商湯科技通過港交所上市聆訊，有望成爲AI領域全球最大的IPO

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"11 月 22 日晚間，據商湯內部知情人士透露，商湯科技已通過通過港交所上市聆訊。中金公司、海通國際和匯豐爲其主承銷商。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"8 月 27 日晚間，商湯科技正式向港交所遞交了招股說明書，此次通過港交所上市聆訊，是商湯科技衝刺 IPO 上市的最新進展。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"今年上半年研發投入達17.7億元"}]},{"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","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"招股書披露了商湯科技的研發費用。三年半累計研發費用爲69.9億元。2018年、2019年、2020年及2021年上半年研發開支別爲人民幣8.5億元、19.2億元、24.5億元及17.7億元。招股書顯示，此次公開募股募集資金60%將用於投入研發。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"截至2021年6月30日，商湯科技有40名教授領導研發工作，有3,593名研發成員，其中約有三分之二持有或正在攻讀碩士或博士學位，包括超過250餘名博士及博士學位候選人。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"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},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"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":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"商業化能力"}]},{"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","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"招股書顯示，2018年、2019年及2020年，商湯營收分別爲18.5億元、30.3億元、34.5億元；2021年上半年，商湯營收爲16.5億元，相比去年同期增長91.8%。2018-2021年上半年累計營收99.8億元。其中，毛利率由2018年的56.5%增至2019年的56.8%，並進一步增至2020年的70.6%，並由2020年上半年的72.1%增至2021年上半年的73.0%。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"商湯科技打造的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；其開發的人工智能軟件平臺可將AI模型快速部署在海量場景上，並實現自身規模的不斷拓展。根據沙利文的報告，憑藉先進的技術及模型生產的規模效應，商湯科技已於智慧商業、智慧城市、智慧生活及智能汽車領域站穩了腳跟，併爲商業空間管理、住宅物業管理、城市管理、製造、基礎設施、交通、移動設備及應用、醫療及汽車等行業提供智能化服務。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"招股書顯示，人工智能軟件是未來十年增長最快的商業領域之一，2020-2025年均複合增長率爲31.9%，2025年將達到1218億美元的總市場規模。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"截至2021年6月30日，商湯科技軟件平臺的客戶數超過2400家，其中包括超過250家《財富》500強企業及上市公司，119個城市以及超過30餘家汽車企業，同時賦能超過4.5億部手機及200多款手機應用程序。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"在產品之外，其實人才的儲備及專利數量也是衡量一家公司是否具有商業化價值的重要指標。在人才方面，商湯科技擁有40名教授， 5000多名員工，其中約三分之二爲科學家及工程師，包括250餘名博士及博士候選人；學術研究方面，公司獲得70多項全球競賽冠軍，發表了600多篇頂級學術論文。在專利方面，商湯科技建立廣泛的專利組合，幾乎涵蓋業務的所有關鍵領域。截至2021年6月30日，擁有4178項註冊商標及商標申請、497項註冊軟件版權、57項註冊版權及591個註冊域名。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"基礎及核心技術專利主要包括：SenseCore人工智能基礎設施的389項專利資產；感知及決策智能專利資產4072項；458項專利資產用於人工智能賦能的內容增強；1463項專利資產用於人工智能賦能的內容生成；89項人工智能芯片及傳感器專利資產；475項醫學圖像分析專利資產；1100項智能汽車技術專利資產，總計人工智能專利數量超過8000項。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"密切關注AI倫理及治理"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"作爲“AI四小龍”之一，AI倫理問題也是商湯科技尤爲關注的話題。截至2021年6月30日，商湯科技參與了80多個行業、國家及國際標準的制訂，與多個國內及多邊機構就人工智能的可持續及倫理髮展開展了密切合作。其中包括2020年6月發佈的關於人工智能可持續發展倫理準則的《AI可持續發展道德準則》，該《準則》已被聯合國人工智能戰略資源指南選錄，並於2021年6月發表。商湯科技也是亞洲唯一獲此殊榮的人工智能公司。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"此外，商湯科技也致力於推動面向年輕一代的人工智能教育。2018年，商湯科技撰寫併發布了第一本高中人工智能教科書，並於2019年發佈中小學人工智能教科書。截至2021年6月30日，商湯科技的人工智能教科書及人工智能課程已被中國超過2700所學校採用。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"自成立起，商湯科技總計獲得12輪投資，總融資金額爲52億美元。其主要投資人包括軟銀、春華、銀湖、IDG、中國國有企業結構調整基金、上海國際集團、賽領和鼎暉等。軟銀持股14.88%，淘寶中國7.59%，春華資本3.08%，銀湖資本3.05%，IDG持股1.42%。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":" "}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"這次的赴港聆訊也意味着商湯科技距離上市又近了一步，按照此前上市前融資的130億美元估值，屆時商湯可能會成爲人工智能領域全球最大的IPO。 "}]}]}