2025年8月14日|10:00PMHKT生成式AI將推動(dòng)客戶支出；首次覆蓋商湯并評(píng)級(jí)為我們看好中國(guó)軟件行業(yè)，認(rèn)為該行業(yè)將受益于生成式AI趨勢(shì)——隨著每用戶平均收入(ARPU)上升，免費(fèi)用戶轉(zhuǎn)化為付費(fèi)客戶，業(yè)務(wù)模式也將從硬件交付轉(zhuǎn)向軟件訂閱(SaaS)交付。我們看好生成式AI和SaaS收入占比較高的公司（例如金山辦公、金蝶軟商湯是中國(guó)領(lǐng)先的AI供應(yīng)商，提供生成式AI整體解決方案，從AI基礎(chǔ)模型（商湯日日新）到AI應(yīng)用軟件（商湯如影/商量/商湯秒畫等）的定制化行業(yè)模型，主要面向政府和不同行業(yè)的企業(yè)客戶。憑借廣泛的產(chǎn)品覆蓋，我們預(yù)計(jì)2030年生成式AI的收入占比將達(dá)到81%（2024年占比64%該公司提供以特定行業(yè)（金融/TMT/電信等）為重隨著DeepSeekAI模型的出現(xiàn)，我們看到生成式AI應(yīng)用越來(lái)越受歡迎，這些應(yīng)用在C端、B端、G端客戶中都有變現(xiàn)途徑。商湯的AI項(xiàng)目通常耗資100萬(wàn)至3000萬(wàn)美元，該公司提供易于客戶部署的集成解決方案。我們看好商湯日日新(v6.5)增強(qiáng)的AI推理和多模態(tài)能力。商湯擴(kuò)大了生成式AI產(chǎn)品的覆蓋范圍，從而抓住變現(xiàn)機(jī)會(huì)，包括金融（金融智腦，商湯如影）、醫(yī)療保?。ㄉ塘?大醫(yī)）、企業(yè)服務(wù)（辦公小浣熊）等。該公司還注重主流場(chǎng)景，從而加速變現(xiàn)并確保運(yùn)營(yíng)效率，并設(shè)法削估值：12個(gè)月目標(biāo)價(jià)格為1.83港元，基于10.7倍的2026年預(yù)期企業(yè)價(jià)值/銷售額和我們兩階段貼現(xiàn)現(xiàn)金流估值的平均值。鑒于該股存在11%的上行空間（而我們所覆蓋股票的平均上行空間約為10%），我們首次覆蓋并評(píng)為中性。商湯當(dāng)前股價(jià)對(duì)應(yīng)的2026年預(yù)期企業(yè)價(jià)值/銷售額為8.8倍，接近我們目標(biāo)價(jià)格隱含的9.6倍，表明利好因素已基本反映在股價(jià)中。我們的盈利預(yù)測(cè)與彭博市場(chǎng)預(yù)測(cè)相符，我們預(yù)計(jì)該公司將從2028年開始實(shí)現(xiàn)凈利潤(rùn)。推動(dòng)因素：(1)2025年下半年：AI代理、行業(yè)AI和商湯日日新升級(jí)版新產(chǎn)品發(fā)布；(2)各行業(yè)AI投資不斷增長(zhǎng)；(3)項(xiàng)目開發(fā)和實(shí)施的效率提高，節(jié)省人工成本以提高盈利能力。風(fēng)險(xiǎn)：生成式AI客戶增長(zhǎng)速度快于/慢于預(yù)期；客戶支出高于/低另外，由于廣聯(lián)達(dá)的產(chǎn)品多元化（從建筑成本業(yè)務(wù)到建筑慢于我們之前的預(yù)期，我們現(xiàn)在認(rèn)為該股估值過(guò)高。我們將12個(gè)月目標(biāo)價(jià)格下調(diào)至人民幣11.9元，隱含13%的下行空間。+852-2978-2930|allen.k.chang@+852-2978-1681|verena.jeng@+852-2978-6466|ting.song@+852-2978-1478|xuan.zhang@高盛與其研究報(bào)告所分析的企業(yè)存在業(yè)務(wù)關(guān)系，并且繼續(xù)尋求發(fā)展這些關(guān)系。因此，存在可能影響本報(bào)告客觀性的利益沖突，不應(yīng)視本報(bào)告為作出投資決策的唯一因素。有關(guān)分析師的信息，見信息披露附錄，或參閱/research/hedge.html。由非美國(guó)附屬公司聘用的分析師不是美國(guó)FINRA的注冊(cè)/合格研究分析師。SensetimetopchartsComputingPowerPlatform(in-house)?Over23,000petaflopsiFlytekcomputingpowerclusterInfrastructureHuaweicomputingpoComputingPowerPlatform(in-house)?Over23,000petaflopsiFlytekcomputingpowerclusterInfrastructureHuaweicomputingpowerclusterLargeDevice:SenseCore?All-in-onemachine?Modeldeployment?Software?MultimodalFoundationModel?MultimodalFoundationModel?MultimodalAIModel:SenseNova6.5?Multimodalinteractivecapabilities?Multimodalfusion?Text-to-imagecreation?CharacterSenseTimeIndustryModelDatamanagement|Simulation|Modeltraining|SenseAuto?IntelligentCabin(drivingmonitoringsystemandOccupantmonitoringsystem)?ADAS(drivingassistancesystem)SenseTimeIndustryModelDatamanagement|Simulation|Modeltraining|SenseAuto?IntelligentCabin(drivingmonitoringsystemandOccupantmonitoringsystem)?ADAS(drivingassistancesystem)?Empower(customizedAIinfrastructureforautomobilecompanies)?V2X(intelligentsensingplatform)Enterprise?SenseFoundryEnterprise(enterprisedigitaltransformation)?OfficeRaccoon(taskmanagementanddataanalysis)?CodeRaccoon(codegeneration)?SenseMirage(paintinggeneration)?SenseEarth(remotesensingandlandmonitoring)?SenseCare