Core Viewpoint - The company, Fenbi, reported its mid-year results for 2025, showing a revenue of RMB 1.49 billion and a net profit of RMB 227 million, indicating a decline compared to the previous year [2][3]. Financial Performance - For the six months ending June 30, 2025, Fenbi's revenue was RMB 1,491,952,000, down from RMB 1,630,470,000 in 2024, representing a decrease of approximately 8.5% [3]. - Gross profit for the same period was RMB 805,748,000, compared to RMB 883,203,000 in 2024, reflecting a decline of about 8.8% [3]. - The net profit for the period was RMB 226,651,000, down from RMB 277,739,000 in 2024, a decrease of around 18.4% [3]. - Adjusted net profit was RMB 271,459,000, compared to RMB 349,097,000 in 2024, indicating a decline of approximately 22.2% [3]. Research and Development - Fenbi maintained its leading position in R&D investment, spending RMB 108 million in the first half of 2025, consistent with the previous year [6]. - The company has consistently invested in R&D, with expenditures of RMB 251 million in 2024 and RMB 221 million in 2023, maintaining a leading level in the industry [6]. - Fenbi has launched a series of AI educational products, including AI teachers and exam preparation systems, establishing a significant technological advantage in core teaching areas [6]. AI Product Development - The AI question-answering system has sold approximately 50,000 units, generating around RMB 20 million in revenue, reflecting strong user demand for personalized training [6]. - The introduction of AI courses is seen as a new growth point for Fenbi, with the potential to enhance revenue sources and drive performance growth in the second half of the year [6]. Strategic Investments - Fenbi plans to reallocate its unutilized IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with HKD 12 million dedicated to AI model development and commercialization [7]. - The remaining HKD 48.8 million will be invested in high-end talent and infrastructure related to advanced AI [7]. Market Position and Competitive Advantage - Fenbi emphasizes a long-term development strategy, focusing on technological innovation and service quality to maintain its competitive edge [8]. - The company has demonstrated strong performance in user retention and operational efficiency, with a recent AI mock interview competition attracting nearly 1.5 million participants [8]. - The efficiency gains from technological innovation are expected to lower marginal costs in teacher training, course development, and service delivery, enhancing financial stability and long-term value growth [8].

Investment Rating - The report maintains an "Outperform" rating for SenseTime, with a target price of 2.62 HKD [1][12]. Core Insights - SenseTime's generative AI revenue in H1 2025 increased by 72.7% year-on-year, indicating strong growth potential [1][12]. - The company is expected to achieve revenues of 4.76 billion RMB, 5.94 billion RMB, and 7.45 billion RMB for the years 2025, 2026, and 2027 respectively [1][12]. - The "AI+" policy is anticipated to catalyze the expansion of the company's visual and X business segments [1][12]. Financial Summary - For H1 2025, SenseTime reported a revenue of 2.36 billion RMB, a 35.6% increase year-on-year, with a gross profit margin of 38.5% [13][14]. - The adjusted net loss for H1 2025 was 1.16 billion RMB, which is a 50.0% reduction compared to the previous year [13][14]. - The company completed a placement of 1.67 billion Class B shares at 1.50 HKD per share to support operational and R&D investments [13]. Business Performance - Generative AI accounted for 77% of total revenue in H1 2025, with a revenue contribution of 1.82 billion RMB [14][15]. - The infrastructure side achieved stable operation with 5000 cards and 80% utilization, totaling 25,000 PetaFLOPS of computing power [14]. - Visual AI revenue reached 436 million RMB, with significant upgrades to the "Ark" platform, covering nearly 200 cities and 30,000 parks and buildings [15]. Future Projections - Revenue projections for the generative AI segment are expected to grow from 3.25 billion RMB in 2025 to 5.48 billion RMB by 2027 [9]. - The overall revenue growth rate is projected to be 26.27% in 2025, followed by 24.64% in 2026 and 25.49% in 2027 [9].

Core Insights - The company, Fenbi, reported a revenue of RMB 1.492 billion and a net profit of RMB 227 million for the first half of 2025, maintaining its leading position in the industry through significant R&D investments and a long-term development strategy [1] Group 1: R&D and Technological Advancements - Fenbi's R&D expenditure for 2025 was RMB 108 million, consistent with the previous year, showcasing stable and continuous investment [2] - Since 2023, the acceleration of generative AI industrialization has allowed Fenbi to launch the industry's first self-developed domain-specific large model, leading to the development of various AI educational products [2] - The company plans to reallocate its unused IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with significant investments directed towards AI vertical models and high-end talent [2] Group 2: Growth Potential and Market Position - AI courses have emerged as a significant growth point for Fenbi, particularly targeting civil service and national examination preparation, with the introduction of AI sprint classes to cater to diverse user needs [3] - Despite short-term fluctuations in the vocational education sector, Fenbi emphasizes the importance of teaching quality and service level over aggressive pricing strategies adopted by smaller competitors [4] - The company maintains a long-term development focus, enhancing technological innovation and service quality, which is expected to lead to stable growth in participant numbers and profitability [5] Group 3: Operational Efficiency and User Engagement - Fenbi's AI mock interview competition attracted nearly 1.5 million participants within six months, indicating strong user engagement and a high recommendation rate among users [5] - The efficiency gains from technological innovations are expected to reduce marginal costs in teacher training, course development, and service delivery, thereby optimizing the company's cost structure [5] - The expansion of AI applications is anticipated to enhance Fenbi's cost control capabilities and financial resilience in a complex market environment, supporting long-term value growth [5]

