Core Viewpoint - The release of the "Artificial Intelligence+" policy by the State Council aims to deeply integrate six key areas: technology, industry, consumption, people's livelihood, governance, and global cooperation, with a focus on creating a new form of intelligent economy and society by 2035 [1][5]. Group 1: Company Performance - SenseTime (0020.HK) reported a remarkable mid-year performance for 2025, with revenue growth of 36% to 2.4 billion yuan, exceeding market expectations [3]. - The revenue from generative AI grew by 73% for the third consecutive year, while adjusted losses decreased significantly by 50%, with total cash reserves reaching 13.2 billion yuan [3]. - The company has established a complete AI ecosystem from foundational technology to top-level applications, aligning closely with the national "Artificial Intelligence+" strategy [3][6]. Group 2: Strategic Alignment with Policy - SenseTime's strategy of "computing power infrastructure - large model research - large model application" aligns well with national policy demands, showing substantial progress in its "1+X" strategy [6]. - The company has achieved a total computing power of over 25,000 PetaFLOPS, with an 80% utilization rate of heterogeneous clusters, demonstrating high efficiency [8]. - SenseTime's various applications in smart city management, healthcare, and industrial automation reflect the company's commitment to the "Artificial Intelligence+" initiative [8][9]. Group 3: Market Opportunities - The "Artificial Intelligence+" policy is expected to create significant market opportunities across six key action areas, with each field potentially containing trillion-level market scales [12]. - SenseTime's ongoing projects in smart health, education, and public safety are examples of how the company is leveraging these opportunities to enhance its market presence [9][10]. Group 4: Future Outlook - Looking ahead, SenseTime plans to continue iterating its multi-modal large model and expand its technological leadership in strong reasoning and intelligent agents [13]. - The company aims to deepen its presence in key policy areas such as industrial automation, automotive, and healthcare, while fostering innovation through its "1+X" strategy [13]. - SenseTime is committed to enhancing international cooperation and contributing to global AI governance standards, positioning itself as a core player in the global AI landscape [11][13].

机构：国金证券 研究员：王倩雯/李忠宇/孟灿 业绩简评 1）报告期内公司提质增效，员工数量同比下滑31.4%。报告期内公司人均毛利为26.1 万元，同比增长 72.5%；2）报告期末公司2~3 年的贸易应收款项减少7.4 亿元，因而2025 年上半年金融资产减值亏损缩 窄；3）出售附属公司获得9.4 亿元。 盈利预测、估值与评级 根据2025 年中报，我们预计2025~2027 年营业收入分别为50.4/64.1/79.4 亿元，同比增长 33.7%/27.1%/23.8%；归母净利润分别为-32.1/-24.5/-20.7 亿元， 亏损同比缩窄25.0%/23.6%/15.5%，对应 14.1/14.7/11.6 倍P/S，维持"买入"评级。 风险提示 AI 算法研发不及预期；港股市场流动性缩紧；未能探索出稳定持续的盈利模式；国际关系风险。 2025 年8 月28 日，公司披露2025 年度中期业绩：公司2025 年上半年实现营收23.6 亿元，同比增长 35.6%；毛利润为9.1 亿元，同比增长18.4%；净利润为-14.9 亿元，亏损同比缩窄39.9%。 2025 年上半年公司经营活动现金流量净额为-6 ...

Core Insights - SenseTime Group reported a revenue of 2.358 billion yuan for the first half of 2025, representing a year-on-year growth of 35.6% [1] Group 1: Business Strategy - The company continues to deepen its "1+X" strategy, achieving substantial progress in business momentum and structural optimization [1] - The "1" in the "1+X" strategy refers to generative AI and visual AI as the core business, while "X" represents the innovation business segment focusing on incubating an innovative ecosystem [1] - Key focus areas for the "X" segment include intelligent assisted driving, smart healthcare, home robotics, and smart retail [1] Group 2: Leadership Perspective - The Chairman and CEO, Xu Li, emphasized the company's commitment to deepening its industry presence by leveraging generative AI and visual AI as dual engines [1] - The company aims to maintain its leading position in visual AI while seizing opportunities presented by generative AI to continuously create value for employees, customers, and shareholders [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.36 billion RMB for the first half of 2025, representing a year-on-year growth of 35.6%. The gross profit was 910 million RMB, up 18.4% year-on-year, while the net loss narrowed to 1.49 billion RMB, a reduction of 39.9% compared to the previous year [2] - The company's cash flow from operating activities showed a net outflow of 640 million RMB, which is an improvement of 81.9% compared to the same period last year [2] - The generative AI segment generated 1.82 billion RMB in revenue, marking a significant year-on-year increase of 72.7%. The company has optimized its GPU chip mix, achieving a 20% improvement in computing efficiency compared to the previous year [3] - The visual AI segment's revenue was 440 million RMB, down 14.8% year-on-year, but there was a notable increase in overseas opportunities and orders [3] - The company reduced its workforce by 31.4% during the reporting period, leading to a 72.5% year-on-year increase in revenue per employee, which reached 261,000 RMB [3] - The company expects revenues for 2025 to reach 5.04 billion RMB, with projected growth rates of 33.7%, 27.1%, and 23.8% for the years 2025, 2026, and 2027 respectively [4] Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 2.36 billion RMB, with a gross profit of 910 million RMB and a net loss of 1.49 billion RMB [2] Business Analysis - The generative AI revenue was 1.82 billion RMB, growing 72.7% year-on-year, while the visual AI segment saw a revenue decline to 440 million RMB [3] - The company improved its operational efficiency, resulting in a significant reduction in workforce and an increase in revenue per employee [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025, 2026, and 2027 are 5.04 billion RMB, 6.41 billion RMB, and 7.94 billion RMB respectively, with corresponding net losses expected to narrow over the years [4]

