Core Insights - Wanjing Technology has launched an upgraded version of its AI video conversion and quality enhancement tool, Wanjing Youzhuan 2026, which integrates new AI algorithms to optimize video format conversion, quality enhancement, intelligent compression, and recording [1][2] - The company is recognized as a leading player in the digital creative software sector in China, with a wide product range and significant revenue, often referred to as the "Chinese version of Adobe" [1] - Wanjing Technology is accelerating its large model technology layout, having released the Wanjing Tianmu multimedia large model 2.0, which ranks in the top 4 domestically on the SuperCLUE global leaderboard [1] Company Overview - Wanjing Technology operates in over 200 countries and regions, with flagship products including Wanjing Miaoying, Wanjing Naotu, Wanjing Tushi, and Wondershare Selfyz AI [1] - The upgraded Wanjing Youzhuan 2026 aims to lower the barriers for professional video processing, representing an innovative application of cutting-edge AI technology in the audio and video processing field [2] - The AIGC creative tools, exemplified by Wanjing Youzhuan, are expected to empower a broader range of creators and drive the digital creative industry into a more efficient and intelligent new phase [2]

Core Viewpoint - The company, Wanxing Technology, emphasizes a multi-end product strategy focusing on video, graphics, documents, and tools, aiming to enhance mobile and AI capabilities while addressing specific market needs [2] Group 1: Product Strategy - The company is advancing a multi-end matrix product strategy that includes video, graphics, documents, and tools [2] - There is a strong focus on mobile and AI integration across all product lines to capture essential market opportunities [2] Group 2: AI Product Development - Wanxing Technology is continuously incubating new AI products to strengthen product quality and establish a stable competitive landscape [2] - The Wanxing Tianmu large model has achieved significant technical performance breakthroughs and deep optimizations for specific scenarios [2] Group 3: Competitive Advantages - The ToMoviee2.0 model ranks in the global top 3 on the VBench-2.0 comprehensive score for text-to-video models, achieving first place in camera motion and motion rationality metrics [2] - The company collaborates with major media and exhibition partners to implement AI creative practice cases, gaining widespread recognition from creators and industry insiders [2] - The competitive edge of the Tianmu large model is also attributed to its cost-performance ratio, enhanced through strategic cooperation with Huawei [2]

（文章来源：证券日报） 证券日报网12月17日讯万兴科技在12月16日回答调研者提问时表示，当前，全球AIAgent与多模态生成 技术加速演进，AIGC产业场景化落地不断深化，公司紧抓时代机遇，坚定全面拥抱AIGC，推进AI原生 应用孵化与移动化布局，驱动创新业务增长引擎。2025上半年，公司营业收入同比增长7.77%，2025第 三季度营业收入同比增长9.99%，收入增长逐季加速。公司持续推进多端产品协同发展，扩张产品移动 化阵地。以我们的视频创意产品万兴喵影/Filmora移动端产品为例，其在今年亮相2025谷歌开发者大 会，作为唯一受邀现场展示的视频剪辑产品呈现了"AI一键成片"创作能力，并获得GooglePlay应用商店 全球首页首屏推荐，入选多国精选应用，产品全球影响力持续扩大。与此同时，公司也高度重视内部经 营管理的提质增效。公司广泛引入AI代码、AI客服、AI面试等多元化AI工具提效，并加强营销精细化 管理，注重引流转化效率，加大官媒与社交媒体矩阵运营力度，2025第三季度销售费用率环比下降5.6 个百分点。公司收入90%以上来自海外，未来也将继续坚持全球理念，推进全球化、多元化、本土化营 销升 ...

Core Viewpoint - The company has been continuously upgrading its AI functionalities while also incubating AI-native applications, leading to a significant increase in AI server usage and costs, but maintaining a high gross margin. Group 1: AI Server Usage - In 2024, the company's AI server usage is expected to exceed 500 million calls, and by the first half of 2025, it has already surpassed 500 million calls, representing a year-on-year growth of over 200% [2] - By the first three quarters of 2025, the AI server usage is projected to exceed 800 million calls, indicating a sustained increase in user willingness to utilize AI features [2] Group 2: Financial Performance - Despite the increase in AI server costs, the company's overall gross margin remains stable at over 90%, with a gross margin level of over 92% maintained in the first three quarters of 2025 [2] - The development of self-researched models is expected to further support the AI functionalities of the products, which will help in reducing operating costs [2]

