Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Insights - The company's revenue growth rate has improved for two consecutive quarters, with the initial commercial value of AI becoming evident [1]. - In Q1 2025, the company reported a revenue of 380 million yuan, a year-on-year increase of 6.06%, while the net profit attributable to the parent company was -33 million yuan, a year-on-year decrease of 227.93% [4][11]. - The company is actively integrating AI technologies into its products, leading to significant revenue growth in mobile applications and enhancing user engagement [5][6]. Financial Performance - In 2024, the company achieved a revenue of 1.44 billion yuan, a year-on-year decrease of 2.78%, and a net profit of -163 million yuan, a year-on-year decrease of 289.61% [4][11]. - The forecasted revenues for 2025, 2026, and 2027 are 1.643 billion yuan, 1.901 billion yuan, and 2.244 billion yuan, respectively, with expected growth rates of 14%, 16%, and 18% [10][11]. - The projected net profit for 2025 is 56 million yuan, with a significant turnaround expected from the previous year's losses [11]. Product Development and Market Position - The company has enhanced its product offerings by integrating advanced AI capabilities, resulting in a doubling of mobile revenue for certain products in Q1 2025 [5][6]. - The video creation product, Filmora, has seen a significant increase in active users and revenue, with a year-on-year growth of over 100% [5][7]. - The company is focusing on AI-native applications, with a reported revenue growth of over 100% in this segment [8]. Cost Structure and Investment - The company's sales expenses have increased significantly due to intensified market competition and rising traffic costs, with sales expense ratios rising to 62.78% in Q1 2025 [9]. - The company is expected to maintain a high investment in R&D, with a projected R&D expense ratio of 27.79% in Q1 2025 [9].

Core Viewpoint - The company, Wanxing Technology, has received a loan commitment of up to 45 million yuan from China Bank's Shenzhen branch, specifically for the purpose of repurchasing its own shares [1] Group 1: Loan Details - The loan amount is capped at 45 million yuan, with a term of 3 years, and is designated solely for stock repurchase [1] - The company plans to utilize both self-owned and self-raised funds to repurchase shares through the Shenzhen Stock Exchange, with a total repurchase amount not less than 25 million yuan and not exceeding 50 million yuan [1]

关于取得金融机构股票回购贷款承诺函的公告 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。 一、回购股份方案的基本情况 证券代码：300624 证券简称：万兴科技 公告编号：2025-025 万兴科技集团股份有限公司 万兴科技集团股份有限公司 董事会 2025 年 4 月 30 日 万兴科技集团股份有限公司（以下简称"公司"）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》及《公司章程》等相关规定，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），具体回购资金总额以回购期满时 实际 ...

在互动交流环节，针对备受关注的MCP和AI Agent机遇等焦点话题，吴太兵表示，从PGC、UGC、 AIGC到AI Agent，人人都是创作者正成为现实，AIGC正重构整个软件应用生态。AI Agent有望进一步 降低创作门槛，推动创作者经济发展和创意平权时代到来，蕴藏巨大机会。万兴科技正在加速推动自身 积累的垂直领域能力MCP化，作为服务方为更多互联网用户开放技术能力。同时，公司希望建立用户 与公司多模态原子能力之间的顺畅通路，推动公司现有产品向平台级产品发展，构筑赋能内容创作的产 品力护城河。 此外，公司管理层回应了投资者关心的AI进展、产品创新等问题。目前，公司产品AI功能渗透率稳步 提升，商业化落地加速，业务潜力持续释放，未来也将紧跟AI趋势，提升产品质量和智能化水平，赋 能用户更好地进行内容创作。同时，万兴科技将继续以产品为核心，快速迭代新功能、新体验、新技 术、新资源，增强产品核心竞争力。 展望未来，吴太兵表示，公司坚定看好数字创意软件从"工具集成"向"智能协同"跃迁，以及多模态AI应 用的发展。公司将在传统"应用工作流"中深度集成AI能力，多端联动深耕音视频垂类创作场景，加速构 建Agent创 ...

金十数据4月29日讯，万兴科技与华为云计算技术有限公司签订战略合作协议，正式达成国内首首例音 视频垂类模型和通用模型的战略合作，在音视频AI大模型领域开启深度合作新篇章，同时成立AI联合 实验室，共同探索AI场景应用落地。 万兴科技与华为云达成全新战略合作 将共建AI联合实验室 ...

