新华财经上海7月25日电（记者潘清）从DeepSeek到"具身智能"，中国人工智能的发展前景引起国际投 资者浓厚兴趣。港交所主板上市公司商汤科技24日宣布，配售H股募资25亿港元获知名投资机构无极资 本（Infini Capital）战略投资。 商汤科技24日公告称，以1.5港元／股价格定向增发16.67亿股股份，总代价约为25亿港元。定增募得资 金除发展公司核心业务外，还将用于具身智能、RWA（现实世界资产）、稳定币等创新业务布局及资 质取得。 公告显示，商汤科技此次定增获知名投资机构无极资本战略投资。作为双总部位于香港和阿布扎比的国 际长线资本，无极资本旗下管理多只一级及二级投资基金。 近年来无极资本致力于为中国优秀科技企业搭建连通国际资本的"桥梁"，包括布局AI前沿科技、高端制 造、新能源等赛道上市公司，以及GPU芯片、自动驾驶等领域未上市企业。今年以来，无极资本以基石 投资者身份参与果链巨头蓝思科技在港"二次上市"，并全额认购第四范式13亿港元定向增发股份。 以商汤科技为例，在"大装置-大模型-应用"三位一体发展战略下长期投入原创技术研究，不断增强多模 态、多任务通用人工智能能力。其前瞻性打造的新型人 ...

认购事项的所得款项总额约为25亿港元，认购事项的所得款项净额约为24.98亿港元。认购事项所得款 项净额将用于：(i)30%用于支持公司的核心业务发展，包括打造行业领先的AI云、持续扩大公司人工智 能基础设施商汤大装置的规模与场景覆盖；(ii)30%支持生成式人工智能的研发，以及基于公司多模态 大模型衍生产品的开发与落地，重点推进在智能硬件等垂直场景中的商业化应用；(iii)20%用于探索人 工智能在创新垂直领域的技术融合与实践，包括但不限于自行或与战略合作伙伴开展具身智能机器人、 区块链、真实世界资产(RWA)、数字资产、稳定币等业务并取得相关资质，并借助人工智能大模型扩展 在数字金融中风控及结算方面的应用；(iv)20%用作公司的一般营运资金。 格隆汇7月24日丨商汤-W(00020.HK)发布公告，2025年7月23日，公司订立与认购人之间的认购协议， 据此，认购人已有条件同意认购，且公司有条件同意配发及发行合共约16.67亿股认购股份，每股认购 股份的认购价为1.50港元，总代价约为25亿港元。认购股份数目相当于本公告日期已发行B类股份数目 约4.58%及已发行股份数目约4.50%；及经配发及发行认购 ...

认购事项的所得款项净额约为24.98亿港元，30%用于支持公司的核心业务发展，包括打造行业领先的 AI云、持续扩大公司人工智能基础设施商汤大装置的规模与场景覆盖;30%支持生成式人工智能的研 发，以及基于公司多模态大模型衍生产品的开发与落地，重点推进在智能硬件等垂直场景中的商业化应 用;20%用于探索人工智能在创新垂直领域的技术融合与实践，包括但不限于自行或与战略合作伙伴开 展具身智能机器人、区块链、真实世界资产(RWA)、数字资产、稳定币等业务并取得相关资质，并借助 人工智能大模型扩展在数字金融中风控及结算方面的应用;20%用作公司的一般营运资金。 董事认为，认购事项将为集团提供了额外筹资的良好机会，带来长远发展效益，进一步巩固公司在领先 生成式人工智能领域的地位，提升该技术市场渗透率，把握创新领域潜在机会，并提升公司的财务稳健 性。 据悉，认购人总部分别设于香港及阿布扎比，并获证监会及阿布扎比全球市场金融服务监管局发牌。认 购人由开曼群岛控股公司Infini Capital Global全资拥有，其最终实益拥有人为认购人创办人兼投资总监 Tony Chin。 商汤-W(00020)公布，于2025年7月2 ...

丨证券研究报告丨 港股研究丨公司点评丨 361 度（1361.HK） [Table_Title] 流水稳健增长，超品大店贡献增量 报告要点 [Table_Summary] 公司发布 2025Q2 零售运营数据，2025Q2 线下大装和童装流水同比增长均约 10%，电商流水 同比增长约 20%，流水延续稳健增长表现。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 361 度（1361.HK） cjzqdt11111 [Table_Title2] 流水稳健增长，超品大店贡献增量 [Table_Summary2] 事件描述 公司发布 2025Q2 零售运营数据，2025Q2 线下大装和童装流水同比增长约 10%，电商流水同 比增长约 20%，流水延续稳健增长表现。 事件评论 丨证券研究报告丨 2025-07-22 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_Ba ...