Core Insights - The "2025 China Sci-Tech Enterprises High-Quality Development Conference" was held in Xiong'an New Area, where the "2025 China Sci-Tech Enterprises Innovation Power TOP500 Development Report" and the corresponding list were officially released, highlighting the innovative performance of companies like Wondershare Technology in the digital creative software and AIGC fields [1][2]. Group 1: Company Recognition - Wondershare Technology was successfully included in the TOP500 list, alongside major AI companies such as Huawei, Tencent, and Baidu, indicating its recognition as a leader in the new generation of information technology [1][2]. - The TOP500 list was compiled by the China Enterprise Evaluation Association based on a comprehensive evaluation model focusing on "industry leadership, original innovation, intellectual property protection, value realization, financial performance, brand influence, and capital activity" [2]. Group 2: Industry Trends - The AI industry in China is projected to reach a scale of 17.3 trillion yuan by 2035, accounting for 30.6% of the global market, showcasing unprecedented vitality [3]. - Wondershare Technology is maintaining high-intensity investments in the AIGC field, focusing on technological innovation, product innovation, and talent acquisition [3]. Group 3: Technological and Product Innovations - In June, Wondershare released the Wondershare Tianmu Multimedia Model 2.0, which boasts a 90% performance improvement over its predecessor, excelling in professional-level shooting and audio effects generation [3]. - The company has launched several AI-enhanced creative products, including the Wondershare Filmora 2026, which offers a one-stop experience for video creation, and the Wondershare PDF V12, which enhances document processing efficiency with new AI features [4]. Group 4: Talent Acquisition - Wondershare has been recognized as an AI recruitment pioneer and is actively recruiting for the 2026 class, targeting top universities and offering competitive salaries, with average annual salaries for graduates reaching 500,000 yuan and up to 1 million yuan for R&D talents [4]. Group 5: Global Presence and Future Outlook - As a leading A-share listed company in the digital creative software sector, Wondershare has a global presence in over 200 countries and regions, with over 2 billion active users, earning the title of "Chinese version of Adobe" [5]. - The company aims to deepen its technological research and product innovation in the AIGC field, collaborating with global partners to build a new intelligent creative ecosystem and support the high-quality, sustainable development of China's AI industry [5].

Core Insights - The "2025 China Sci-Tech Enterprises High-Quality Development Conference" was held in Xiong'an New Area, where the "2025 China Sci-Tech Enterprises Innovation Power TOP500 Development Report" and the corresponding list were officially released, highlighting the innovative performance of companies like Wondershare Technology in the digital creative software and AIGC fields [1][2] Group 1: Company Recognition - Wondershare Technology was successfully included in the TOP500 list, alongside major AI companies such as Huawei, Tencent, and Baidu, indicating its recognition as a leader in the new generation of information technology [1][2] - The TOP500 list was compiled by the China Enterprise Evaluation Association based on a comprehensive evaluation model focusing on "industry leadership, original innovation, intellectual property protection, value realization, financial performance, brand influence, and capital activity" [2] Group 2: Industry Trends - The AI industry in China is projected to reach a scale of 17.3 trillion yuan by 2035, accounting for 30.6% of the global market, showcasing unprecedented vitality [3] - Wondershare Technology is maintaining high-intensity investments in the AIGC field, focusing on technological innovation, product innovation, and talent acquisition [3] Group 3: Technological and Product Innovations - In June, Wondershare released the Wondershare Tianmu Multimedia Model 2.0, which boasts a 90% performance improvement over its predecessor, with notable advancements in professional-level shooting and audio effects [3] - The company has launched several AI-enhanced products, including the Wondershare Filmora 2026, which offers a one-stop experience for video creation, and the Wondershare PDF V12, which features new AI functionalities to enhance document processing efficiency [4] Group 4: Talent Acquisition - Wondershare Technology has been recognized as an AI recruitment pioneer and is actively recruiting for the 2026 class, targeting top universities and offering competitive salaries, with average annual salaries for graduates reaching 500,000 yuan and up to 1 million yuan for R&D talents [4] Group 5: Global Presence and Future Plans - As a leading A-share listed company in the digital creative software sector, Wondershare has a global presence in over 200 countries and regions, with more than 2 billion active users, earning the title of "China's version of Adobe" [5] - The company aims to deepen its technological research and product innovation in the AIGC field, collaborating with global partners to build a new intelligent creative ecosystem and support the sustainable development of China's AI industry [5]

