Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 760 million yuan in H1 2025, a year-on-year increase of 7.77%, while the net profit attributable to shareholders was -53 million yuan, a decline of 315.63%, aligning with market expectations [1]. - Video creativity remains the largest growth driver, with revenue from video creative products reaching 512 million yuan, up 11.15% year-on-year, accounting for 67.43% of total revenue [1]. - The company is expanding its product offerings in mobile and AI, with significant investments in product innovation and marketing to enhance brand strength [2]. Financial Performance - For H1 2025, the company reported a revenue of 760 million yuan, with a net profit of -53 million yuan [1]. - The revenue breakdown shows that practical tools generated 145 million yuan (up 20.83%), while document creativity and drawing creativity saw declines of 5.2% and 29.44%, respectively [1]. - The company expects revenues of 1.644 billion yuan, 1.918 billion yuan, and 2.294 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 10 million yuan, 85 million yuan, and 152 million yuan for the same years [4]. Product Development and Strategy - The company is implementing a "dual-mode drive" strategy, focusing on both self-developed and third-party AI models to enhance product capabilities [2]. - The mobile product revenue doubled year-on-year, exceeding 20% of total revenue, with AI-native application revenue surpassing 60 million yuan, reflecting a significant increase in paid user numbers [2]. - Continuous product iterations and upgrades are evident, with the video creative product Filmora releasing 52 iterations in H1 2025, introducing over 20 innovative features [2].

文/夏虫工作室 核心观点：万兴科技毛利率超茅台，但净利率极其不稳定，目前依然陷入亏损状态。公司高毛利背后是 高销售费率，投资者或需要警惕这种高毛利率幻象。值得注意的是，公司销售费用增速显著高于营收， 在巨头环伺的激烈竞争环境中，公司买量是否难换高增长？此外，公司股价曾遭爆炒后实控人逢高减 持，其曾表示三个月无减持计划是否对监管说谎？ 出品：新浪财经上市公司研究院 近日，万兴科技披露半年报，公司仍然陷入亏损状态。 值得注意的是，公司此前发布筹划港股上市计划。据公告显示，为进一步推进全球化战略，提升公司国 际品牌形象和综合竞争力，公司拟发行H股股票并在香港联合交易所有限公司主板挂牌上市。 警惕毛利率超茅台幻象 公司整体业绩表现，营收重返增长，但仍然显然持续亏损。 2025年半年报显示，公司上半年营业收入为7.60亿元，同比增长7.77%；归母净利润为-5280.91万元，同 比下降315.63%；扣非归母净利润为-6453.46万元，同比下降512.30%。需要指出的是，公司近年勉强维 持盈亏平衡，自去年扣非净利润亏损达到1.61亿元。 值得注意的是，公司的毛利率与净利率形成巨大反差。近五年数据显示，公司的毛利率 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and commercialization potential of AI technologies, particularly through the example of Wanxing Technology, which has shown impressive revenue growth and product innovation in the AI sector [1][12][14] - Wanxing Technology reported a total revenue of 760 million yuan in the first half of 2025, marking a year-on-year increase of 7.77%, with mobile revenue doubling and AI-native applications generating over 60 million yuan [1][9] - The company has adopted a "dual-mode drive" strategy, combining internal R&D with external collaborations, leading to the successful launch of its multimedia model 2.0, which has shown a 90% performance improvement over its predecessor [3][5][8] Group 2 - The AI industry is entering a new development cycle, with a shift in value distribution from foundational infrastructure to application service providers, indicating a growing market for companies that integrate AI with industry-specific knowledge [2][12] - Wanxing Technology's product matrix has expanded significantly, introducing various AI-driven tools and platforms that cater to diverse creative needs, enhancing user engagement and retention [6][11] - The company's R&D investment increased by 11.66% to 233 million yuan in the first half of 2025, reflecting a commitment to long-term growth and technological advancement [8][9] Group 3 - The AI commercialization path for Wanxing Technology is becoming clearer, with AI contributions to revenue increasing and user engagement metrics showing substantial growth, indicating a successful transition to AI-driven products [9][11][12] - Policy support for AI integration across various sectors is expected to accelerate the growth of companies like Wanxing Technology, which focus on practical applications of AI [12][14] - The global AI market is projected to reach significant milestones, with generative AI expected to exceed 1.8 trillion USD by 2032, suggesting a robust future for companies operating in this space [12][13]

Core Insights - Huawei recently held the "Huawei MateXTs Extraordinary Master and All-Scenario New Product Launch" in Shenzhen, where Wankang Technology's creative drawing software, Wankang Mind Map Harmony Version and Wankang Diagram Harmony Version, were showcased [1] - The Wankang Mind Map Harmony Version is the industry's first professional mind mapping software deeply adapted to the HarmonyOS, providing a desktop-level experience on mobile devices to enhance user productivity [1] - Wankang Technology is recognized as a leading player in China's digital creative software sector, often referred to as the "Chinese version of Adobe," with a business presence in over 200 countries and regions [2] Company Developments - Wankang Technology has accelerated its ecosystem layout around HarmonyOS and is deepening its "dual-mode drive" strategy [2] - In June, the company launched the Wankang Tianmu Audio-Video Multimedia Model 2.0 and gradually introduced the web-based creation platform Wankang Tianmu Creation Square and the mobile AIGC application Wankang Tianmu AI App, aiming to provide users with a more accessible, high-quality, and cost-effective creative experience [2]

