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]
商汤-W(00020) - 2022 - 年度财报