Core Viewpoint - The Chinese AI agent industry has established a "SaaS-MaaS-RaaS" tripartite business model, driven by technology, policy, and ecosystem factors, accelerating the commercialization of a trillion-level market through regional differentiated competition [1]. Business Model Summary - The AI agent industry in China can be categorized into three main models based on service form, deployment method, and application scenario: - SaaS Model: Dominates the market with a 30% share, driven by the demand for standardized intelligent tools. It operates on a subscription basis, focusing on efficiency improvement through basic subscription fees and value-added services [3][12]. - MaaS Model: Fastest growth at 15%, reflecting the acceleration of model-as-a-service commercialization. It relies on computational power and model innovation for customer acquisition, with significant cost advantages, such as SenseTime's model inference cost being 60% lower than the industry average [3][8]. - RaaS Model: Accounts for 12% of the market, focusing on human-machine collaborative automation in sectors like manufacturing and finance, with notable improvements in operational efficiency [3][8]. Market Dynamics - The AI agent industry is experiencing a competitive race among innovation parks, with Shanghai's Xuhui District housing over 1,000 companies and offering substantial computational subsidies. SenseTime's generative AI revenue reached 2.4 billion yuan in 2024, constituting 63.7% of its total revenue [4]. - The industry is supported by policy initiatives, such as the Ministry of Industry and Information Technology promoting "AI + manufacturing" actions and various cities providing computational vouchers and project subsidies to foster ecosystem development [7][8]. Financial Metrics - SaaS Model: Average gross margin of 60%-80%, customer retention rate of 75%-90%, and annual customer spending between 50,000 to 500,000 yuan [11][12]. - MaaS Model: Average gross margin of 40%-60%, customer retention rate of 60%-75%, and annual customer spending between 100,000 to 2 million yuan [11][12]. - RaaS Model: Average gross margin of 30%-50%, customer retention rate of 50%-65%, and annual customer spending between 200,000 to 1 million yuan [11][12].