(经济观察网李强/文) 传统视觉AI业务上半年收入为4.36亿元，同比下降14.8%。收入下降主要是由于公司与东北亚一个主要 客户的合作模式发生了变化，从研发服务转向了维护服务。尽管传统视觉业务收入同比略有下降，在经 历了行业调整后，收入结构得到优化，利润空间和现金流都有所改善。 "X创新业务"(包括智能驾驶、智慧医疗、家用机器人和智慧零售)业务上半年营收1.07亿元，较去年同 期下降了约39.6%，收入减少主要是由"绝影"(智能驾驶)业务收入下跌导致的。商汤科技强调，X创新业 务在战略重组后已无需商汤科技追加资金投入，显著改善了公司现金流状况。 在研发支出方面，2025年上半年，商汤科技研发开支为21.185亿元，相比2024年上半年的18.922亿元， 研发开支增加了12.0%。研发开支的增加，主要是由于商汤科技加大了对基础模型的训练、微调以及生 成式AI应用的投入。这导致了折旧和摊销、服务器运营和云服务费用的增加。 总体上来看，2025年上半年，商汤"1+X"战略取得实质性进展，生成式AI占集团收入进一步提升至 77%，视觉AI重启增长曲线，利润空间与现金流双向改善。此外，在组织层面，商汤科技上半年围 ...

北京商报讯（记者 魏蔚）8月28日，根据商汤科技发布的2025年上半年财报，公司营收23.58亿元，同比 增长35.6%，经调整净亏损11.62亿元，同比收窄50%。财报显示，上半年生成式AI业务给商汤科技贡献 了18.16亿元营收，同比增长72.7%，主要来源于市场对生成式AI模型训练、微调和推理的需求持续爆发 性增长；视觉AI营收4.36亿元，同比减少14.8%；X创新业务营收1.07亿元，这一板块包括四部分，绝影 （智能驾驶）、善萃（智慧医疗）、元萝卜（家用机器人）、善惠（智慧零售）。 ...

8月28日晚间，商汤（0020.HK）发布2025年中报显示，公司上半年实现收入约为23.58亿元，同比增长 35.6%。 2025年上半年，商汤实现营业收入约为23.58亿元，同比增长35.6%。其中，生成式AI收入连续第三年高 速增长，增幅达73%；经调整亏损净额同比和环比均大幅收窄。截至2025年上半年，公司总现金储备达 132亿元。 财报显示，商汤视觉AI重启增长曲线，以高质量客户策略和领先市场份占有率额，实现利润空间与现 金流双向改善。截至2025年6月底，视觉AI板块服务国内外客户660余家，复购比例57%，上半年海外商 机储备与新订单按年显著增长。 （文章来源：北京商报） ...

北京商报讯（记者 马换换 王蔓蕾）8月28日晚间，商汤（0020.HK）发布2025年中报显示，公司上半年 实现收入约为23.58亿元，同比增长35.6%。 2025年上半年，商汤实现营业收入约为23.58亿元，同比增长35.6%。其中，生成式AI收入连续第三年高 速增长，增幅达73%；经调整亏损净额同比和环比均大幅收窄。截至2025年上半年，公司总现金储备达 132亿元。 财报显示，商汤视觉AI重启增长曲线，以高质量客户策略和领先市场份占有率额，实现利润空间与现 金流双向改善。截至2025年6月底，视觉AI板块服务国内外客户660余家，复购比例57%，上半年海外商 机储备与新订单按年显著增长。 ...

商汤科技董事长兼首席执行官徐立表示，在国务院发布《关于深入实施"人工智能+"行动的意见》重要 举措的背景下，商汤紧抓落地机遇，深耕行业领域，以生成式AI与视觉AI为双引擎，使商汤在继续保 持视觉AI龙头地位基础上，抓住生成式AI 所带来的历史性窗口，为员工、客户和股东持续创造价值。 校对 卢茜 新京报贝壳财经讯（记者罗亦丹）8月28日，商汤发布2025年上半年中期业绩。报告期内，商汤总收入 同比增长36%，达人民币24亿元；其中，生成式AI收入连续第三年高速增长，增幅达73%；经调整亏损 净额同比和环比均大幅收窄，同比下降50%；贸易应收回款额32亿元，以96%大幅提升，达历史新高。 截至2025年上半年，集团的总现金储备达132亿元。 ...

Core Insights - SenseTime Group Limited reported a total revenue of 2.358 billion yuan for the first half of 2025, representing a year-on-year growth of 35.6% [1] - The revenue from generative AI has seen a significant increase for the third consecutive year, with a growth rate of 72.7% [1] - The adjusted net loss has substantially narrowed both year-on-year and quarter-on-quarter [1] Financial Performance - As of June 30, 2025, the company had cash and cash equivalents amounting to 11.168 billion yuan [1] - Generative AI now accounts for 77% of SenseTime's total revenue, indicating a strong focus on this segment [1] - Visual AI has resumed its growth trajectory, contributing to improved profit margins and cash flow through high-quality customer strategies and leading market share [1] Strategic Developments - SenseTime is deepening its "1+X" strategy, achieving substantial progress by leveraging generative AI and visual AI as dual engines for business momentum and structural optimization [1] - The company has initiated a secondary joint entrepreneurship around its "1" and "X" strategy, establishing a specialized and diversified leadership structure [1] - An independent co-creation team has been set up for innovative business initiatives, enhancing the operational vitality and market appeal of "X innovative business" [1]