Financial Performance - The company's revenue for Q1 2025 was ¥379,582,355.04, representing a 6.06% increase compared to ¥357,895,828.37 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥32,814,240.34, a decrease of 227.93% from a profit of ¥25,649,765.62 in the previous year[7]. - Basic and diluted earnings per share were both -¥0.17, down 221.43% from ¥0.14 in the same quarter last year[7]. - The net profit for the current period was a loss of ¥34,075,103.37, compared to a profit of ¥27,523,019.71 in the previous period, indicating a substantial decline[27]. - Total operating revenue for the current period reached ¥379,582,355.04, an increase from ¥357,895,828.37 in the previous period, representing a growth of approximately 6.3%[26]. - Total operating costs increased significantly to ¥417,271,356.86 from ¥331,800,783.92, marking a rise of about 25.7%[26]. - The company's cash flow from operating activities showed a significant change, reflecting the impact of increased costs and reduced profitability[27]. - The company’s cash flow from operating activities was negatively impacted by increased payments to employees, totaling CNY 205,115,537.63, slightly down from CNY 207,081,008.35 in the previous period[29]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥1,526,256,336.89, a slight increase of 0.64% from ¥1,516,485,942.87 at the end of the previous year[7]. - Total liabilities increased to ¥409,003,967.56 from ¥367,084,663.97, reflecting a rise of approximately 11.4%[24]. - The equity attributable to shareholders decreased to ¥1,096,811,632.43 from ¥1,127,699,678.97, a decline of about 2.7%[24]. - The company reported a total current asset balance of 648,713,322.09 RMB as of March 31, 2025[22]. Cash Flow - The net cash flow from operating activities was -¥57,560,147.19, a decline of 624.56% compared to -¥7,944,158.53 in Q1 2024[14]. - The net cash flow from financing activities was ¥84,277,362.39, a significant increase of 2132.10% compared to -¥4,147,295.05 in the previous year[14]. - Cash inflow from financing activities was CNY 85,003,701.78, with a significant improvement compared to a net outflow of CNY -4,147,295.05 in the previous period[30]. - The net increase in cash and cash equivalents was CNY -986,852.82, a notable improvement from CNY -25,828,402.50 in the previous period[30]. - The ending balance of cash and cash equivalents was CNY 427,027,998.10, down from CNY 481,700,925.18 in the previous period[30]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 55,736[16]. - The top shareholder, Wu Taibing, holds 15.24% of shares, totaling 29,462,422 shares[16]. Operational Highlights - Operating costs increased by 49.23% to ¥29,368,491.28, primarily due to rising AI server expenses[13]. - Sales expenses rose by 39.79% to ¥238,301,474.08, attributed to intensified market competition and increased costs for new products and channels[13]. - The company received government subsidies amounting to ¥4,930,196.74, contributing to a 128.22% increase in other income to ¥5,970,490.11[8][13]. - The company achieved over 100% year-on-year revenue growth in its mobile product segment, including Filmora and Dr.Fone[19]. - The AI marketing short video creation tool, Virbo, has been upgraded with new features, enhancing user experience[20]. - The company’s social media exposure reached over 1.2 billion in Q1, setting a new quarterly record[21]. - The company’s product Filmora was recognized as a leader in video editing software in the Asia-Pacific region by G2 for Spring 2025[21]. - The company is focusing on AI innovation, optimizing existing products, and enhancing user retention[19]. - The company has integrated external large model capabilities into its products, improving AI functionalities[19]. Research and Development - Research and development expenses for the current period were ¥105,485,583.47, slightly up from ¥103,521,599.04, indicating a focus on innovation[26].

