Core Insights - The company reported a revenue of 760 million yuan for the first half of 2025, marking a year-on-year growth of 7.77%, but experienced a net loss of 52.81 million yuan, indicating a shift from profit to loss compared to the previous year [1][3][6] Revenue Performance - The company achieved a revenue of 760 million yuan in H1 2025, with a growth rate of 7.77% compared to the previous year, and the second quarter revenue was 380 million yuan, remaining stable from Q1 and growing by 9.53% year-on-year [2] - Video creative revenue reached 512 million yuan, up 11.15% year-on-year, while practical tools revenue grew by 20.83% to 145 million yuan [2] - Mobile product revenue more than doubled year-on-year, accounting for over 20% of total revenue, and AI-native application revenue exceeded 60 million yuan, with both paid user numbers and revenue doubling year-on-year [2] Profitability and Expenses - The company reported a net loss of 52.81 million yuan and a non-GAAP net loss of 64.53 million yuan in H1 2025, both reflecting a transition from profit to loss [3] - The total expense ratio increased by 9.99 percentage points to 100.87%, primarily due to a rise in sales expense ratio by 9.09 percentage points to 60.80% amid intensified market competition and increased costs [3] - R&D expense ratio decreased by 1.96 percentage points to 27.66%, with R&D investment reaching 233 million yuan, up 11.66% year-on-year [3] Product Development and Market Position - The company's core product, Filmora, underwent significant updates, achieving over 40% penetration of AI features on desktop, and mobile revenue grew over 100% [4] - The company is actively participating in the HarmonyOS ecosystem, with several products pre-installed on HarmonyOS computers, enhancing integration with AI capabilities [4] - The launch of the Wankin Tianmu 2.0 multimedia model improved performance by approximately 90% compared to its predecessor, offering a comprehensive solution for audio and video creation [5] Future Outlook - The company maintains its profit forecast, expecting net profits of 68 million yuan, 94 million yuan, and 137 million yuan for 2025-2027, with corresponding EPS of 0.35 yuan, 0.49 yuan, and 0.71 yuan [6] - The rapid growth in mobile product revenue and AI application revenue indicates a strong potential for future business expansion [6]

Group 1 - The core viewpoint of the article highlights the strong performance of Wondershare Technology in the first half of 2025, with a revenue of 760 million yuan, representing a year-on-year growth of 7.77% [1] - The company's mobile product revenue has more than doubled year-on-year, and AI-native applications generated over 60 million yuan, with both paid user numbers and revenue increasing by twofold [1][2] - Wondershare Technology is deepening its "dual-mode drive" strategy by investing in self-developed vertical large models and integrating third-party general models to enhance product capabilities [2] Group 2 - The company launched the Wondershare Tianmu multimedia large model 2.0 and established a native application matrix for web and mobile, ranking among the top four in the domestic market [2] - The AI server call volume exceeded 500 million times, showing a year-on-year increase of over 200%, indicating a significant rise in user engagement with AI features [2] - The company is actively participating in the Hongmeng ecosystem, with several products being among the first pre-installed software on Hongmeng computers, enhancing its brand presence [3] Group 3 - Wondershare Technology is leveraging AI to improve operational efficiency, hosting innovation competitions and introducing AI tools for customer service and coding [3] - The company has a total workforce of 1,589, with approximately 55% in research and development, and encourages talented individuals to engage in entrepreneurial activities [3] - The global decline in model costs is driving explosive demand for AI applications, with a continuous evolution in mobile traffic and increasing demand for video content [4]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Insights - The company achieved a revenue of 760 million yuan in the first half of 2025, representing a year-on-year growth of 7.77% [3][7]. - The company reported a net profit attributable to shareholders of -52.81 million yuan, indicating a shift from profit to loss compared to the previous year [3][7]. - The mobile product revenue more than doubled year-on-year, accounting for over 20% of total revenue, while AI-native application revenue exceeded 60 million yuan, with both paid user numbers and revenue growing by 200% year-on-year [7][9]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 1.63 billion yuan, 1.88 billion yuan, and 2.20 billion yuan, respectively, with corresponding year-on-year growth rates of 13.2%, 15.5%, and 17.0% [6][12]. - The net profit for 2025 is projected to be 68 million yuan, with an EPS of 0.35 yuan, and is expected to grow to 137 million yuan and an EPS of 0.71 yuan by 2027 [6][9]. - The gross margin is expected to remain stable around 92.8% to 92.7% from 2025 to 2027, while the net margin is projected to improve from 4.2% in 2025 to 6.2% in 2027 [6][13]. Product and Market Development - The company continues to enhance its core products, with the desktop AI functionality penetration exceeding 40% and mobile revenue growth surpassing 100% [8]. - The company is actively participating in the Harmony ecosystem, with several products pre-installed on Harmony computers, showcasing deep integration with the system [8]. - The launch of the Wansheng Tianmu 2.0 multimedia model has improved performance by approximately 90% compared to its predecessor, enhancing the company's competitive edge in the audio-visual sector [8]. Future Outlook - The company is expected to maintain its growth trajectory, driven by continuous product iteration and expansion of AI applications, with a strong focus on video creativity and digital office business [9][12]. - The report anticipates that the company's proactive approach to product upgrades and AI commercialization will lead to significant revenue growth in the future [9].

