Investment Rating - The report assigns a neutral rating to the company, down from a previous buy rating [3][7][14]. Core Insights - The company is well-positioned to benefit from the growth trend in the AIGC industry, with 67% of its 2024 revenue coming from video creative products, primarily AI-enabled Filmora and Virbo [3][14]. - Revenue is expected to recover in 2025 with a projected year-on-year growth of 15%, following a decline of 3% in 2024 due to a strategic shift from PC to mobile [4][12]. - The company has launched an upgraded AI video model, Tianmu 2.0, which enhances video quality and production efficiency, further solidifying its position in the content generation sector [5][12]. Revenue and Profitability Outlook - The company anticipates a return to revenue growth in 2025, driven by new application launches and user growth, despite high marketing expenses expected to remain at 53% [4][12]. - The net profit margin is projected to turn positive at 3.7% in 2025, benefiting from operational leverage and improved efficiency from AI integration [13][14]. Valuation and Financial Metrics - The target price has been adjusted from RMB 72.00 to RMB 70.00, reflecting a new DCF valuation that corresponds to a 7.8x EV/Sales for 2025E [6][34]. - The company's current stock price of RMB 68.47 implies a valuation slightly above its historical average of 7.1x EV/Sales [6][36]. - Revenue forecasts for 2025-2027 have been reduced by 7-15%, primarily due to the weak revenue performance in 2024 [6][32]. Market Position and Competitive Landscape - The company faces increasing competition from emerging AI-native startups and established players like CapCut, which may limit its short-term profit upside [14][12]. - The report highlights the importance of maintaining a competitive edge through continuous product upgrades and effective marketing strategies to attract a broader consumer base [4][14].

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Group 1 - The core message emphasizes the importance of continuous learning, collaboration, and the willingness to take risks, particularly in the context of AI [1] - Wanhang Technology has initiated its 2025 campus recruitment with attractive salary packages, starting from 300,000 yuan for general positions and 500,000 yuan for doctoral roles, along with benefits like free accommodation for the first year [1] - The recruitment strategy aims to attract talent to Changsha by combining high salaries from first-tier cities with the lower living costs of new first-tier cities, supporting the company's global operational headquarters and creative software R&D center [1] Group 2 - Wanhang Technology's chairman expressed confidence in Changsha as a launching point for the company's growth, highlighting the completion of the Wanhang Creative Technology Building and the ongoing construction of the Wanhang Technology (Changsha) Creative Science Park, which will accommodate nearly 10,000 employees [2] - The company is expanding its recruitment for the 2026 cohort, offering positions across various fields with potential first-year salaries reaching up to 1 million yuan and daily wages for interns up to 1,000 yuan [2] - Wanhang Technology provides ample resources and a clear growth path for new hires, with a structured talent development system to accelerate the career advancement of young professionals [3]

Market Performance - As of July 9, the Sora (Wensheng Video) concept increased by 0.89%, ranking 9th among concept sectors, with 21 stocks rising, including Danghong Technology, Fengyuzhu, and Kaipuyun, which rose by 4.25%, 4.04%, and 3.83% respectively [1] - The top-performing concept sectors included Childcare Services (+1.82%), Short Drama Games (+1.25%), and Trust Concepts (+1.22%), while the worst performers included China Shipbuilding System (-2.12%) and PVDF Concept (-1.65%) [1] Capital Flow - The Sora concept sector saw a net inflow of 99 million yuan, with 17 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow, led by Kunlun Wanwei with a net inflow of 165 million yuan [1] - The top stocks by net inflow ratio included Kunlun Wanwei (9.36%), Lingyun Technology (8.77%), and Easy Point Technology (8.34%) [2] Stock Performance - Kunlun Wanwei, Easy Point Technology, and Wanxing Technology had daily increases of 2.03%, 3.02%, and 3.50% respectively, with turnover rates of 4.16%, 9.42%, and 12.66% [2] - Stocks with significant declines included Huichang Communications (-2.39%), Annuoqi (-1.45%), and Qunxing Toys (-0.92%) [3]