Financial Performance - The company reported a net profit loss for 2024, primarily due to increased operating costs, R&D expenses, and sales expenses, along with goodwill impairment provisions [4]. - The company's revenue for 2024 was CNY 1,439,743,390.50, a decrease of 2.78% compared to CNY 1,480,936,048.65 in 2023 [24]. - The net profit attributable to shareholders for 2024 was CNY -163,455,868.14, representing a decline of 289.61% from CNY 86,205,745.95 in 2023 [24]. - The cash flow from operating activities for 2024 was CNY 33,319,546.12, down 85.73% from CNY 233,567,191.91 in 2023 [24]. - The total assets at the end of 2024 were CNY 1,516,485,942.87, a decrease of 9.67% from CNY 1,678,769,662.57 at the end of 2023 [24]. - The net assets attributable to shareholders at the end of 2024 were CNY 1,127,699,678.97, down 14.91% from CNY 1,325,361,221.38 at the end of 2023 [24]. - The basic earnings per share for 2024 was CNY -0.85, compared to CNY 0.46 in 2023, reflecting a decline of 284.78% [24]. - The company reported a quarterly revenue of CNY 386,878,771.88 in Q4 2024, with a significant drop in net profit attributable to shareholders of CNY -157,958,537.78 [27]. - The company’s weighted average return on equity for 2024 was -13.24%, down from 7.69% in 2023 [24]. - The company achieved a total revenue of 1.44 billion yuan during the reporting period, with a net profit attributable to shareholders of -163 million yuan, and a net profit excluding non-recurring losses of -161 million yuan [74]. Research and Development - The company is focusing on the development of AIGC algorithm models and 3D digital avatars, which require significant R&D investment and resources [6]. - The company invested 442 million yuan in R&D, with a R&D expense ratio of 30.73% [77]. - The company has a dedicated R&D team of 924 people, accounting for 54% of total employees, and holds 459 software copyrights and 159 patents [70]. - The company emphasizes product and technology innovation, continuously updating products based on user feedback to improve functionality and user experience [68]. - The company completed the development and launch of Filmora V14 desktop and mobile versions, enhancing AI functionalities and user experience [102]. - The company completed the development and launch of EdrawMax V14.0, enhancing user experience with upgraded local templates and AI capabilities [104]. Market Strategy and Expansion - The company aims to expand its market presence in emerging countries, particularly in China, to reduce reliance on a single country's revenue [7]. - The company is actively involved in the research and development of new technologies and products to enhance its market position [40]. - The company is focusing on enhancing product quality and user experience, with a steady increase in user satisfaction metrics [79]. - The company aims to leverage emerging digital creative opportunities and AIGC innovation technologies to expand its product structure [68]. - The company is focused on creating a comprehensive intelligent digital content creation tool matrix to meet diverse user needs [143]. - The company is focusing on market expansion and new technology development, particularly in AI and creative resources [133]. Risks and Challenges - The company acknowledges the uncertainties in achieving its future plans and strategies due to macroeconomic and market conditions [5]. - The company is facing risks related to talent competition, as it operates in a talent-intensive industry and must attract and retain high-quality personnel [10]. - The company is implementing measures to mitigate foreign exchange risks due to its international sales primarily in multiple currencies [9]. - The company is conducting regular impairment tests on goodwill to manage the risk of goodwill impairment affecting its financial performance [11]. Corporate Governance - The company adheres to legal requirements and continuously improves its corporate governance structure, ensuring compliance with regulations [157]. - The company ensures that all shareholders, especially minority shareholders, can fully exercise their rights during shareholder meetings through a combination of on-site and online voting [158]. - The company maintains independence from its controlling shareholder, ensuring no interference in decision-making or operational activities [159]. - The board of directors consists of 5 members, including 2 independent directors, and held 9 meetings during the reporting period [160]. - The supervisory board comprises 3 members, including 1 employee representative, and convened 7 meetings in the reporting period [161]. - The company has established and continuously improved its internal audit system, ensuring effective governance and achievement of operational goals [162]. Employee and Talent Management - The total number of employees at the end of the reporting period was 1,704, with 135 in the parent company and 1,569 in major subsidiaries [195]. - The total employee compensation for the reporting period was CNY 635 million, accounting for 41.29% of total operating costs [196]. - The number of R&D personnel at year-end was 924, representing 54.23% of total employees, with their compensation making up 59.01% of total employee compensation [196]. - The company is focused on optimizing talent structure and building a tiered elite talent team to support rapid and sustainable growth [151]. - The company conducted 1,207 internal training sessions covering 43,561 participants, with an average learning duration of 41.30 hours per person in 2024 [197]. - The employee participation rate in AI-related training reached 98.74%, with a total of 11,000 participants in external resource training activities [197]. Product and Service Innovation - The company emphasizes the importance of understanding user needs and market trends to guide its technology research and product development [6]. - The company’s video creative software integrates advanced AI technologies to meet diverse user needs for video creation across various scenarios and platforms [58]. - The company focuses on video creative software and actively promotes innovation in drawing, document, and utility software, enhancing product technology and user experience [64]. - The company will optimize user data processing and enhance user retention and conversion strategies through refined data management [149]. - The company plans to expand its product matrix and improve user experience by integrating AI capabilities into traditional workflows [147]. Financial Management and Investments - The company has made significant equity investments, although specific amounts and details were not disclosed in the provided content [120]. - The company is currently investing in the "Wangxing Technology (Changsha) Creative Science Park Phase I Project," with an investment of ¥20,253,597.33, funded by self-raised capital [122]. - The company has recognized investment income from the maturity of financial assets and liabilities during the reporting period [116]. - The company has not engaged in any securities investments during the reporting period [124]. - The company has implemented a risk management system for foreign exchange derivative transactions to mitigate market, liquidity, credit, operational, and legal risks [126]. Awards and Recognition - The company has received multiple awards, including G2's "Top 50 Best Design Products" for 2024 and 2025, and recognition as one of the "Top 30 Best Software Companies in Asia-Pacific" by G2 in 2025 [54]. - The company operates in over 200 countries and regions, with a strong focus on self-research, self-branding, and self-built channels, leading to widespread recognition and popularity among global users [55]. Leadership Changes - The company experienced a leadership change with multiple resignations and appointments, including the departure of former Vice President and CFO Sun Chun due to personal health reasons on March 27, 2024 [174]. - The company appointed new directors, including Zhang Zheng and Lin Qianhui, as part of its ongoing management adjustments [174]. - The company’s financial leadership is now under CFO Xiong Chen, who joined in September 2023, bringing experience from previous CFO roles [183].