(medicalanalysis)?SensechatMedical(AIassistantforpatientsanddoctors)?SenseSpace(space3Dreconstruction)?FinAgent(financescenarioproblemsolving)SenseTimeApplicationsComputervision?SenseID(IDverificationcloudservices)?SenseNebulaPass(identityverificationall-in-onemachine)?SensePass(identityverificationall-in-onemachine)Modeladjustment|Inferencingandverification?SenseMirage(paintinggeneration)?KapiAccounting(expenserecordandanalysis)?Lumi(Personalrelationshipanalysis)?SenseAvatar(Digitalimagegeneration)?SenseChat(LLM)Customers?Technology:JD,Tencent,Baidu,Xiaomi?Smartphone:Oppo,OnePlus,Vivo?Finance:HaitongSecurities,BankofShanghai,AgriculturalBankofChina?Telecom:ChinaMobile,ChinaTelecom,ChinaUnicom?Auto:Sauber,Daimler,SAIC?Entertainment:Bilibili,Weibo,Rednote?Retail&consumer:ChengduIFSToC:TocustomerToB:TobusinessToG:Togovernment資料來(lái)源：公司數(shù)據(jù),CompiledbyGoldmanSachsGlobalInvestmentResearch2025年8月14日22025年8月14日3圖表2:SenseTimeproductroadmapandrevenuegrowth2025-2030E:generativeAI2025-2030E:generativeAIto2023-2024:transformationtogenerativeAIbusinesscontributemoretorevenuegrowth2014-2022:OneoftheleadingAIcompanyincomputervisionbusinessSenseNova:FoundationmodelSeko:AIvideogenerationSenseMirage:text-to-imageSenseAvatar:AvatarvideogenerationSenseCare:SmarthospitalandhealthcareSenseChat:ChatbotLLMRaccoon:AIcodegenerationandofficeassistantSenseChat-Medical:MedicalLLMassistantSenseFoundry:CityandenterpriseadministrationplatformSenseAuto:SmartcabinandsmartdrivingproductRmb14,00012,00010,0008,0006,0004,0002,0000WeexpectmoregenerativeAIproductsandprojectstocontributetocompany’sfuturerevenuegrowthSensePass:All-in-onemachineforfacialrecognitionSenseEarth:Remotesensinginterpretationm2014-201720182019202020212022202320242025E2026E2027E2028E2029E2030E圖表3:SenseTimegenerativeAIproducts圖表5:SenseTime2024R&Dvs.closepeersUS$m7006005004003002000SenseTimeKingsoftOfficeKingdeeChinasoftIntlEmpyrean120%100%80%60%40%20%0%R&Dexpense(LHS)R&Dratio(RHS)圖表4:SenseTimewaterfallchart(2024-30E)3,0002,0001,000-(1,000)(2,000)(3,000)(4,000)(5,000)RmbmRmbmlabors)alsodrivesearningsGenerativeAI(customizedfoundationmodelandapplicationsoftware)forSOEs(Telcos,FinancialNetincome(2024)Netincome(2025E)GP-Gen-AI-PrivateCloudGP-Gen-AI-ProjectGP-Gen-AI-PublicCloudGP-Gen-AI-ComputingPowerRentalGP-ComputerVisionGP-SmartAutoOpexOthersNetincome(2030E)圖表6:SenseTimerevenuemixandGM14,00012,00010,0008,0006,0004,0002,0000Rmbm2025E-30ErevenueCAGR21%25%25%24%22%38%35%20%38%35%18%22%15%20%18%22%15%20%31%26%50%45%40%35%30%25%20%20242025E2026E2027E2028E2029E2030EGen-AI-PrivateCloudGen-AI-ProjectGen-AI-PublicCloudGen-AI-ComputingPowerRentalComputerVisionSmartAutoGM(RHS)2025年8月14日4Sensetimecustomersandprojects圖表7:SenseTimekeyprojectsIndustryClientProjectTimeSize(US$k)GovernmentHubeiPublicInformationIndustryAvatarapplicationJun-25HealthcareFirstPeople'sHospitalofChangzhouSmartpathologyservicesJun-251,313EducationShanghaiUniversityAvatareducationplatformJun-2566GovernmentAuditBureauofPudongNewArea,ShanghaiIntelligentauditQ&AplatformMay-25257FinanceYuexiuGroupAImiddleplatformFeb-25979TourismNanjingMuseumAIVRimmersiveexhibitionFeb-251,299GovernmentKunmingGovernmentAIcityservicesempowermentFeb-2528,671HealthcareShanghaiXinhuaHospitalRemoteintelligentmedicalplatformJan-25280AgricultureChinaPacificInsuranceAIremotesensingplatformJan-25EducationBeihangUniversityHighpowercomputingplatformDec-2410,329GovernmentGansuCommunicationIndustryServiceARspacecomputing3DMarketoolNov-242,790TelecomChinaMobile(Tianjin)IntelligentcomputingcenterconstructionSep-2464,438GovernmentChinaITDesign&ConsultingInstitute3DintelligentplatformalgorithmupgradeJul-24366EducationPekingUniversityDatastorageandprocesssystemmodulesJul-24909EnergyChinaSouthernPowerGridFoundationModelsforPowerSystemsJun-24526GovernmentFuzhouNewAreaGovernmentIntelligentcomputingcenterconstructionJun-2476,872FinanceShanghaiBoComFacialidentificationproductJan-2458TourismShanghaiMuseumARnavigationplatformDec-23792資料來(lái)源：公司數(shù)據(jù),,DatacompiledbyGoldmanSachsGlobalInvestmentResearch.圖表8:SenseTimeclientscasesTypicalclientsHaitongSecurities,BankofShanghai,BankofFinAgent,SenseAvatar,SenseMARSQAbot,AvatarvideoCityAdministrationWestBund,LingangGroup,domesticandoverseascitiesgovernmentsSenseFoundryCitymonitoring,emergencyresponseEntertainmentChinaMediaGroup,Weibo,DebaoYiyuan,AiHuaShen,Zhumengdao,Bilibili,RednoteSenseAvatar,SenseChat-CharacterAvatarvideo,chatbotHealthcareShanghaiRuijinHospital,ShanghaiXinhuaHospital,KiangWuHoSenseCare,SenseChat-MedicalMedicalimageprocess,medicalreportgeneration,medicalQAbot,etc.GovernmentChangningLibrary,ShanghaiGovernmentSenseAvatar,SenseTimeDigitalSentinelAvatarvideoConusmerChanghong,ChengduIFS,CDF,AEONMallSensePhoto,AISDK,SenseMirage,SenseAvatar,SenseMARSMaIdentificationverification,imagegeneration,navigation,avatarvideo,etc.CulturalandTourismAsianGamesHangzhou,SuvarnabhumiAirport,WinterOlympic/ParalympicGames,ThePalaceMuseum,localgoverSenseAvatar,SenseMARSReconstruction,SenseMARSTourism,SenseMARSAirport,Identificationverification,imagegeneration,navigation,avatarvideo,etc.MobilityandtransportationHighSpeedRailwayMaintenanceManagCompany,localmetros,HighwResponseCenterSenseFoundryIdentificationverification,emergencyresponseEnterpriseservicesLeapmotor,KingsoftOffice,KAFD,Vanke,ShimaoGroup,Goldwind,ShanghaiMint,OrientCodeRaccoon,OfficeRaccoon,SenseFoundryEnterprise,SenseNebulaAIE,SenseNebulaAIS,SensePass,SenseMirageIdentificationverification,imagegeneration,officeapplication,smartreception,etcChinaSpaceFoundation,OffcnSenseAvatarAvatarvideoAgricultureInsurancecompany,localagriculturalinvestmentfirmSenseEarthRemotesensing,groundmonitoringIndustrialFOTONCummins,Focuse-BeamSenseSpring,SenseIndustry,SenseFoundryIndustrialqualitycontrol,smartmanufactureSauberGroup,HondaChina,DAIMLER,SenseAuto,SenseAuto-Cabin,SenseAuto-ADASSmartcabin,ADAS,etcGDGS,GuangxiNaturalResourcesSurveyandSenseRemoteLayersRemotesensingChinaNationalCoalGroup,domesticultrahighvoltagecompanySensePowerPowermanagement資料來(lái)源：公司數(shù)據(jù),DatacompiledbyGoldmanSachsGlobalInvestmentResearch2025年8月14日5(1)SenseNova&SenseChat:foundationmodelandLLM圖表9:SenseChatdevelopedbasedonSenseNovaProductdemonstration-SenseChat(LLM)Productdemonstration-SenseChat(LLM)UsersuploadUsersuploadvideohereinSenseChatSenseChatgeneratesSenseChatgeneratesvideosummaryandprovideeditingadvicebasedonuser’srequestSenseChathasmultimodalinteSenseChathasmultimodalinteractioncapability,andalsoallowuserstocallandvoice/videocommunicationwithitVoice/Voice/videocallwithSenseChatandgeneratetextGenerativeAIprivateFunction:SenseNovaisSenseTimeísfoundationmodel,empoweringmultiplecloudrevenue(40%ofSenseTimeAIapplicationslikeSenseChat,SenseMirage,Raccoon,etc.,andcanbetotalrevenue,2025E)appliedtoindustriesincludingcoding,o?ce,education,entertainment,painting,Thetotalrevenueofand?nance.privatecloud=#ofclients*(annualspendingonUserCase:XiaomiAIGlassesareequippedwithSenseChatastheAIinteractiveandìall-in-onemachine?+analyticalassistant,accomplishingseamlessreal-timecommunicationwithusers.AIsoftwareARPU)(link)NumberofclientsisestimatedbasedonCommercialization:annualnetadds.nToC:SenseNovaallowstoCcustomerstoaccessSenseChatforfreewithAnnualspendingonìall-in-onemachine?isbasedonestimatedASPfunctionslikevideounderstanding,education,videoandaudiointeraction.nToB:SenseNovaalsosupportsprivatedeploymentandchargesafeefortokensandnumberofmachinesperclient.AIsoftwareARPUisestimatedbasedonannualdollarretentionratechange.used.2025年8月14日6圖表10:SenseNovaAPIservicechargesMultimodalfusionmodelOutput:Rmb9/milliontoSenseNovaV6TurboOutput:Rmb4.5/milliontokensOutput:Rmb32/milliontokensReal-timeinteractivefusionmodalmodelSenseNovaV6OmniText-to-imagemodelKeyupdates:SenseTimelauncheditsupgradedSenseNova6.5foundationmodelattheWorldArti?cialIntelligenceConference2025,withtheprice-to-performanceratioraisedby5x,a20%improvementinpre-trainingthroughput,andmorethan35%gainininferencethroughput.2025年8月14日7(2)CodeRaccoon:AIcodingassistant圖表11:CodeRaccoonusercaseProductdemonstrationCodeinterpretationandbreakdownCodetestingCodeinterpretationandbreakdownCodetestingLanguageselectionUsersinputcodingcommandtoaskCodeRaccoontogenerate/test/explaincodeCodeCodegeneration#ofusers:Over1.5m(forFunction:theRaccoonseriesofnCodeRaccoonisanAIsoftwaredevelopmentassistantdevelopedbasedonsoftware)Tokensprocessed:Over3.5bnperday.AnnualrevenuefromRaccoon=Tokencharge*SenseTimeLLMforcodingassistant,andisabletoimprovethee?ciencyofadeveloperby50%,accordingtothecompany.nCodeRaccoonísbasicfunctionincludesgeneratingcodebasedonusersícommands,completingun?nishedcode,interpretingcodeforusers,translation,tokensprocessedperday*365.(Exludingprivatecodecorrectionwithdi?erentcodinglanguages,runningtestsforusersícode.deploymentprojectsandassumingtheRaccoonCustomercase:seriessoftwareprocessesnSenseTimehelpeddeployCodeRaccoonall-in-onemachineforLeapmotor,to3.5bntokenswithoutputimprovetheirinternalsoftwaredevelopmente?ciencyandqualitybychargingofRmb32/milliontokens)generating,restructuring,optimizingandtestingthecode.