Goldman says SenseTime posted an H1 operating loss of RMB1.338 bln, larger than its prior estimate of RMB0.878 bln, driven by heavy R&D; core operating profit is not expected until 2028. Goldman views SenseTime’s integrated AI model + Token Factory + intelligent-agent ecosystem and revenue growth positively, but conversion to stable profits depends on lower R&D, continued client payments and delivery of scale. Goldman cuts its PT to HK$2.03 (third cut this year); shares at HK$1.23 trade at about

Goldman says SenseTime posted an H1 operating loss of RMB1.338 bln, larger than its prior estimate of RMB0.878 bln, driven by heavy R&D; core operating profit is not expected until 2028. Goldman views SenseTime’s integrated AI model + Token Factory + intelligent-agent ecosystem and revenue growth positively, but conversion to stable profits depends on lower R&D, continued client payments and delivery of scale. Goldman cuts its PT to HK$2.03 (third cut this year); shares at HK$1.23 trade at about 6x Goldman’s 2027 revenue estimate of RMB8.387 bln, approaching a 9x 2027 P/S. Goldman MAINTAIN. (Goldman report Sept. 16)