软件平台SenseCore 2.0 线上推理性能提升15%。 AI 应用：1）生产力工具：全场景办公产品"小浣熊"用户数突破300 万，每日处理tokens 数约100 亿， 提供金融版、教育版、政务版三大细分行业版本。 机构：光大证券 研究员：付天姿/王贇 业绩亮点：生成式AI 驱动营收加速增长。25H1 商汤实现营收23.6 亿元，同比增长35.6%（24H1 同比增 长21.4%）；由于生成式AI 收入占比提升，公司整体毛利率38.5%，相比24H1 的44.1%有所下降。 运营效率优化，亏损大幅收窄，经营现金流改善。25H1 公司经调整净亏损11.6亿元，亏损同比缩窄 50%；经调整EBITDA -5.2 亿元，亏损同比缩窄72.5%；销售费用率、行政费用率、研发费用率分别为 11.6%、25.3%、89.8%，同比下降7.4pcts、16.9pcts、18.9pcts；经营现金净流出6.4 亿元，同比收窄 81.9%。 公司调整财报披露口径：1）生成式AI：披露口径不变，25H1 收入18.2 亿元，同比增长60.4%，占公司 总营收的比例从24H1 的60.4%提升至25H1 的77.0%；2）视 ...

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative return exceeding 10% over the next 12-18 months [26]. Core Insights - The company achieved a revenue of RMB 2.358 billion in H1 2025, a year-over-year increase of 35.6%, driven primarily by its Generative AI business, which saw a revenue increase of 72.7% to RMB 1.816 billion, contributing 77% to total revenue [10][14]. - The gross profit rose by 18.4% to RMB 908 million, with a gross margin of 38.5%. Adjusted net losses narrowed by 50% to RMB 1.162 billion, and adjusted EBITDA losses decreased by 72.5% to RMB 521 million, indicating significant improvement in profitability quality [10][14]. - The company's cash reserves at the end of the period stood at RMB 13.158 billion, reflecting strong financial health [10]. Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of RMB 2.358 billion, a 35.6% increase year-over-year, exceeding market expectations. The Generative AI segment's revenue reached RMB 1.816 billion, marking a 72.7% increase and accounting for 77% of total revenue [10][14]. - Gross profit increased by 18.4% to RMB 908 million, with a gross margin of 38.5%. Adjusted net loss decreased by 50% to RMB 1.162 billion, and adjusted EBITDA loss reduced by 72.5% to RMB 521 million, showcasing improved loss management [10][14]. Strategic Infrastructure - The company has developed a "Compute-Model-Application" framework, achieving a total computing power of approximately 25,000 PetaFLOPS. The SenseCore 2.0 platform has been upgraded and certified at the highest level for large model inference capabilities [11]. - The domestic chip heterogeneous cluster operates at a scale of 5,000 cards with an 80% utilization rate and 95% training efficiency, positioning the company among the top three in China for platform strength [11]. Large Models and Applications - The company launched the "Rì Rì Xīn V6.0" model in April and upgraded to V6.5 in July, achieving significant advancements in multi-modal technologies. The user base for its "Little Raccoon" data analysis products surpassed 3 million, with a 510% increase in multi-modal interaction duration [12]. - The model's cost-effectiveness improved by approximately three times, and the application penetration in sectors like government and finance accelerated significantly [12]. Visual AI and Innovative Business - The Visual AI segment focuses on high-quality clients, with the "Ark" platform now serving nearly 200 cities and over 30,000 locations, achieving over 100 million daily API calls. The company maintains a leading position in the smart cabin sector [13]. - The X Innovative Business segment has launched various products, including a co-branded home robot with Disney and healthcare solutions in Singapore, enhancing its market presence [13]. Future Outlook - Management anticipates that Generative AI will continue to be the core growth driver, with a focus on replicable solutions for high-value industries. Key areas to watch include the large-scale deployment of the V6.5 model and advancements in computing infrastructure [14][15].

【编者按】当前，"算力即国力"已成为国家战略共识，算力芯片性能突破、推理需求爆发、AI应用规模化落地等，正重塑全球科技竞争格局。与此同时， 资本市场的目光也聚焦在这片蓝海，寻求投资机遇。 中国基金报记者 赵心怡 以下为部分采访实录： AI创变，智见未来。《AI中国》本期的主题是算力突围、应用革命与资本前瞻。我们邀请到三位业内资深人士，他们分别是：金山办公解决方案中心总 经理于叶舟、商汤小浣熊产品负责人贾安亚、光证资管投资经理尚青。他们将从技术、应用与资本等不同维度展开讨论，碰撞出思想火花。 中国基金报: 大模型是否正在终结"软件二八定律"（80%的用户只用20%的功能），这对传统产品设计逻辑是否有所颠覆？大模型企业应该如何实现功能 普惠和商业变现的平衡？ 于叶舟: 好的，大模型是否真的在终结软件的二八定律？由于我是解决方案提供者，而非产品经理，因此从我的经验来看，只能说有这样的趋势，而这一 争议尚未平息。原因何在？如今，在为众多头部企业提供解决方案时，我发现许多原本较大的客户非常强调定制开发。实际上，这可以理解为他们在尝试 实现一种定制化的产品或需求。 然而，我发现这在项目中变得越来越困难，尤其是在AI领域。 ...