> **来源：[研报客](https://pc.yanbaoke.cn)** # SenseTime (20 HK) Summary ## Core Content SenseTime reported its FY25 results, showcasing strong performance driven by its Generative AI (Gen AI) business and improved operating efficiency. The company's total revenue increased by 33% YoY to RMB5.01bn, surpassing the Bloomberg consensus estimate. The adjusted net loss narrowed by 54% YoY to RMB1.96bn, also better than the consensus of RMB2.29bn, due to a 11% reduction in operating expenses and operating leverage. ## Main Points ### Revenue Growth - **FY25 Revenue**: RMB5.01bn (+33% YoY) - **FY26E Revenue Forecast**: RMB6.39bn (+27% YoY), driven by a 35% YoY increase in Gen AI revenue - **FY27E Revenue Forecast**: RMB7.678bn (+20% YoY) - **FY28E Revenue Forecast**: RMB8.946bn (+16.9% YoY) ### Gen AI Business - **Revenue**: RMB3.63bn (+51% YoY), representing 72% of total revenue - **Operational Compute Power**: Increased to 40,400 PetaFLOPS in Mar 2026, up from 25,000 PetaFLOPS in Aug 2025 - **AI Applications**: - **Office Scenarios**: SenseTime Raccoon served over 15 million individual users and thousands of enterprise customers, with MAU increasing sevenfold in 2025 - **Content Creation**: Seko, a short drama creation agent, attracted over 300k creators within a few months of launch - **Future Plans**: Launch of a new model based on the second-generation NEO architecture in 2Q26 to enhance multimodal capabilities and drive Gen AI growth ### Computer Vision Business - **Revenue**: RMB1.08bn (+3% YoY), representing 22% of total revenue - **Growth Phase**: Transitioned to a second growth phase with 60% of projects using multimodal and agent capabilities (up from 0% in 2024) - **Overseas and Domestic Demand**: Strong growth in overseas markets and recovery in domestic demand ### X Businesses - **Revenue**: Declined by 6% YoY to RMB302mn, due to the deconsolidation of Autonomous Driving business in August 2025 ## Key Financial Metrics ### Profitability - **Gross Profit Margin (GPM)**: Declined to 38.8% in FY25 from 44.1% in 2023 - **Operating Margin (OPM)**: Negative 26.0% in FY25, improving to -7.1% in FY26E - **Adjusted Net Profit Margin**: Improved to -10.5% in FY25, with forecasts of 1.1% in FY26E and 12.4% in FY27E ### EPS (Adjusted) - **FY25**: -5.23 cents - **FY26E**: -1.80 cents - **FY27E**: 0.23 cents - **FY28E**: 2.96 cents ### Valuation - **Target Price**: HK$2.50 (up from HK$2.45) - **Valuation Multiple**: Based on 12x FY26E EV/sales - **EV/Sales**: 0.9x in FY26E - **P/S**: 9.8x in FY26E - **Valuation Premium**: SenseTime is valued at a premium to the sector average (5x) due to its leadership in China's Gen AI cloud services and strong AI infrastructure ## Financial Summary ### Income Statement Highlights - **Revenue**: RMB5.015bn in FY25 - **Gross Profit**: RMB2.056bn in FY25 - **Operating Profit**: Negative RMB3.514bn in FY25 - **Adjusted Net Profit**: RMB-1.940bn in FY25, projected to narrow to RMB668.1mn in FY26E and RMB1.102bn in FY27E ### Balance Sheet Highlights - **Total Assets**: RMB38.906bn in FY25 - **Total Liabilities**: RMB11.845bn in FY25 - **Total Shareholders' Equity**: RMB26.719bn in FY25 - **Cash & Equivalents**: Increased to RMB10.887bn in FY25 ### Cash Flow - **Net Cash from Operations**: RMB-301mn in FY25 - **Net Cash from Investing**: RMB-3,507mn in FY25 - **Net Cash from Financing**: RMB5,621mn in FY25 - **Net Change in Cash**: RMB1,327mn in FY25 ## Shareholding and Stock Data - **Market Cap**: HK$70,843.6mn - **Average 3-Month Turnover**: HK$1,526.2mn - **52-Week High/Low**: HK$2.89 / HK$1.28 - **Total Issued Shares**: 37,090.9mn ## Shareholding Structure - **Amind**: 18.7% - **SenseTalent Management**: 5.2% ## Analyst Ratings and Recommendations - **CMBIGM Rating**: BUY - **Target Price**: HK$2.50 - **Current Price**: HK$1.91 - **Upside/Downside**: 30.9% ## Conclusion SenseTime's FY25 results demonstrate a strong Gen AI business and improved operating efficiency. The company is expected to continue its growth trajectory with a focus on enhancing multimodal capabilities and model cost efficiency. The financial outlook shows a narrowing net loss and potential for breakeven in FY26E. The stock is currently valued at a premium to the sector, with a target price of HK$2.50 based on 12x FY26E EV/sales. The company maintains a BUY rating, indicating potential for over 15% returns in the next 12 months.