(link)Basedonabove,weCommercialization:estimatetheRaccoonseriessoftwareisabletonToC:CodeRaccoonchargesamonthlyfeeofRmb49(~US$7)forpremiumcontributeoverRmbfunctionslikeusageboard,localworkspacebasedcompletion,etc.41mofrevenueannuallyforSenseTime.nToB:CodeRaccoonchargesanannualfeeofRmb899(~US$126)perpersonforenterprisestandardpackagewithclientservices,andsupportsenterpriseprivatedeployment.Keyupdates:nThelatestversionwasupdatedwithMCP(ModelContextProtocol)inJune2025,creatingasmootheruserexperience.2025年8月14日8(3)SenseMirage:AIpaintingtool圖表12:SenseMirageusercaseProductdemonstrationUsersUsersselectbasemodelfordifferentstyles,andinputpromptSenseMirageSenseMiragegeneratespaintingbasedonusers’inputUsersuploadpicturesUsersuploadpicturesormodelstotraintheirownpaintingmodelsinSenseMirageSenseMirageSenseMiragetrainsnewmodelsbasedonusers’uploadedcontentSenseTimelaunchedaFunction:mini-programbasedonSenseMirageinJuly2024.nSenseMiragecangeneratedetailedimagecontentbasedonauserísprompts,andallowuserstotraintheirownpaintingmodelsbasedonLoRA(Low-RankAdaptation)trainingcapability.#ofusers:over1.46min9daysafterbeingonline,withover23mpaintingsgenerated.nSenseTimeMirageisdevelopedbasedonSenseTimeAIpaintinglargemodelìArtist?,togetherwithopen-sourcemodelsfrom3rdpartycommunities.Usercase:Revenuecontribution=nNongfuSpringadoptedSenseMirageduringChineseNewYeartohosta#ofpaintingsgenerated*marketingeventbyencouragingcustomerstodrawAIdragonpaintingsonitsAPIchargeperpainting.Wechatminiprogram,whichattractedover1millioncustomersíparticipation(AssumingtheAPIservicechargefortext-to-imagewithin20days.(link)modelisRmbCommercialization:0.1/painting,andexcludesprivatenToC:SenseMirageprovidesfreetrialfortoCcustomerswithbasicfunctions,anddeploymentrevenue)encourageuserstocompletetasksorinvitenewuserstoearnapaintingquota.nToB:SenseMiragesupportsprivatedeployment,co-operation,orchargesbyAPIThemini-programservices.contributedRmb2.3mnofrevenuewithin9Keyupdates:days.nSenseMiragehadanupgradeinOctober2023withArtistv0.3.5andAestheticGuidanceAlgorithm1.0,tobetterunderstandtheuseríspromptsandgeneratemoreartisticpaintings.2025年8月14日9(4)SenseAvatar:AIdigitalavatarandvideogeneration圖表13:SenseAvatarusercaseProductdemonstrationUsersselectavatarimage,Usersselectavatarimage,backgroundwithcertaintemplate,stickersforthevideoGeneratetheavatarvideoUsersUsersinputorgeneratetextcontentforthevideoFunction:nSenseAvatarisanAIdigitalavatarvideogenerationapplicationsdevelopedbasedonSenseNovalargemodelcapability,whichcanbeappliedinmakingshortvideosorliveshows.Usercase:nChinaMediaGroupMobileadoptedSenseAvatartocreateadigitalAIhostforaconference,witchmultiplelanguageandhighinteractivecapabilities.