【深圳商报讯】（首席记者谢惠茜）近日，AIGC软件A股上市公司万兴科技接受摩根士丹利、中金公 司等49家知名机构调研。万兴科技董事长吴太兵率高管团队出席，就公司2025年上半年在产品、研发及 经营管理等方面取得的成果，向投资者与分析师进行介绍，并对未来发展战略与前景作出展望。 吴太兵指出，未来10年是AI技术与产业深度融合的黄金窗口，AI大模型是新的生产力工具，将推动创 意软件产业全面升级，由功能被动调用转向"主动协作"；Agent正推动内容创作从"素材+编辑"的手工作 坊模式，进入到"意图+生成"的自动化时代。万兴科技未来将聚焦三大方向：一是坚持"双模驱动"战 略，持续布局多模态、智能体等下一代先进技术，加快万兴天幕大模型的迭代，并以AI Agent拓宽用户 边界，推动"创意平权"；二是坚持多端矩阵化产品战略，全线推进产品移动化和AI化，孵化AI新品；三 是推进AI应用生态共建，持续与全球AI应用产业开放合作，加强软硬件产业联动，共同提升AI创新与 用户体验。 据统计，近1年来，万兴科技共接待168家机构调研，其AI布局受到市场关注。万兴科技上半年实现营 收7.6亿元，同比增长7.77%。 公开资料显示，万 ...

Core Viewpoint - The future ten years are seen as a golden window for the deep integration of AI technology and industry, with AI large models acting as new productivity tools that will upgrade the creative software industry from passive functionality to active collaboration [1] Group 1: Company Strategy - The company will focus on three main directions: maintaining a "dual-mode drive" strategy to accelerate the iteration of the Wankang Tianmu large model and expand user boundaries with AIAgent, promoting a multi-end matrix product strategy to enhance mobile and AI product development, and advancing the co-construction of an AI application ecosystem through global collaboration [1][2] - The company emphasizes that mobile product development is not merely a migration of desktop functionalities but involves deep insights into user needs in mobile scenarios, leading to a restructured product and operational strategy [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 760 million yuan, a year-on-year increase of 7.77%, with revenue growth accelerating quarter by quarter [3] - The revenue from mobile products grew by over 100% year-on-year, contributing to overall revenue growth and user base expansion, while AI-native application revenue increased by over 200% year-on-year [3] Group 3: Market Engagement - The company has engaged with 168 institutional research teams over the past year, indicating strong market interest in its AI layout [3] - The company recently accepted research from 49 well-known institutions, including Morgan Stanley and CICC, showcasing its commitment to transparency and investor engagement [5]

Core Insights - The rapid iteration of large models is driving an upgrade across the entire chain of computing power, data, and applications, reshaping future industries and investment landscapes [1] - The focus is shifting towards companies with a "moat and growth potential," particularly in infrastructure and vertical application sectors [2] Industry Trends - The demand for computing power is continuously rising due to the increasing model parameters and inference complexity, leading to a long-term upward trend in the demand for AI infrastructure such as high-performance GPUs and cooling systems [2] - The acceleration of application deployment is evident as stronger large models reduce the costs of business automation and intelligence, fostering new SaaS and vertical AI applications [2] - Competition in the ecosystem is intensifying, with leading model vendors forming platform capabilities and extending upstream and downstream, potentially increasing industry concentration [2] Company Strategies - Wanjing Technology has adopted a global strategy and focuses on empowering creators through creative software, aiming to package complex user needs into products that lower usage barriers [3] - The company has launched the Wanjing Tianmu multimedia large model, which has been upgraded to version 2.0, achieving industry-leading performance in quality, inference speed, and controllability through collaboration with Huawei [5] - Wanjing Technology's product matrix includes mobile apps, desktop solutions, and API services, catering to different user needs from casual creators to enterprises [6] Market Opportunities - The "productization" of large models is significantly impacting both B2B and B2C sectors, enhancing the value and sustainability of revenue streams [7] - For B2B, the evolution from tools to platforms allows for smarter data analysis and automation, increasing customer lifetime value and opening new commercial scenarios [7] - For B2C, large models enable scalable distribution of AI-generated content, enhancing user engagement and willingness to pay [7] Future Outlook - The emergence of multi-modal large models presents vast development potential, especially in video generation, which requires substantial computing power and presents higher technical barriers [9][10] - The AI landscape is expected to evolve towards a market-driven model, where companies with strong market presence and application scenarios will achieve commercial success [20] - The future of AI companies in China is promising, with a rich digital consumption market, a complete industrial chain, and strong policy support [21][22]

