商汤科技通过港交所上市聆讯，有望成为AI领域全球最大的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 日晚间，据商汤内部知情人士透露，商汤科技已通过通过港交所上市聆讯。中金公司、海通国际和汇丰为其主承销商。"}]},{"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 日晚间，商汤科技正式向港交所递交了招股说明书，此次通过港交所上市聆讯，是商汤科技冲刺 IPO 上市的最新进展。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"今年上半年研发投入达17.7亿元"}]},{"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","marks":[{"type":"color","attrs":{"color":"#494949","name":"user"}}],"text":"招股书披露了商汤科技的研发费用。三年半累计研发费用为69.9亿元。2018年、2019年、2020年及2021年上半年研发开支别为人民币8.5亿元、19.2亿元、24.5亿元及17.7亿元。招股书显示，此次公开募股募集资金60%将用于投入研发。"}]},{"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，商汤科技有40名教授领导研发工作，有3,593名研发成员，其中约有三分之二持有或正在攻读硕士或博士学位，包括超过250余名博士及博士学位候选人。"}]},{"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},"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":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"商业化能力"}]},{"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":"招股书显示，2018年、2019年及2020年，商汤营收分别为18.5亿元、30.3亿元、34.5亿元；2021年上半年，商汤营收为16.5亿元，相比去年同期增长91.8%。2018-2021年上半年累计营收99.8亿元。其中，毛利率由2018年的56.5%增至2019年的56.8%，并进一步增至2020年的70.6%，并由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":"商汤科技打造的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；其开发的人工智能软件平台可将AI模型快速部署在海量场景上，并实现自身规模的不断拓展。根据沙利文的报告，凭借先进的技术及模型生产的规模效应，商汤科技已于智慧商业、智慧城市、智慧生活及智能汽车领域站稳了脚跟，并为商业空间管理、住宅物业管理、城市管理、制造、基础设施、交通、移动设备及应用、医疗及汽车等行业提供智能化服务。"}]},{"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":"招股书显示，人工智能软件是未来十年增长最快的商业领域之一，2020-2025年均复合增长率为31.9%，2025年将达到1218亿美元的总市场规模。"}]},{"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，商汤科技软件平台的客户数超过2400家，其中包括超过250家《财富》500强企业及上市公司，119个城市以及超过30余家汽车企业，同时赋能超过4.5亿部手机及200多款手机应用程序。"}]},{"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":"在产品之外，其实人才的储备及专利数量也是衡量一家公司是否具有商业化价值的重要指标。在人才方面，商汤科技拥有40名教授， 5000多名员工，其中约三分之二为科学家及工程师，包括250余名博士及博士候选人；学术研究方面，公司获得70多项全球竞赛冠军，发表了600多篇顶级学术论文。在专利方面，商汤科技建立广泛的专利组合，几乎涵盖业务的所有关键领域。截至2021年6月30日，拥有4178项注册商标及商标申请、497项注册软件版权、57项注册版权及591个注册域名。"}]},{"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":"基础及核心技术专利主要包括：SenseCore人工智能基础设施的389项专利资产；感知及决策智能专利资产4072项；458项专利资产用于人工智能赋能的内容增强；1463项专利资产用于人工智能赋能的内容生成；89项人工智能芯片及传感器专利资产；475项医学图像分析专利资产；1100项智能汽车技术专利资产，总计人工智能专利数量超过8000项。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"密切关注AI伦理及治理"}]},{"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":"作为“AI四小龙”之一，AI伦理问题也是商汤科技尤为关注的话题。截至2021年6月30日，商汤科技参与了80多个行业、国家及国际标准的制订，与多个国内及多边机构就人工智能的可持续及伦理发展开展了密切合作。其中包括2020年6月发布的关于人工智能可持续发展伦理准则的《AI可持续发展道德准则》，该《准则》已被联合国人工智能战略资源指南选录，并于2021年6月发表。商汤科技也是亚洲唯一获此殊荣的人工智能公司。"}]},{"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，商汤科技也致力于推动面向年轻一代的人工智能教育。2018年，商汤科技撰写并发布了第一本高中人工智能教科书，并于2019年发布中小学人工智能教科书。截至2021年6月30日，商汤科技的人工智能教科书及人工智能课程已被中国超过2700所学校采用。"}]},{"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，商汤科技总计获得12轮投资，总融资金额为52亿美元。其主要投资人包括软银、春华、银湖、IDG、中国国有企业结构调整基金、上海国际集团、赛领和鼎晖等。软银持股14.88%，淘宝中国7.59%，春华资本3.08%，银湖资本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":"这次的赴港聆讯也意味着商汤科技距离上市又近了一步，按照此前上市前融资的130亿美元估值，届时商汤可能会成为人工智能领域全球最大的IPO。 "}]}]}