Wondershare(300624) Goldman Sachs·2025-05-28 05:45Investment Rating - The report does not provide a specific investment rating for Wondershare (300624.SZ) as it is categorized as "Not Covered" [1]. Core Insights - The management of Wondershare has a positive outlook on user base stickiness and revenue growth from entertainment applications, indicating strong user willingness to pay [7][8]. - The company is focusing on enhancing its AI-Native applications and AI agent capabilities, with plans to upgrade AI algorithms based on user acceptance [1][8]. Summary by Relevant Sections User Base and Revenue Growth - Wondershare's user base is primarily supported by professional users, showing high stickiness and an upward trend in renewal rates, reflecting strong willingness to pay [7]. - Revenue from entertainment products like SelfyzAI and Media.io studio has been increasing rapidly over the past year, alongside efforts to attract new users [7]. AI-Native Applications and Market Outlook - There is strong user interest in AI-Native applications such as SelfyzAI, and the company plans to enhance awareness of its entertainment products [8]. - A prototype AI agent has been applied to Filmora, with ongoing development to meet commercial standards [8]. Company Profile - Wondershare specializes in multimedia, data recovery, and PDF solutions, actively integrating AI technologies into its flagship products [3]. - The company is investing in R&D for video and audio algorithms to enhance its AI software functions and is collaborating with external foundation models [3].