SenseTime released its 2024 interim performance report, demonstrating its strong growth momentum in the field of artificial intelligence, especially generative AI. The report shows that the company's revenue in the first half of the year increased by 21% year-on-year to 1.74 billion yuan, of which the revenue from the generative AI business increased by as much as 256%, accounting for 60% of the total revenue, becoming the main source of revenue. This marks the initial success of SenseTime’s comprehensive transformation of its generative AI strategy, and also confirms the huge demand for large-scale models and intelligent computing services in the Chinese market.
SenseTime released its 2024 interim performance report yesterday, and its performance is impressive. According to the report, SenseTime’s revenue in the first half of the year reached 1.74 billion yuan, with an annual growth rate of 21%. It is worth noting that the revenue of the generative AI business has increased significantly, with an increase of 256%, becoming the main source of the group's revenue, accounting for as much as 60%.
Xu Li, executive chairman and CEO of SenseTime Group, said at the performance meeting that the company’s strategic goal of comprehensive transformation to generative AI has achieved phased results. He emphasized that generative AI is in its golden development period, and SenseTime is in a favorable position for the next wave of growth.
SenseTime Group's strong performance is mainly due to the strong demand for large-scale models and intelligent computing services in the Chinese market. With the rapid improvement of "RiRiXin SenseNova" large model capabilities and the rapid decline of inference costs, SenseTime's model calls are also increasing rapidly. According to the latest market share report released by International Data Corporation (IDC), SenseTime's large model platform and applications ranked second in the industry with a market share of 16%, and its intelligent computing services ranked among the top three in the industry with a market share of 15.4%.
It is worth mentioning that SenseTime’s “Jueying” smart car business performed well, with revenue in the first half of the year reaching 170 million yuan, an annual increase of 100%. The mass production delivery of this business has also continued to increase, with 2.6 million vehicles delivered, demonstrating strong market potential. At the same time, SenseTime also launched the Cantonese version of the “Shangshao” mobile APP in Hong Kong to meet the needs of Cantonese users.
Highlight:
**Revenue Growth**: SenseTime’s revenue in the first half of the year increased by 21% year-on-year, and its generative AI business revenue increased by 256%.
**Intelligent Driving**: SenseTime’s “Jueying” business revenue doubled and it participated in overseas projects of Chinese car companies.
? **Business segmentation**: Generative AI accounted for 60.4% of total revenue, and the smart car business doubled year-on-year.
All in all, SenseTime's 2024 interim performance report shows the company's successful transformation in the field of generative AI and shows strong growth potential. Its leading position in the fields of large-scale models, intelligent computing services and intelligent cars bodes well for its continued development in the future. Future development is worth looking forward to.