Group 1: Core Insights - The market may still underestimate the leadership of AI creativity, as highlighted by the successful IPO of Figma, which reached a market valuation of $56.3 billion, making it the highest-valued software IPO since 2021 [3][4] - The report emphasizes that Wanjing Technology has made significant strides in AI collaboration, with its subsidiary focusing on integrated solutions in the AI collaboration space, launching several creative design software products [4][5] Group 2: Company Performance - Wanjing Technology's revenue for 2024 is projected to be 1.44 billion yuan, with AI-native application revenue approximately 67 million yuan, reflecting a year-on-year doubling in growth [5][6] - The company has seen a more than 20% increase in paid users for video creativity, with its Filmora V14 upgrade introducing numerous innovative features [5] - The AI marketing short video creation tool, Virbo, has experienced a revenue increase of about 2 times, indicating the growing commercial potential of AI products [6][7] Group 3: Product Development - The launch of Wanjing Tianmu Multimedia Model 2.0 has resulted in an average performance improvement of 90% compared to its predecessor, enhancing capabilities in video and audio generation [8] - Wanjing Technology's product line in digital creative software is comprehensive, with a user base exceeding 1.5 billion globally, covering over 200 countries and regions [8] Group 4: Financial Projections - Revenue forecasts for Wanjing Technology are set at 1.672 billion yuan, 1.999 billion yuan, and 2.448 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 90 million yuan, 148 million yuan, and 240 million yuan [9]

Group 1 - Figma, a creative design software company, went public on July 31, with an initial share price of $33 and a first-day closing price of $115.5, representing a 250% increase [1] - Pixso, known as the "Chinese version of Figma," has gained significant market attention due to Figma's successful IPO [1] - Wanxing Technology holds nearly 15% equity in Pixso's parent company, Bosiyun, which was incubated internally by Wanxing Technology [1] Group 2 - Bosiyun, established in 2021, focuses on AI collaborative office solutions and has raised nearly 100 million yuan in Pre-A round financing in 2022, led by CICC [1] - Bosiyun's product lineup includes Pixso, an integrated product design tool, boardmix, an online collaboration whiteboard, and Boshi AI PPT [1] - Wanxing Technology has also launched an online collaboration whiteboard product, Wanxing Huaban, which integrates various creative expression tools for smart office capabilities [2] - Wanxing Technology holds a 22% stake in Beijing Modao Keshishi, which offers the Modao tool, a new generation of prototype design and collaboration tool enhanced by AI [2]

Group 1 - Figma officially listed on the New York Stock Exchange on July 31, with an initial price of $33 per share, closing at $115.5, a 250% increase, and a market capitalization exceeding $56.3 billion, highlighting the focus on AI design collaboration in the tech IPO landscape for 2025 [1] - Wanxing Technology, a leading digital creative software company in China, holds nearly 15% equity in Bosiyun Chuang, the company behind "Chinese version of Figma," Pixso, establishing a deep collaboration through "technology empowerment + resource support" [1][2] - Bosiyun Chuang, founded in 2021, has received nearly 100 million yuan in Pre-A round financing and subsequent A round financing, focusing on the AI collaborative office sector with products like Pixso and boardmix [1][2] Group 2 - Pixso is the first integrated design collaboration platform in China, comparable to Figma, and offers comprehensive product design delivery capabilities, rapidly gaining attention after Figma ceased supply to Chinese enterprises in 2022 [2] - Wanxing Technology also launched the online collaboration whiteboard product, Wanxing Huaban, which integrates various creative expression tools for brainstorming and project planning [2] - Wanxing Technology is one of the most globalized companies in the digital creative software sector in China, with operations in over 200 countries and regions, and a cumulative user base exceeding 1.5 billion [3]