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related holdings to report for the current period [3] Group 2 - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters to disclose beyond those already reported in the "Important Matters" section of the 2025 semi-annual report [3]

万兴科技集团股份有限公司 第一章 总则 第一条 为进一步建立健全万兴科技集团股份有限公司（以下简称"公司"） 董事、高级管理人员的薪酬与考核管理制度，完善公司法人治理结构，根据《中 华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》以及 《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"）等法 律、法规、规范性文件、公司股票上市地证券监管部门和证券交易所（以下统称 "公司股票上市地证券监管机构"）有关监管规则（以下统称"公司股票上市地 证券监管规则"）和《万兴科技集团股份有限公司章程》（以下简称"《公司章程》"） 及其他有关规定，公司特设立董事会薪酬与考核委员会，并制定本工作细则。 第二条 薪酬与考核委员会是董事会设立的专门工作机构，主要负责研究、 制定公司董事及高级管理人员薪酬方案、绩效考核制度以及激励方案，向董事会 提出建议。薪酬与考核委员会向董事会报告工作并对董事会负责。 第二章 人员组成 第三条 薪酬与考核委员会委员由三名董事组成，其中独立董事应占多数。 第四条 薪酬与考核委员会委员由董事会选举产生。 第五条 薪酬与考核委员会设主任委员（召集人）一名，由独立董事委员 ...

万兴科技集团股份有限公司 董事会秘书工作细则（草案） （H 股发行上市后适用） 第一章 总 则 第一条 为进一步规范万兴科技集团股份有限公司（以下简称"公司"）法 人治理结构，明确董事会秘书的工作职责和程序，充分发挥董事会秘书的作用， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》以及《香港联合交易所有限公司证券上市规则》（以 下简称"《香港上市规则》"）等法律、法规、规范性文件、公司股票上市地证券 监管部门和证券交易所（以下统称"公司股票上市地证券监管机构"）有关监管 规则（以下统称"公司股票上市地证券监管规则"）和《万兴科技集团股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，特制定本工作细则。 第四条 公司应当为董事会秘书履行职责提供便利条件，董事、高级管理人 员及公司有关人员应当支持、配合董事会秘书的工作。 第二章 任职资格 第五条 董事会秘书应当具备履行职责所必需的财务、管理、法律等专业知 识，具有良好的职业道德和个人品质，并取得证券交易所颁发的董事会秘书 ...