Group 1 - Huawei officially launched the new foldable smartphone Mate XTs, featuring multiple industry-firsts, including the integration of PC version office and drawing software into a mobile device [1] - The AIGC software from Wanxing Technology, including the MindMaster and Diagram software, was showcased at the event, marking the first time such software has been adapted for mobile use [1][3] - The Mate XTs smartphone aims to enhance mobile productivity by providing a desktop-level experience on a portable device, with the return of the Kirin chip after four years [1] Group 2 - Wanxing Technology has accelerated its integration into the HarmonyOS ecosystem, with its products being the first to adapt to the HarmonyOS system [4] - The company has signed a comprehensive cooperation agreement with Huawei to jointly build the HarmonyOS ecosystem, enhancing its product offerings and user experience [4] - Wanxing Technology has launched a new multimedia model and AIGC applications, providing users with cost-effective creative solutions, with AI video generation priced as low as 0.25 yuan per video [4] Group 3 - Wanxing Technology has strengthened its global talent acquisition, attracting graduates from prestigious universities and launching a recruitment drive for 2026, offering high-paying positions [5] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant global presence, often referred to as the "Chinese version of Adobe" [5]

Group 1 - Huawei officially launched the new foldable smartphone Mate XTs, showcasing multiple industry-first features, including the integration of PC version office and drawing software into a mobile device [1] - The AIGC software from Wankey Technology, including the MindMaster and Diagram software, was highlighted during the event, marking a significant step in mobile productivity [1][2] - The Mate XTs features the return of the Kirin chip after four years, generating significant attention in the tech community [1] Group 2 - Wankey Technology's MindMaster is the first professional mind mapping software deeply adapted to the HarmonyOS, offering desktop-level experiences on mobile devices [2] - The company has accelerated its integration into the HarmonyOS ecosystem, with its products being the first to complete adaptation to the system [3] - Wankey Technology has launched a dual-mode strategy, introducing the Wankey Tianmu multimedia model 2.0 and a new AIGC application, enhancing user experience with cost-effective creative solutions [3] Group 3 - Wankey Technology has strengthened its global talent competitiveness, attracting graduates from prestigious universities and launching a recruitment drive for 2026 [4] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant revenue, often compared to "China's version of Adobe" [4]

Group 1 - Huawei officially launched the new foldable smartphone Mate XTs, featuring multiple industry-firsts, including the integration of PC version office and drawing software into a mobile device, enhancing mobile productivity [1] - The AIGC software from Wanjing Technology, including the MindMaster and Diagram software, was showcased at the event, marking the first time these applications have been adapted for Huawei's new foldable phone [1][3] - The Mate XTs also reintroduced the Kirin chip after a four-year hiatus, generating significant attention in the tech community [1] Group 2 - Wanjing Technology's MindMaster is the first professional mind mapping software deeply adapted to the HarmonyOS, offering desktop-level experiences on mobile devices with features like AI-generated mind maps and PPT conversion [3] - The Diagram software has introduced personalized template recommendations and continues to upgrade its AI creative capabilities, enhancing productivity for users in both learning and work environments [3] - Wanjing Technology has accelerated its integration into the HarmonyOS ecosystem, having completed adaptations for its products and signed a comprehensive cooperation agreement with Huawei to build the HarmonyOS ecosystem [4] Group 3 - Wanjing Technology has been enhancing its global talent competitiveness, attracting graduates from prestigious universities and launching a recruitment drive for 2026, offering high-value positions with competitive salaries [5] - The company is recognized as a leading player in China's digital creative software sector, with a wide product range and significant revenue, operating in over 200 countries and regions [5] - Wanjing Technology's products, including Wanjing Miao Ying and Wondershare SelfyzAI, have positioned the company as the "Chinese version of Adobe" [5]

Group 1 - Huawei launched the new foldable smartphone Mate XTs at an event in Shenzhen, showcasing its latest technology and features [1] - Wankey Technology's products, including Wankey Mind Map and Wankey Diagram, have been adapted for Huawei's new foldable smartphone, enhancing user experience [1] - Wankey Mind Map offers AI features such as one-click mind map generation and conversion to PPT, providing a desktop-level experience on mobile [1] Group 2 - Wankey Technology has accelerated its integration into the HarmonyOS ecosystem, with its products being among the first to adapt to the system [2] - In July, Wankey Mind Map was the first mind mapping application to launch on the Huawei MatePad Pro 12.2-inch tablet, which runs HarmonyOS 5 [2] - A comprehensive cooperation agreement was signed between Wankey Technology and Huawei at the HDC 2025, aiming to build the HarmonyOS ecosystem together [2]

Core Viewpoint - Wanxing Technology (300624) confirmed its investment in Shenzhen Bosiyun Technology Co., Ltd. and Beijing Modao Keshishi Technology Co., Ltd., which include products such as Pixso and Modao respectively [1] Group 1 - Wanxing Technology responded to investor inquiries on September 4 regarding its stake in Bosiyun and Modao Keshishi [1] - The company emphasized that details about the related business should be referenced from public information [1]

Group 1 - The core viewpoint of the article highlights that Wanjing Technology, an A-share listed company, is focusing on the integration of AI technology and industry, viewing the next decade as a golden window for this transformation [2] - Wanjing Technology's chairman, Wu Taibing, emphasized the shift from a manual content creation model to an automated one driven by AI agents, which will enhance the creative software industry [2] - The company plans to focus on three main directions: a dual-model strategy for advanced technologies, a multi-end product strategy for mobile and AI integration, and building an AI application ecosystem through global collaboration [2] Group 2 - In the past year, Wanjing Technology has received attention from 168 institutional investors regarding its AI initiatives, indicating strong market interest [2] - The company reported a revenue of 760 million yuan in the first half of the year, reflecting a year-on-year growth of 7.77% [2]