(link)圖表14:SenseAvatarcommercialization?VIPPackage:SenseAvatarchargesannualVIPmembershipfeefromRmb1,898toRmb2,898(~US$265to~US$405)withdifferentpackagesofservices,includinglongervideotime,moreaccesstoavatar,voiceandtemplateresources,etc.?Customizedavatar:ThecustomizedavatarischargedfromRmb898toRmb11,998(~US$126toUS$1,678).oTheadvancedcustomizationpackagesupportsusertohave3setofmovementsandcostumesforavatar.oTheadvancedcustomizationPropackageallowuserstocustomizethelisteningandbroadcastingstatusofavatar.oTheon-locationcustomizationallowsuserstofilmvideoinreallocationratherthaningreenscreen.oThemovementcustomizationallowusertocustomizedifferentmovementforavatar.oThepremiumpackageincludestheavatarandvoicecustomizationwith600minutesextravideoquota.?Customizedvoice:ThecustomizedvoiceischargedfromRmb598toRmb11,998(~US$84toUS$1,678).Thefastvoicecustomizationallowsuserstohave50~90svoicefootage.Theadvancedvoicecustomizationallowuserstohave20minutesofhigh-qualityvoicefootage.?ToB:SenseAvatarsupportsprivatedeploymentfortoBcustomers(5)SenseChat-Medical:AImedicalassistantforpatientsanddoctors圖表15:Sensechat-MedicaldemopageProductdemonstrationPatientsinputquestionsinPatientsinputquestionsinthechatboxregardingmedicineSenseChat-MedicalgeneratSenseChat-MedicalgeneratesanswerstousersregardingmedicineinformationSenseChat-MedicalgeneratesreportsbasedonSenseChat-MedicalgeneratesreportsbasedontheinputDoctorssetupreportDoctorssetupreporttemplateanduploadpatients’medicalrecordBiddingcase:Function:SenseTimesecuredthenAhealthcareLLMdevelopedbasedonSenseChatandtrainedbyover30bnShanghaiXinhuaHospitaltokensofmedicalknowledge,coveringover20medicalscenarios.IntelligentcomputingplatformbasedonLLMnPatientuserscanconsultonquestionssuchasmedication,healthstatus,andprojectinApril2025,ataphysicalexaminationresults.sizeofUS$278k.(0.1%of1H25Erevenue)nDoctorsandhospitalsleverageittoassistsizeofUS$278k.(0.1%ofmanagement,andmedicalresearch.SenseTimesecuredtheUsercase:ShanghaiXinhuaHospitalAIpatientintelligentnTheFirstA?liatedHospitalofZhengzhouUniversityadoptedSenseChatMedicalinteractionplatformforitsremotehealthcarecentertoprovideonlinemedicineadviceforjectinDec2023,ata(link)sizeofUS$182k.(0.1%of1H24revenue)nXinHuaHospitaladoptedSenseChatMedicaltoempowerpatientfollow-ups,andidentifypatientinformationandconditionbyanalyzingpatientsívoicemessages.(link)SenseTimesecuredtheZDYFYIntelligentremoteCommercialization:medicalserviceplatformprojectinDec2022,atanSenseChatMedicalsupportslocaldeploymentfortoBcustomers.sizeofUS$1,105k.(1%of1H23revenue)nSenseChatMedicalisopentoC-endcustomersfortrialapplication.(6)SenseCareMedical:AIdiagnosisassistant圖表16:SenseCaredemopagesProductdemonstrationCardiacscannedimageLowerlimbscannedimageUsercase?SenseCareadoptsmedicalimagepost-processingtechnologytogenerate3DimagesandhelpdoctorstoanalyzepatientconditionsBonetumorscannedimageLungscannedimageUsergroup?ToB,hospitalsCharge?PrivatedeploymentforhospitalFunction:nSenseCarehelpsdiagnosticandtreatmentassistancesolutioncombinedAIalgorithmsandimageprocessingtechnology.nSenseCareprovidessmartpoolsforvariousclinicaldepartmenttosupportdiagnosis,treatmentandrecovery.Typicalcase:forToBcustomers,primarilyhospitals.