4月29日，万兴科技（300624）集团股份有限公司与华为云计算技术有限公司在深圳签订战略合作协 议。根据协议，双方将展开合作，共同推进AI大模型的技术和应用创新。(新浪财经) ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its investment in AI, leading to a significant rise in revenue from AI-native applications, with an expected income of approximately 67 million yuan in 2024, representing over 100% year-on-year growth [8] - Despite short-term pressure on profits due to increased R&D and sales expenses, the company is expected to see revenue growth driven by product capability enhancements and successful marketing efforts [8] - The company aims to optimize its product offerings and user experience, which is anticipated to lead to continued revenue growth in the coming quarters [8] Financial Summary - Total revenue for 2023 is projected at 1,481 million yuan, with a year-on-year growth of 25.49%, while 2024 revenue is expected to decline slightly to 1,440 million yuan, a decrease of 2.78% [1] - The net profit attributable to the parent company is forecasted to be 86.21 million yuan in 2023, but is expected to turn negative in 2024 at -163.46 million yuan, reflecting a significant year-on-year decline of 289.61% [1] - The earnings per share (EPS) for 2025 is estimated at 0.31 yuan, with projections for 2026 and 2027 at 0.56 yuan and 0.84 yuan respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 57.45 CNY and a fair value of 66.13 CNY [3]. Core Insights - The company is currently in a strategic investment phase focusing on multi-platform development and AI integration, awaiting a performance turning point [1][7]. - In 2024, the company reported a revenue of 1.44 billion CNY, a year-over-year decrease of 2.8%, and a net loss attributable to shareholders of 163 million CNY, marking a shift from profit to loss [8][9]. - The company is experiencing high costs and goodwill impairment, primarily due to increased operating costs, R&D, and sales expenses, alongside a significant rise in server costs related to AI functionality development [7][9]. - The AI commercialization process is showing initial success, with over 500 million AI server calls and a 100% year-over-year increase in AI native application revenue, reaching approximately 67 million CNY [10][11]. - Despite short-term pressures, the long-term outlook remains positive due to ongoing multi-platform advancements and AI product commercialization, with expectations of a performance turnaround as mobile product engagement and B2B market orders increase [11][27]. Financial Forecast - The company forecasts revenues of 1.60 billion CNY, 1.81 billion CNY, and 2.10 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 11.0%, 13.3%, and 16.1% [2][27]. - The net profit attributable to shareholders is expected to recover to 61 million CNY, 129 million CNY, and 206 million CNY over the same period, with growth rates of 137.2%, 111.9%, and 59.9% [2][27]. - The report highlights the company's strong position in the domestic digital creative sector and suggests a valuation of 8X PS for 2025, leading to a fair value estimate of 66.13 CNY per share [27].

证券代码：300624 证券简称：万兴科技 公告编号：2025-024 万兴科技集团股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持 股情况的公告 | 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 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》。 具体内容详见刊登于巨潮资讯网（www.cninfo.com.cn)的《关于回购公司股份的 方案公告》（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，现将公司董事会公告回购股份决议的前一个交 易日（即 2025 年 4 月 25 日）登记在册的前十名股东和前十名无限售条件股东的 名称及持股数量、比例情况公告如下： 1 持有人名称 持有数量（股） 占总股本比例（%） 吴太兵 29,462,422 15.24 宿迁兴亿网络科技有限公司 22,600,500 11.69 香港中央结算有限公司 ...

Core Viewpoint - The company reported a slight decline in 2024 performance, with a net loss, but the first quarter of 2025 showed signs of stabilization in revenue growth [1][2]. Financial Performance - In 2024, the company generated revenue of 1.44 billion yuan, a year-on-year decrease of 2.8%, and reported a net loss of 163 million yuan, shifting from profit to loss [1]. - For Q4 2024, revenue was 387 million yuan, remaining flat year-on-year, with a net loss of 158 million yuan [1]. - In Q1 2025, revenue reached 380 million yuan, a year-on-year increase of 6%, but the net loss was 32 million yuan, indicating a shift from profit to loss [1]. Product Line Performance - In 2024, the core video creative product line generated revenue of 961 million yuan, remaining stable year-on-year, while other product lines saw slight declines [2]. - The company maintained high investment in sales and R&D, with a sales expense ratio of 59%, up over 10 percentage points year-on-year, and an R&D expense ratio of 30.7%, up 3 percentage points [2]. - In Q1 2025, revenue growth stabilized for core products, with mobile revenue from the video creative product "Filmora" increasing by over 100% [2]. AI Revenue Growth - In 2024, revenue from native AI applications reached approximately 67 million yuan, showing a year-on-year growth of over 100% [3]. - In Q1 2025, revenue from native AI applications was 32 million yuan, nearly half of the total for 2024 [3]. - The company expects native AI revenue to continue growing, projecting over 120 million yuan in 2025 [3]. Profit Forecast and Valuation - The company has adjusted its 2025 revenue forecast down by 12% to 1.597 billion yuan and net profit forecast down by 81% to 31 million yuan [4]. - The 2026 revenue forecast is set at 1.796 billion yuan, with a net profit forecast of 83 million yuan [4]. - The company maintains an outperform rating with a target price of 75 yuan, reflecting a 37% upside potential based on a 9x P/S ratio for 2025 [4].