CS&S(SH:600536) Goldman Sachs·2025-06-12 07:19Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - The report highlights the ongoing monetization of AI applications, with software vendors beginning to charge for AI software while balancing commercialization and user expansion [2][6] - The monthly active users (MAU) of single ToC AI applications have surpassed 10 million, with a paying ratio ranging from 3% to 13% [6][13] - AI pricing strategies vary, with ToC AI tools priced between US$20 and US$200 per user annually, while ToB applications range from US$80 to US$1,000 per user per year [7][28] - The emergence of multiple AI models in China has reduced training and inferencing costs, making AI more accessible to users [2][17] Summary by Sections Monetization Progress - AI software vendors are starting to charge for their products, with the revenue contribution from AI software still low, ranging from single digits to high teens [6][19] - The number of enterprise clients for single AI software is targeted to exceed 1,000 units this year [16] Pricing Strategy - ToC AI tools are generally priced between US$20 and US$200 per user annually, while ToB applications charge between US$3,000 and US$20,000 per enterprise per year [7][28] - Vendors often provide trial periods of 7 to 30 days to attract users [7] User Cases - The report categorizes AI applications into four segments: AI creation, AI productivity, AI industry tools, and AI enterprise services [10][34] - Key user cases include AI search, video creativity, productivity tools for consumers, and enterprise applications in finance, HR, and procurement [2][10] Competitive Landscape - Companies like Kingsoft Office, Meitu, Wondershare, and iFlytek are identified as early beneficiaries of AI monetization [3][6] - The competition is intensifying as platform vendors offer general AI assistants with multiple features, challenging specialized AI application vendors [19] Future Outlook - The report suggests that software vendors view AI as a key growth driver in the coming years, with expectations for further reductions in API token fees and increased user adoption [6][19] - The focus for ToB vendors is on generating higher ROI through AI tools that can perform complex tasks independently [18]