商汤科技披露招股书：3年半累计投入研发70亿元，8年共获12轮融资

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"8 月 27 日晚间，"},{"type":"link","attrs":{"href":"https:\/\/www.sensetime.com\/cn","title":"xxx","type":null},"content":[{"type":"text","text":"商汤科技"}]},{"type":"text","text":"正式向港交所递交招股说明书，冲刺 IPO 上市。据了解，商汤科技是一家专注人工智能领域的公司，与旷视、云从、依图一同被称为“AI 四小龙”。"}]},{"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，商汤科技正式成立于香港，创始团队源于 2001 年在香港创立的香港中文大学多媒体实验室，成员包括汤晓鸥教授及实验室的核心成员。截至 2021 年 6 月 30 日，公司共有 40 位教授，超过 5000 名员工，其中约三分之二为科学家及工程师。"}]},{"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，商汤科技共发表了 600 多篇顶级学术论文，并拥有 8000 多项人工智能专利及专利申请。此外，商汤科技还打造了通用人工智能基础设施，实现了多功能超高精度 AI 模型的大规模量产，并在智慧商业、智慧城市、智慧生活及智能汽车领域取得市场领先地位。"}]},{"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":"根据"},{"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":"招股书"}]},{"type":"text","text":"显示，商汤科技的收入已在 2020 年位列行业亚洲第一。截至 2021 年 6 月 30 日，商汤科技软件平台的客户数量合计已超过 2400 家，其中包括超过 250 家《财富》500 强企业及上市公司，119 个城市以及 30 余家汽车企业，并赋能了超过 4.5 亿部手机及 200 多款手机应用程序。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"营收逐年递增，三年半累计投入研发约 70 亿元"}]},{"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":"招股书上披露的财务数据显示，从 2018 年到 2020 年，商汤科技营收逐年递增，分别为 18.53 亿元、30.27 亿元和 34.46 亿元。今年上半年，商汤科技营收 16.52 亿元，与 2020 年上半年的 8.61 亿元相比，同比增长约为 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":"图片来源：商汤科技招股书","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":"不过在 2018 到 2020 年间，商汤科技的亏损净额也在逐年攀升，分别是 34.33 亿元、49.68 亿元和 121.58 亿元。在今年上半年，商汤科技亏损净额约为 37.13 亿元，与 2020 年上半年的 53.33 亿元相比，这一数字有所收窄。"}]},{"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":"招股书显示，公司历史期内的亏损净额主要源于优先股的公允价值亏损。消除了管理层认为不能反映经营表现的项目的影响后，商汤科技 2018 年、2019 年、2020 年及 2021 年上半年的经调整亏损净额分别为 2.21 亿元、10.37 亿元、8.78 亿元和 7.26 亿元。"}]},{"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":"在研发投入方面，商汤科技 2018 年、2019 年、2020 年及 2021 年上半年的研发支出分别为 8.49 亿元、19.16 亿元、24.54 亿元及 17.71 亿元，三年半累计投入研发约 70 亿元。"}]},{"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，商汤科技的研发投入近年普遍占收入一半以上。2018 年、2019 年及 2020 年的研发投入分别占当年收入的 45.9%、63.3% 以及 71.3%。2021 年上半年，研发投入更是占收入的 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":"至于研发投入逐年攀升的原因，商汤科技在招股书中称，公司经营所处的行业受到快速技术变革的影响，在技术创新方面亦在快速发展。公司需要在研发方面投入大量资源，包括财政资源，以取得技术进步，从而扩大产品线并使产品及服务具有创新性及市场竞争力。商汤科技预计公司研发费用将继续大幅增加。"}]},{"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，商汤科技也介绍了公司成立以来的主要"},{"type":"link","attrs":{"href":"https:\/\/www.infoq.cn\/article\/2017\/11\/AI-landing-algorithm-closed-loop","title":"xxx","type":null},"content":[{"type":"text","text":"研发成果"}]},{"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，开始研发深度学习训练框架 SenseParrots，SenseParrots 是 SenseCore 的核心，为中国最早自主研发的深度学习框架之一；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2016 年，开始研发 Smart Auto 自动驾驶平台于 KITTI 2016（为全球最大自动驾驶数据集之一）刷新行人及车辆识别领域的世界纪录；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2018 年，开始研发专用的人工智能芯片；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2019 年，开始研发人工智能传感器；"}]}]},{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"2020 年，完成首个专用人工智能芯片 STPU 流片，同年开始建设上海临港 AIDC，预期将成为亚洲最大的超级计算机之一（可产生每秒 3.74 百亿亿次浮点运算的总算力）；"}]}]},{"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计算机视觉模型，其参数超过 300 亿个。"