Investment Rating - The report assigns a rating of "Accumulate" for the company [3] Core Views - The company has shown a steady revenue growth of 8.50% year-on-year in the first three quarters of 2025, with total revenue reaching 1.142 billion yuan [4] - The net profit attributable to the parent company for the same period was a loss of 62 million yuan, indicating a decrease compared to the previous year [4] - The company is facing pressure on performance due to rising AI server costs and increased advertising expenses, which may impact short-term results [4] - Long-term prospects remain positive due to the company's unique multi-modal capabilities and the potential for growth as industry technology matures [4] Summary by Sections Financial Performance - For 2023, the company is projected to achieve a revenue of 1,481 million yuan, with a year-on-year growth rate of 25% [3] - The net profit for 2023 is expected to be 86 million yuan, reflecting a significant year-on-year growth of 113% [3] - The earnings per share (EPS) for 2023 is estimated at 0.63 yuan [3] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 1,573 million yuan, 1,787 million yuan, and 2,065 million yuan respectively [5] - The net profit for 2025 is projected to be a loss of 43 million yuan, with subsequent years showing a recovery to 21 million yuan in 2026 and 41 million yuan in 2027 [5] Cost and Expense Analysis - The operating costs for the first three quarters of 2025 increased by 42.24% year-on-year, primarily due to rising AI server fees and platform service costs [4] - The company’s sales expenses are projected to rise from 849 million yuan in 2024 to 1,094 million yuan in 2027 [5] Strategic Initiatives - The company is implementing a "dual-mode drive" strategy, enhancing its AI capabilities and product offerings [4] - Significant upgrades to existing products and the introduction of new AI-driven features are expected to open new revenue streams [4]

清科集团 倪正东 今年二级市场回暖,前三季度VC/PE机构持有的 新增被投中企IPO账面股份价值超4100亿元，创 下近三年的新高纪录。 LAND LAND WAND SHENZHEN CHINA 第二十五届中国 股权投资年度大会 THE 25" CHINA VENTURE CAPITAL & PRIVATE EQUITY ANNUAL FORUM | 投资外 第 二 十 五 届 中 国 股 权 投 资 年 度 大 会，现 场 精 彩 一 瞥 。 报道 /投资界PEdaily II OK 北极光创投 邓锋 早期投资不是今年市场情况好就多投一点，明年 情况不好就少投一点，而应该保持一个相对比较 平稳的节奏,因为创新机会的多少,并不取决于 当年的投资环境，更多在于产业的发展趋势。 中金公司 王曙光 我们高度认可推动私募股权市场高质量发展的根 本在于进一步发挥私募股权的包容性特征，因为 只有包容,才能激发出真正的创新。今年7月份 中央政治局会议提出增强国内资本市场的吸引力 和包容性、巩固资本市场回稳向好势头，我们认 为这是面向未来发展的战略再重申,为下一步的 改革带来了巨大的机会和动力。 HFNZHFN CHINA ...

财通证券（601108）股份有限公司研究员杨烨2023年6月20日发布研报《万兴科技：定增全面拥抱AIGC 加速多模态、大模型之路》称，维持万兴科技"增持"评级。 中国经济网北京12月3日讯万兴科技（300624）(300624.SZ)今日收报70.34元，跌幅5.19%。 2023年6月20日，万兴科技盘中达到历史高点172.20元。 ...

