本报讯 （记者贾丽）数据是新时代的石油。百望股份有限公司（以下简称"百望股份"）因坐拥超千亿 级别的交易数据，被业内关注。 近日，百望股份宣布迎来"数据资产、智能体矩阵、生态联盟"三重引擎布局完成、形成合力的关键时 刻。业内人士认为，其全流通的时间窗口打开了资本闸门，为百望股份的价值重估提供了全新视角。 数据护城河 在AI2.0的竞争格局中，模型能力日趋同质化，高质量场景化数据成为稀缺战略资源。百望股份十年布 局，构筑起一道难以逾越的"数据护城河"：2850万企业节点覆盖大型企业集团与成长型企业，形成中国 最大的企业交易网络；231亿张发票、1055万亿元交易金额的动态数据池；全链路+实时性+多模态三位 一体数据特质，支持全球200余类票据秒级结构化解析。 业内人士认为，这些数据资产具有独特价值密度，覆盖从交易、合同、支付到投融资的完整商业闭环， 为行业智能体提供了"高纯度燃料"。 数据与智能体相互融合，互为佐证，共同推动了企业数字生产力的飞跃。 据了解，百望股份服务了超2800万用户，其中包括2800家集团型企业客户，通过与这些行业领军企业合 作、在AI领域成立"联合创新实验室"，我们形成了覆盖"数据+场景 ...

Core Insights - The article discusses the emergence of a new generation of entrepreneurs in the AI sector, emphasizing their unique characteristics and the opportunities presented by the current technological wave [1][4][6] Group 1: AI Entrepreneurship Landscape - The current AI wave is characterized by a lower barrier to entry compared to traditional industries like semiconductors, requiring understanding of the industry and rapid iteration rather than extensive resources [2][4] - The concept of "AI-native" companies is introduced, which refers to businesses that fundamentally rely on AI for their existence, rather than merely adding AI features to existing products [2][3] Group 2: Characteristics of Young Entrepreneurs - Young entrepreneurs are noted for their speed and adaptability, often pivoting their business models within three months and achieving significant revenue growth in a short time [2][4] - They possess a unique mindset that allows them to embrace new technologies without the burden of past experiences, leading to innovative and disruptive ideas [4][5] Group 3: Investment Focus - Investment firms are increasingly focusing on young entrepreneurs, recognizing their potential to drive future technological and industrial directions [4][5] - The article highlights the importance of identifying and supporting these young leaders, as they are seen as the key to unlocking transformative innovations in the AI space [5][6] Group 4: Call to Action - The article announces the recruitment for the "Top 20 AI Leaders Under 30" list, inviting eligible AI-native entrepreneurs to apply or be nominated [7][8]

Core Viewpoint - The company, Innovate Intelligence (2121.HK), reported a strong performance in the first half of 2025, with revenue of 699 million RMB, a year-on-year increase of 22.3%, and an adjusted net loss of 6.68 million RMB, significantly narrowing by 82.1% compared to the previous year. This performance reflects the company's strategic shift from traditional AI solutions to an AI 2.0 industrial intelligence technology system, demonstrating significant progress in "reconstructing growth engines" [1][2]. Strategic Upgrade - The growth recovery of Innovate Intelligence is attributed to a proactive adjustment in business strategy, moving from customized AI solutions to a new technology strategy centered around "one model, one body, two wings." This includes the AInnoGC industrial large model as the foundation, AI agents as the engine, and industrial robots and software as the application wings [2]. - The strategic upgrade signifies a transition from being a provider of traditional AI solutions to an AI 2.0 era industrial intelligence solution provider, optimizing the business model and expanding market space while establishing a higher competitive moat [2]. Systemic Empowerment - Historically, industrial AI solutions were custom-developed for specific problems, making rapid replication difficult. In the AI 2.0 era, large models integrate and analyze data across the entire production chain, addressing systemic issues. Innovate Intelligence has developed AI1.0 MMOC and AI2.0 AInnoGC technology platforms, successfully overcoming this bottleneck and accelerating commercialization [3]. - For instance, in quality inspection, the company has integrated multi-modal large models with visual small models, expanding applications from single inspections to comprehensive intelligent analysis across the entire process [3]. Industrial Robotics and Software - Innovate Intelligence has successfully entered the industrial logistics sector with the intelligent unhooking robot for dump trucks, marking a significant milestone in industrial robotics. The deepening strategic collaboration with KUKA, a leading industrial robot manufacturer, is expected to enhance the commercialization of products in this field [4]. - The company has launched innovative industrial software, including ChatCAD, AMES, AEAM, and AEMS, to effectively monitor, analyze, and trace key indicators in production processes, thereby enhancing the intelligent management capabilities of industrial clients [4]. Ecosystem Collaboration - The collaborative ecosystem model expands Innovate Intelligence's technological boundaries and market space, providing a solid foundation for building an AI-centric industrial ecosystem. By integrating resources across the industry chain, the company can offer more comprehensive and integrated intelligent manufacturing solutions, creating greater commercial value [5]. - In the first half of 2025, the company established strategic partnerships in various fields, including industrial software with Bentley, embodied intelligence with KUKA, and AI agent applications with Alibaba DingTalk and Henry Jia, shifting focus from single-point technological breakthroughs to building an open and collaborative industrial ecosystem [4][5]. Performance Overview - In the first half of 2025, Innovate Intelligence achieved a revenue of 699 million RMB, a year-on-year increase of 22.3%. The revenue from the "AI + manufacturing" business reached 556 million RMB, growing by 27%. The gross profit was 245 million RMB, with a gross margin of 35.0%, reflecting a year-on-year improvement of 1-2 percentage points. The adjusted net loss was 6.68 million RMB, a significant reduction of 82.1% [10].

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 ...

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。 （文章来源：华夏时报） 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。 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。 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 ...

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].