Core Viewpoint - Wankey Technology's stock has shown a mixed performance in recent trading sessions, with a year-to-date increase of 23.34% and a recent decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Wankey Technology reported a revenue of 1.142 billion yuan, reflecting a year-on-year growth of 8.50%. However, the net profit attributable to shareholders was a loss of 61.59 million yuan, a significant decrease of 1020.40% compared to the previous year [2]. - The company has distributed a total of 106 million yuan in dividends since its A-share listing, with 15.2851 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 28, Wankey Technology's stock price was 77.89 yuan per share, with a trading volume of 240 million yuan and a turnover rate of 1.83%. The total market capitalization stood at 15.059 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 96.836 million yuan on February 5, contributing to a total buying of 403 million yuan, which accounted for 14.59% of total trading volume [1]. Shareholder Structure - As of September 30, 2025, Wankey Technology had 52,400 shareholders, an increase of 3.65% from the previous period. The average number of circulating shares per shareholder was 3,268, a decrease of 3.52% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.5888 million shares, which is a reduction of 1.0434 million shares from the previous period [3].

Core Insights - Singapore's National Artificial Intelligence Strategy (AISG) has chosen Alibaba's Qwen open-source architecture over Meta's model for its Southeast Asian language model project, marking a significant breakthrough for Chinese AI technology in international markets [1] - The decision has drawn attention to AIGC companies that have already established overseas operations, particularly focusing on Wanxing Technology, a publicly listed company in China [1] Company Overview - Wanxing Technology has strengthened its government and enterprise collaborations in Singapore, Thailand, Malaysia, and Indonesia, promoting AI creative and office tools across various sectors such as education, media, design, and enterprise services [1] - The company showcased its next-generation AI creative software solutions at the Indonesia Technology and Innovation Expo 2025, targeting high-demand areas like e-commerce, news media, and advertising [1] - Wanxing Technology was recognized as one of the "Top 30 Globalization Leading Brands" by Forbes China for 2025, being the only company listed in the digital creative sector [1] Technological Advancements - As a representative enterprise in the application layer, Wanxing Technology continues to innovate in model research and integration, incorporating mainstream models like Alibaba's Wanxiang, Google's Veo3, and its self-developed multimedia model, Wanxing Tianmu 2.0 [2] - Wanxing Tianmu 2.0 has ranked among the top three global text-to-video models, achieving the highest score in camera motion and rationality [2] - The company's creative software has been enhanced in AI generation and multimodal interaction, providing users with a more tailored creative experience [2] Market Potential - Chinese AI companies are becoming key players in driving AI applications in the Southeast Asian digital economy, leveraging language understanding and localization advantages [2] - The Qwen model supports 119 languages and dialects, demonstrating superior grammatical understanding, with the Qwen-SEA-LION-v4 model ranking first in the Southeast Asian language capability leaderboard [2] - The AI market in the China-ASEAN region is projected to exceed $15 billion by 2027, according to a market analysis report [2] Business Performance - Wanxing Technology is recognized as a leading player in the Chinese digital creative software sector, with a broad product range, significant revenue scale, and high degree of globalization [3] - The company operates in over 200 countries and regions, with cumulative active users surpassing 2 billion, and its overseas revenue consistently exceeding 90% [3] - Wanxing Technology's flagship products include Wanxing Miao Ying, Wanxing Tianmu AI, Wanxing Chao Mei Agent, Wanxing Nao Tu, and Wanxing Tu Shi, earning it the title of "Chinese version of Adobe" [3]

