商湯科技披露招股書：3年半累計投入研發70億元，8年共獲12輪融資

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"8 月 27 日晚間，"},{"type":"link","attrs":{"href":"https:\/\/www.sensetime.com\/cn","title":"xxx","type":null},"content":[{"type":"text","text":"商湯科技"}]},{"type":"text","text":"正式向港交所遞交招股說明書，衝刺 IPO 上市。據瞭解，商湯科技是一家專注人工智能領域的公司，與曠視、雲從、依圖一同被稱爲“AI 四小龍”。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2014 年，商湯科技正式成立於香港，創始團隊源於 2001 年在香港創立的香港中文大學多媒體實驗室，成員包括湯曉鷗教授及實驗室的核心成員。截至 2021 年 6 月 30 日，公司共有 40 位教授，超過 5000 名員工，其中約三分之二爲科學家及工程師。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"目前，商湯科技共發表了 600 多篇頂級學術論文，並擁有 8000 多項人工智能專利及專利申請。此外，商湯科技還打造了通用人工智能基礎設施，實現了多功能超高精度 AI 模型的大規模量產，並在智慧商業、智慧城市、智慧生活及智能汽車領域取得市場領先地位。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"根據"},{"type":"link","attrs":{"href":"https:\/\/www1.hkexnews.hk\/app\/sehk\/2021\/103756\/documents\/sehk21082702574_c.pdf\n","title":"xxx","type":null},"content":[{"type":"text","text":"招股書"}]},{"type":"text","text":"顯示，商湯科技的收入已在 2020 年位列行業亞洲第一。截至 2021 年 6 月 30 日，商湯科技軟件平臺的客戶數量合計已超過 2400 家，其中包括超過 250 家《財富》500 強企業及上市公司，119 個城市以及 30 餘家汽車企業，並賦能了超過 4.5 億部手機及 200 多款手機應用程序。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"營收逐年遞增，三年半累計投入研發約 70 億元"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書上披露的財務數據顯示，從 2018 年到 2020 年，商湯科技營收逐年遞增，分別爲 18.53 億元、30.27 億元和 34.46 億元。今年上半年，商湯科技營收 16.52 億元，與 2020 年上半年的 8.61 億元相比，同比增長約爲 91.87%。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.infoq.cn\/resource\/image\/a9\/c2\/a930755636074c2d733d894881599cc2.png","alt":null,"title":"圖片來源：商湯科技招股書","style":[{"key":"width","value":"75%"},{"key":"bordertype","value":"none"}],"href":"","fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"不過在 2018 到 2020 年間，商湯科技的虧損淨額也在逐年攀升，分別是 34.33 億元、49.68 億元和 121.58 億元。在今年上半年，商湯科技虧損淨額約爲 37.13 億元，與 2020 年上半年的 53.33 億元相比，這一數字有所收窄。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書顯示，公司歷史期內的虧損淨額主要源於優先股的公允價值虧損。消除了管理層認爲不能反映經營表現的項目的影響後，商湯科技 2018 年、2019 年、2020 年及 2021 年上半年的經調整虧損淨額分別爲 2.21 億元、10.37 億元、8.78 億元和 7.26 億元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在研發投入方面，商湯科技 2018 年、2019 年、2020 年及 2021 年上半年的研發支出分別爲 8.49 億元、19.16 億元、24.54 億元及 17.71 億元，三年半累計投入研發約 70 億元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"值得一提的是，商湯科技的研發投入近年普遍佔收入一半以上。2018 年、2019 年及 2020 年的研發投入分別佔當年收入的 45.9%、63.3% 以及 71.3%。2021 年上半年，研發投入更是佔收入的 107.3%。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"至於研發投入逐年攀升的原因，商湯科技在招股書中稱，公司經營所處的行業受到快速技術變革的影響，在技術創新方面亦在快速發展。公司需要在研發方面投入大量資源，包括財政資源，以取得技術進步，從而擴大產品線並使產品及服務具有創新性及市場競爭力。商湯科技預計公司研發費用將繼續大幅增加。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在公司重大事件概要中，商湯科技也介紹了公司成立以來的主要"},{"type":"link","attrs":{"href":"https:\/\/www.infoq.cn\/article\/2017\/11\/AI-landing-algorithm-closed-loop","title":"xxx","type":null},"content":[{"type":"text","text":"研發成果"}]},{"type":"text","text":"："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2015 年，開始研發深度學習訓練框架 SenseParrots，SenseParrots 是 SenseCore 的核心，爲中國最早自主研發的深度學習框架之一；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2016 年，開始研發 Smart Auto 自動駕駛平臺於 KITTI 2016（爲全球最大自動駕駛數據集之一）刷新行人及車輛識別領域的世界紀錄；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2018 年，開始研發專用的人工智能芯片；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2019 年，開始研發人工智能傳感器；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2020 年，完成首個專用人工智能芯片 STPU 流片，同年開始建設上海臨港 AIDC，預期將成爲亞洲最大的超級計算機之一（可產生每秒 3.74 百億億次浮點運算的總算力）；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2021 年，建造了世界上最大的計算機視覺模型，其參數超過 300 億個。"