Core Viewpoint - The successful IPO of Moore Threads marks a milestone for China's AI industry, highlighting the importance of collaboration in building a robust domestic chip ecosystem, with SenseTime's innovative "Computing Power Mall" model paving the way for this transformation [1][2]. Industry Analysis - On February 5, Moore Threads, a domestic GPU company, went public with an opening surge of over 400%, reaching a market capitalization of over 270 billion yuan, representing a significant moment for China's AI chip industry [2]. - The real bottleneck for domestic GPUs is not merely computational power but the lack of a comprehensive ecosystem, contrasting with NVIDIA's established CUDA software ecosystem [2]. - Moore Threads and SenseTime's long-term collaboration exemplifies the necessity of deep ecological cooperation to achieve a "soft and hard integration" breakthrough in domestic chip development [2][3]. Collaboration Dynamics - SenseTime's algorithms have been adapted to Moore Threads' products, enhancing market adaptability and creating a strong foundation for collaboration, particularly in optimizing large model training and inference technologies [2][3]. - The partnership forms a closed-loop mechanism of "demand-supply-optimization," enhancing market competitiveness for both companies [3]. Industry Empowerment - SenseTime's advanced large model system and its AI infrastructure provide an excellent platform for Moore Threads to validate its products, aiding in the transition from "usable" to "well-used" products [5]. - Moore Threads' MTT S series GPUs have been fully adapted to SenseTime's large model system, marking a significant achievement in industrial-grade testing for domestic GPUs in large model training and inference tasks [5]. Ecosystem Development - In the context of global AI computing power supply constraints, establishing a diverse and stable domestic computing power supply chain is crucial [6]. - SenseTime's "Computing Power Mall" initiative collaborates with multiple chip companies to create a domestic AI computing ecosystem, facilitating access to high-performance computing power and expanding market penetration [6]. - Moore Threads joined SenseTime's "Computing Power Mall" in July, allowing downstream companies to utilize validated Moore Threads chip computing power, thereby accelerating market expansion through SenseTime's ecosystem influence [6].

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].