商汤（0020.HK）：自研token工厂的AI模型与智能体提升生产效率，1H26收入符合预期但经营利润不及预期

SenseTime reported 1H26 results with Recurring Revenues (RR) delivering strong growth of 124% YoY to Rmb1.1bn, generated from existing contracts (vs. ARR at ~Rmb2.5bn) and contributing 39% of total revenues. We expect to see growing RR contribution in 2H26E with business migration towards ongoing services and applications. The company's 1H26 revenues were in line with guidance and our estimates at 23% YoY to Rmb2.9bn, while OP loss was wider than we expected at Rmb1.3bn (vs. our estimates of Rmb878m loss) on higher R&D spending. Due to the higher-than-expected non-OP, 1H26 NI was at Rmb607m, or 18%/12% above our estimates and Bloomberg consensus. We are positive on the company's capabilities to provide multimodal and long-horizon AI agents that deliver higher quality output to end users in Office and Content creation scenarios with lower token consumption, thereby driving client adoption and AI spending. Maintain Neutral. AI models with token factory to improve efficiency: Management h