集团毛利为人民币9.08亿元，毛利率38.5%。贸易应收回款额人民币31.59亿元，同比提升95.5%，体现销售与交付闭环效率显着加快。在模型性能迭代与算 力效率提升的共同作用下，营收质量保持稳健。 9月29日，商汤集团股份有限公司（以下简称"商汤科技"）发布了截至2025年6月30日止六个月的中期报告。报告显示，商汤科技在2025年上半年实现了显著 的业务增长和战略推进，收入达到人民币23.58亿元，同比增长35.6%。其中，生成式AI收入达到人民币18.16亿元，同比增长72.7%，在集团收入中的占比进 一步提升至77.0%，成为推动收入增长的主要动力。 此外，商汤科技的"X创新业务"也取得了重要进展。智能驾驶、智慧医疗、家用机器人、智慧零售等四个赛道均实现了业务突破。例如，智能驾驶解决方案 已成功量产并落地广汽传祺车型，智慧医疗领域与上海新华医院联合发布了"AI儿童全科医生"，家用机器人"元萝卜"连续三年获得双11京东/天猫双平台"智 能棋牌机器人"冠军。 经调整亏损净额保持同比和环比都大幅下降，2025年上半年收窄至人民币11.62亿元，同比下降50%，验证了「聚焦核心－优化结构－提升效率」的经营路 ...

根据弗若斯特沙利文的数据，星宸科技在2024年按出货量计算居全球视觉AI SoC供应商首位，市场份 额为26.7%。在安防视觉AI SoC领域，星宸科技于2024年按出货量计算居全球第一，市场份额为 41.2%。在机器人视觉AI SoC领域，星宸科技于2025年上半年按出货量计算居全球第二，市场份额为 23.0%。 星宸科技（301536）向港交所主板提交上市申请书，中金公司（601995）和中信建投（601066）国际为 联席保荐人。 星宸科技是全球领先的视觉AI SoC无晶圆厂设计商及供应商，已成功设计并开发超过600个SoC产品， 累计出货量达4.54亿颗。公司的解决方案广泛应用于智能安防、智能物联、智能车载等领域，并积极拓 展3D感知、家庭服务机器人、激光雷达和AI眼镜等新兴市场。 ...

按2024年的出货量计算，星宸科技是全球最大的视觉AI SoC供应商，占据26.7%的市场份额。 按2024年的出货量计算，星宸科技的安防视觉AI SoC位居全球首位，占据41.2%的市场份额。 按2025年上半年的出货量计算，星宸科技的机器人视觉AI SoC位居全球第二，占据23%的市场份额。 星宸科技始终秉持全栈核心技术的战略理念，持续开拓前沿技术研发。公司构建了以可复用的自研核心IP库、全套AI处理器工具链以及适用于多行业的音视 频AI算法库为基础的全系列核心技术平台。凭借先进的制程SoC设计能力，星宸科技能够快速集成并扩展核心IP于多元化应用领域，高速响应客户各式定制 化需求，提供灵活的系统级解决方案，实现芯片+算法效率最大化。公司敏捷的系统研发能力使其能够引领端边侧AI的创新，不断推出重新定义市场标准的 新一代SoC产品。 凭借长期耕耘SoC设计行业积累的敏锐市场洞察力，星宸科技精准锁定了与核心优势相契合且具有高增长潜力的市场。立足于视觉AI SoC领域，公司战略性 专注于具备持续领先地位的市场领域。星宸科技的解决方案已广泛应用于各类端边侧设备，涵盖智能安防、智能物联及智能车载领域，并持续拓展至快速 ...

招股书显示，星宸科技是全球领先的视觉AI SoC的无晶圆厂设计商及供应商。依托"视觉+AI"的核心框架以及"感知+计算+连 接"的核心技术优势，公司的视觉AI SoC致力于推动视觉AI技术赋能各行各业端边侧设备。截至2025年6月30日，公司已成功设 计并开发超过600个SoC产品。于往绩记录期间，SoC的累计出货量达4.54亿颗。 星宸科技的解决方案广泛应用于各类端边侧设备，涵盖智能安防、智能物联及智能车载领域，并持续拓展至快速增长的市场， 包括3D感知应用场景。依托公司在家庭服务机器人领域的市场优势地位，星宸科技已成功进军更广阔的智能机器人市场，并凭 借网络录像机SoC的专业技术，把握端侧AI推理SoC领域发展机遇。此外，公司积极布局车载激光雷达和移动影像设备如AI眼 镜等新兴领域。 据港交所9月26日披露，星宸科技（301536）股份有限公司(简称：星宸科技)向港交所主板提交上市申请书，中金公司 （601995）和中信建投（601066）国际为联席保荐人。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- ...

