花旗：Questmobile专家-中国AI应用数据更新

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [2]. Core Insights - The aggregate Monthly Active Users (MAU) for AI Generated Content (AIGC) apps in China reached 248 million in February 2025, driven by the growth of DeepSeek and Tencent's Yuanbao, achieving a 20% user penetration rate in just 23 months, faster than short videos which took 30 months [1][3] - Post DeepSeek, there has been a notable change in user demographics, with an increase in female, younger, and older users engaging with AIGC apps [1][4] - Users spend approximately 9 minutes daily on AIGC apps, with DeepSeek's Daily Active Users (DAU) stabilizing around 45 million after peaking at 53 million [1][3] Summary by Sections User Growth and Engagement - AIGC apps in China have seen significant growth, with MAU increasing from 148 million in January 2025 to 245 million in February 2025, compared to 37 million in February 2024 and 8 million in May 2023 [3][4] - DeepSeek achieved the fastest DAU growth in the history of China Internet, reaching 50 million DAU in just 42 days [3] - The total time spent on AIGC apps reached 464 million hours in February 2025, an increase of 8 times year-over-year and 66% month-over-month [3] User Demographics - In February 2025, 61% of AIGC app users were male, while female users increased by 128% from December 2024 [3][4] - The user base has broadened significantly, with users under 30 growing by 108% and users over 40 growing by 238% [4] User Behavior - Users spend an average of 8.5 minutes per day on DeepSeek, with 63% of users spending between 1-10 minutes daily [7] - Despite the introduction of alternative channels for accessing DeepSeek's model, its DAU remains resilient around 45 million [7]