Core Insights - The article discusses the development and comparison of multimodal large models, emphasizing the integration of visual and language components to enhance understanding and generation capabilities in AI systems [1][7]. Multimodal Model Types - The mainstream approach for visual and language multimodal models involves using pre-trained large language models and image encoders, connected through a feature alignment module to enable deeper question-answer reasoning [1]. - CLIP, developed by OpenAI, utilizes a contrastive learning method to connect image and text feature representations, allowing for zero-shot classification by calculating cosine similarity between text and image embeddings [2]. - Flamingo, introduced in 2022, combines visual and language components, enabling text generation based on visual and textual inputs, and includes various datasets for training [5]. - BLIP, proposed by Salesforce in 2022, aims to unify understanding and generation capabilities for visual language tasks, enhancing model performance through self-supervised learning and addressing complex tasks like image generation and visual question answering [7]. - LLaMA integrates a visual encoder (CLIP ViT-L/14) with a language decoder, utilizing generated data for instruction fine-tuning, ensuring that visual and language tokens exist in the same feature space [8].

Core Insights - The company reported a revenue of 1.44 billion yuan for 2024, a year-on-year decrease of 2.78%, with a net profit attributable to shareholders of -163 million yuan, marking a shift to negative profitability [1] - The decline in performance is attributed to intensified market competition, rising traffic costs, and goodwill impairment [2] - The company's overall gross margin for 2024 was 93.22%, down 1.55 percentage points year-on-year, with a net margin of -10.93%, a decrease of 18.24 percentage points [3] Financial Performance - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan, indicating a significant loss [1][2] - Annual sales expenses rose to 849 million yuan, a 17.42% increase year-on-year, while R&D expenses increased by 9.90% to 442 million yuan, and server costs surged by 65.01% [2] - The company’s revenue by quarter for 2024 was 358 million, 347 million, 348 million, and 387 million yuan, with corresponding net profits of 26 million, -1 million, -30 million, and -158 million yuan [2] Profitability Analysis - The gross margin for the video creative business was 92.54%, down 2.10 percentage points year-on-year, while the practical tools business had a gross margin of 94.83%, down 1.50 percentage points [3] - The sales expense ratio for 2024 was 58.95%, an increase of 10.14 percentage points, while the R&D expense ratio was 30.73%, up 3.55 percentage points [3] - In Q1 2025, the company reported revenue of 380 million yuan, a year-on-year increase of 6.06%, but the net profit attributable to shareholders was -33 million yuan, reflecting a significant decline in profitability [3] Strategic Developments - The company is deepening its AI strategy with the "Tianmu" multimedia model, which covers video, image, audio, and text, and has been applied to core products like Filmora and PDFelement [4] - AI-native application revenue reached approximately 6.7 million yuan, doubling year-on-year, with significant growth in AI product revenues [4] - The video creative business generated revenue of 961 million yuan, maintaining stability with a 0.06% year-on-year increase, while the company is expanding its product matrix and enhancing AI functionalities [4]

Core Insights - The article emphasizes the growing importance and application of multimodal large models in various industries, highlighting their clearer commercial monetization paths compared to language-only models [1] Multimodal Large Models Applications - Multimodal large models are categorized into 11 application scenarios, with the top five being digital humans, gaming, advertising, social media, and intelligent marketing, indicating a high maturity level and significant attention in these areas [1] - Digital humans leverage multimodal technology to enhance human-computer interaction through natural language processing, voice synthesis, and realistic visual presentation, improving user experience [2][5] - In gaming, multimodal large models enhance interaction by allowing characters to understand player commands and respond contextually, creating a more immersive experience [5] - The advertising industry benefits from multimodal technology by automating content creation, personalizing ad delivery, and enhancing user engagement, leading to a more efficient and intelligent advertising ecosystem [8][10] - Social media platforms are being transformed by multimodal large models, improving content creation, user recommendations, interaction experiences, community governance, and commercialization [11][12]

代表的公告 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 5 月 19 日召开 了 2024 年度股东会及职工代表大会，选举产生了公司第五届董事会董事成员。 本届董事会共有董事 5 人，分别为非独立董事吴太兵先生、林倩晖先生；职工代 表董事张铮先生；独立董事章顺文先生、李圣杰女士，其中章顺文先生为会计专 业人士。同日，公司召开第五届董事会第一次会议，审议通过了选举公司第五届 董事会董事长、董事会各专门委员会委员及聘任高级管理人员及证券事务代表等 相关议案。现将有关事项公告如下： 一、第五届董事会组成情况 （一）第五届董事会成员 证券代码：300624 证券简称：万兴科技 公告编号：2025-036 万兴科技集团股份有限公司 关于董事会换届选举完成并聘任高级管理人员及证券事务 公司第五届董事会由 5 名董事组成，其中非独立董事 2 名，职工代表董事 1 名，独立董事 2 名。 非独立董事：吴太兵先生（董事长）、林倩晖先生； 独立董事：章顺文先生、李圣杰女士； 职工代表董事：张铮先生； 公司第五届董事 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-037 万兴科技集团股份有限公司 关于选举职工代表董事的公告 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。 特此公告。 为完善公司治理结构，依据《中华人民共和国公司法》等法律法规、规范性 文件及《万兴科技集团股份有限公司章程》等有关规定，万兴科技集团股份有限 公司（以下简称"公司"）于 2025 年 5 月 19 日召开职工代表大会，会议审议通 过选举张铮先生（简历附后）为公司第五届董事会职工代表董事，任期自职工代 表大会审议通过之日起至第五届董事会任期届满之日止。 张铮先生当选公司职工代表董事后，公司第五届董事会中兼任公司高级管理 人员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合 相关法律法规的要求。 证券代码：300624 证券简称：万兴科技 公告编号：2025-037 附件：职工代表董事简历 张铮先生：1976 年出生，中国国籍，无永久境外居留权，国际贸易学士。 1999 年-2000 年任宇龙计算机通信科技（深圳）有限公司销售代表；2000 年 12 月-2001 ...

