Core Viewpoint - The decline in DeepSeek's user data has cast a shadow over the prospects of domestic AI, but there is no need for excessive pessimism regarding the future of domestic AI [1][2] Group 1: DeepSeek's Performance - DeepSeek's average monthly downloads dropped from 81.13 million in Q1 to 22.59 million, a decrease of 72.2% [1] - The usage rate of DeepSeek fell from a high of 7.5% at the beginning of the year to 3% [1] - The decline in user data is attributed to the delayed release of the updated version R2 and the high hallucination rate of DeepSeek, which has deterred many users [1] Group 2: Broader Industry Context - Despite DeepSeek's challenges, other domestic internet giants and unicorns are actively investing in AI research and development, with models like Qwen, Wenxin, Quark, and Kimi maintaining strong global rankings [2] - China's advantages in the AI race include a large-scale market and diverse application scenarios, providing ample user behavior data and market demand [3] Group 3: Industry Challenges and Future Directions - The decline in DeepSeek's traffic raises industry-wide questions about maintaining technological leadership and achieving sustainable development through business models [3] - The future of the AI industry will depend on building an open, collaborative, and sustainable ecosystem rather than merely competing on model parameters [3][4] - Policymakers should allow multiple technological routes to develop simultaneously and recognize the value of real-world data generated from various sectors [4] Group 4: Importance of Innovation and Value Creation - The key to success lies in transforming technology into scene value, commercial value, and social value, which may signal the beginning of a "second growth curve" for China's AI [5]

Core Insights - The article emphasizes the transformative impact of AI technology on traditional industry chains, shifting competition towards a model of "technology foundation + ecological collaboration" in the digital economy [1] - Companies are increasingly required to build open, collaborative, and sustainable ecosystems to gain a competitive edge in the AI era [1] Company Overview - YS Digital (银盛数惠, 3773.HK) is a leading provider of digital rights solutions and services in China, offering a comprehensive range of products including points redemption, discounts, vouchers, and membership rights [1] - The company has established a full-spectrum product and service matrix covering eight categories of digital rights, enhancing consumer experiences across various consumption scenarios [1] Strategic Initiatives - YS Digital is leveraging digital intelligence to accelerate the construction of a digital system platform ecosystem, focusing on the entire lifecycle management of digital rights products [2] - The company has developed a self-researched digital rights trading platform and a smart marketing system to efficiently link upstream and downstream players, fostering a mutually beneficial ecosystem [2] Marketplace Development - The company launched the "Jucai Mall" (数惠聚采商城) to address procurement inefficiencies for enterprise clients, providing an integrated solution that covers supply, mall setup, product management, transaction processing, and daily operations [2][3] - The marketplace adopts a model similar to "Alibaba 1688," allowing upstream merchants and buyers to participate directly, enhancing procurement efficiency and reducing operational costs [3] Technological Advancements - YS Digital is developing the "Shuhui Master" smart middle platform to create an intelligent management system covering the entire supply chain, enabling real-time order processing, inventory management, and transaction monitoring [3] - The platform enhances procurement efficiency through standardized and automated processes, ensuring secure and efficient fund flow [3] Future Directions - The company plans to continue focusing on platform ecosystem development, utilizing technology empowerment and model upgrades to create a new intelligent industrial ecosystem [4] - Future initiatives include expanding value-added services around the digital rights ecosystem and exploring supply chain finance and data services to provide professional insights and analysis for better decision-making [4]