证券代码：300624 证券简称：万兴科技 公告编号：2025-020 万兴科技集团股份有限公司 关于召开2024年度股东会的通知 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"）第四届董事会第二十四次 会议决定于2025年5月19日召开公司2024年度股东会（以下简称"本次会议"）。 公司独立董事将在本次股东会上述职。现将本次会议相关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2024年度股东会 2、股东会的召集人：公司董事会 3、会议召开的合法、合规性：第四届董事会第二十四次会议审议，决定召 开2024年度股东会，本次股东会的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 5、会议召开方式：本次股东会采用现场表决与网络投票相结合的方式召开。 （1）现场表决：股东本人出席现场股东会或通过授权委托书委托他人出席 现场会议； （ 2 ） 网 络 投 票 ： 公 司 将 通 过 深 交 所 交 易 系 统 和 互 联 网 投 票 系 统 （http://wltp.cninfo.com ...

万兴科技集团股份有限公司 第四届监事会第二十次会议决议公告 本公司及监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、监事会会议召开情况 万兴科技集团股份有限公司（以下简称"公司"）第四届监事会第二十次 会议（以下简称"监事会"）于 2025 年 4 月 15 日以通讯、邮件等方式向全体监 事发出会议通知，并于 2025 年 4 月 25 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。本次会议由翟桂芬女士主 持，应出席会议监事 3 人，实际出席监事 3 人。 本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件及《万兴科技集团股份有限公司章程》的规定。 二、监事会会议审议情况 经全体监事审议并表决，一致形成决议如下： 1、审议通过《关于公司〈2024 年年度报告〉及其摘要的议案》 证券代码：300624 证券简称：万兴科技 公告编号：2025-010 经审议，监事会认为：董事会编制和审核公司《2024 年年度报告》及其摘 要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 整 ...

证券代码：300624 证券简称：万兴科技 公告编号：2025-009 万兴科技集团股份有限公司 第四届董事会第二十四次会议决议公告 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 万兴科技集团股份有限公司（以下简称"公司"）第四届董事会第二十四次 会议（以下简称"董事会"）于 2025 年 4 月 15 日以通讯、邮件等方式向全体董 事发出会议通知，于 2025 年 4 月 22 日以通讯、邮件等方式向全体董事发出补充 会议通知，并于 2025 年 4 月 25 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。本次会议由公司董事长吴太兵先 生主持，应出席会议董事 5 人，实际出席会议董事 5 人。公司部分监事、高级管 理人员列席了会议。本次会议的召集、召开符合法律、行政法规、部门规章、规 范性文件、《万兴科技集团股份有限公司章程》和《万兴科技集团股份有限公司 董事会议事规则》的规定。 二、董事会会议审议情况 经全体董事审议并表决，一致形成决议如下： 1、审议通过《关于公司〈2024 年年 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：300624 证券简称:万兴科技 公告编号：2025-011 万兴科技集团股份有限公司 关于 2024 年度利润分配预案的公告 | 项目 | 本年度 | | 上年度 | | 上上年度 | | | --- | --- | --- | --- | --- | --- | --- | | 现金分红总额（元） | | 0 | 15,284,868.81 | | | 0 | | 回购注销总额（元） | | 0 | | 0 | | 0 | 2024 年度利润分配预案为：不派发现金红利，不送红股，不以资本公积金转 增股本，未分配利润结转以后年度。公司不触及《深圳证券交易所创业板股票上 市规则》第 9.4 条第（八）项规定可能被实施其他风险警示的相关情形。 一、审议程序 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、第四届监事会第二十次会议，均全票审议通过了 《关于公司 2024 年度利润分配预案的议案》，本议案尚需提交公司股东会审议。 二、 ...