圖表17:SenseTimehospitalmedicalbiddingTypicalcase:forToBcustomers,primarilyhospitals.?ShanghaiRuijinHospitaladoptedSenseCareasAIdiagnosisassistanttocoverlung,liver,cardiac,andotherorgans.TheAIdiagnosishasrelievedthepressureondoctorsandincreasedtheimagesprocessingefficiency.?KiangWuHospitaladoptedSenseCareSmartHealthPlatformtosupportitsradiologiststhroughdailydiagnosis.TheSenseCareCardiacreducedtheworkloadofmanualoperations,andtheadoptionrateofAIresultshasreachedahighlevel.?QingdaoWestCoastPeople'sHospitaladoptedSenseCareLungAIanalyticalproductthathasbeentrainedtoexaminepandemic,toimprovetheexaminationandpandemicpreventionefficiency.Commercialization:SenseCareprovidesprivatedeployment資料來(lái)源：公司數(shù)據(jù),,DatacompiledbyGoldmanSachsGlobalInvestmentResearch(7)SenseEarth:AIremotesensingtools圖表18:SenseEarthdemopageIdentificationofobjects:Identificationofobjects:buildingsUploadlocalremotesensorimageIdentificationofobjects:roadsProductdemonstrationSelectareaandSelectareaanditemstobeinterpretedComputervisionFunction:business(28%oftotalrevenuein2025E)nSenseEarthisanAI-powered,cloud-nativegeospatialanalyticsandapplicationComputervisionrevenue=numberofclients*platformdevelopedbasedonSenseTimelarge-scalevisionfoundationmodel.nSenseEarthhelpsmonitorthegroundcondition,identifyobjects,andanalyzingARPUeconomicactivities,coveringagriculture,?nance,energy,environment,andWeestimatenumberofotherindustries.clientsbyestimatingannualnetadds.UserCase:WeestimateARPUbynAlocalinsurancecompanyadoptedSenseEarthtomonitorthemajorcropsandestimatingtheannualdollarretentionrate.cultivatedlanddatainneedofagriculturalinsuranceunderwritingandclaimswithhighere?ciency,lowercost,largerscalemonitoring.(link)nAlocalagriculturalinvestmentbigdatacompanyadoptedSenseEarthtoidentifycorn,rice,andsoybeans,toevaluatethecropsíhealthandtheprobabilityofdisaster.(link)Keyupdates:nSenseTimeannouncedpartnershipwithChinaremotesensingdataplatformsJilin-1Satellites,GEOVISEarth,andSiweiEarth,tofurtherupgradetheSenseEarthIntelligentRemoteSensingClouddatasourceandprovideimagedatawithhigherprecision.(8)SenseSpace:AIspacereconstruction圖表19:SenseSpacedemopageProductdemonstrationUsersuploadUsersuploadthecollectedrawdataSenseSpacereconstructstheareabasedonitsSenseSpacereconstructstheareabasedonitsAIreconstructioncapabilityUserscanselectcertainobjectsorUserscanselectcertainobjectsorareaandedititUserscanmeasureorUserscanmeasureoredittheobjectaftersekection#ofcustomers:ByNovFunction:2023,SenseSpacehadservedover60clients,nSenseSpaceisa3DreconstructionplatformbasedonNeRF,andiscapableofandhadover120scenescity-scaleAIreconstructionandAImodelediting.recontructedwith15cities.nSenseSpacehasextensivetoolsandservices,includingdatacollection(CaptureTool),scenegeneration(Creator),sceneediting(Editor),andapplicationdevelopment(Plugin).Majorclients:ChinanSenseSpacecanbewidelyappliedtoReal-life3D,CIMplatform,digitaltwin,Unicom,SONY,51WORLD,EasyV,UINO,Shanhaibi,cloud-basedm