事件: 2025 年4 月28 日，公司公告2024 年年报及2025 年一季报，2024年公司营收14.4 亿元，同比-2.78%；归 母净利润-1.63 亿元，同比-289.61%；扣非后归母净利润-1.61 亿元，同比-279.80%。 2025Q1，公司营收3.8 亿元，同比+6.06%；归母净利润-0.33 亿元，同比-227.93%；扣非后归母净利 润-0.38 亿元，同比-265.49%。 投资要点: 接入DeepSeek 等模型，2025Q1 部分产品移动端收入同比翻倍2025Q1，公司品牌力持续强化，社媒曝光 量超12 亿次创单季历史新高。公司持续推进以音视频为核心的算法技术研发，完成DeepSeekR1、阿里 通义万相、Pika 等外部大模型能力接入，为存量产品AI 功能的优化和AI 创新产品的交互构建技术基 础。 2024 年视频创意付费用户数同比20%+，AI 原生应用收入同比翻倍2024 年，公司视频创意/实用工具/文 档创意/绘图创意类工具收入9.61/2.34/1.17/1.21 亿元，同比+0.06%/-8.7%/-10.13%/-5.88%；其中： 1）视频创意产品：总付费用 ...

2025 年 05 月 04 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万兴科技 | -2.9% | -10.8% | -7.0% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 61.07 | | 当前价格（元） | 61.07 | | --- | --- | | 周价格区间（元） 52 | 37.92-94.80 | | 总市值（百万） | 11,807.05 | | 流通市值（百万） | 10,457.21 | | 总股本（万股） | 19,333.63 | | 流通股本（万股） | 17,123.32 | | 日均成交额（百万） | 869.09 | | 近一月换手（%） | 4.33 | 相关报告 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 收入同比增速连 ...

Core Viewpoint - The company reported a decline in revenue and a shift to net loss for 2024, while showing signs of revenue growth in the first quarter of 2025, indicating ongoing challenges in profitability despite some positive trends in revenue growth [1][2]. Revenue Performance - In 2024, the company achieved revenue of 1.44 billion yuan, a year-on-year decrease of 2.78% [1][2]. - The company recorded a revenue of 380 million yuan in the first quarter of 2025, representing a year-on-year growth of 6.06% [1][2]. - The fourth quarter of 2024 saw revenue of 387 million yuan, a slight increase of 0.43% compared to the previous year [2]. Profitability Analysis - The company reported a net profit attributable to shareholders of -163 million yuan in 2024, marking a transition from profit to loss [1][2]. - In the first quarter of 2025, the net profit attributable to shareholders was -33 million yuan, continuing the trend of losses [1][2]. Expense and Margin Trends - The company's expense ratio increased to 99.6% in 2024, up 12.3 percentage points from 2023, primarily due to a rise in sales expense ratio [3]. - The sales expense ratio rose to 58.9% in 2024, an increase of 10.1 percentage points, attributed to intensified market competition and rising traffic costs [3]. - The gross margin decreased by 1.6 percentage points to 93.2% in 2024, and further declined by 2.2 percentage points to 92.3% in the first quarter of 2025 [3]. Business Segment Performance - The video creative segment saw revenue of 961 million yuan in 2024, a slight increase of 0.06% year-on-year [2]. - The company’s mobile product, Filmora, underwent a comprehensive upgrade, resulting in a 90% increase in monthly active users and significant revenue growth [4]. - AI-driven applications generated 67 million yuan in revenue in 2024, with a growth rate exceeding 100% [4]. Future Outlook and Investment Recommendations - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 68 million yuan, 94 million yuan, and 137 million yuan respectively [5]. - The company is focusing on enhancing its core products and expanding AI applications, which are expected to drive future revenue growth [5].

Financial Performance - In 2024, the company achieved a revenue of CNY 1.44 billion, with AI native application revenue approximately CNY 67 million, marking a year-on-year growth of over 100% [3][11] - In Q1 2025, the company reported a revenue of CNY 380 million, representing a year-on-year increase of 6.06% [3][10] Research and Development - In 2024, the company invested CNY 442 million in R&D, with a R&D expense ratio of 30.73%, highlighting its commitment to innovation [4] - The company developed a multimedia model "Tianmu" covering video, audio, image, and language models, and enhanced its AI capabilities across various products [4] Product Innovation - The video creative product Filmora upgraded to version 14, introducing over ten innovative features, resulting in a 68% increase in Trustpilot ratings [5] - The mobile version of Filmora saw a 90% increase in monthly active users in 2024, with a significant rise in revenue share [5][14] - AI marketing short video tool Virbo's revenue grew approximately 200% year-on-year, while the AI image product SelfyzAI's revenue increased about 400% [6] Team Development - By the end of 2024, the company employed 1,704 people, an increase of 8.26% year-on-year, with R&D personnel accounting for approximately 54% [7] - The company promotes a "big platform, medium product, small team" management strategy to foster innovation and entrepreneurship among employees [7] Ecosystem Collaboration - The company actively participates in AI hardware and software ecosystem collaborations, achieving a 34% year-on-year growth in government and enterprise revenue in 2024 [8] - The company received the "Outstanding Contribution Member Unit" award from the Xinchuang Working Committee in 2024, enhancing its brand recognition [8] Future Outlook - The company is optimistic about the development of multimodal AI applications and aims to integrate AI capabilities deeply into traditional workflows [9] - The company plans to continue expanding its user base and enhancing the perceived value of AI through real experiences [9][12] Marketing and Commercialization - The company increased marketing expenses significantly in 2024 to enhance brand awareness and product visibility, with a 9% decrease in sales expenses in Q1 2025 compared to Q4 2024 [10] - AI native application revenue is expected to continue growing, with the company focusing on enhancing user experience and commercializing AI features [11][12] External Model Integration - The company maintains an open attitude towards external large models while focusing on self-developed algorithms for vertical user scenarios [17][18] - The integration of external models is expected to accelerate the iteration and commercialization of AI functions [18]