智通财经APP获悉，据港交所9月26日披露，星宸科技股份有限公司(简称：星宸科技)向港交所主板提交上市申请书，中金公司 和中信建投国际为联席保荐人。 | [編纂]項下的[編纂]數目 | .. | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | . . | 「編纂】股H股(可予重新分配及視乎「編 | | | | 纂 行使與否而定) | | 最高[編纂] : | | 每股H股[編纂]港元,另加1%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00565%聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以港元繳 | | | | 足,多繳款項可予退還) | | 面值 | : | 每股H股人民幣1.00元 | | [編纂] : [·] | | | 招股书显示，星宸科技是全球领先的视觉AI SoC的无晶圆厂设计商及供应商。依托"视觉+AI"的核心框架以及"感知+计算+连 接"的核心技术优势，公司的视觉AI SoC致力于推动视觉 AI技 ...

智通财经APP获悉，据港交所9月26日披露，星宸科技股份有限公司(简称：星宸科技)向港交所主板提交上市申请书，中金公司 和中信建投国际为联席保荐人。 根据弗若斯特沙利文的资料，按2024年的出货量计算，星宸科技是全球最大的视觉AI SoC供应商，占据 26.7%的市场份额。按 2024年的出货量计算，星宸科技的安防视觉AI SoC位居全球首位，占据41.2%的市场份额。按2025年上半年的出货量计算，星 宸科技的机器人视觉AI SoC位居全球第二，占据23.0%的市场份额。 财务方面，于2022年度、2023年度、2024年度及2025年截至6月30日止六个月，公司实现收入分别约为23.68亿元、20.2亿元、 23.53亿元、14.02亿元人民币；同期，年/期内利润分别约为5.64亿元、2.05亿元、2.56亿元、1.2亿元人民币。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | ...

机器之心报道 编辑：冷猫 苹果新品发售的热度还没消退，大家都在讨论新手机的硬件进化。 而在 AI 功能方面，苹果仍然没有拿出什么颠覆性的应用，Apple Intelligence 在国内仍然遥遥无期。 再叠加上近期苹果 AI 团队和 硬件团队的人才流失 ，这一切似乎对苹果而言都不是太乐观。 虽说苹果在大模型领域上总是吃瘪，但说一个不冷不热的知识：苹果在计算机视觉领域的智能研究是其传统强项。 在构建和视觉相关的大模型时，有一个非常显著的痛点。视觉模态包含图像、视频和三维这三种，这些视觉模态具备不同是数据维度和表征方式，在研究中几乎 不可避免的需要分开处理，使得视觉模型被拆分为三个相不互通的研究领域，难以实现视觉领域的统一泛化。 但大语言模型却已经通过统一的分词方案展现出了强大的泛化能力。 然而， 视觉 AI 仍然呈现 出割裂状 态 ，不同任务与模态依赖专门化的模型：图像、视频和三维资产通常需要独立的分词器，这些分词器往往只在 高保真重建 或 语义理解 其中之一上进行优化，而极少兼顾二者。 为此， Apple 研究团队 提出了 ATOKEN（A Unified Tokenizer for Vision） ，针对这 ...

Core Insights - SenseTime Technology has reported a significant reduction in losses for three consecutive periods, with revenue exceeding market expectations, driven by a three-pronged strategy of "large devices - large models - applications" [1][2] - The company is accelerating the conversion of its technological advantages into commercial value and market share, supported by policy incentives and strategic implementation [1][2] Financial Performance - In the first half of 2025, SenseTime's total revenue grew by 36% year-on-year, reaching 2.4 billion yuan, with generative AI revenue surging by 73%, accounting for 77% of total revenue [2][3] - Adjusted net losses narrowed by 50%, indicating improved operational efficiency, while gross profit reached 910 million yuan with a stable gross margin of 39% [2][3] - Trade receivables increased by 96% to 3.2 billion yuan, and cash reserves stood at 13.2 billion yuan, providing a solid foundation for ongoing investment in large model research and ecosystem development [2][3] Business Growth and Strategy - The rapid growth of the generative AI business is significantly boosting SenseTime's revenue scale, with a closed-loop model from computing infrastructure to large model applications [3][5] - The "X" innovation business segment is showing potential, with an ecosystem matrix that allows for independent operation and collaborative evolution across various fields such as smart driving and healthcare [4][7] - The "1+X" strategy, combining generative AI and visual AI with X business incubation, is creating a growth flywheel that balances current and future opportunities [4][7] Technological Advancements - SenseTime's computing power reached 25,000 PetaFLOPS by August 2025, with a 20% improvement in computing efficiency compared to 2024 [5][6] - The "日日新V6.5" model has achieved significant breakthroughs in multimodal interaction, with interaction duration increasing by 510% year-on-year [5][6] Market Position and Future Outlook - SenseTime is leveraging its nine years of experience in the computer vision market to achieve a "second growth" through multimodal intelligent agents, covering over 200 cities and 30,000 locations [6][7] - The company is well-positioned to capitalize on the dual drivers of policy incentives and market demand, enhancing its industry-leading position and creating broader opportunities for long-term value [9]

