本报讯 （记者贾丽）开展城市算网基础设施建设，实现算力、存力和运力的高效协同，满足云边端各 类联接场景的高效应用，正逐步成为城市智能化转型的必然选择。 近日，1ms城市算网中国行专家座谈会和专题探访活动在上海市顺利举办，工业和信息化部新闻宣传中 心总编辑王保平在会上介绍，算力作为新质生产力的重要组成部分，已经成为当前经济社会高质量发展 的关键驱动力，城市算网整合算力资源、协同匹配算力需求，对城市数字化转型意义重大。 他指出，城市算网的建设是城市发展的内在需求和未来的必然趋势，未来需持续加强统筹规划、聚焦技 术创新，推动城市算网基础设施赋能千行百业高效应用。 上海市经济和信息化委员会、信息基础设施管理处副处长吴南竹指出，上海贯彻国家算力产业战略，将 其作为新质生产力培育突破口。上海市经济和信息化委员会通过出台智算中心建设导则、推动上线算力 统一调度服务平台、开展"算力强基揭榜行动"工作等不断夯实算力基础底座力量，并推出10亿元专项补 贴，发放"算力券、模型券、语料券"，助力企业便捷高效用算，未来将持续积极推动城市算网服务能力 提升。 商汤智能科技有限公司坚定投入商汤大装置的建设。相关负责人介绍，在赋能行业大模型 ...

Core Insights - The report by Frost & Sullivan highlights that SenseTime ranks fourth in the Chinese full-stack AI cloud service market, leading among native AI cloud vendors [1] - The concept of "AI Native Cloud" is defined as a cloud computing service model specifically designed and optimized to support AI workloads, integrating AI technology deeply into every aspect of cloud services [3] Group 1: Market Position and Definition - SenseTime is positioned as the leading native AI cloud vendor in China, with a significant market share in the full-stack AI cloud service sector [1] - The report categorizes full-stack AI cloud vendors into two types: traditional cloud computing vendors that are fully AI-enabled and native AI cloud vendors that have been deeply integrated with AI from their inception [3] Group 2: Technological Advancements - SenseTime's large-scale AI cloud capabilities are built on continuous breakthroughs in foundational capabilities such as resource scheduling, hardware-software collaboration, and heterogeneous training [3] - The core advantage of native AI vendors is the formation of an end-to-end technology loop, enhancing precision tuning at the model layer, efficiency at the inference layer, and infrastructure adaptation [3] Group 3: Service Model and Industry Collaboration - Native AI cloud vendors are characterized by a "scenario-based + high responsiveness" service system, allowing them to meet personalized customer needs effectively [3] - SenseTime collaborates with industry clients to develop "lighthouse projects" and benchmark cases, promoting scalable intelligent solutions across various sectors [4]

Core Insights - The report by Frost & Sullivan and the Topology Research Institute highlights that SenseTime ranks fourth in the overall market share of China's full-stack AI cloud services and is the leading native AI cloud vendor [1] - The concept of "native AI cloud" is defined as a cloud computing service model specifically designed and optimized to support AI workloads, integrating AI technology deeply into every aspect of cloud services [1] Group 1: Market Position and Trends - SenseTime is recognized as a pioneer in the native AI cloud vendor category, having been deeply integrated with AI since its inception, evolving into a full-stack AI cloud provider [1] - The report categorizes full-stack AI cloud vendors into two types: those that fully integrate AI into their cloud computing services and those like SenseTime that have AI as a foundational element from the start [1] Group 2: Technological Advancements - The core advantage of native AI vendors lies in creating an end-to-end technology loop, from precise model tuning to performance enhancement at the inference layer, and infrastructure adaptation [2] - SenseTime's large-scale AI system integrates model capabilities with computational infrastructure, achieving breakthroughs in energy efficiency, computational efficiency, training, and development efficiency [2] Group 3: Future Directions - The emergence of Agentic AI is driving a paradigm shift in the AI field, redefining the value delivery of cloud services and enhancing enterprise productivity from "tool assistance" to "autonomous evolution" [2] - SenseTime's large-scale AI system provides comprehensive support for enterprises, covering the entire process from generation and validation to gradual deployment, exemplified by managing over a hundred agents autonomously in a major project [2] - The company aims to continue advancing technological innovation, industry implementation, and ecosystem collaboration, facilitating efficient adoption of intelligence across various sectors [2]

