SenseTime released its interim performance report for 2024 yesterday, showcasing impressive results. According to the report, the company's revenue for the first half of the year reached 1.74 billion RMB, representing a year-on-year growth rate of 21%. Notably, the generative AI business saw a significant surge in revenue, with an increase of 256%, becoming the main source of the group's income, accounting for 60% of the total.
Xu Li, Executive Chairman and CEO of SenseTime Group, stated at the earnings conference that the company's strategic goal of a comprehensive transition to generative AI has achieved phased results. He emphasized that generative AI is in its golden development period, and SenseTime is well-positioned for the next wave of growth.
SenseTime's strong performance is mainly due to the robust demand in the Chinese market for large models and intelligent computing services. With the rapid improvement in the capabilities of the "SenseNova" large model and the rapid decline in inference costs, SenseTime's model call volume is also increasing sharply. According to the latest market share report from International Data Corporation (IDC), SenseTime's large model platform and applications rank second in the industry with a 16% market share, while intelligent computing services rank among the top three with a 15.4% market share.
It is worth mentioning that SenseTime's "Jueying" smart vehicle business performed well, with revenue reaching 170 million RMB in the first half of the year, a year-on-year increase of 100%. The mass production and delivery of this business are also increasing, with 2.6 million vehicles delivered, showing strong market potential. At the same time, SenseTime has launched a Cantonese version of the "Shangliao" mobile app in Hong Kong to meet the needs of Cantonese-speaking users.
Key Points:
📈 **Revenue Growth**: SenseTime's revenue increased by 21% year-on-year in the first half of the year, with generative AI business revenue surging by 256%.
🚀 **Smart Driving**: SenseTime's "Jueying" business doubled its revenue and participated in overseas projects of Chinese automakers.
📊 **Business Segmentation**: Generative AI accounted for 60.4% of total revenue, with smart vehicle business revenue doubling year-on-year.