Core Insights - The WAIC 2025 Large Model Forum will officially open on July 27 in Shanghai, aiming to drive innovation and accelerate the transformation of production power across various industries [1] - The forum will serve as a global platform for top researchers and technology experts to discuss the evolution of large models and their commercial applications [2] - Key topics will include the collaboration and ecosystem construction of domestic heterogeneous computing power, as well as breakthroughs in embodied world models [3] Group 1: Forum Objectives and Themes - The forum aims to gather global wisdom and leverage Shanghai's strategic position in large model technology to foster innovation [1] - It will focus on the construction logic, collaboration paradigms, and development bottlenecks of the large model industry ecosystem [2] - Discussions will also cover international collaboration opportunities in AI, including technology standards, ethical governance, and talent cultivation [4] Group 2: Key Participants and Contributions - Notable participants include representatives from leading AI companies such as SenseTime, NVIDIA, and various top universities [2][3] - The forum will feature keynote speeches from prominent figures, including the president of Nanyang Technological University and executives from major companies like Kingsoft and Xiaomi [6][7] - Insights from industry leaders will provide valuable, replicable blueprints for intelligent transformation across various sectors [4]

Core Viewpoint - The recent shareholder meeting of SenseTime marked a significant step in optimizing governance structure and deepening strategic focus, with a new phase of "second joint entrepreneurship" aimed at seizing opportunities in the AGI era [1] Group 1: Board Changes and Strategic Focus - Xu Bing, the former executive director and board secretary, has transitioned to lead the AI chip business, while Yang Fan and Wang Zheng have been appointed as executive directors for a three-year term [1][2] - The board changes reflect a strategic adjustment, with a focus on enhancing the company's capabilities in AI technology and financial management [4][7] - The new executive directors bring diverse experience, with Yang Fan responsible for strategic planning and AI infrastructure, and Wang Zheng overseeing overall financial management [2][3] Group 2: Financial Performance and Business Growth - SenseTime reported a revenue of 3.772 billion yuan in the previous year, representing a year-on-year growth of 10.8%, with the generative AI business revenue reaching 2.4 billion yuan, up 103.1%, accounting for 63.7% of total revenue [5] - Despite revenue growth, the company faced a net loss of 4.307 billion yuan in 2024, with R&D expenses amounting to 4.13 billion yuan [5] - The total computing power operated by SenseTime's "SenseTime Big Device" exceeded 23,000 Petaflops, reflecting a year-on-year increase of 92% [5] Group 3: Strategic Initiatives and Future Outlook - SenseTime has established a "1+X" new structure to focus on core generative AI business and achieve profitability and stable cash flow [6][7] - The restructuring includes the separation of various business units, each with independent CEOs, to enhance market competitiveness and attract external financing [7] - The management team is tasked with balancing technological breakthroughs and financial stability amid increasing competition in the AI industry [7]

Summary of Key Points Core Viewpoint The Guizhou Qiannan Market Supervision Administration has conducted a special food safety inspection as part of the "You Order, I Inspect" initiative for the 2025 "3.15" Food Safety Day, revealing that out of 100 food samples tested, 97 passed while 3 failed to meet safety standards. Group 1: Inspection Results - A total of 100 food samples were tested, with 97 passing and 3 failing [2][3] - The non-compliant items included marinated chicken feet and lemon yellow in cold noodles, which did not meet food safety requirements [2][3] - The inspection covered various food categories, including dairy products, edible oils, and school foods [2] Group 2: Specific Non-compliant Products - The first non-compliant product was marinated chicken feet from a vendor in Longli County, with a detected level of sunset yellow at 0.0102 g/kg, exceeding the permissible limit [2] - The second non-compliant product was cold noodles from a vendor in Dushan County, with a detected level of lemon yellow at 0.0193 g/kg, also exceeding safety standards [2] - The third non-compliant product was marinated chicken claws from a vendor in Fuquan City, with a detected level of sunset yellow at 0.0600 g/kg, surpassing the allowed limit [2] Group 3: Compliance and Public Health - The initiative aims to enhance public health and safety by ensuring food products meet regulatory standards [2][3] - The results of the inspections are publicly disclosed to promote transparency and consumer awareness [2][3] - The program reflects ongoing efforts by local authorities to monitor food safety and protect consumer interests [2][3]