国家统计局：1-8月份工业企业利润明显改善 在2025元宇宙发展论坛上，上海市经信委副主任葛东波表示，目前全市元宇宙核心产业以及关联的产业规模 已经突破了3000亿元，集聚XR终端制造企业30余家，光学模组、空间计算芯片等核心元器件产能占到全国 40%以上。 上海未来产业基金完成扩募，进一步加注颠覆式创新及前沿和早期技术投资 上海未来产业基金宣布，其近日顺利完成扩募，规模由100亿元增至150亿元，并已实缴到位80亿元。目前， 上海未来产业基金已经在可控核聚变、量子计算、Al for Science、脑机接口等前沿领域布局了一批优秀项 目。下一步，上海未来产业基金将持续聚焦颠覆式创新、前沿平台性技术等未来领域早期布局，联动上海未 来启点社区构建创新资源协同网络，充分发挥财政资金撬动效应，与更多优秀的子基金及项目开展"投资 +生态"的全方位合作，助力上海国际科创中心建设，为上海未来产业发展注入强劲动力。 李开复：如果十年后回顾DeepSeek如何让中国未落后美国，答案一定是开源 9月27日，零一万物CEO李开复在长江CEO组织20周年返校日庆典上表示，DeepSeek对中国AI发展的核心贡 献在于推动了开源生态 ...

智通财经APP获悉，9月26日，由中国物流与采购联合会主办的"2025 （第十七届）物流与供应链数字化发展大会"在上海召开，本届大会的主题是"数链融合 智启未来"。神州控股(00861)旗下科捷作为智慧供应链领域的领军代表参加了此次大会。大会同期举办了"数据要素×"交通运输解决方案大赛决赛，大赛汇 聚了全国众多优秀企业和高校队伍参加，竞争异常激烈，科捷KingKoo Data供应链控制塔平台凭借领先实力挺进决赛。技术团队经过现场答辩和专家评审， 最终以优异成绩荣获大赛二等奖殊荣，同时，该项目还被评选为2025年度物流数据应用与价值挖掘案例。 KingKoo Data科捷供应链控制塔是科捷自主研发的大数据应用平台，以"平台化+智能化+全链路协同"为核心模式，聚焦为企业客户提供智能化、可视化的供 应链管理服务，助力客户降本增效、提升供应链韧性。 作为基础建设，科捷搭建了一套完整的数据中心，通过业务系统与数据中心的深度对接打通数据壁垒，实现数据融通共享；再基于数据整合、分析与挖掘， 输出精准实时的商业洞察——既可为供应链各环节优化作业流程、提升效率，也能提供专业的仓储、运输、采购建议，持续解决客户供应链管理痛点。 ...

以下文章来源于格隆 ，作者城北徐公 格隆 . 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 本文来自微信公众号： 格隆 （ID：guru-lama） ，作者：城北徐公 ，数据支持：勾股大数 据， 题 图来自：视觉中国 刚刚拿下阿克塞尔·斯普林格奖，山姆奥特曼又语不惊人死不休： 五年后AI将全面超越人类，人类智力的霸权时代，已进入倒计时。 2030年，GPT-8不仅能给出终极难题量子引力答案，能向你娓娓道来其思考过程、灵感来源，以及它 为何决定研究这个课题。 它，有资格成为真正的AGI。 届时，"当今经济活动中30%到40%的任务都将由AI执行。" …… 如果是在两年前，我们或许还会感到激动、为自己的饭碗而焦虑。 但此时此刻，虽然类似的感觉还有，但相信绝大多数人都淡了许多。 牛逼听太多，实在是麻木了。 看着现在正与你对话的傻瓜式AI大模型，虽然有点用，但有被吹的那么厉害吗？ 就这么个玩意儿，你很难想象它能在5年内，就成为超越一切的存在。 现实很骨感 美国智库METR曾于7月初发布报告，称大语言模型每7个月能力翻倍，远超摩尔定律。 预计到2030年，AI足以在数小时内完成人类一个月的工 ...