Core Viewpoint - The event hosted by Wanjing Technology and Dongfang Caifu Securities highlighted the company's strategic positioning and innovations in the AIGC era, attracting significant investor interest [1][3]. Group 1: Company Strategy and Innovations - Wanjing Technology is focusing on the transition from PGC, UGC, AIGC to AI Agents, aiming to democratize content creation and enhance user engagement through innovative AI tools [3]. - The company has established a strategic partnership with Huawei Cloud and launched the Wanjing Tianmu Multimedia Model 2.0, which shows a 90% performance improvement over version 1.0, offering differentiated advantages in various creative aspects [3][5]. - Wanjing Technology is expanding its product ecosystem with a layered product matrix and has opened public testing for its Tianmu Creation Square, targeting both individual creators and enterprise users [3][5]. Group 2: Global Expansion and Market Position - The company is actively expanding its global footprint with subsidiaries in North America, Japan, and South Korea, focusing on multilingual and multicultural talent acquisition to penetrate non-English markets [5]. - Wanjing Technology's business model primarily revolves around online software sales, which mitigates risks associated with geopolitical tensions [5]. - The company has a user base exceeding 1.5 billion across over 200 countries, positioning itself as a leading player in the digital creative software sector, often referred to as the "Chinese version of Adobe" [6]. Group 3: Talent Acquisition and Future Plans - Wanjing Technology has initiated a recruitment plan targeting 2026 graduates, offering competitive salaries and a pathway for internships to transition into full-time roles [6]. - The company plans to enhance its AI application development and marketing efforts in 2024, aiming to increase social media exposure and brand influence globally [5][6]. - Management emphasizes ongoing cost control and operational efficiency improvements to deliver better results for investors [5].

万兴科技集团股份有限公司 （四）公司实施本次员工持股计划有利于建立、健全激励约束机制，充分调 动公司骨干人员的积极性和创造性，促进公司持续、健康发展，不存在损害公司 及全体股东利益的情形，亦不存在以摊派、强行分配等方式强制员工参与本次员 工持股计划的情形。 董事会薪酬与考核委员会关于 2025 年第二期员工持股计划有关 事项的核查意见 综上，董事会薪酬与考核委员会认为，公司实施本次员工持股计划符合公司 长远发展的需要，不存在损害公司及全体股东利益的情形。 万兴科技集团股份有限公司（以下简称"公司"）全体薪酬与考核委员会委 员在认真审阅第五届薪酬与考核委员会第三次会议相关会议资料的基础上，经充 分、全面的讨论与分析，依据相关规定，就公司 2025 年第二期员工持股计划相 关事项发表核查意见如下： 万兴科技集团股份有限公司 董事会薪酬与考核委员会 （一）公司不存在《关于上市公司实施员工持股计划试点的指导意见》等法 律、法规规定的禁止实施员工持股计划的情形，公司具备实施本次员工持股计划 的主体资格。 （二）本次员工持股计划在公告前，已通过召开职工代表大会充分征求员工 意见，本次员工持股计划的制定及其内容符合《关于上 ...

Group 1 - The company held its fifth board meeting on July 4, 2025, in Shenzhen, with all five directors present, and the meeting complied with legal and regulatory requirements [1][2] - The board unanimously approved the draft of the 2025 Second Employee Stock Ownership Plan to enhance the benefit-sharing mechanism among the company, shareholders, and employees [1][2] - The proposal for the employee stock ownership plan was discussed and approved after soliciting employee opinions through a representative assembly [2][3] Group 2 - The board proposed to authorize the board to handle matters related to the employee stock ownership plan, including establishment, changes, and termination [3][4] - The authorization includes signing contracts and agreements related to the employee stock ownership plan and making necessary adjustments based on policy changes [4] - The board plans to hold a temporary shareholders' meeting on July 21, 2025, to review the relevant proposals [4][5]

