣成能⼒，并⽀持跨模态交互。日日新·商量大语言模型-通用版本（SenseChat V4）综合整体评测成绩水平比肩 GPT 4，相较 GPT 3.5 已经实现全⾯超越。 商汤还率先推出了支持不同模态工具调用的⽇⽇新·商量大语言模型 Function call & Assistants API 版本，为先进的大模型与各类应用服务工具的连接提供便利桥梁，显著降低开发者使用大模型的门槛。 同时，商汤将先进的大模型能力转化为落地实际场景的产品应用，基于最新发布的⽇⽇新·商量大语言模型 Function ...

Financial Performance - Total revenue for the first half of 2023 was RMB 1,433,122,000, a 1.3% increase from RMB 1,415,343,000 in the same period of 2022[8]. - Gross profit decreased by 30.6% to RMB 648,673,000, down from RMB 934,043,000 in the previous year, resulting in a gross margin of 45.3%[8]. - The adjusted EBITDA loss improved by 12.8% to RMB (2,025,854,000) compared to RMB (2,322,546,000) in the first half of 2022[8]. - The adjusted net loss for the group was RMB 2,393.4 million, a reduction of 6.7% compared to the same period last year[18]. - The net loss for the six months ended June 30, 2023, was RMB 3,142.6 million, compared to a net loss of RMB 3,208.0 million for the six months ended June 30, 2022[55]. - The company reported a loss attributable to equity holders of RMB 3,122,744 thousand for the six months ended June 30, 2023, compared to a loss of RMB 3,157,653 thousand in the same period of 2022, indicating a slight improvement in performance[156]. - Basic and diluted loss per share remained at RMB 0.10 for both the six months ended June 30, 2023, and 2022, reflecting consistent performance despite ongoing losses[156][157]. Revenue Segmentation - The smart business segment achieved revenue of RMB 853.6 million in the first half of 2023, a year-on-year increase of 50.2%, with a customer base of 481 and a 59.9% increase in revenue per customer[22]. - The smart living segment's revenue grew by 6.7% year-on-year to RMB 311.8 million, accounting for 21.8% of the group's total revenue, with a customer base of 270[23]. - The smart automotive segment experienced a 573% year-on-year growth in production business, delivering 390,000 vehicles, although overall revenue decreased by 30.5% to RMB 83.9 million due to a shift in collaboration models[28]. - The smart city segment's revenue fell by 57.7% year-on-year to RMB 183.8 million, contributing 12.8% to the group's total revenue, down from 28.8% in 2022[32]. - International business revenue for the first half of 2023 was RMB 229.2 million, contributing 16.0% to total revenue, similar to the previous year's 16.8%[33]. Research and Development - The company upgraded its SenseCore AI infrastructure, increasing the number of GPUs from 27,000 to approximately 30,000, and enhancing computing power from 5 ExaFLOPS to 6 ExaFLOPS[10]. - The company invested approximately 10,000 GPUs in the development of large language models, significantly enhancing their capabilities[11]. - The company is actively developing new features for mobile operating systems based on large language models, collaborating with major smartphone manufacturers[25]. - Research and development expenses decreased from RMB 2,035.3 million to RMB 1,783.2 million, reflecting a strategic focus on cost management[38]. - Research and development expenses increased to RMB 232,732,000 in the first half of 2023, up from RMB 212,666,000 in the same period of 2022, highlighting the company's commitment to innovation[162]. Cost Management - The group has reduced operational costs by 6.5% year-on-year, despite increased investment in large model research and development[18]. - Sales costs rose by 63.0% from RMB 481.3 million to RMB 784.4 million, mainly due to increased hardware costs and subcontracting service fees[43]. - Administrative expenses rose by 3.6% from RMB 768.6 million for the six months ended June 30, 2022, to RMB 796.5 million for the six months ended June 30, 2023, primarily due to increased depreciation and amortization[48]. Cash Flow and