沈鹏飞表示，生成式AI已告别"技术炫技"阶段，进入"商业落地"下半场——从模型战争转向应用落地， 从训练时代迈向推理时代。谁能将AI真正嵌入业务流程、转化为增长引擎，谁就赢得未来。企业AI落 地的挑战，源于三大组织障碍(认知冲突、部门墙、能力阻力)与三大技术障碍(场景难、应用难、定制 难)。 在零一万物联合创始人马杰主持的名为《AI的新场景和新增长范式》的圆桌论坛上，友邦保险集团首 席创新官蔡新发、智联招聘集团副总裁李强、东方明珠旗下东方智媒城副总经理谢艺伟、星竞威武集团 首席运营官隋杭等各领域的企业客户代表齐聚一堂，围绕行业痛点和技术变革展开圆桌探讨。 本报讯(记者李春莲)近日，北京零一万物科技有限公司(以下简称"零一万物")在上海举办"'元启上海'华 东数智大会"，宣布全面升级政务和企业服务战略。零一万物联合创始人沈鹏飞也首次亮相，阐述政企 AI数智化变革之道，官宣零一万物的生态矩阵合作伙伴计划。此外，零一万物还与超聚变联合发布全 新一体机，打造一体化AI行业落地联合解决方案，筑牢端到端AI数智化转型服务能力。 大会聚焦AI Agent在企业中的深度应用。智能体经济时代，AI Agent是推动企业转型的关 ...

9月29日消息，在风险资本热钱涌动、科技巨头争相入局的人形机器人领域，著名机器人专家、iRobot联合创始人、麻省理工学院教授罗德尼· 布鲁克斯（Rodney Brooks）近日发出警示：当前由特斯拉等企业炒作和数十亿美元投资推动的人形机器人热潮，是一个注定要破裂的泡沫。 01 核心技术三大瓶颈难破："纯粹幻想"与物理现实之间的鸿沟 当前，以特斯拉和机器人公司Figure为代表的企业，正尝试通过让机器人观看人类执行任务的视频来训练其精细操作能力。布鲁克斯在其最新 文章中直指这种方法是"纯粹的空想"，并从三个维度剖析了其存在的根本性技术障碍。 首先是触觉感知方面存在巨大差距。布鲁克斯指出，人手是极其复杂的构造，内部密布约1.7万个专用触觉感受器，这是现有任何机器人都难 以企及的。 布鲁克斯解释道，机器学习之所以能在语音识别和图像处理领域取得突破，但这些成就建立在数十年现有技术的基础上，这些技术能够有效地 捕捉和处理相应的数据。"但在触觉数据领域，我们缺乏这样的技术积累，"他强调。这意味着机器人无法通过观察视频，真正理解人类与物体 互动时产生的微妙物理反馈。 图：著名机器人专家罗德尼·布鲁克斯 其次是无法回避的安 ...

此外，嘀嗒出行近期上线大模型聚合平台"天枢系统"，集成Deepseek，通义千问、豆包、混元大模型等 十多个大模型，为员工提供生成式AI能力，有力协助日常办公，问题分析、代码提效等。 嘀嗒出行创始人兼CEO宋中杰表示，嘀嗒出行将寻找和探索更多独立于顺风车之外的业务，提供更好 的、更智能、更个性化的车后服务，同时借助更多AI赋能，打造全新车后服务模式，进一步提升用户 体验。(格隆汇) 嘀嗒出行(2559.HK)盘中一度大涨近23%，最高触及4.23港元，创去年7月以来新高。该股本月迄今已累 计上涨超220%。 消息面上，嘀嗒出行此前公布中期业绩，实现收入2.86亿元，经调整净利润1.36亿元，同比增加4.7%； 整体毛利率67%，其中广告及其他服务板块表现尤为突出，毛利率攀升至90.1%，较去年同期提升6.9个 百分点。截至2025年6月30日，嘀嗒出行注册用户增至 3.95亿，认证车主超过1990万，同比增长超 10%。 ...

Core Insights - The rise of open-source AI models by companies like DeepSeek and OpenAI is enabling businesses and consumers to access AI technology at lower costs [1] - Qualcomm's "AI Acceleration Plan" aims to enhance edge intelligence capabilities and applications in collaboration with various industry partners [1][4] - The integration of AI into personal devices, vehicles, and industrial applications is transforming the landscape of AI technology [2][4] Group 1: AI Technology Trends - Personal AI, physical AI, and industrial AI are undergoing significant transformations, with personal devices evolving into "personal AI terminals" [2] - Physical AI is being deployed in automotive systems and robotics, utilizing edge AI for processing [2] - Industrial AI is leveraging edge intelligence to make real-time decisions based on sensor data [2] Group 2: Qualcomm's Initiatives - Qualcomm's "AI Acceleration Plan" focuses on three key pillars: enhancing AI capabilities in smartphones, expanding personal AI experiences across devices, and collaborating with local model providers [4] - The fifth-generation Snapdragon 8 processor, launched at the Snapdragon Summit, is designed to empower personalized AI assistants in smartphones [6] - Major smartphone brands, including Xiaomi and others, are adopting the Snapdragon 8 processor to enhance user experiences with generative AI [6] Group 3: Broader AI Applications - The concept of embodied intelligence is gaining attention, particularly in humanoid robots, which require advanced connectivity and processing capabilities [7] - Generative AI is expanding beyond smartphones to PCs, vehicles, and XR devices, indicating a trend towards ubiquitous AI experiences [7] - The collaborative efforts across the industry are expected to accelerate the deployment of edge AI applications, making AI accessible across various platforms [7]