Summary by Moomoo AI
Shangtang Group Co., Ltd. ("the Company") announced the unaudited interim performance for the six months ended June 30, 2024. During the period, the company's revenue reached RMB 1,739.7 million, an increase of 21.4% year-on-year. Among them, the revenue of the generative AI business reached RMB 1,051.2 million, an increase of 255.7% year-on-year, becoming the leading business of the group. The revenue of the smart automobile business also achieved RMB 168.1 million, a year-on-year increase of 100.4%. Despite a 6.1% year-on-year increase in research and development expenses to RMB 1,892.2 million, the company's loss for the period decreased by 21.2% to RMB 2,477.2 million. The company actively optimized operating expenses and provided comprehensive enterprise-level generative AI solutions through a partner network. The company has not declared an interim dividend.