Core Insights - The report highlights the recognition of Wanxing Technology as one of the top 100 companies in the "2025 China Xinchuang Software High-Quality Development" list due to its innovative practices in the Xinchuang and AI application fields [1] Company Overview - Wanxing Technology has collaborated with major domestic firms such as Huawei Cloud, Zhongke Hongqi, and Kirin Software in the Xinchuang sector, achieving deep adaptation of its products to domestic software and hardware systems [1] - The company's products are widely used in large enterprises and institutions, including Southern Power Grid, China General Nuclear Power Group, FAW Group, and Shenzhen Metro, covering key sectors like electronic manufacturing, new energy, and finance [1] Product and Innovation - Wanxing Technology has developed office efficiency and content production solutions based on its flagship products in document creativity, drawing creativity, and video creativity [1] - In response to the trend of AI empowerment in the Xinchuang field, Wanxing Technology and Huawei Cloud established the "AI Video Large Model Laboratory" in June, releasing the Wanxing Tianmu Audio-Video Multimedia Large Model 2.0 [1] - The new model boasts an average performance improvement of approximately 90% compared to version 1.0, excelling in professional-level camera work, multi-layered sound effect generation, and intelligent frame transition [1] Global Reach - Wanxing Technology's business has expanded to over 200 countries and regions globally, with a cumulative active user base exceeding 2 billion, earning it the title of "Chinese version of Adobe" [1]

Group 1 - Huawei officially launched and open-sourced its innovative AI container technology Flex:ai, which can enhance the average utilization rate of computing resources by 30% through precise management and intelligent scheduling of GPU and NPU resources [2] - The high computing costs and the need for optimization in computing resources are identified as bottlenecks affecting the development of the AI industry, and Huawei's new technology is expected to positively impact AI companies, particularly those focused on AI applications, by reducing costs while generating more content with the same hardware investment [2] - Companies in the industry chain, such as Wanjing Technology Group Co., Ltd. (Wanjing Technology), are likely to leverage their first-mover advantage through collaboration with Huawei to enhance their cost competitiveness in content generation [2] Group 2 - Wanjing Technology has established cooperation with Huawei Cloud across multiple areas, including computing power, AI technology, and product application implementation [3] - In June, Wanjing Technology and Huawei Cloud jointly released the Wanjing Tianmu Audio-Video Multimedia Model 2.0, which boasts an average performance improvement of approximately 90% compared to version 1.0, leveraging a data foundation of over 10 billion [3] - The new model features leading advantages in professional-level camera operation, multi-layered stereo sound effect generation, and intelligent transition for frame completion [3]

Core Viewpoint - Wanxing Technology (300624.SZ) has seen a significant decline in its stock price, closing at 76.24 yuan, down 3.92% from previous levels. This follows a peak of 172.20 yuan reached on June 20, 2023, indicating a notable drop in market valuation [1]. Summary by Category Stock Performance - The stock price of Wanxing Technology closed at 76.24 yuan, reflecting a decrease of 3.92% [1]. - The company reached a historical high of 172.20 yuan on June 20, 2023, highlighting a substantial decline since that peak [1]. Analyst Insights - Yang Ye, an analyst from Caitong Securities, published a report on June 20, 2023, maintaining an "overweight" rating for Wanxing Technology, emphasizing the company's strategic focus on AIGC and its acceleration towards multi-modal and large model development [1].

Group 1 - Huawei officially launched and open-sourced its innovative AI container technology Flex:ai, which can enhance the average utilization rate of computing resources by 30% through precise management and intelligent scheduling of GPU and NPU resources [1] - The average utilization rate of computing resources in the industry currently ranges from 30% to 40%, indicating a significant opportunity for improvement [1] - The high computing costs and the need for optimization in computing resources are identified as bottlenecks restricting the development of the AI industry [1] Group 2 - Wanjun Technology (300624.SZ) is a leading player in China's digital creative software sector, with a global presence in over 200 countries and regions, and has surpassed 2 billion active users [2] - Wanjun Technology has collaborated with Huawei Cloud on multiple levels, including computing power, AI technology, and product application deployment [2] - The AI server call volume of Wanjun Technology exceeded 800 million times in the first three quarters of this year, reflecting a high user enthusiasm for AI [2]

Group 1 - Huawei officially launched and open-sourced its innovative AI container technology Flex:ai, which can enhance the average utilization rate of computing resources by 30% through precise management and intelligent scheduling of GPU and NPU resources [1] - The average utilization rate of computing resources in the industry currently ranges from 30% to 40%, indicating a significant opportunity for improvement [1] - The high cost of computing resources and the need for optimization are identified as bottlenecks restricting the development of the AI industry, making Huawei's new technology potentially beneficial for AI application companies [1] Group 2 - Wanjun Technology (300624.SZ) is a leading player in China's digital creative software sector, with a global presence in over 200 countries and regions, and has surpassed 2 billion active users [2] - As a partner of Huawei Cloud, Wanjun Technology has collaborated with Huawei on multiple levels, including computing power, AI technology, and product application [2] - The Wanjun Tianmu AI model 2.0, released in June, shows a 90% performance improvement over its predecessor and has achieved top rankings in global assessments, indicating its competitive edge in the market [2]

