Core Viewpoint - SenseTime has entered a harvest period in its generative AI business, achieving significant revenue growth and a higher proportion of income from this segment, indicating a strong market position and strategic focus on sustainable profitability [2][3]. Financial Performance - In the first half of the year, SenseTime's generative AI business generated approximately 1.816 billion yuan, a year-on-year increase of 72.7%, with its revenue share rising from 60.4% to 77% [2]. - The overall revenue growth for the company was 35.6%, and the adjusted net loss decreased by 50% compared to the previous year [3]. Strategic Framework - SenseTime's performance is supported by its "1+X" new structure and the "three-in-one" strategy, which integrates large models and applications [4][5]. - The "1" in the "1+X" structure represents core businesses, including generative AI and computer vision (CV), while "X" encompasses potential high-growth businesses that may take longer to become profitable [6]. Market Position - SenseTime holds a leading position in the Chinese computer vision market with a 22.8% market share, marking its ninth consecutive year at the top [6]. - The company has successfully exported its CV technology, establishing itself as a pioneer in the field [6]. Business Model Evolution - The shift from a fragmented pricing model to a holistic delivery approach aims to enhance customer experience and control costs, aligning with the trend of integrated large model capabilities [5]. - The "X" businesses are designed to operate independently, allowing for external investment and potential future public listings, which could enhance their operational efficiency and financial performance [7]. Future Outlook - SenseTime plans to leverage both generative AI and visual AI as dual engines for growth, aiming to capitalize on the historical opportunities presented by generative AI while maintaining its leadership in visual AI [8].
商汤11年AI长跑迎收获期 “三位一体”战略成效显著 分拆业务焕发活力