在全球经济复苏与产业数字化转型的双重背景下，创新奇智（2121.HK）交出了一份亮眼的2025年半年度业绩报告：营收6.99亿元人民币，同 比增长22.3%；经调整净亏损668万元，同比大幅收窄82.1%。这一成绩单背后，是公司从传统AI解决方案向AI2.0工业智能技术体系的战略布 局，展现了创新奇智在"重构增长引擎"方面取得的显著成效。 战略升维：从传统解决方案到"一模一体两翼" 创新奇智的增长复苏得益于去年公司对业务战略的前瞻性调整。相较于过去依靠定制化AI解决方案的传统模式，公司已明确构建以"一模一体 两翼"为核心的新技术战略：以AInnoGC工业大模型为底座，以AI智能体为引擎，以工业机器人和工业软件为应用两翼。 这一战略升级意味着创新奇智正从提供传统AI解决方案的服务商，升级为AI2.0时代工业智能化解决方案提供者，这战略调整的背后，不仅针 对优化了商业模式，更拓宽了市场空间，建立了更高的竞争护城河。 传统工业AI主要依靠特定算法处理结构化数据，是"自动化工具"，而大模型驱动的工业智能体是"自主决策伙伴"，其本质是从规则执行到目标 驱动的范式革命。创新奇智的"奇智孔明 AInnoGC 工业大模型"作 ...

7月31日午间，国家互联网信息办公室发布消息称，近日英伟达算力芯片被曝出存在严重安全问题。此 前，美议员呼吁要求美出口的先进芯片必须配备"追踪定位"功能，美人工智能领域专家也透露，英伟达 算力芯片"追踪定位""远程关闭"技术已成熟。 不久前，英伟达创始人兼首席执行官黄仁勋到访中国，透露了H20芯片将恢复对中国市场销售的消息。 7月16日，黄仁勋在被问及H20芯片的订单情况时表示，目前还没有收到相关订单，因为相关许可正在 审批流程中，一旦获得批准，就能正式接收订单了。他同时强调，从晶圆下单到AI超算成品交付的供 应链周期长达9个月，H20的供应链恢复仍需要时间。 自以大模型为核心技术的AI2.0时代开启，英伟达便成为了最赚钱的"卖铲人"，不仅业绩猛增，股价与 市值也像坐了火箭。截至当地时间7月30日收盘，英伟达股价为179.27美元/股，总市值达到4.37万亿美 元，该公司也是全球第一家市值突破4万亿美元的企业。 不过，被约谈的消息传出后，英伟达H20在中国市场恢复销售一事又增添了一丝不确定性和波折。 为维护中国用户网络安全、数据安全，依据《网络安全法》《数据安全法》《个人信息保护法》有关规 定，国家互联网信息 ...

Core Insights - The report shifts focus from demand to supply in the AI 2.0 landscape, analyzing various companies like SenseTime, Black Sesame Intelligence, Qunhe Technology, and others, highlighting their different strategies and challenges in achieving profitability and sustainable growth [1][2][3]. Group 1: SenseTime - SenseTime has transitioned from a government-focused AI 1.0 company to a more diversified AI 2.0 entity, with a significant shift towards generative AI, achieving a revenue of 3.772 billion yuan in 2024, marking a 10.75% year-on-year growth [5][10]. - The company's revenue structure has evolved, with traditional AI contributing only 30% of total revenue by 2024, while generative AI has surged to 63.7% of total revenue, growing by 103.1% year-on-year [7][10]. - Despite revenue growth, SenseTime faces challenges such as declining gross margins, which fell from 70.6% in 2020 to 42.9% in 2024, and cumulative losses of 46.4 billion yuan over five years [16][20]. Group 2: Black Sesame Intelligence - Black Sesame Intelligence focuses on providing cost-effective smart automotive chips and solutions, with 92.4% of its 2024 revenue (4.38 billion yuan) coming from automotive products [27][32]. - The company has improved its gross margin significantly, achieving a gross profit of 195 million yuan in 2024, up 153% year-on-year, with a gross margin of 41.14% [36]. - However, high R&D costs have led to continued losses, with an adjusted net loss of 1.304 billion yuan in 2024, remaining stable compared to the previous year [39]. Group 3: Yingshi Network - Yingshi Network, a subsidiary of Hikvision, has upgraded its business model to focus on AI and IoT, achieving a revenue of 5.442 billion yuan in 2024, a 12.41% increase [45]. - The company’s core product remains smart home cameras, which contributed 54% of total revenue, but growth in this segment has plateaued [46]. - Yingshi's cloud platform services have seen significant growth, nearly doubling from 5.38 billion yuan in 2021 to 10.52 billion yuan in 2024, with a gross margin of 76% [49][50]. Group 4: Qunhe Technology - Qunhe Technology, known for its space design software, reported a revenue of 664 million yuan in 2023, with a 10.48% year-on-year growth [66]. - The company has established itself as a leading provider in the space design software market, holding a 22.2% market share [79]. - Despite revenue growth, Qunhe Technology continues to operate at a loss, with an adjusted loss of 94 million yuan in Q3 2024 [78]. Group 5: Innovation Qizhi - Innovation Qizhi focuses on AI solutions for the manufacturing sector, achieving a revenue of 1.222 billion yuan in 2024, a 30.21% decline year-on-year [85]. - The company has maintained strict cost control, with total operating expenses at 66.3% of revenue, but still reported a loss of 117 million yuan in 2024 [90][94]. - The decline in revenue is attributed to challenges in the manufacturing and financial services sectors, which are critical to its business model [87].

Investment Rating - The report maintains a "Buy" rating for the company based on its growth potential and market positioning [16]. Core Insights - The report highlights the increasing government support for fertility policies, which is expected to boost the maternal and infant sector, leading to a rise in related consumption [12][11]. - The company is positioned to benefit from the growing demand for health and wellness products, particularly in the context of traditional Chinese medicine and modern health trends [16][14]. - The report emphasizes the importance of stable housing prices in driving consumer spending, linking real estate stability to overall economic recovery [15][12]. Summary by Sections Fertility and Maternal-Infant Sector - The government has introduced various policies to encourage childbirth, including financial subsidies and improved childcare services, which are expected to positively impact the maternal and infant market [12][11]. - Local governments are also implementing supportive measures, such as direct financial incentives for families with multiple children [12]. Real Estate and Consumer Spending - The report discusses the correlation between housing prices and consumer spending, noting that a stable real estate market is crucial for economic recovery [15]. - Recent government actions aim to stabilize housing prices and support consumer demand, indicating a proactive approach to economic management [15][12]. Company Performance and Market Position - The company has a diversified product portfolio that includes traditional health products and modern wellness items, positioning it well to capture market growth [16][14]. - The report forecasts significant revenue growth for the company, driven by the increasing demand for its health-related products and the expansion of its market reach [16].