Liquidity - The group holds a total of RMB 14,818.7 million in cash, bank deposits, and other fixed-income investments as of June 30, 2023[18]. - Cash and cash equivalents as of June 30, 2023, amounted to RMB 7,153.0 million, down from RMB 7,962.8 million as of December 31, 2022[66]. - Net cash used in operating activities for the six months ended June 30, 2023, was RMB 1,804.8 million, showing stability compared to RMB 1,848.1 million for the same period in 2022[68]. - Net cash generated from investing activities for the six months ended June 30, 2023, was RMB 384.7 million, a significant improvement from a net cash used of RMB 5,721.4 million in the same period of 2022[69]. - Total borrowings increased from RMB 3,228.6 million as of December 31, 2022, to RMB 3,792.8 million as of June 30, 2023[71]. Market and Product Development - The generative AI business recorded strong triple-digit year-on-year growth, driven by the launch of new products such as SenseChat and SenseMirage[10]. - The company launched the medical language model "商量 • 大醫," enhancing hospital diagnostic efficiency and patient services through advanced medical language understanding[26]. - The company plans to launch the upgraded SenseMirage 4.0 model in Q3 2023, which will include a new aesthetic system to enhance product competitiveness[16]. - The AI robot product line saw rapid sales growth, with over 1,000 units sold in June 2023, ranking first in the robot category on major e-commerce platforms[27]. Asset Management - Total assets as of June 30, 2023, amounted to RMB 35,601,390 thousand, a decrease of 4.9% from RMB 37,426,993 thousand as of December 31, 2022[94]. - Non-current assets increased to RMB 16,270,488 thousand, up 2.3% from RMB 15,902,814 thousand year-over-year[94]. - Current assets decreased by 10.2% to RMB 19,330,902 thousand from RMB 21,524,179 thousand[94]. - The company had pledged assets with a book value of RMB 4,401.6 million in buildings and land use rights to secure borrowings[81]. Fair Value and Financial Instruments - The fair value loss on preferred shares and other financial liabilities increased from RMB 5.1 million for the six months ended June 30, 2022, to RMB 10.0 million for the six months ended June 30, 2023[53]. - The fair value of financial assets measured at fair value through profit or loss was RMB 7,489,372,000, compared to RMB 7,308,657,000 as of December 31, 2022, reflecting an increase of approximately 2.47%[121]. - The company reported a significant increase in level 3 financial assets, with a total of RMB 5,475,517,000 as of June 30, 2023, compared to RMB 5,126,995,000 as of June 30, 2022, representing a year-over-year growth of approximately 6.81%[125]. Employee and Operational Metrics - Employee count as of June 30, 2023, was 5,016, reflecting the company's staffing needs[74]. - Employee benefits expenses decreased to RMB 1,909,104,000 in the first half of 2023 from RMB 2,093,511,000 in the same period of 2022, representing a reduction of approximately 8.8%[138]. - The total number of issued shares as of June 30, 2023, was 33,468,925,000, a slight increase from 33,507,400,000 shares as of June 30, 2022[199].

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限 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 確表示概不就因本公告全部或任何部分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。 SenseTime Group Inc. (cid:14957)(cid:14957)(cid:15521)(cid:12432)(cid:15718)(cid:11882)(cid:11518)(cid:16881)(cid:16127)(cid:11852)(cid:15327) (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）） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 董事會欣然公佈本集團截至2023年6月30日止六個月的未經審計綜合業績。該 等中期業績乃根據國際會計準則第34號「中期財務報告」編製，且已由核數師及 審計委員會審閱。 主要摘要 財務概要 截至6月30日止六個月 2023年 2022年 佔總收入 佔總收入 金額 百分比 金額 百分比 同比變動 （未經審計） （人民幣千元， ...