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]

Financing and Capital Structure - In July, the company completed a financing round of HKD 2.5 billion, bringing the total raised in less than a year to nearly HKD 5.3 billion [1][3][7] - The recent placement involved issuing 1.667 billion new B shares at HKD 1.5 per share, representing 4.31% of the total issued shares [3][7] - Since its establishment, the company has raised a total of USD 5.225 billion across 12 financing rounds from various investors, including IDG Capital and Alibaba [7] Financial Performance - The company has not achieved profitability since its inception, with losses narrowing in recent years but still significant, amounting to CNY 6.045 billion, CNY 6.44 billion, and CNY 4.278 billion over the last three years [9][12] - Revenue for the years 2022 to 2024 was CNY 3.809 billion, CNY 3.406 billion, and CNY 3.772 billion, with a notable decline in the first two years followed by a growth of 10.75% in the last year [9][11] - The core revenue driver has shifted to generative AI, which saw revenues of CNY 1.184 billion and CNY 2.404 billion in the last two years, reflecting a growth of 103.1% [9][11] Organizational Changes - The company has undergone significant organizational restructuring, including the appointment of two new executive directors and the transition of a co-founder to lead the AI chip business [1][15][20] - Employee numbers have decreased from 5,098 to 3,756 over the past three years, contributing to reduced employee welfare expenses, which have been a factor in narrowing losses [17][18] Strategic Focus - The company plans to allocate 30% of the recent funds to support core business development, another 30% to generative AI research, and 20% for exploring AI technology integration in innovative verticals [7] - The company aims to enhance its organizational efficiency and focus on strategic growth areas, particularly in AI infrastructure and applications [15][17]

Group 1 - The core viewpoint of the announcement is that SenseTime-W (00020.HK) has successfully completed the subscription and placement agreements as of July 31, 2025, with all conditions met [1] - The company has subscribed for a total of 1,666,667,000 shares at a subscription price of HKD 1.50 per share, representing approximately 4.58% of the issued B shares and 4.50% of the total issued shares prior to completion [1] - After the issuance of the subscribed shares, the proportion of issued B shares will be approximately 4.38% and the total issued shares will be approximately 4.31% [1] Group 2 - The net proceeds from the subscription amount to approximately HKD 2,498 million, which the company plans to use primarily to support its core business development [2] - The funds will be allocated to building an industry-leading AI cloud, expanding the scale and scenario coverage of SenseTime's AI infrastructure, and supporting the research and development of generative AI [2] - The company aims to commercialize applications in vertical scenarios, explore technology integration in innovative vertical fields, and enhance risk control and settlement applications in digital finance using AI large models [2]

Core Insights - SenseTime Technology has secured HKD 2.5 billion in financing to advance its AI cloud, large models, and embodied intelligent robots business [1] - The financing round was fully subscribed by InfiniCapital, indicating strong international capital interest in the AI sector [1][2] - The funds will primarily support core business development, including AI cloud infrastructure, generative AI research, and the exploration of new technologies like blockchain and real-world assets [3] Financing Details - The company issued 1.667 billion shares in the subscription agreement [1] - The financing is expected to enhance the company's position in the generative AI field and improve market penetration [2] Business Development Focus - The net proceeds from the financing will be allocated to four main areas: 1. Supporting core business development, including AI cloud and infrastructure expansion [3] 2. Advancing generative AI research and commercial applications in vertical scenarios [3] 3. Exploring technology integration in innovative vertical fields, including embodied intelligent robots and digital assets [3] 4. General operational funding [3] Market Trends - The generative AI revenue for the company reached CNY 2.4 billion in 2024, marking a 103.1% year-on-year growth, with revenue share increasing from 34.8% in 2023 to 63.7% [4] - The embodied intelligence market in China is projected to reach CNY 973.1 billion in 2024, highlighting its potential as a key growth area for the company [6] Strategic Initiatives - The company plans to establish an independent embodied intelligence division led by experts in AI vision [7] - The company has been actively exploring embodied intelligence applications, showcasing AI-driven solutions in various sectors [8][10] - The upcoming 2025 World Artificial Intelligence Conference will feature the launch of an embodied intelligence "brain" platform, integrating perception and multi-modal interaction capabilities [10]