Summary of the Conference Call on SenseTime Technology Company Overview - **Company**: SenseTime Technology - **Industry**: Artificial Intelligence (AI) Key Points and Arguments Performance and Achievements - SenseTime's "Riri Xin" fusion model ranked first in both SuperCLUE and OpenCompass evaluations, achieving a total score of 18.3, tying with DeepCV3, indicating a significant breakthrough in native fusion modality training [2][4][5] - The company launched the Riri Xin 6.0 version, which constructs over 200 billion high-quality tokens for multi-modal long thinking chain data, achieving a length of 64K, significantly enhancing data analysis capabilities, particularly in vertical industries like finance [2][20] Government Support and Industry Growth - The Shanghai government is heavily supporting the AI industry, with the industry scale expected to exceed 450 billion yuan by the end of 2024, and over 60 generative AI models have been registered with the state [2][7] - SenseTime has developed the SenseCore AI computing platform to provide efficient computing power support for large model research and industrial applications in Shanghai [2][8] Technological Innovations - SenseTime's multi-modal models excel in processing unstructured data, improving efficiency and decision-making in scenarios like financial audits and e-commerce price comparisons [2][24] - The company emphasizes the importance of multi-modal models in achieving general artificial intelligence, as they can enhance learning efficiency and address complex problems [12][67] Future Directions and Applications - SenseTime aims to apply its native modality fusion widely across various scenarios to enhance interaction experiences [6][9] - The company is focused on deepening AI applications in key industries and fostering collaboration with academic institutions to build open platforms [9] Market Position and Competitive Edge - According to a report by Frost & Sullivan, SenseTime ranks first in China's generative AI technology stack market due to its continuous investment in technology innovation and high-performance domestic inference engines [3] Real-World Applications - The multi-modal model has been successfully applied in various fields, including automatic driving and smart healthcare, showcasing its ability to solve complex issues and enhance user experience [2][8][24] - In the e-commerce sector, the model can automatically analyze price information across platforms, providing optimal purchasing suggestions [25][26] Challenges and Opportunities - The rapid growth of multi-modal data presents challenges in data management and processing, necessitating the development of adaptive technologies to optimize performance [19][67] - The company is committed to addressing the challenges of data scarcity in the robotics sector through virtual simulation technologies [68][72] Educational Impact - SenseTime's technology is also being integrated into educational tools, enhancing learning experiences through interactive and immersive methods [50][52] Collaboration and Ecosystem Development - SenseTime collaborates with various partners, including Kirin Software, to develop comprehensive solutions that enhance the domestic AI ecosystem [30][59] Additional Important Content - The company is preparing for the World Artificial Intelligence Conference in 2025, aiming to foster international cooperation and share innovative outcomes [9] - SenseTime's advancements in video editing and AI capabilities are set to revolutionize content creation and enhance user engagement [55][57] This summary encapsulates the key insights from the conference call regarding SenseTime Technology's performance, innovations, market position, and future directions in the AI industry.

3月26日，商汤科技发布2024年财报，总体收入同比增长10.8%，亏损同比大幅收窄33.7%，其中生成式 AI增长103.1%，营收占比从2023年的35%来到64%[1]。 考虑到时下生成式AI"退潮裸泳"的大背景，这种表现令人侧目。新旧势力纷纷遭遇"落地墙"围堵，商汤 却像是每个班都有的学霸，别人还在回顾知识点，ta已经开始刷题了。 在AI公司中，商汤的学霸光环向来耀眼。提到中国AI产业，商汤是绝不会忽略的一家公司。出道至今研 发实力从未掉出过第一梯队，研发成果如数家珍。但光环背后，一度是面包和理想的长久拉锯。 2018年—2022年间，商汤开始投入基础设施建设，研发费用率由此飙升，背负起巨大的盈利压力，但也 由此生长出了独一无二的商业模式。如今守得云开见月明，是科技产业对长期主义者的又一次褒奖。 从"大装置"开始 上海临港，距离特斯拉超级工厂3公里，是商汤SenseCore AI大装置所在地——商汤智算中心AIDC，后 者是当前亚洲最大的超算平台之一[2]。 商汤智算中心AIDC AIDC正式启动于2021年，SenseCore AI大装置的打造则从更早之前就开始了，是商汤埋的最深的一个伏 笔。 20 ...

Core Viewpoint - The latest financial report from SenseTime (0020.HK) indicates that the AI industry is on the verge of explosive revenue growth, highlighting the potential for significant commercial opportunities in the near future [1][2]. Group 1: Performance Highlights - SenseTime's generative AI revenue surged to over 2.4 billion RMB, marking a year-on-year increase of 103.1%, and accounting for 63.7% of total group revenue [3][4]. - The company's gross profit reached 1.62 billion RMB with a gross margin of 42.9%, and losses narrowed by 33.7% year-on-year [3]. - Cash reserves stood at 12.75 billion RMB, indicating a strong financial position to support future growth [3]. Group 2: Strategic Framework - SenseTime's "three-in-one" strategy integrates AI infrastructure (large devices), large models, and applications, creating a virtuous cycle that enhances competitive positioning in the generative AI landscape [7][11]. - The large device, located in Shanghai, is recognized as one of Asia's largest AI data centers, with a total operational computing power of 23,000 P, reflecting a 92% year-on-year increase [9][10]. Group 3: Market Potential - The generative AI market is projected to reach a scale of 10 trillion RMB, with significant growth anticipated from 2025 onwards as the industry matures [13]. - Morgan Stanley forecasts that by 2028, generative AI could generate nearly 1.1 trillion USD in total revenue, with enterprise software contributing 401 billion USD and consumer internet spending reaching 683 billion USD [13].