Group 1: Company Overview and Strategy - The company adopts a multi-end matrix product strategy, focusing on video, drawing, documentation, and tools, while promoting mobile and AI integration across all product lines [2] - The competitive advantage of the company's AI model, Wanxing Tianmu, is highlighted by its performance in global evaluations, ranking in the top 3 for comprehensive scores and achieving first place in key metrics [2][3] - The company has implemented a "dual-model drive" strategy, balancing self-developed models with high-quality third-party models to meet diverse application needs [3] Group 2: Financial Performance - In the first half of 2025, the company's revenue increased by 7.77%, with a 9.99% growth in the third quarter, indicating accelerating revenue growth [3] - The AI server call volume exceeded 500 million times in 2024, and over 800 million times in the first three quarters of 2025, reflecting a significant increase in user engagement [4] - Despite rising AI server costs, the company's gross margin remains stable above 90%, with a reported gross margin of over 92% in the first three quarters of 2025 [4] Group 3: Product Development and Market Position - The company's video editing product, Wanxing Miaoying/Filmora, was showcased at the 2025 Google Developer Conference, highlighting its "AI one-click video creation" capability and receiving global recognition [3] - The company emphasizes the importance of internal management efficiency, utilizing various AI tools to enhance productivity and reduce sales expense ratios by 5.6 percentage points in the third quarter of 2025 [3] - Over 90% of the company's revenue is derived from overseas markets, with a commitment to global, diversified, and localized marketing strategies [3]

Core Viewpoint - The recent "2025 Zhitong Finance Listed Company Value Leading Conference and the Sixth Elite Secretary Night" highlighted the recognition of Wanxing Technology's Secretary Liu Jianghua as the "Best Value Management Secretary," reflecting the company's excellence in capital communication and investor relations management [1][4]. Group 1: Company Overview - Wanxing Technology, established in 2003 and listed on the Shenzhen Stock Exchange in 2018, is a leading player in China's digital creative software sector, with a product reach across over 200 countries and regions, and a cumulative user base exceeding 2 billion [3][4]. - The company has developed several flagship products, including Wanxing Miaoying, Wanxing MindMaster, and Wondershare SelfyzAI, earning the title of "Chinese version of Adobe" [3]. Group 2: Governance and Investor Relations - The company has implemented a systematic and professional approach to information disclosure, investor communication, and value management, adhering to regulatory requirements and enhancing its internal control and corporate governance [4]. - Since 2025, Wanxing Technology has hosted over 100 domestic and international institutional research meetings and has received multiple awards for its governance and investor relations efforts [4]. Group 3: Technological Advancements - Wanxing Technology is advancing its capabilities in the AI sector, having launched the Wanxing Tianmu multimedia model 2.0, which ranks among the top four in the SuperCLUE global leaderboard, surpassing OpenAI Sora in comprehensive scoring [4]. - The company has established collaborations with global tech giants like Microsoft, Huawei, and NVIDIA, as well as partnerships with Universal Music and Dolby Laboratories to build a cutting-edge AI application ecosystem [5]. Group 4: Financial Performance - In the first half of 2025, Wanxing Technology reported a revenue of 760 million yuan, marking a year-on-year increase of 7.77%, with AI server calls exceeding 500 million, reflecting a growth of over 200% [5]. - The revenue from AI-native applications surpassed 60 million yuan, with both paid user numbers and revenue achieving over 200% growth, indicating strong operational resilience and growth momentum [5].

Core Insights - Wankey Technology has been recognized in the "2025 China AI Annual Enterprises" list for its exploration of AI, product integration, and global market performance [1] - The evaluation focused on comprehensive strength, investment value, and development potential, selecting 10 representative pioneering companies [1] Group 1: Technological Innovation - In June, Wankey Technology established the "AI Video Large Model Laboratory" in collaboration with Huawei Cloud and released the Wankey Tianmu Audio-Video Multimedia Model 2.0, which shows an average performance improvement of about 90% compared to version 1.0 [1] - The new model excels in professional-level camera operation, three-dimensional sound effect generation, and intelligent frame transition [1] Group 2: Application and Product Development - Wankey Technology has enhanced its AI capabilities across its video, document, and drawing software product matrix [1] - The newly launched video creative product, Wankey Miaoying 2026, offers a one-stop experience from AI material generation to fine editing, significantly lowering the barriers for professional video creation [1] Group 3: Global Reach and User Base - Wankey Technology's products are available in over 200 countries and regions, with a cumulative active user base exceeding 2 billion, earning it the title of "Chinese version of Adobe" [2]

2023年6月20日，万兴科技盘中达到历史高点172.20元。 财通证券（601108）股份有限公司研究员杨烨2023年6月20日发布研报《万兴科技：定增全面拥抱AIGC 加速多模态、大模型之路》称，维持万兴科技"增持"评级。 中国经济网北京12月15日讯万兴科技（300624）(300624.SZ)今日收报66.68元，跌幅3.54%。 ...