万兴科技集团股份有限公司 总经理工作细则（草案） （H股发行上市后适用） 第一章 总 则 第一条 为提高万兴科技集团股份有限公司（以下简称"公司"）管理效率 和科学管理水平，根据《中华人民共和国公司法》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》以及《香港联合交易所有限公 司证券上市规则》（以下简称"《香港上市规则》"）等法律、法规、规范性文 件、公司股票上市地证券监管部门和证券交易所（以下统称"公司股票上市地证 券监管机构"）有关监管规则（以下统称"公司股票上市地证券监管规则"）和 《万兴科技集团股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 制定本细则。 第二条 公司的总经理及其他高级管理人员履行职权除应遵守本细则的规 定外，还应符合相关法律法规、规范性文件和《公司章程》的规定。 第二章 高级管理人员的职权范围 第一节 高级管理人员的任职资格与职责 第三条 公司高级管理人员应当具备履行职责相应所需要的财务、管理、法 律专业知识，具有良好的职业道德和个人品德。有下列情形之一的人员，不得担 任公司的高级管理人员： （七）被证券交易所公开认定不适合担任上市公司高级管理 ...

万兴科技集团股份有限公司 年报信息披露重大差错责任追究制度（草案） （H 股发行上市后适用） 第一章 总 则 第一条 为进一步提高万兴科技集团股份有限公司（以下简称"公司"）规 范运作水平，加强对年报信息披露相关责任人的问责机制，提高年报信息披露的 质量和透明度，增强信息披露的真实性、准确性、完整性和及时性，推进公司内 控制度建设，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国会计法》 (以下简称"《会计法》")、《上市公司信息披露管理办法》《上市公司治理准 则》和《深圳证券交易所创业板股票上市规则》以及《香港联合交易所有限公司 证券上市规则》（以下简称"《香港上市规则》"）等法律、法规、规范性文件、 公司股票上市地证券监管部门和证券交易所（以下统称"公司股票上市地证券监 管机构"）有关监管规则（以下统称"公司股票上市地证券监管规则"）及《万 兴科技集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结 合公司实际情况，特制定本制度。 第二条 本制度适用于年报信息披露工作中有关人员不履行或者不正确履行 职责、义务以及其他 ...

公司董事、高级管理人员所持本公司股份是指登记在其名下和利用他人账户 持有的所有本公司股份；从事融资融券交易的，还包括记载在其信用账户内的本 公司股份。公司董事、高级管理人员不得进行以本公司股票为标的证券的融资融 券交易。 万兴科技集团股份有限公司 第三条 本制度所指高级管理人员指公司总经理、副总经理、财务负责人、 董事会秘书和《公司章程》规定的其他人员。 董事、高级管理人员所持公司股份及其变动管理制度（草案） （H 股发行上市后适用） 第一条 为加强万兴科技集团股份有限公司（以下简称"公司"）董事、高 级管理人员所持本公司股份及其变动的管理，维护证券市场秩序，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理 办法》"）、《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公 司自律监管指引第 10 号——股份变动管理》以及《香港联合交易所有限公司证 券上市规则》（以下简称"《香港上市规则》"其中"香港联合交易所有限公司" ...

万兴科技集团股份有限公司 对外担保管理制度（草案） （H 股发行上市后适用） 第一章 总 则 第一条 为了规范万兴科技集团股份有限公司（以下简称"公司"）对外担 保管理，有效控制公司对外担保风险，保护公司财务安全和投资者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引 第 8 号——上市公司资金往来、对外担保的监管要求》《深圳证券交易所创业板 股票上市规则》以及《香港联合交易所有限公司证券上市规则》（以下简称"《香 港上市规则》"）等法律、法规、规范性文件、公司股票上市地证券监管部门和 证券交易所（以下统称"公司股票上市地证券监管机构"）有关监管规则（以下 统称"公司股票上市地证券监管规则"）和《万兴科技集团股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，制定本制度。 第二条 本制度所称对外担保，是指公司为他人提供保证、抵押、质押或其 他形式的担保，包括公司对控股子公司的担保。 公司为自身债务提供反担保不适用本制度。 本制度适用于公司及公司的控股子公司。 第三条 公司对外提供担保应遵循慎重、平等、互利、自愿、诚信原则。控 股股东及其他关联方不得强制公司为他人提供 ...