当全球科技巨头纷纷押注AI、争夺下一代技术制高点时，一家深耕数字创意软件领域的上市公司，正凭借清晰的AI商业化路径走入聚光灯下。 近期，AIGC软件A股上市公司万兴科技(300624.SZ)发布2025年中期财报，上半年实现总营收7.6亿元，同比增长7.77%。 随着AI大模型技术逐步成熟，AI正在从技术概念加速走向产业落地。从自研音视频大模型的迭代、全球多模型能力的整合，到AIGC视频创作平台与AI Agent产品的推出，万兴科技正在系统性地构建AI时代的技术－产品－商业化闭环，而在政策与市场的双轮驱动之下，其全球化布局和产品矩阵正迎来新的 爆发周期。 其中，移动端收入同比增100%；AI原生应用实现收入超6000万元，付费用户数和收入同比增速均达两倍，占公司软件业务总体收入超过8%，初具规模且增 长迅猛。 双模驱动产品创新，构筑增长"护城河" 2025年上半年，全球AI产业迎来关键拐点。CB Insights《2025年Q2全球人工智能报告》指出，AI已经从"狂飙"进入"深耕"阶段，标志着行业进入新一轮发展 周期。随之而来的是产业链价值分布的重构，价值中心正快速从底层（算力基础设施提供商）到提供通用技术能 ...

Core Insights - AIGC software company Wanjing Technology has been actively engaging with 49 renowned institutions, including Morgan Stanley and CICC, to discuss its achievements and future strategies for 2025 [1] - The company emphasizes that the next decade will be a golden window for the deep integration of AI technology and industry, with AI models serving as new productivity tools [1][4] - Wanjing Technology is focusing on three main directions: a dual-model strategy, a multi-end product strategy, and building an AI application ecosystem [1][2] Group 1 - The company is committed to a "dual-model drive" strategy, focusing on next-generation technologies such as multi-modal and intelligent agents, and aims to enhance user engagement through AI agents [1][4] - Wanjing Technology's mobile product development is based on deep insights into user needs in mobile scenarios, leading to significant user growth and increased commercial potential [2] - The company has seen over 100% year-on-year growth in mobile product revenue, which now accounts for over 20% of software revenue, contributing to overall revenue acceleration [5] Group 2 - The company has introduced new AI-native applications, achieving over 200% year-on-year growth in AI application revenue, with AI server calls exceeding 500 million times [5] - Wanjing Technology is recognized as a leading player in the digital creative software sector in China, with a broad product range and significant global presence, often referred to as the "Chinese version of Adobe" [5] - The management is focused on enhancing organizational efficiency and innovation by embracing AI tools and attracting top talent [4]

Core Viewpoint - The article highlights the strategic direction and future outlook of Wanjing Technology, emphasizing the integration of AI technology into creative software and the company's focus on mobile and AI-driven product development [1][2][5]. Group 1: Company Strategy - Wanjing Technology is focusing on three main directions: a dual-model strategy to enhance next-generation technologies, a multi-end product strategy to promote mobile and AI integration, and building an AI application ecosystem through global collaboration [1][5]. - The company aims to leverage AI large models as new productivity tools, transitioning from a manual content creation model to an automated generation model [1][5]. Group 2: Product Development - The company is not merely migrating desktop functionalities to mobile but is deeply analyzing user needs in mobile scenarios to reconstruct product and operational strategies [2]. - Since implementing the mobile strategy, Wanjing Technology has significantly increased user engagement and commercial potential, with mobile product revenue growing over 100% year-on-year [2][5]. Group 3: Financial Performance - In the first half of 2025, Wanjing Technology reported revenue of 760 million yuan, a year-on-year increase of 7.77%, with accelerating revenue growth observed [5]. - The revenue from mobile products accounted for over 20% of software income, while AI-native application revenue surged over 200%, with AI server calls exceeding 500 million, marking a year-on-year growth of over 200% [5]. Group 4: Market Position - Wanjing Technology is recognized as a leading player in the digital creative software sector in China, with a broad product range and significant global presence, often referred to as the "Chinese version of Adobe" [6].