Core Insights - The company achieved a revenue of 2.36 billion yuan in H1 2025, representing a year-on-year growth of 35.6%, driven by the increasing contribution of generative AI to overall revenue [1] - The overall gross margin decreased to 38.5% in H1 2025 from 44.1% in H1 2024 due to the rising share of generative AI revenue [1] - Adjusted net loss narrowed significantly to 1.16 billion yuan, a 50% year-on-year reduction, while adjusted EBITDA loss decreased by 72.5% to 520 million yuan [1] Revenue Breakdown - Generative AI revenue reached 1.82 billion yuan in H1 2025, up 60.4% year-on-year, accounting for 77.0% of total revenue, an increase from 60.4% in H1 2024 [1] - Visual AI revenue, which now includes smart cockpit-related business from the original smart automotive segment, was 436 million yuan, growing 29.4% year-on-year [1] - The X Innovation business, encompassing smart driving, smart healthcare, home robots, and smart retail, generated 107 million yuan, reflecting a 10.2% year-on-year increase [1] Operational Efficiency - Sales expense ratio, administrative expense ratio, and R&D expense ratio were 11.6%, 25.3%, and 89.8%, respectively, showing declines of 7.4 percentage points, 16.9 percentage points, and 18.9 percentage points year-on-year [1] - Operating cash outflow improved significantly, narrowing by 81.9% to 640 million yuan [1] Business Highlights - The company’s large model, "日日新V6.5," has performance metrics that are competitive with top international models, achieving comprehensive testing results on par with Claude 4 Opus [2] - Total computing power reached 25,000 PetaFLOPS as of August 2025, with a 20% year-on-year improvement in computing power per watt [2] - The productivity tool "小浣熊" surpassed 3 million users, processing approximately 10 billion tokens daily [2] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 4.86 billion, 6.21 billion, and 7.85 billion yuan, reflecting slight changes from previous estimates [3] - Non-GAAP net profit forecasts for the same period have been revised to -2.14 billion, -230 million, and 170 million yuan, indicating improved operational efficiency [3] - The synergy between large models, computing power, and AI applications is expected to create a robust ecosystem, enhancing the company's competitive edge [3]

Core Viewpoint - SenseTime Group reported a revenue of 2.358 billion yuan for the first half of 2025, marking a year-on-year increase of 35.6%, while narrowing its net loss to 1.489 billion yuan, a reduction of 39.9% year-on-year [2] Financial Performance - Revenue for the first half of 2025 reached 2.358 billion yuan, up 35.6% year-on-year - Net loss narrowed to 1.489 billion yuan, down 39.9% year-on-year - Adjusted net loss under non-IFRS was 1.162 billion yuan, a decrease of 50% year-on-year [2] - Adjusted EBITDA loss reduced by 72.5% to 521 million yuan [2] Business Segmentation - The company reclassified its business segments into "Generative AI," "Visual AI," and "X Innovation" [5] - Generative AI revenue was 1.815 billion yuan, up 72.7% year-on-year, accounting for 77% of total revenue [5] - Visual AI revenue was 436 million yuan, down 14.8% year-on-year, while X Innovation revenue was 106 million yuan, down 39.5% year-on-year [5] Strategic Initiatives - The company is focusing on the dual engines of Generative AI and Visual AI to maintain its leadership position [3] - The "1+X" strategy aims to enhance organizational efficiency and reflect the business's essence and boundaries [3][4] - The company is optimistic about the growth of the Generative AI segment, expecting it to outpace overall growth [4] Market Position and Future Outlook - The total cash reserves reached 13.2 billion yuan, with plans to use 50% for expanding AI infrastructure and 20% for exploring new technology applications [12] - The company is positioned to leverage the "Artificial Intelligence+" initiative to drive growth and capitalize on market opportunities [14] - The stock price increased by approximately 40% since early July, reflecting positive market sentiment [14]