Core Insights - The article discusses the development and support of the multimodal large model industry in China, highlighting various policies and initiatives at both national and local levels aimed at enhancing AI capabilities and applications [1][4][11]. Policy Development Timeline - In 2023, local policies began to emerge, focusing on computational power to encourage the development of large model technology and innovative application scenarios, starting with Guangdong, Beijing, and Shanghai. By 2024, more regions are expected to introduce relevant policies aimed at improving administrative efficiency [1]. - By 2025, government work reports will emphasize the ongoing promotion of the "Artificial Intelligence +" initiative, with a focus on supporting the widespread application of large models [1]. National Policy Summary - The Chinese government has implemented several measures to support the AI industry, particularly multimodal large models, which are seen as crucial products within the AI sector. The State Council has identified embodied intelligence as a future industry, promoting the integration of digital technology with manufacturing and market advantages [4][5]. - Key national policies include the "Guidelines for the Development of Artificial Intelligence Industry" and the "Three-Year Action Plan for Data Elements," which aim to enhance data utilization and promote high-quality economic development through data-driven initiatives [11][13]. Local Policy Highlights - Various provinces have introduced specific policies to support the development of AI large models. For instance, Guangdong aims to develop a comprehensive technology system for large models with trillion-parameter capabilities, while Beijing targets the creation of 3-5 advanced, controllable foundational model products by the end of 2025 [13][15]. - Local initiatives also include the establishment of intelligent computing centers and the promotion of AI applications in various sectors, such as manufacturing, healthcare, and urban governance [13][14]. Key Development Directions - The article outlines that provinces like Guangdong, Beijing, and Shanghai have set ambitious goals for the development of large models, focusing on creating a robust ecosystem for AI innovation and application [15]. - The emphasis is on fostering collaboration between government, industry, and academia to drive advancements in AI technologies and their practical applications across different sectors [15].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair showcased innovative AI products from Wankey Technology, highlighting the launch of the Wankey Miaoying Harmony version, which emphasizes user-friendly video creation through AI technology [1][3][10]. Group 1: Product Highlights - Wankey Miaoying Harmony version features dual-screen multi-touch editing, allowing users to create videos without traditional input devices, making video creation accessible to everyone [3]. - The AI video creation tool, Wankey Bobo, offers a comprehensive AIGC creation experience, integrating script writing, AI translation, and video generation with a vast library of digital personas [3][10]. - Wankey SelfyzAI provides diverse AI functionalities, including dynamic photo transformation and personalized digital avatars, enhancing user creativity [3]. Group 2: Company Overview - Wankey Technology's "Tianmu" model, the first multimedia AI model in China, utilizes 1.5 billion user behavior data and 10 billion localized high-quality audio and video data to offer nearly 100 features, including AI digital personas and video stylization [10]. - The company operates in over 200 countries and regions, with a cumulative global user base exceeding 1.5 billion, positioning itself as the "Chinese version of Adobe" [10].

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair showcases the integration of culture and technology, highlighting Hunan's cultural heritage and innovative practices [1][3][5] Group 1: Event Overview - The event runs from May 22 to May 26, featuring Hunan's exhibition themed "Huxiang Culture and Sci-tech Future" [1] - The exhibition includes various sections such as the main image area, comprehensive exhibition of cultural and technological integration, and a special area for audio-visual industries [1] Group 2: Technological Innovations - Wanxing Technology launched the Wanxing Miaoying Hongmeng version, a video editing software that offers over 20 features optimized for Huawei's HarmonyOS [1][9] - The Ma Lan Mountain Audio-Video Laboratory presented eight proprietary audio-visual technologies, including a dual-lens AI live streaming camera and a wireless sound system that enhances home audio experiences [7][9] Group 3: Cultural Exhibits - The Hunan Broadcasting System showcased a digital restoration of cultural relics, integrating technology with storytelling to present the history behind artifacts [3][5] - Interactive digital display cabinets developed by Hunan Museum and Hongrui Cultural Heritage Group allow visitors to engage with artifacts, providing historical context and narratives [5] Group 4: Future Prospects - The Ma Lan Mountain Micro Short Drama Intelligent Translation Center aims to produce over 10,000 high-quality translated micro short dramas by 2025, utilizing advanced AI translation tools [9]

Group 1 - The Sora (Wensheng Video) concept increased by 0.31%, ranking third in the concept sector, with 11 stocks rising, including Kunlun Wanwei which hit a 20% limit up [1][2] - The leading gainers in the Sora concept include Lingyun Guang with a 5.74% increase, Yinsai Group with a 4.95% increase, and Wanxing Technology with a 2.90% increase [1][2] - The main losers in the sector were Aorui De, *ST Tianze, and Jishi Media, which fell by 2.75%, 2.73%, and 2.65% respectively [1][2] Group 2 - The Sora concept saw a net inflow of 1.348 billion yuan, with 13 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2][3] - Kunlun Wanwei led the net inflow with 1.278 billion yuan, followed by Lingyun Guang, Yinsai Group, and Jiecheng Shares with net inflows of 65.303 million yuan, 46.0198 million yuan, and 38.3301 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Kunlun Wanwei, Zhidema, and Jiecheng Shares had the highest ratios at 23.76%, 12.77%, and 10.63% respectively [3] - The trading volume and turnover rates for the leading stocks in the Sora concept were significant, with Kunlun Wanwei having a turnover rate of 12.32% and a daily increase of 20.01% [3]

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]

转自：前瞻产业研究院 行业主要上市公司：阿里巴巴(09988.HK，BABA.US);百度(09888.HK，BIDU.US);腾讯(00700.HK， TCEHY);科大讯飞(002230.SZ);万兴科技(300624.SZ);三六零(601360.SH);昆仑万维(300418.SZ);云从科技 (688327.SH);拓尔思(300229.SZ)等 本文核心数据：场景结构比重; 多模态大模型应用场景结构 赛迪四川研究发现，从多模态大模型的应用场景来看，相较语言大模型赋能行业，多模态大模型更加偏 重落地场景，商业变现路径更加清晰。多模态大模型企业20强中，应用场景可划分为11类，成熟度相对 较高且最受关注的前5个场景分别为数字人、游戏、广告商拍、社交媒体和智能营销。 多模态大模型让数字人呈现更逼真 多模态技术为数字人提供了强大的核心能力，包括语言生成、语音合成、视觉呈现和跨模态协同。通过 自然语言处理(NLP)技术，数字人能够准确理解语义并生成流畅自然的语言回复;利用语音合成技术，数 字人具备生动的语音表达能力，并支持多语言和语调调节;在视觉呈现方面，基于图像和视频生成技 术，数字人能够展现逼真的面部表 ...

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 ...

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