}]}]}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"疯狂吸金，已获 12 轮共计 336 亿元融资"}]},{"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":"融资方面，自公司创立以来，8 年时间商汤科技共获得 12 轮融资，融资总额达 52 亿美元（约合 336 亿元人民币）。"}]},{"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":"从招股书披露的融资历程来看，在 D 轮融资以前，商汤科技基本保持着每隔几个月，甚至十几日，就融到一轮资的情况。"}]},{"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":"图片来源：商汤科技招股书","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 亿美元（约合 37.16 亿元人民币）之后，时隔一年零 4 个月才完成 D 轮 16 亿美元（约合 103.4 亿元人民币）的融资。最近的一次融资发生在 2020 年 9 月 10 日，融资金额为 7.03 亿美元（约合 45.43 亿元人民币）。"}]},{"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":"信息显示，商汤科技的主要投资方包括 IDG 资本、高通创投、阿里巴巴、软银、春华、银湖资本、国调基金、上海国际集团、赛领及鼎晖。"}]},{"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 资本、高通创投、阿里巴巴为商汤科技“常驻”投资方，多次参与商汤科技融资。此外，由黄晓明、李冰冰、任泉创立，章子怡、黄渤加盟的风险投资机构 Star VC 也曾参与了商汤科技的 B 轮、C 轮融资。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"行业竞争激烈，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":"在招股书的风险因素中，商汤科技提到人工智能技术仍处于发展的早期阶段，并在不断发展。与诸多创新类似，人工智能技术存在风险及挑战，如第三方出于不适当目的滥用有关技术或作出有偏向的应用会违反公众信任或违反中国及其他司法管辖区的适用法律法规。该等滥用可能影响客户认知、公众意见、政策制定者及监管者的看法并导致对人工智能技术采用减少。"}]},{"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":"财务方面，商汤科技提到——“我们可能无法达致或在往后于未来维持盈利能力。我们相信未来的收入增长将取决于开发新技术、增强客户体验、制订有效商业化战略、有效及成功竞争以及开发新的产品及服务等方面的能力。因此，不应倚赖过往期间的收入作为未来业绩的指标。我们亦预期，伴随本公司继续扩大业务及运营以及投资于研发、通用人工智能基础架构及地域扩张，成本及开支于未来将增加。此外，作为上市公司，我们预计将承担大量成本及费用。倘我们无法产生足够的收入及管理我们的开支，我们可能会继续于未来遭受重大损失，并可能无法实现或随后维持盈利。”"}]},{"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":"竞争方面，商汤科技表示公司所处的人工智能行业竞争激烈，竞争对手可能拥有更长的企业运营历史，或者已经\/将要获得比商汤科技更多的财务资源、更为先进的技术能力以及更广泛的客户群及关系。此外，随着商汤科技向云服务等领域扩张，竞争的基础将有所不同，公司可能面临更多的竞争对手，包括公司客户和潜在客户对人工智能进行自主开发。同时，公司还可能面临新进入者的竞争，竞争对手可能会提供较低的价格或新技术及产品，从而提高未来的竞争水平。"}]},{"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":"至于如何应对竞争，商汤科技称公司可能需要做出大量额外投资用于研究、开发、营"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"销及销售、招聘及保留顶尖人工智能科学家及创新人才，及获得对当前及未来产品有所补充或属必要的技术。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"未来计划将六成募集资金用于提升研发及开发能力"}]},{"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，商汤科技拟将募集资金的 60% 用于提升公司的研发及开发能力。"}]},{"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% 的募集资金将用于扩大公司的 AIDC 算力，并计划采购先进的服务器及硬件设备，并扩大超级计算集群以提升总算力；10% 的募集资金将用于加强核心人工智能芯片（如 STPU 及人工智能 ISP 芯片）的设计能力；15% 的募集资金将用于提升与人工智能模型有关的能力，公司计划训练出更具通用能力的基础模型以处理跨场景、行业及设备的任务，并拟扩展人工智能模型的组合，进一步提高人工智能模型对更多芯片、设备、传感器及云平台的适应性及兼容性；25% 的募集资金将用于进一步开发产品，并增强其他人工智能研发能力，并通过招募更多顶尖的人工智能科学家及工程师、与大学合作并提供培训计划以培养多技能人工智能人才，从而扩大人工智能人才库。"}]},{"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":"研发之外，15% 的募集资金将用于投资新兴商业机会以及提高产品及服务在国内外各垂直行业及情景的采用率及渗透率；15% 的募集资金将用于寻求战略投资及收购机会；10% 的募集资金将用作运营资金及一般企业用途。"}]},{"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":"招股书链接："}]},{"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"}]}]}