多家港股上市企业AI收入增幅显著，迈向商业化深水区

Core Insights - The article highlights the significant growth of AI-related revenues among several Hong Kong-listed companies in their 2025 semi-annual reports, indicating a shift from AI as a concept to its deep application and value realization in the business sector [3]. Group 1: Alibaba Cloud - Alibaba Cloud reported a remarkable 26% year-on-year increase in external commercial revenue, reaching 33.398 billion yuan, marking the highest growth rate in nearly three years [4] - AI revenue now constitutes over 20% of external commercial revenue, with related product revenue maintaining triple-digit year-on-year growth for eight consecutive quarters, driving the growth of cloud business [4] - To meet the rising global demand for cloud and AI, Alibaba Cloud has launched eight new data centers this year and plans to invest 380 billion yuan in cloud and AI hardware infrastructure over the next three years [4] Group 2: SenseTime - SenseTime achieved a revenue of 2.358 billion yuan in the first half of 2025, reflecting a year-on-year growth of 35.6%, with adjusted net losses narrowing by 50% to 1.162 billion yuan [5] - The rapid growth of the generative AI business, which generated 1.816 billion yuan in revenue (up 72.7% year-on-year), has significantly contributed to the company's performance recovery, increasing its share of total revenue to 77% [5][6] - SenseTime's strategic focus on a "computing power infrastructure - large model research - large model application" framework has created a positive business cycle, despite some restructuring challenges [6] Group 3: CloudWalk Technology - CloudWalk Technology reported a revenue of 405 million yuan in the first half of 2025, a 20.2% increase year-on-year, with explosive growth in large model revenue, which surged 457% to nearly 100 million yuan [7] - The sales revenue from solutions reached 283 million yuan, up 22.6% year-on-year, while AI chip shipments totaled 16.5 million units, a 0.7% increase from the previous year [7] Group 4: Baiwang Technology - Baiwang Technology achieved a revenue of 347.6 million yuan in the first half of 2025, a 23.5% year-on-year increase, with AI-related business revenue surpassing 60.86 million yuan, accounting for 17.5% of total revenue [8] - The company launched an enterprise-level intelligent agent matrix and collaborated with China COSCO Shipping Technology to introduce a global tax compliance intelligent machine, showcasing its strategic positioning in the AI sector [8] Industry Trends - The AI sector is transitioning from speculative hype to sustainable commercial value realization, as evidenced by the strong performance of multiple Hong Kong-listed companies in their semi-annual reports [8] - AI technology has made significant advancements and demonstrated robust monetization capabilities, helping companies explore new growth trajectories and driving the industry towards a new development phase [8]