Group 1 - The core opinion of the legal opinion letter is that Wanjing Technology Group Co., Ltd. has the qualifications to implement the 2025 second employee stock ownership plan, and the plan complies with relevant laws and regulations [9][18][22] - The employee stock ownership plan was approved by the company's board of directors on July 4, 2025, and has undergone necessary internal review procedures and information disclosure obligations [9][10][17] - The total funding for the employee stock ownership plan does not exceed 27.89 million yuan, and the plan does not involve leveraged funds or financial assistance from the company to employees [10][11][12] Group 2 - The plan's legal lock-up period for the stock held is 12 months, and the management committee can decide on the timing of stock sales after the lock-up period [11][12] - The plan allows for a maximum of 149 participants, including directors and senior management, ensuring compliance with regulations regarding participant eligibility [10][12] - The company has fulfilled the necessary legal procedures for the implementation of the employee stock ownership plan, including obtaining opinions from employees and ensuring that related shareholders abstain from voting on relevant proposals [17][18][20] Group 3 - The company has disclosed relevant information regarding the employee stock ownership plan in accordance with regulatory requirements, including announcements on the Shenzhen Stock Exchange [19][20] - The plan's management structure includes a management committee responsible for daily management and protecting the rights of plan participants [15][22] - There is no existence of concerted action relationships between the employee stock ownership plan and the company's controlling shareholders or management, ensuring compliance with acquisition regulations [22][23]

证券简称：万兴科技 证券代码：300624 万兴科技集团股份有限公司 2025 年第二期员工持股计划 （草案） 二〇二五年七月 公司及全体董事保证本员工持股计划内容不存在虚假记载、误导性陈述或者 重大遗漏，并对本员工持股计划内容的真实性、准确性、完整性承担个别和连带 的法律责任。 1 万兴科技集团股份有限公司 2025 年第二期员工持股计划（草案） 声明 万兴科技集团股份有限公司 2025 年第二期员工持股计划（草案） 风险提示 （一）本员工持股计划经公司股东会审议批准后方可实施，能否获得公司股 东会批准，存在不确定性。 （二）本员工持股计划的资金来源、股份来源、参加对象等要素均属初步结 果，能否完成实施，存在不确定性。 （三）如参加对象的认购资金不足，本员工持股计划存在不能成立或者低于 预计规模的风险。 （四）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备。 （五）公司将根据有关规定及时披露本员工持股计划进展情况，敬请广大投 资者谨慎决策，注意投资风险。 2 万兴科技集团股份有限公司 2025 年第 ...

证券简称：万兴科技 证券代码：300624 万兴科技集团股份有限公司 2025 年第二期员工持股计划 （草案）摘要 二〇二五年七月 万兴科技集团股份有限公司 2025 年第二期员工持股计划（草案）摘要 声明 公司及全体董事保证本员工持股计划内容不存在虚假记载、误导性陈述或者 重大遗漏，并对本员工持股计划内容的真实性、准确性、完整性承担个别和连带 的法律责任。 1 万兴科技集团股份有限公司 2025 年第二期员工持股计划（草案）摘要 风险提示 （一）本员工持股计划经公司股东会审议批准后方可实施，能否获得公司股 东会批准，存在不确定性。 （二）本员工持股计划的资金来源、股份来源、参加对象等要素均属初步结 果，能否完成实施，存在不确定性。 （三）本员工持股计划的参加对象包括公司董事（不含独立董事）、高级管 理人员，以及公司（含子公司）任职的管理干部（M 序列）。本员工持股计划 的参加对象均于公司（含子公司）任职，并与公司（含子公司）签署劳动/聘用 合同。本员工持股计划的参加对象共计不超过 149 人，具体人数根据实际情况而 定。 （四）本员工持股计划的资金来源为公司计提的专项激励基金，结合本员工 计划的参与人数、管 ...