Core Insights - SenseTime reported a total revenue of 2.358 billion yuan for the first half of 2025, marking a year-on-year increase of 35.6%, primarily driven by explosive growth in its generative AI business [1] - The company's net loss narrowed to 1.489 billion yuan, a nearly 40% decrease year-on-year, reflecting the success of its strategy to focus on core operations and improve efficiency [1] - The gross margin decreased from 44.1% in the same period last year to 38.5%, attributed to rising hardware costs and operational expenses of AI data centers [1] Revenue Breakdown - The generative AI business generated 1.815 billion yuan in revenue, a year-on-year increase of 72.7%, and accounted for 77.0% of total revenue, up from 60.4% in the previous year [1] - Traditional visual AI business revenue was 436 million yuan, down 14.8% year-on-year, due to a shift in collaboration model with a major client [2] - The "X Innovation Business," which includes smart driving and healthcare, reported revenue of 107 million yuan, a decline of approximately 39.6% year-on-year, primarily due to a drop in smart driving revenue [2] R&D and Strategic Developments - R&D expenditure for the first half of 2025 was 2.1185 billion yuan, an increase of 12.0% compared to 1.8922 billion yuan in the same period of 2024, driven by investments in foundational model training and generative AI applications [2] - The company has restructured its revenue reporting categories, now classifying its business into generative AI, visual AI, and X innovation, with AI GPU chip companies excluded from consolidated financial statements [1] - SenseTime's "1+X" strategy has made substantial progress, with generative AI further solidifying its position in revenue, and the company has established a specialized leadership structure to enhance the operational vitality of its X innovation business [3]
商汤科技发布半年报：生成式AI业务爆发性增长