Financial Performance - Revenue decreased from RMB 4,700.3 million in 2021 to RMB 3,808.5 million in 2022, representing a decline of approximately 19%[6] - Gross profit fell from RMB 3,277.6 million in 2021 to RMB 2,542.3 million in 2022, a decrease of about 22.4%[6] - Annual loss reduced from RMB 17,177.1 million in 2021 to RMB 6,093.0 million in 2022, showing an improvement of approximately 64.5%[6] - Adjusted EBITDA loss increased from RMB 879.0 million in 2021 to RMB 4,213.4 million in 2022[6] - Adjusted net loss rose from RMB 1,418.4 million in 2021 to RMB 4,736.2 million in 2022[6] - The company reported a loss before income tax of RMB 6,332.812 million for 2022, compared to RMB 17,141.544 million in 2021[4] - The group reported an annual loss of RMB 6,093.0 million, with an adjusted net loss of RMB 4,736.2 million[10] Revenue Breakdown - Revenue from the smart living business reached RMB 955.1 million, representing a year-on-year growth of 129.9%[10] - Revenue from the smart automotive business was RMB 292.7 million, a year-on-year increase of 58.9%[10] - Revenue from the smart business segment decreased by 25.2% to RMB 1,464.3 million, with the segment accounting for 38.4% of the group's total revenue, down from 41.7% in 2021[22] - The smart city segment's revenue fell by 48.8% to RMB 1,096.4 million in 2022, with the segment's contribution to total revenue decreasing from 45.6% in 2021 to 28.8% in 2022[23][27] Research and Development - R&D investment for the year was RMB 3,795.8 million, a year-on-year increase of 24.0%[10] - R&D expenditure, excluding share-based compensation, reached RMB 3,795.8 million in 2022, a 24.0% increase year-on-year, with cumulative R&D investment since 2018 totaling RMB 12,847.1 million[14] - The company aims to achieve significant breakthroughs in AGI technology in the coming years, focusing on high-performance computing infrastructure and advanced hardware capabilities[31] - The development of multimodal large models is a strategic investment area, enhancing capabilities in processing various data types and improving model performance in complex tasks[32] Market Expansion and Strategy - The company aims to enhance its market expansion and product development strategies moving forward[8] - The company plans to lower the cost of AI technology to make it more accessible to individuals and organizations, focusing on developing low-cost, high-performance hardware and software solutions[34] - The company is actively pursuing partnerships with global chip design and manufacturing leaders to enhance AI hardware and chip development for improved computing power and energy efficiency[33] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[139] Corporate Governance - The board of directors is responsible for leading and controlling the company, ensuring the best interests of the company and its shareholders are prioritized[68] - The board held a total of 4 meetings during the reporting period, including 4 audit committee meetings, 1 remuneration committee meeting, 1 nomination committee meeting, and 2 corporate governance committee meetings[72] - The company has established a robust anti-money laundering system and anti-corruption policies, which are monitored by the audit committee[79] - The corporate governance committee is tasked with ensuring compliance with listing rules and safeguarding provisions related to the company's dual-class share structure[85] Shareholder Communication - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders[108] - The company emphasizes effective communication with shareholders to enhance investor relations and transparency regarding business performance and strategies[105] - Shareholders are encouraged to participate in annual general meetings, with at least 21 days' notice provided for such meetings[105] Employee and Diversity Policies - The company has implemented gender-neutral hiring policies to ensure equal opportunities for candidates of all skills, backgrounds, and genders[91] - The board currently includes one female member, reflecting the company's commitment to gender diversity, with a goal to maintain this representation level[90] - The gender ratio among employees is 73% male and 27% female, with the company aiming to sustain this diversity level across its workforce[91] Risk Management - The company is committed to maintaining a robust risk management and internal control system to manage risks associated with achieving business objectives[96] - Compliance risk management is a core aspect of the company's risk management activities, ensuring adherence to applicable laws and regulations[99] - The audit committee conducts ongoing reviews of the company's risk management policies and internal control systems, ensuring their effectiveness and adequacy[103] Strategic Investments and Acquisitions - A strategic acquisition of a smaller tech firm is anticipated to enhance the company's capabilities in machine learning[139] - The company is seeking strategic investment and acquisition opportunities, with an allocation of approximately HKD 952.7 million, fully utilized[195] - The company has entered into an exclusive purchase agreement with Shanghai Qianlun and Shanghai SenseTime, granting Shanghai Yuqin irrevocable rights to acquire shares from individual shareholders at nominal prices or other prices approved by Shanghai Yuqin[177] Technology Development - The company developed a high-performance computing system, SenseCore AI, capable of 5.0 exaFLOPS output using 27,000 GPUs[9] - SenseCore supports training of large models with up to 20 trillion parameters simultaneously, with a parallel efficiency of 91.5%[12] - The company emphasizes the importance of technology aligning with human values and social benefits, promoting sustainable development[200] Financial Position - Total assets as of 2022 amounted to RMB 37,426.993 million, compared to RMB 36,944.319 million in 2021[5] - Total liabilities increased to RMB 8,413.133 million in 2022 from RMB 4,957.235 million in 2021[5] - The company's equity attributable to owners decreased to RMB 28,970.224 million in 2022 from RMB 31,892.511 million in 2021[5] Share Buyback and Dividends - The company decided not to recommend the payment of a final dividend for the year ended December 31, 2022, considering the long-term interests of shareholders[112] - The company aims to enhance shareholder value through a share buyback program, allocating 20 million for this initiative[142] Connected Transactions - The independent non-executive directors have confirmed that the ongoing connected transactions were conducted in the normal course of business and on normal commercial terms[170] - The auditor has confirmed that the ongoing connected transactions complied with the relevant agreements and pricing policies[170]