证券代码：300624 证券简称：万兴科技公告编号：2025-081 万兴科技集团股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 关于回购公司股份的进展公告 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。 公司回购股份的时间、回购股份的价格以及集中竞价交易的委托时段等均符合公司回购股份方案及《深 圳证券交易所上市公司自律监管指引第9号一一回购股份》第十七条、十八条、十九条规定，具体如 下： 1、公司未在下列期间内回购公司股份 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者在决策过程 中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 万兴科技集团股份有限公司（以下简称"公司"）于2025年4月25日召开第四届董事会第二十四次会议审 议通过了《关于回购公司股份方案的议案》，同意使用自有资金和自筹资金通过深圳证券交易所股票交 易系统以集中竞价交易方式回购公司股份，用于员工持股计划或股权激励计划，回购股份的期限自董事 会审议通过本次回购股份方案之日起12个月内，回购股份的价格为不超过人民币89.8 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-081 万兴科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第四届董事会第二十四次会议审议通过了《关于回购公司股份方案的议案》，同 意使用自有资金和自筹资金通过深圳证券交易所股票交易系统以集中竞价交易 方式回购公司股份，用于员工持股计划或股权激励计划，回购股份的期限自董事 会审议通过本次回购股份方案之日起 12 个月内，回购股份的价格为不超过人民 币 89.85 元/股（含），回购的资金总额不低于人民币 2,500 万元（含），不超过 人民币 5,000 万元（含）。具体内容详见公司于 2025 年 4 月 28 日在巨潮资讯网 上披露的《关于回购公司股份方案的公告》（公告编号：2025-019）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，回购期间，公司应当在每个月的前三个交易日 内披露截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情况公 告如下： 一、回购公司股份的进展情况 截至 2025 年 11 月 30 日，公司通过回购专用证券账户以集 ...

中国AI产业正展现出前所未有的活力。据非凡产研数据显示，中国AI App下载量已达到2.37 亿次，中 国AI Web年访问量已达到13.75亿次，正在成为全球AI流量和创新的重要一极。在此浪潮下，万兴科技 正持续加大在AIGC领域的投入，从技术创新、产品应用、人才储备三方面进行前瞻性布局。 近日，非凡产研正式发布2025 CHINA AI 100（中国AI百强榜），AIGC软件A股上市公司万兴科技 （300624.SZ）凭借在AIGC领域深厚的技术积累、产品创新力与全球市场表现成功入选该榜单，进一步 夯实其作为中国AIGC应用层领军者的行业地位。此次一同上榜的还有月之暗面、网易有道、智谱AI、 MiniMax等头部AI公司。 非凡产研是国内专注于AI产业的权威独立研究机构，以其深度洞察与专业分析著称。作为非凡产研旗 下聚焦AI原生企业的权威评选，2025 CHINA AI 100基于TPES四维评估模型，从技术领先性、产品竞争 力、商业成长性及社会价值等多个维度，对参选企业进行系统化评估与综合遴选。此次入选，不仅体现 了行业对万兴科技AI技术实力与商业化成果的高度认可，也印证了公司在AIGC应用落地方面的持 ...

Core Viewpoint - The article highlights the collective efforts of Hunan enterprises and individuals in response to a significant fire incident in Hong Kong, showcasing solidarity and support for the affected community [1]. Group 1: Donations and Contributions - Multiple Hunan enterprises have actively participated in fundraising efforts, with the Hong Kong Hunan Association and 21 member organizations expected to donate 5 million HKD [2]. - Notable contributions include: - Lens Technology donating 13.1 million HKD - SANY Group donating 10 million HKD and providing energy equipment for emergency power supply - Afuni Future Capital donating 10 million HKD - Other companies like Zhongwei New Materials, Simore International, and Aier Eye Hospital each donating 5 million HKD [2]. - Additional donations include 2 million RMB from Yanjin Puzhi Food Co., 1 million HKD from Wanxing Technology, and 200,000 RMB from SHOWVEN [2]. Group 2: Individual Contributions - Several Hunan entrepreneurs have also made personal donations, including: - Hu Guoan, Vice President of the Hong Kong Hunan Association, donating 1 million RMB - Lian Zhen'en, Executive President of the association, donating 300,000 HKD - Other individuals contributing smaller amounts [3]. - SANY Group has activated a global disaster response mechanism to assist affected individuals [3]. Group 3: Call for Support and Initiatives - The Hong Kong Hunan Association has initiated a fundraising campaign, encouraging the community to donate cold-weather relief supplies and seek assistance if needed [4]. - The Changsha Municipal Federation of Industry and Commerce and the Changsha Guangcai Foundation have issued a call to action for local businesses to contribute to the relief efforts, emphasizing the importance of social responsibility [4].

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]