SenseTime：拒被巨头收购，拒绝快钱！守 AI 初心！

Core Insights - The article emphasizes the strategic decision of SenseTime to build its own computing infrastructure instead of selling to tech giants, which has become a crucial asset during the AI industry's value verification phase [4][6] - SenseTime's approach contrasts with the trend of many companies opting for quick profits through acquisitions, highlighting the importance of establishing AI as a foundational infrastructure [4][6] Group 1: Market Transition - The AI industry is undergoing a significant market logic shift, moving from a phase where capital was willing to pay premiums for technology concepts to a phase focused on value verification and stable cash flows [6][8] - SenseTime's resilience amidst this transition serves as a testament to its strategic foresight and comprehensive stack layout [6][8] Group 2: Financial Performance - By mid-2025, SenseTime's revenue from generative AI has surged to 77%, indicating a successful transition from traditional business models [11] - The company reported a cash reserve of 13.16 billion yuan by mid-2025, which is crucial for risk mitigation and valuation reconstruction during a capital downturn [12] Group 3: Infrastructure Investment - SenseTime began investing in computing infrastructure as early as 2018, recognizing the need for AI-specific cloud services, which were scarce at the time [14][16] - The company has developed a significant operational computing power of approximately 25,000 PetaFLOPS by August 2025, enhancing its capacity to support AI applications [16] Group 4: Competitive Positioning - SenseTime's strategy of building a comprehensive technology base allows it to avoid being trapped in low-end markets and instead pursue high-value growth avenues [18][22] - The company's dual-driven business model (B2B and B2C) is structurally more rational, with a current trading multiple of 13 times compared to competitors with much higher multiples [22] Group 5: Long-term Value Creation - The article suggests that mastering underlying computing power and full-stack implementation capabilities is becoming essential for companies to anchor long-term value amid market uncertainties [23]