商汤-W2025 中期报告

(於 開 曼 群 島 註 冊 成 立 以 不 同 投 票 權 控 制 的 有 限 公 司) 港交所代號: 0020 (港幣櫃台) 80020 (人民幣櫃台) 4 20256 2620256 26 (FCG,HKFCG) 20255 30 22 Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands 1900200233 1 1212 9 127 25 113001-30063015-3016 7088 183171712-1716 002080020 www.sensetime.com Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands Re-CoFound1X 2025+AI8+68 2025AIAIAIAIX 1+XAIAI AI •AIAI •AI•AI•X •XV2XAI20256 30 •AI GPU AI1,815.572.7%77.0% •202535.6%2,358.2AI1,815.572.7%202460.4%202463.7%77.0% 1. •907.838.5%3,158.595.5% •20251,162.150.0%20256 3013,158.4 • •+PoC AI • 2025(Agents)AI 3. •500080%95%MoE •4+ •IDC1IDC2025 •2.5PetaFLOPS20258GPU20%AIDC (AGI)Transformer •SenseCore 2.015% 3. •DeepSeekR110• •OpenAI o1GPT-4o •V6 Omni10Gemini 2.5 Turbo ×AI2B2C2C 2.V6.52025 7 27 •Gemini 2.5 ProClaude 4-Sonnet•3•Claude4-Opus 1.(Raccoon) V6.5300Tokens1002B2C2C •510%515 •300%AI •V6.5XREAL •500+1025+K1299%+10 •AI •AI •DAU400% 2.C V6.5V6.5AIAI AI •20256 3020031 AI15%×AI •20251002.5 1. 20256AI66057%436.014.8% •2025 2.(SenseFoundry) • •AIAIIHH2025(WAIC) X X4AIAI01 •118 2025XXXX •AI •J6MThor (1)(2) 5AAIDCAIDC AIAI商湯集團將繼續推進自去年下半年正式開啟的「1+X」新戰略AIAI •AI •AI•1+XX•+ •88%93%+90%-95%95%+ •9%5%AIDC•×•AI AI AI2024-2025 AI AI •AIAI•AI•AI++ •1423•AI 20256 3020246 30 202520246 30 20246 301,739.735.6%20256 302,358.2AI AI20246 301,051.220256 301,815.572.7%AIAIAI AI20246 30512.020256 30436.0AIAIAI X20246 30176.520256 30106.7X4XXXX2025 20256 3020246 30 20246 30973.049.1%20256 301,450.4 20246 30766.818.4%20256 30907.820246 3044.1%20256 3038.5%2025AIDC 20246 301,892.212.0%20256 302,118.5AI 20246 30329.217.3%20256 30272.3 20256 3020246 30 20246 30264.388.0%20256 3031.7241.3 20246 30734.918.8%20256 30597.0 20246 30587.775.7%2025630142.7 20246 3012.120256 3018.6 20256 3036.020246 304.0 20246 30108.718.6%20256 30129.0 20256 30640.620246 3053.020256 30937.6155.3169.0 20256 301,489.320246 302,477.2 20256 3020246 30 EBITDAEBITDAEBITDAEBITDA EBITDAEBITDAEBITDAEBITDA 20256 3020246 30 202412 315,068.020256 304,719.3 20256 3020246 30 202412 3120256 302024 20256 3011,168.4202412 318,888.0 20256 30639.5(i)(ii)20256 30 20256 3020246 30 20256 30699.7 20256 30 20256 302,158.0 202412 3120256 305,921.88,172.920256 3031 20256 303,20614.6% B 202412 112024121.501,865,000,000B202412202412202412202412 171.501,865,000,000B5.12%5.04%2024 1246.63202412 10BB1.60202412 11202412 17 202412 2024122024122,787.11.49AIAI20256 30 20256 3020246 30 20256 30-2.1% B 20257 231,666,667,000B1.5020257 2320257 311.501,666,667,000B4.38%4.31% 20256 30 20256 30 20256 30 20257 2420257 31202512 31 20256 304,143.9163.4 20256 30 商湯集團 2689商湯集團20256 303434 2410 34 2025828 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 1 商湯集團201410 152219613Vistra (Cayman) LimitedP.O. Box31119 Grand PavilionHibiscus Way 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands AIDC 202112 30 20258 28 2 20256 3034202412 3120253 263 3 202412 31 (a) 20251 1 21 (b) 20251 1 20256 30 3 (b) 4 (a) 4 (a) 20256 30 20256 30 4 (a) 1ESG1 22 33ESG (b) •• 20256 3023 3(c) 4 (c)3 20256 303 20256 30 4 (c)3 (i) 3 4 (c)3 (ii) 33 5 (a) 20256 30 20256 30 5 (b) 20256 30 6 (a) 20256 3010% 6 (b) (c)20256 30 (d) 20256 30 6 7 (a)20256 30153,250,00020246 30125,491,00029(c) 8 (i) (ii)20256 302019413%3% 9 (i)20256 3050,000,000937,640,000820,000,00067,640,000 20256 30 10 11 (i) 2014 (ii) (iii) 8.25%216.5%220246 3016.5% (iv) 20256 3017%202463017% (v) 20256 3024%20246 3024%2.5500.1515%0.4517%0.624% (vi) 20256 3020%202463020% (vii) 20256 300.3759%20246 309% 20256 30 11 (viii) 20256 3025%20246 3025% 202515% (ix) 20081 110%10%5% 20256 3020246 30 12 20256 30 20256 3020256 3020256 3020246 30 13 20256 3020246 30 20256 30 14 (b)20256 30 15 (a) 20256 30 15 (b) 20256 30105,074,00020246 30141,445,000 15 20256 30 20256 30 16 20256 302,507,845,000 20256 30 20256 30 16 (b) 20256 30 17 18 19 20256 30 19 20 20256 3013,864,00020246 3016,328,000 20256 30 21 90270 20256 30 22 (1)15(2)11 23 (i) 20256 30 23 (a) 20256 30 23 (b) 20256 30 (c) 1 20256 30 20256 30 23 (d) 20256 30 24 25 (b) 20256 30 26 27 (a)SenseTalent Management Limited20256 30SenseTalent Management Limited820,536,000202412 31874,830,000 (b) 20256 30 28 20256 30 (a) 20219 22SenseMeet Investment LimitedSenseMeetASenseTime MEA Ltd.SenseWonder Technology LimitedSenseTimeMEASenseMeetA5149A155,000,00052,000,00020256 30ASenseMeetSenseTime MEAAA(8%)ASenseTime MEA 28 (b) 2021820256 30660,344,000202412 31660,344,000 2022220256 3015,000,000202412 3115,000,000 20231120256 30100,500,000202412 31100,500,000 20241(HefeiChenglin Enterprise Management Consulting Partnership Enterprise (lim