Core Insights - The article discusses the multi-modal large model industry chain, highlighting its complexity and the various layers involved, including the foundational layer, model layer, and application layer [1][3]. Industry Overview - The multi-modal large model industry chain consists of three main layers: foundational (hardware and basic software), model (various types of multi-modal large models), and application (industry-specific large models) [1]. - Key players in the foundational layer include Intel and NVIDIA, while foundational software participants include Huawei, Tencent, and Unisoc [3]. Regional Distribution - The multi-modal large model industry is concentrated in major cities such as Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, with a strong presence of upstream companies in Beijing and Shenzhen [4]. - Upstream companies in Beijing include Cambricon, Lenovo, and Inspur, while Shenzhen hosts Unisoc, HiSilicon, and ZTE [4]. Revenue Insights - The revenue distribution in China's multi-modal large model sector shows a concentration among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for approximately 15% of its group's revenue [7]. - Huawei Cloud and Tencent Cloud follow, with revenues of 68.8 billion yuan and 63.6 billion yuan, respectively, each contributing around 5-7% to their parent companies [7]. Cost Structure - The training costs for mainstream large models in China range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over 200 million dollars [10]. - Startups like Kimi and DeepSeek manage to lower their training costs to between 30 million and 60 million dollars through technological optimization [10]. Product Cost Details - The training and cloud hosting costs for various multi-modal large models are detailed, with notable examples including: - Pangu Model (Huawei): ≥ 100 million USD - Wenxin Model (Baidu): ≥ 300 million USD - Mix Yuan Model (Tencent): ≈ 250 million USD - Xinghuo Model (iFlytek): = 80 million CNY [12].

资金面上看，今日数据安全概念板块获主力资金净流出39.43亿元，其中，122股获主力资金净流出，13 股主力资金净流出超亿元，净流出资金居首的是浙大网新，今日主力资金净流出4.64亿元，净流出资金 居前的还有中科曙光、中国长城、汉得信息等，主力资金分别净流出2.21亿元、1.93亿元、1.75亿元。 今日主力资金净流入居前的概念股有万兴科技、ST华通、海天瑞声等，主力资金分别净流入7076.44万 元、4615.66万元、2811.74万元。（数据宝） 数据安全概念资金流出榜 截至4月24日收盘，数据安全概念下跌3.07%，位居概念板块跌幅榜前列，板块内，星光股份、*ST信通 等跌停，东方通、信雅达、永信至诚等跌幅居前，股价上涨的有6只，涨幅居前的有ST证通、ST华通、 陕鼓动力等，分别上涨5.10%、2.39%、1.98%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.70 | 电子身份证 | -3.20 | | 丙烯酸 | 1.89 | 华为盘古 | -3.13 | | 天津自贸 ...

Core Insights - The global multimodal large model industry has evolved through distinct phases, from early exploration (1956-2005) to rapid growth (2006-2019), the rise of large models (2020-2022), and now into a phase of widespread application starting in 2023 [1] Market Size and Growth - The global AI hardware market, particularly for servers, is projected to grow from $19.5 billion in 2022 to $34.7 billion by 2026, with a compound annual growth rate (CAGR) of 17.3% [3][4] - The market for servers specifically used for generative AI is expected to increase its share from 11.9% in 2023 to 31.7% by 2026 [4] Computational Demand - The demand for computational power in AI is increasing, with models like ChatGPT requiring significant resources; for instance, the GPT-3 model needs 1,750 billion parameters and consumes 3,640 PF-days of computational power [5] - A tenfold increase in model parameters can lead to more than a tenfold increase in computational requirements, influenced by model architecture and hardware capabilities [5] Large Model Market Dynamics - The global large model market is experiencing rapid growth, with an estimated size of $21 billion in 2023 and a projected increase to $28 billion in 2024, reflecting a year-on-year growth of 33% [7] Competitive Landscape - According to the SuperCLUE benchmark report, GPT-4o leads the global model rankings with a score of 81, while six Chinese models have surpassed GPT-4-Turbo-0409, indicating a strong competitive presence in the market [10]

截至2025年4月3日收盘，万兴科技(300624)报收于61.41元，下跌1.55%，换手率2.17%，成交量3.71万 手，成交额2.29亿元。 当日关注点 交易信息汇总 资金流向方面，2025年4月3日，万兴科技主力资金净流出1827.36万元，占总成交额8.0%；游资资金净 流出153.31万元，占总成交额0.67%；散户资金净流入1980.67万元，占总成交额8.67%。 公司公告汇总 万兴科技集团股份有限公司发布了关于回购公司股份的进展公告。公司于2024年8月15日召开第四届董 事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，计划使用自有资金以集中竞价方式 回购公司部分A股股份，用于员工持股计划或股权激励计划。回购股份的资金总额不低于人民币2000万 元且不超过人民币4000万元，回购价格不超过人民币71.78元/股，回购期限自公司董事会审议通过回购 股份方案之日起12个月内。 截至2025年3月31日，公司累计回购股份625100股，约占公司总股本的0.32%，最高成交价为42.72元/ 股，最低成交价为37.99元/股，成交总金额为25001540.67元（不含交易费用）。公司回 ...