二、变更后的签字注册会计师的信息 签字注册会计师吴泽娜：2021年2月成为注册会计师，2020年12月开始从事上市公司审计，2023年11月 开始在政旦志远执业，2025年开始为本公司提供审计服务，近三年负责并签字的上市公司审计报告合计 3家。 三、变更后的签字注册会计师的诚信情况和独立性 签字注册会计师吴泽娜于2024年12月24日收到深圳监管局出具的警示函，除此外，其近三年不存在因执 业行为受到刑事处罚，受到证监会及其派出机构、行业主管部门等的行政处罚，受到证券交易所、行业 协会等自律组织的自律监管措施、纪律处分的情况。具体情况详见下表： ■ 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 万兴科技集团股份有限公司（以下简称"公司"）于2025年10月28日召开第五届董事会第六次会议，于 2025年11月17日召开2025年第五次临时股东会，审议通过了《关于续聘2025年度会计师事务所的议 案》，同意续聘政旦志远（深圳）会计师事务所（特殊普通合伙）（以下简称"政旦志远"）担任公司 2025年度财务报告审计机构及内部控制审计机构，聘期一年。具体内容详见公司于 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-080 签字注册会计师吴泽娜于 2024 年 12 月 24 日收到深圳监管局出具的警示函， 除此外，其近三年不存在因执业行为受到刑事处罚，受到证监会及其派出机构、 行业主管部门等的行政处罚，受到证券交易所、行业协会等自律组织的自律监 管措施、纪律处分的情况。具体情况详见下表： 万兴科技集团股份有限公司 关于审计机构变更签字会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 万兴科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第五届董事会第六次会议，于 2025 年 11 月 17 日召开 2025 年第五次临时股 东会，审议通过了《关于续聘 2025 年度会计师事务所的议案》，同意续聘政旦 志远（深圳）会计师事务所（特殊普通合伙）（以下简称"政旦志远"）担任 公司 2025 年度财务报告审计机构及内部控制审计机构，聘期一年。具体内容详 见公司于 2025 年 10 月 29 日在巨潮资讯网披露的《关于续聘 2025 年度会计师 事务所的公告》（公告编号 ...

Market Overview - The Shanghai Composite Index rose by 0.87% on November 25, with 29 out of the 31 sectors experiencing gains, led by the communication and media sectors, which increased by 3.54% and 2.85% respectively [2] - The computer sector also saw an increase of 1.10% [2] Capital Flow - The net inflow of capital in the two markets was 13.215 billion yuan, with 19 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of 5 billion yuan, followed closely by the communication sector with a net inflow of 4.881 billion yuan [2] Computer Sector Performance - In the computer sector, 336 stocks were tracked, with 273 stocks rising and 53 stocks declining [3] - The top three stocks with the highest net inflow were Rongji Software (4.25 billion yuan), South Network Digital (4.06 billion yuan), and Dahua Intelligent (1.90 billion yuan) [3] - The sector experienced a net outflow of 3.072 billion yuan, with the largest outflows from Zhongke Shuguang (7.75 billion yuan), Sanliu Ling (4.34 billion yuan), and Nanwei Software (2.04 billion yuan) [3][5] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +10.03%, turnover rate 47.81%, net inflow 425.13 million yuan - South Network Digital: +19.99%, turnover rate 55.02%, net inflow 406.37 million yuan - Dahua Intelligent: +10.02%, turnover rate 12.05%, net inflow 190.23 million yuan [4] Top Losers in Computer Sector - The top losers in the computer sector included: - Zhongke Shuguang: -0.44%, turnover rate 2.69%, net outflow -775.37 million yuan - Sanliu Ling: +1.15%, turnover rate 7.60%, net outflow -433.98 million yuan - Nanwei Software: -2.29%, turnover rate 22.81%, net outflow -204.03 million yuan [5]