广东信达律师事务所 股东会法律意见书 中国深圳福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, SHENZHEN, CHINA 电话(Tel.)：(86 755)88265288 传真(Fax.)：(86 755)88265537 电子邮件(Email)：info@sundiallawfirm.com 网址(Website)：www.sundiallawfirm.com 关于万兴科技集团股份有限公司 2024年度股东会的 法律意见书 信达会字[2025]第133号 致：万兴科技集团股份有限公司 广东信达律师事务所（以下简称"信达"）接受万兴科技集团股份有限公司 （以下简称"公司"）委托，指派信达律师出席公司2024年度股东会（以下简称 "本次股东会"），对本次股东会的合法性进行见证，并出具本《广东信达律师 事务所关于万兴科技集团股份有限公司2024年度股东会的法律意见书》（以下简 称"《股东会法律意见书》"）。 本《股东会法律意见书》系根据《中华人民共和国 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-034 万兴科技集团股份有限公司 第五届董事会第一次会议决议公告 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。 一、董事会会议召开情况 具体内容详见刊登于巨潮资讯网（www.cninfo.com.cn）的相关公告。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 2、审议通过《关于选举第五届董事会各专门委员会委员及主任委员的议案》 公司第五届董事会下设战略委员会、审计委员会、提名委员会、薪酬与考核 委员会，各委员会组成如下： 1、战略委员会委员：吴太兵先生、林倩晖先生、章顺文先生。其中吴太兵 先生（董事长）担任主任委员。 2、审计委员会委员：章顺文先生、李圣杰女士、张铮先生。其中章顺文先 万兴科技集团股份有限公司（以下简称"公司"）第五届董事会第一次会议 （以下简称"董事会"）于 2025 年 5 月 19 日在深圳市南山区海天二路软件产业 基地 5 栋 D 座 10 楼会议室以现场与通讯相结合方式召开，本次会议于公司 2024 年度股东会和职工代表大会结束后，口头通知公司第五届董事会全体 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-034 万兴科技集团股份有限公司 2024年度股东会决议公告 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。 特别提示： 1、本次股东会无变更、否决提案的情形。 2、本次股东会无涉及变更前次股东会决议的情形。 一、会议召开情况 1、会议召开时间： 4、会议召集人：公司董事会。 5、会议主持人：董事长吴太兵先生。 6、本次股东会会议的召集、召开符合《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股东会规则》《深圳证券交易所上市公司股东会 网络投票实施细则》《万兴科技集团股份有限公司章程》及《万兴科技集团股 份有限公司股东会议事规则》等有关规定。 二、会议出席情况 1、出席现场会议和网络投票的股东及股东代表共 257 人，代表有表决权的 股份数为 62,267,634 股，占公司有表决权股份总数的 32.3114%。 其中：出席现场会议的股东及股东代表共 3 人，代表有表决权的股份数为 （1）现场会议召开时间：2025 年 5 月 19 日（星期一）下午 15:00。 （2）网络投票时间： ...

Core Insights - Huawei launched the new HUAWEI MateBook Pro and HUAWEI MateBook Fold, along with the HarmonyOS version of Wondershare Filmora, marking a significant advancement in video editing capabilities [1][3][5] - The HarmonyOS version of Filmora has adapted over 20 professional features, including AI video noise reduction and multi-camera editing, enhancing the user experience [1][5] - The innovative dual-screen and touch capabilities of the HUAWEI MateBook Fold allow for a more flexible and interactive video editing experience, enabling users to perform precise edits without a mouse or keyboard [3][5] Product Features - The AI-powered features of Filmora enable users to create videos efficiently by automatically identifying highlights and generating narration and music, significantly improving production speed [5][7] - The local computing power of HarmonyOS enhances the performance of AI features, ensuring faster processing and improved privacy, with some functions seeing performance boosts of over 50% [5][7] - The dual-screen setup of the HUAWEI MateBook Fold allows for an upgraded editing experience, displaying editing effects on one screen while showing the editing timeline on another [3][5] Strategic Direction - Wondershare aims to transition from compatibility to collaborative capability creation, enhancing its video editing software solutions to build a competitive edge in the domestic market [7] - The company plans to accelerate its integration with the HarmonyOS ecosystem, positioning every HarmonyOS device as a source of inspiration for creators [7]

Investment Rating - The investment rating for the company is "Buy" with an expectation of more than 10% return relative to the CSI 300 index over the next six months [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan for 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down 1.55 percentage points year-on-year, while the net margin was -10.93%, indicating a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1][10]. - The annual revenue breakdown shows that the video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s operating expenses increased significantly, with sales expenses rising to 849 million yuan (up 17.42% year-on-year) and R&D expenses reaching 442 million yuan (up 9.90% year-on-year) [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, indicating a recovery trajectory [10].