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]

Group 1 - The core viewpoint of the news is the official launch of the "Qianhai No. 5 Building," an international talent innovation hub in Shenzhen, aimed at attracting global talent to the Greater Bay Area [1] - The "Talent Tropical Rainforest" interactive experience platform was introduced by the company in collaboration with Shenzhen Broadcasting Film and Television Group, showcasing its advanced AI technology [1] - The company aims to leverage AI to enhance the cultural environment in Shenzhen, positioning itself as a facilitator for global talent attraction [1] Group 2 - The company, established in Shenzhen in 2003, has benefited from the local talent pool and aims to contribute to Shenzhen's global talent initiatives [1] - The company focuses on digital creative software, emphasizing AI model and product innovation, particularly in audio and video intelligent creation [2] - The company has launched the Wankang Tianmu 2.0 and developed a comprehensive AI video solution, including the Wankang Tianmu Creative Square and Wankang Tianmu AI App [2]

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]

【编者按】 大模型的快速迭代正推动算力、数据与应用的全链条升级。从文本到音视频，从B端到C端，应用场景不断扩展，资本市场的关 注点也随之转向。AI时代的新机遇，正在重塑未来产业与投资版图。 中国基金报记者 牛思若 赵新亮 AI创变，智见未来。近日，中国基金报邀请AIGC软件A股上市公司万兴科技（300624.SZ） 董事长吴太兵、财通证券计算机首席分析师杨烨先生，共同探 讨AI大模型及AI应用的最新动向。 其实是应用端加速落地。大模型能力越强，通用性越好，企业内部业务自动化、智能化的成本下降，催生出新一轮的SaaS、垂直行业AI应用和智能硬件 需求。 最后是生态竞争加剧。头部模型厂商正在形成平台化能力，并向上下游延伸，未来可能造成产业集中度提升。小厂如果没有差异化定位、没有垂直场景的 理解，很容易被淘汰。 从投资视角来看，重点关注具备"护城河+成长性"的标的，主要集中在前面提到的基础设施环节和垂直应用领域。 中国基金报：全球AI大模型竞争日益激烈，万兴科技作为软件出海的标杆公司，也在发力大模型业务。您如何看待天幕大模型研发对公司 的战略价值？为此公司做了哪些探索？ 吴太兵： 我们在二十二年的发展过程中，始终坚 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Wondershare Technology in the first half of 2025, with a revenue of 760 million yuan, representing a year-on-year growth of 7.77% [1] - The company's mobile product revenue has more than doubled year-on-year, and AI-native applications generated over 60 million yuan, with both paid user numbers and revenue increasing by twofold [1][2] - Wondershare Technology is deepening its "dual-mode drive" strategy by investing in self-developed vertical large models and integrating third-party general models to enhance product capabilities [2] Group 2 - The company launched the Wondershare Tianmu multimedia large model 2.0 and established a native application matrix for web and mobile, ranking among the top four in the domestic market [2] - The AI server call volume exceeded 500 million times, showing a year-on-year increase of over 200%, indicating a significant rise in user engagement with AI features [2] - The company is actively participating in the Hongmeng ecosystem, with several products being among the first pre-installed software on Hongmeng computers, enhancing its brand presence [3] Group 3 - Wondershare Technology is leveraging AI to improve operational efficiency, hosting innovation competitions and introducing AI tools for customer service and coding [3] - The company has a total workforce of 1,589, with approximately 55% in research and development, and encourages talented individuals to engage in entrepreneurial activities [3] - The global decline in model costs is driving explosive demand for AI applications, with a continuous evolution in mobile traffic and increasing demand for video content [4]

Group 1 - AIGC software company Wanjing Technology (300624.SZ) has launched a global campus recruitment program for 2026 graduates, offering 500 high-quality job offers across various positions [1] - The recruitment covers five major categories: product, research and development, marketing, design, and functional roles, with a significant increase in demand for product and R&D positions [1] - Salaries for product and R&D positions start at 300,000 yuan annually, with R&D roles potentially reaching 1,000,000 yuan in the first year, while marketing and design roles can go up to 400,000 yuan [1] Group 2 - Wanjing Technology is intensifying its focus on the AI sector, having released Wanjing Tianmu 2.0 and launched its first AI Agent product, Wanjing Chaomei Agent, which allows users to create and call workflows for audio and video creation [2] - The company is establishing a global operations headquarters and creative software R&D center in Changsha, promoting high salaries and a desirable living environment to attract top talent [2] - The Changsha team of Wanjing Technology is nearing 1,000 members, with a new office building of over 25,000 square meters already in use, and a creative science park under construction that will accommodate nearly 10,000 employees [3]