}]}]}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"瘋狂吸金，已獲 12 輪共計 336 億元融資"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"融資方面，自公司創立以來，8 年時間商湯科技共獲得 12 輪融資，融資總額達 52 億美元（約合 336 億元人民幣）。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"從招股書披露的融資歷程來看，在 D 輪融資以前，商湯科技基本保持着每隔幾個月，甚至十幾日，就融到一輪資的情況。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"image","attrs":{"src":"https:\/\/static001.infoq.cn\/resource\/image\/c8\/19\/c899bbc523f4021eb59c6a38f5980519.png","alt":null,"title":"圖片來源：商湯科技招股書","style":[{"key":"width","value":"75%"},{"key":"bordertype","value":"none"}],"href":"","fromPaste":false,"pastePass":false}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"但在 2019 年 3 月完成 5.75 億美元（約合 37.16 億元人民幣）之後，時隔一年零 4 個月才完成 D 輪 16 億美元（約合 103.4 億元人民幣）的融資。最近的一次融資發生在 2020 年 9 月 10 日，融資金額爲 7.03 億美元（約合 45.43 億元人民幣）。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"信息顯示，商湯科技的主要投資方包括 IDG 資本、高通創投、阿里巴巴、軟銀、春華、銀湖資本、國調基金、上海國際集團、賽領及鼎暉。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"其中，IDG 資本、高通創投、阿里巴巴爲商湯科技“常駐”投資方，多次參與商湯科技融資。此外，由黃曉明、李冰冰、任泉創立，章子怡、黃渤加盟的風險投資機構 Star VC 也曾參與了商湯科技的 B 輪、C 輪融資。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"行業競爭激烈，能否盈利尚未可知"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在招股書的風險因素中，商湯科技提到人工智能技術仍處於發展的早期階段，並在不斷髮展。與諸多創新類似，人工智能技術存在風險及挑戰，如第三方出於不適當目的濫用有關技術或作出有偏向的應用會違反公衆信任或違反中國及其他司法管轄區的適用法律法規。該等濫用可能影響客戶認知、公衆意見、政策制定者及監管者的看法並導致對人工智能技術採用減少。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"財務方面，商湯科技提到——“我們可能無法達致或在往後於未來維持盈利能力。我們相信未來的收入增長將取決於開發新技術、增強客戶體驗、制訂有效商業化戰略、有效及成功競爭以及開發新的產品及服務等方面的能力。因此，不應倚賴過往期間的收入作爲未來業績的指標。我們亦預期，伴隨本公司繼續擴大業務及運營以及投資於研發、通用人工智能基礎架構及地域擴張，成本及開支於未來將增加。此外，作爲上市公司，我們預計將承擔大量成本及費用。倘我們無法產生足夠的收入及管理我們的開支，我們可能會繼續於未來遭受重大損失，並可能無法實現或隨後維持盈利。”"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"競爭方面，商湯科技表示公司所處的人工智能行業競爭激烈，競爭對手可能擁有更長的企業運營歷史，或者已經\/將要獲得比商湯科技更多的財務資源、更爲先進的技術能力以及更廣泛的客戶羣及關係。此外，隨着商湯科技向雲服務等領域擴張，競爭的基礎將有所不同，公司可能面臨更多的競爭對手，包括公司客戶和潛在客戶對人工智能進行自主開發。同時，公司還可能面臨新進入者的競爭，競爭對手可能會提供較低的價格或新技術及產品，從而提高未來的競爭水平。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"至於如何應對競爭，商湯科技稱公司可能需要做出大量額外投資用於研究、開發、營"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"銷及銷售、招聘及保留頂尖人工智能科學家及創新人才，及獲得對當前及未來產品有所補充或屬必要的技術。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"未來計劃將六成募集資金用於提升研發及開發能力"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"此次 IPO 招股，商湯科技擬將募集資金的 60% 用於提升公司的研發及開發能力。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"其中，10% 的募集資金將用於擴大公司的 AIDC 算力，並計劃採購先進的服務器及硬件設備，並擴大超級計算集羣以提升總算力；10% 的募集資金將用於加強核心人工智能芯片（如 STPU 及人工智能 ISP 芯片）的設計能力；15% 的募集資金將用於提升與人工智能模型有關的能力，公司計劃訓練出更具通用能力的基礎模型以處理跨場景、行業及設備的任務，並擬擴展人工智能模型的組合，進一步提高人工智能模型對更多芯片、設備、傳感器及雲平臺的適應性及兼容性；25% 的募集資金將用於進一步開發產品，並增強其他人工智能研發能力，並通過招募更多頂尖的人工智能科學家及工程師、與大學合作並提供培訓計劃以培養多技能人工智能人才，從而擴大人工智能人才庫。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"研發之外，15% 的募集資金將用於投資新興商業機會以及提高產品及服務在國內外各垂直行業及情景的採用率及滲透率；15% 的募集資金將用於尋求戰略投資及收購機會；10% 的募集資金將用作運營資金及一般企業用途。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書鏈接："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"https:\/\/www1.hkexnews.hk\/app\/sehk\/2021\/103756\/documents\/sehk21082702574_c.pdf"}]}]}