Core Insights - The rapid evolution of AI large models is creating significant industrial and investment opportunities, particularly in the areas of computing power, application deployment, and ecosystem competition [3][4][8] - Companies should focus on targets with a combination of competitive advantages and growth potential, especially in infrastructure and vertical application sectors [3][4] Group 1: Industry Trends - The demand for computing power is continuously increasing due to the growing complexity of model parameters and inference, leading to a long-term upward trend in the need for AI infrastructure [3] - The acceleration of application deployment is driven by the enhanced capabilities of large models, resulting in reduced costs for business automation and the emergence of new SaaS and AI applications [3][4] - Competition among leading model vendors is intensifying, potentially leading to increased industry concentration, where smaller firms without differentiated positioning may struggle to survive [3][4] Group 2: Company Strategy - The company has maintained a global strategy and aims to empower creators through creative software, focusing on simplifying user experiences by packaging complex user needs into accessible products [4][6] - The launch of the Wankang Tianmu multimedia large model 2.0, in collaboration with Huawei, has positioned the company as a leader in quality, inference speed, and controllability in the video model sector [5][11] - The company is adopting a "dual-mode drive" strategy, integrating mainstream large models into its products while advancing its own Tianmu model to ensure competitive advantages [11][12] Group 3: Market Opportunities - The rise of large models is transforming enterprise software from single-function tools to intelligent platforms, enhancing customer retention and lifetime value [8][9] - The ability of large models to open new commercial scenarios is creating additional revenue streams for AI companies, expanding their growth potential [8][9] - The market is increasingly valuing companies that can effectively integrate AI capabilities into their products, leading to higher valuations for those that can demonstrate strong user engagement and innovative applications [9][10] Group 4: Future Outlook - The company believes that the future of AI will involve a significant shift in industry structure, with a focus on market-driven strategies and the integration of technology with user needs [23][24] - The Chinese AI market is expected to benefit from rich application scenarios, a complete industrial chain, and strong policy support, positioning it favorably in the global landscape [25][26] - Companies that excel in expanding business models, building industry-specific barriers, maintaining cost advantages, and ensuring strong customer loyalty are likely to emerge as leaders in the AI era [26][27]

Core Viewpoint - The rapid iteration of large models is driving an upgrade across the entire chain of computing power, data, and applications, reshaping future industries and investment landscapes [2]. Group 1: Industry Insights - The recent advancements in large models signify not just improvements in algorithm capabilities but a comprehensive upgrade in computing power, data, and applications [5]. - The demand for computing power is continuously rising due to the increasing model parameters and inference complexity, leading to a long-term upward demand for AI infrastructure such as high-performance GPUs and cooling systems [5]. - The acceleration of application deployment is evident as stronger large models reduce the costs of business automation and intelligence, leading to a new wave of SaaS and vertical AI applications [5]. - Competition within the ecosystem is intensifying, with leading model vendors forming platform capabilities and extending upstream and downstream, potentially increasing industry concentration [5]. Group 2: Company Strategy - The company has maintained a global strategy and focuses on empowering creators through creative software, adapting to the complexity of various application scenarios [6]. - The launch of the Wanxing Tianmu multimedia large model 1.0 and its subsequent upgrade to 2.0, in collaboration with Huawei, has positioned the company as a leader in quality, inference speed, and controllability in the industry [8]. - The company aims to cater to both B-end and C-end users by providing tailored solutions that address the specific needs of creators, whether they are individual users or enterprises [9]. Group 3: Market Opportunities - The productization of large models is significantly impacting both B-end and C-end markets, enhancing the valuation models in the software industry [10]. - For B-end users, large models are evolving from single-function tools to intelligent platforms, increasing customer retention and lifetime value [10]. - For C-end users, large models are enabling new content and interaction forms, enhancing user willingness to pay and driving market valuation for companies that can create popular applications [10]. Group 4: Future Outlook - The company is focused on a "dual-mode drive" strategy, integrating mainstream large models while advancing its own Tianmu model to ensure competitive advantages and user satisfaction [12]. - The company believes that the future of AI applications will increasingly rely on the integration of AI capabilities into internal operations to enhance efficiency and competitiveness [21]. - The Chinese AI industry is expected to thrive due to its rich application scenarios, complete industrial chain, and strong policy support, positioning it favorably in the global market [24].