Wondershare(SZ:300624) Zheng Quan Ri Bao·2025-12-18 08:14Core 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]