$SENSETIME-W (00020.HK)$ Cautiously optimistic. Shangtang's current major problem is continuous losses, but we are already seeing the dawn of profit. Previously, the core business was smart cities; to put it bluntly, it was to deploy cameras for the government to do face recognition. The bad debt rate is too high. Search for Shang Tang + Bad Debt for a more detailed explanation. After a year of hard work, it became a bad debt if my wages came back; it would be strange if I didn't lose anything. However, it cannot be completely ruled out that these revenues themselves are financial fraud. Similar to a lazy man who went out to work and came home for the New Year and told his daughter-in-law that the salary would be 100,000. In fact, he only paid 10,000 wages. In order to cover up the facts, the bad debt rate was 90%. The possibility of fraud is low; this is just to list a cautious possibility. Fortunately, whether senior management understood reality or the trend of generative AI, Shang Tang decided to transform and become GenAI. One huge difference is that the customer cohort is different. Most of the 36 krypton contracts previously signed are private enterprises. If they do a good job, there is even ToC customers, similar to doing odd jobs. The wages are now settled, and there is no risk of bad debts. Therefore, if Shangtang can achieve a small increase in accounts receivable and a shift in customer cohort, there is indeed a possibility of profit. Furthermore, the current stock price, the market sales ratio is 12 times, and the business transformation indicator is not easy to use. Just look at generative AI. Last year it was 1.18 billion yuan, a growth rate of 199%. This year is optimistic. The estimated revenue is 4 billion yuan, which corresponds to a growth rate of 230-240%. I hope it can be achieved in the current environment. If it goes well, plus high growth...