China’s search for an answer to ChatGPT is just beginning


At depressed valuations, SenseTime offers a low-risk bet on a potential winner. 6park.com
现在挑选有望主导中国生成式AI市场的公司还为时过早，但估值深陷谷底的商汤科技为投资者提供了低风险押注于一个潜在赢家的机会。



The search for hot artificial intelligence stocks is under way in China as local companies create their answer to ChatGPT.  6park.com
随着中国企业竞相创建自己对标ChatGPT的大模型，市场开始寻找热门人工智能(AI)概念股。 6park.com
   6park.com
China’s biggest AI systems company SenseTime is a veteran of this technology; the latest version of its generative AI model has been going through upgrades at a rapid pace. Given its rock-bottom valuation, the company’s head start in AI could outweigh the obvious risks weighing on its valuation. 6park.com
中国最大的AI系统公司商汤科技(SenseTime)是这一技术领域的老手；其最新版本的生成式人工智能(generative AI)模型不断快速升级。鉴于其估值深陷谷底，该公司在AI领域的领先地位可能会超过拖累其估值的明显风险。 6park.com
     6park.com
The company revealed the latest version of SenseNova 5.0 during its Tech Day event in Shanghai on Tuesday. The next day its share price jumped more than 30 per cent. This update has significantly improved linguistic and creative capabilities. Its breakthroughs with tools for generating videos using text prompts mean the tech group could soon have an answer to Open AI’s text-to-video tool Sora. 6park.com
该公司周二在上海举行的技术交流日活动上发布了最新版“日日新SenseNova 5.0”。次日，其股价飙升逾30%。此次更新显著提高了该模型的语言和创意写作能力。其使用文本提示生成视频的工具取得突破意味着，这家科技集团有望很快推出对标Open AI文生视频工具Sora的产品。 6park.com
     6park.com
SenseTime had a head start in AI research over local rivals. Its SenseNova model, launched in April last year, was among the earliest to win government approval for general public use. But it already had a decade’s worth of research and development and patents in AI, focused on facial recognition technology and automotive software. 6park.com
商汤科技在AI研究方面领先于国内竞争对手。其“日日新SenseNova”模型于去年4月推出，是最早获得政府批准供公众使用的AI模型之一。但它在AI领域已经拥有十年的研发和专利，专注于面部识别技术和汽车软件。 6park.com
     6park.com
Nevertheless, the share price is down 90 per cent from the 2022 peak. SenseTime trades at a multiple of just about 3 times forward sales on an enterprise value basis, just a quarter of global peers. 6park.com
然而其股价仍较2022年的峰值下跌90%。按预期销售额计算，该股的市售率(EV/Sales)仅为大约三倍，只是全球同行的四分之一。 6park.com
     6park.com
That steep discount reflects geopolitical risks from US-China tensions. The US blacklisted SenseTime in 2019 on allegations related to human rights violations in Xinjiang and later banned US investment in SenseTime securities, which can hinder investment from other countries. It has denied the allegations. 6park.com
这种大幅折让反映了美中紧张带来的地缘政治风险。2019年，美国以涉嫌在新疆侵犯人权为由，将商汤科技列入黑名单，随后禁止美国人投资商汤科技的证券，这可能会阻碍其他国家的投资。该公司否认相关指控。 6park.com
     6park.com
The scrutiny adds challenges for SenseTime when expanding to some overseas markets. But as Beijing turns its focus to boosting investment in the local AI industry, SenseTime could find a bigger market at home. 6park.com
美国的关注使商汤科技在拓展海外市场方面受到挑战。但随着北京方面把重点转向提振对本土AI行业的投资，商汤科技可能会在国内找到更大的市场。 6park.com
     6park.com
Compared with generative AI start-ups, SenseTime’s diversified revenue base is an advantage. Training and running large language models is costly. Most of SenseTime’s revenues come from software licence fees, cloud services and pre-installed products sold to carmakers. Its smart car platform already sits in the cars of 30 automakers. SenseTime has the biggest market share of in-automotive image recognition systems in China. 6park.com
与生成式AI初创企业相比，商汤科技的多元化营收基础是一个优势。训练和运行大型语言模型(LLM)的成本很高。商汤科技的大部分营收来自软件许可费、云服务以及销售给汽车制造商的预装产品。其智能汽车平台已安装在30家汽车制造商的汽车中。商汤科技在中国车载图像识别系统市场拥有最大份额。 6park.com
     6park.com
That gives SenseTime’s generative AI segment, which tripled last year and accounted for more than a third of group revenue, some income back-up from the group’s other business units. Its backers include local ecommerce giant Alibaba and large state-owned enterprises. 6park.com
这为商汤科技的生成式AI业务——该业务去年增长两倍，在集团总营收中的占比达到三分之一以上——提供了来自集团其他业务部门的一些收入支持。其投资者包括中国电子商务巨头阿里巴巴(Alibaba)和一些大型国有企业。 6park.com
     6park.com
It is too early to pick companies that could dominate China’s generative AI market. But at such a depressed valuations, SenseTime offers a low-risk bet on a potential winner. 6park.com
现在挑选有望主导中国生成式AI市场的公司还为时过早。但是，就凭如此低迷的估值，商汤科技为投资者提供了低风险押注于一个潜在赢家的机会。 6park.com