Wondershare(SZ:300624) Sou Hu Cai Jing·2025-09-28 07:09Core Viewpoint - Wanxing Technology has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing, reflecting the growing interest in AI companies despite facing multiple development challenges in the market [2][15]. Group 1: Company Overview - Wanxing Technology is a global AIGC digital creative software provider, focusing on video creative products and helping users express creativity digitally [3]. - The company has developed a multimedia model for AIGC content creation, supporting three main product lines: drawing creativity, video creativity (including Filmora and SelfyzAI), and document creativity [3]. Group 2: Market Performance - The company boasts a global user base, with products available in over 200 countries and regions, and cumulative active users exceeding 2 billion [5]. - In the first half of 2025, the average monthly active users reached 68.7 million, with over 2.9 million paying users [5]. - However, the core product Filmora faces stiff competition from Adobe's Creative Cloud and ByteDance's TikTok ecosystem, leading to stagnant user growth [5][15]. Group 3: Financial Performance - Wanxing Technology's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 1.18 billion, RMB 1.48 billion, RMB 1.44 billion, and RMB 759.45 million respectively [10][13]. - The company reported a net profit of RMB 64.29 million in 2022, RMB 108 million in 2023, but losses of RMB 157 million in 2024 and RMB 54.71 million in the first half of 2025 [10][12]. - Despite a high gross margin of 92.4% in the first half of 2025, the company struggles with high marketing, management, and R&D costs, leading to a significant gap between gross and net profit [12][14]. Group 4: Competitive Landscape - The global AIGC video creative software market is projected to grow from approximately USD 800 million in 2020 to about USD 10.5 billion in 2024, with a compound annual growth rate (CAGR) of 90.3% [9]. - Wanxing Technology's sales and distribution expenses accounted for over 48% of total revenue since 2022, reaching 60.8% in the first half of 2025, indicating heavy investment in marketing to compete in the industry [14][15]. Group 5: Strategic Challenges - The company is currently in a critical strategic investment phase, with high input and slow returns, highlighting the balance challenge between commercialization and capital patience in the AI sector [15].