Core Viewpoint - SenseTime Technology announced a new fundraising initiative through the issuance of approximately 1.67 billion B-class shares at HKD 1.50 per share, aiming to raise around HKD 2.5 billion, with a net amount of approximately HKD 2.498 billion after expenses [1] Group 1: Fundraising Details - The fundraising will be fully subscribed by Wujie Capital, an international long-term fund focused on emerging technologies and other sectors [1] - This marks the third fundraising effort since SenseTime's IPO, with previous rounds raising approximately HKD 2 billion in June 2024 and HKD 2.8 billion in December 2024 [2] Group 2: Use of Proceeds - The funds will primarily support the development of core business areas, including AI cloud services, generative AI research, and the development of multimodal large model derivative products [1] - The company aims to explore technology integration in innovative verticals, including embodied intelligence robots and digital finance applications [1] Group 3: Business Strategy and Financial Performance - SenseTime is restructuring its organization to promote independent financing for various sectors, including smart vehicles and healthcare [3] - Although the company has not yet achieved profitability, its losses have been narrowing, with revenue projections of approximately HKD 3.809 billion, HKD 3.406 billion, and HKD 3.772 billion from 2022 to 2024, and net losses decreasing from HKD -6.045 billion to HKD -4.278 billion during the same period [3]

Core Viewpoint - SenseTime successfully completed the placement of 1.667 billion new Class B shares, raising approximately HKD 2.5 billion, with funds primarily allocated for AI core business development and strategic layout in cutting-edge fields like embodied intelligence and real-world assets [1][2]. Group 1: Fundraising Details - The placement of 1.667 billion shares represents 4.58% of the company's issued Class B shares and 4.50% of the total issued shares, with a subscription price of HKD 1.50 per share, reflecting a discount of approximately 6.25% from the closing price on July 23 [2]. - The entire placement was fully subscribed by Infini Capital, which focuses on global capital allocation needs for Middle Eastern sovereign wealth funds and family offices [2]. Group 2: Allocation of Funds - 30% of the net proceeds will be used for the development of AI core business, including the expansion of the "SenseTime Big Device" infrastructure platform [3]. - Another 30% will support the research and development of generative AI and multimodal large models, aiming to commercialize applications in vertical fields such as smart hardware and digital finance [3]. - 20% will be invested in the integration of embodied intelligence and emerging technologies, while the remaining 20% will be allocated for general operating expenses [3]. Group 3: Strategic Developments - SenseTime plans to establish an independent company focused on embodied intelligence, with a core team including its chief scientist and former JD Research Institute director [4]. - The company has restructured its organizational framework into a "1+X" model, where "1" represents the core business and "X" represents the ecosystem of independent enterprises, including sectors like smart vehicles and home robots [4]. Group 4: Industry Context - The AI industry in China is experiencing significant growth in financing, with leading companies like SenseTime accelerating their technological layouts through capital operations [5]. - The competition in AI technology is evolving from algorithmic levels to hardware and application scenarios, with a shift towards "technology leadership" rather than just "high cost-performance alternatives" [5]. - SenseTime has engaged in deep collaborations with various embodied intelligence companies, developing projects like the "embodied intelligence brain" and emotional support robots [5][6].

Core Viewpoint - SenseTime-W (00020.HK) has entered into a subscription agreement to issue approximately 1.667 billion subscription shares at a price of HKD 1.50 per share, totaling around HKD 2.5 billion, which represents about 4.58% of the existing B shares and 4.50% of the total issued shares as of the announcement date [1] Group 1 - The subscription agreement involves a conditional agreement between the company and the subscriber, which is managed by Infinity Capital Global, owned by Tony Chin [1] - The subscription proceeds are expected to be approximately HKD 2.5 billion, with a net amount of about HKD 2.498 billion [2] Group 2 - The net proceeds from the subscription will be allocated as follows: 30% for core business development, including AI cloud and infrastructure expansion; 30% for research and development of generative AI and related products; 20% for exploring AI integration in innovative verticals such as robotics and digital assets; and 20% for general working capital [2]