Core Viewpoint - CloudWalk Technology (云知声) has been included in the Hang Seng Composite Index, effective September 8, 2023, highlighting market recognition of its fundamentals and growth potential [1] Group 1: Financial Performance - In the first half of the year, CloudWalk achieved revenue of 405 million RMB, representing a year-on-year growth of 20.2%, supported by its traditional business segments [2] - The daily life solutions segment contributed approximately 83% of total revenue, driven by the implementation of AI large models in vertical fields such as AI supercomputing platforms and increased demand in commercial and transportation sectors [2] - The smart living business generated revenue of 335 million RMB, while the smart healthcare business contributed around 70 million RMB [2] Group 2: Revenue Quality and Business Transformation - A significant highlight of the interim report is the revenue from the self-developed "Shanhai Model," which reached 98.76 million RMB, a substantial increase of 457.4% compared to 17.71 million RMB in the same period last year, accounting for nearly 25% of total revenue [4] - This growth indicates a shift in the company's core growth engine and a transition from a labor-intensive project-based model to a technology-intensive platform/model service approach [4] - The transformation allows the company to efficiently meet diverse customer needs while reducing reliance on single projects, thereby enhancing business stability and sustainability [4] Group 3: Research and Development Investment - As of June 30, 2025, CloudWalk's R&D team consists of 312 engineers, making up 68.7% of the total workforce, with R&D expenses amounting to 168 million RMB, representing 41.5% of total revenue [6] - This high level of R&D investment supports a positive cycle of technological breakthroughs and commercial conversion, prompting a reassessment of the company's profit model and valuation logic by the market [6] - With the national "Artificial Intelligence +" strategy in place, CloudWalk is well-positioned to leverage its long-term R&D investments and foresight in the AI industry, paving the way for scalable profitability and sustainable high growth [6]
云知声登恒生综指，中报显示山海大模型暴涨457%，显露AGI龙头实力