证券日报网讯万兴科技（300624）9月4日在互动平台回答投资者提问时表示，深圳市博思云创科技有限 公司(旗下产品包含Pixso)和北京磨刀刻石科技有限公司(旗下产品包含墨刀)为公司投资参股的公司，相 关业务情况请以公开信息为准。 ...

Summary of the Conference Call for Wankang Technology Company Overview - Wankang Technology has developed an AI writing SaaS platform covering graphic and video content, utilizing products like Mockingbird and Pixel to create a collaborative design loop, focusing on prototype design and multi-user collaboration in UI/UX scenarios [2][4] Core Insights and Arguments - **2024 Short-term Performance Pressure**: Wankang Technology faces short-term performance pressure in 2024 due to proactive investments during a technology transition period, increased R&D and marketing expenses, asset impairment, and declining gross margins. However, Q1 revenue growth has shown a quarter-on-quarter improvement, maintaining a gross margin above 90%, indicating potential for enhanced profitability [2][6] - **AI Field Focus**: The company is strategically investing in AI areas such as digital virtual human templates, automated text-to-video dubbing, and subtitle translation, which significantly reduce marketing content creation costs and improve efficiency. A global AI marketing platform has been launched, with features like CFA that can animate selfies [2][7][8] - **Product Features**: Mockingbird serves as a full-process design platform supporting prototype creation, animation interaction, online collaboration, and version management, primarily catering to product managers in domestic internet companies and large educational institutions. Pixel is positioned as a domestic alternative to Figma, addressing the entire process from ideation to delivery, including whiteboard planning, UI design, prototype delivery, and development [2][9] Additional Important Content - **Market Positioning**: Wankang Technology is recognized as a leading creative software company with a unique business model characterized by early industry positioning, overseas expansion, and self-developed large models. The company benefits from positive signals following Figma's IPO and the acceleration of AI commercialization [4][11] - **Comparison with Figma**: Figma's IPO saw a 250% increase on its first day, highlighting the trend of AI transforming design and content creation processes. Wankang Technology's model closely resembles Figma's, focusing on AI, writing, and SaaS integration, which may enhance user engagement and willingness to pay [3][5] - **Technological Efficiency**: AI technology significantly enhances the writing and design efficiency of Mockingbird and Pixel, allowing users to quickly generate interfaces and PPT outlines through simple commands, thus shortening production time [4][10] - **Market Scarcity**: There is a scarcity of companies in China with clear product forms, strong AI capabilities, and viable monetization models, limiting investment options. The upcoming advancements in large model capabilities and the positive signals from the US earnings season are expected to further drive the development of the AI application sector [11][12]

Core Insights - Figma's successful IPO on July 31, 2025, reached a market value of $56.3 billion, with stock prices increasing over 250%, setting a record for tech company listings this year [1] - The listing has prompted a reevaluation of the design collaboration sector and raised questions about future leaders in organizational collaboration platforms [1] Group 1: Pixso - Pixso, backed by A-share digital creative software leader Wanjing Technology, has completed multiple rounds of financing, supported by notable institutions such as CICC, Baidu Ventures, and Yonghua Investment [3] - Pixso aims to create an integrated collaboration platform, combining UI design, interaction, version management, component reuse, and front-end delivery into a single browser-based platform, enhancing team collaboration efficiency [3] - The release of Pixso 2.0 introduced a D2C (Design to Code) feature, allowing design components and interaction logic to be converted into front-end code with one click, streamlining communication between design and development [3] Group 2: Mockingbird (墨刀) - Mockingbird focuses on the critical early stages of product design, specifically prototype creation and design validation, becoming a preferred choice for product managers and designers in small teams [5] - The platform has introduced AI-assisted features, such as "AI-generated prototype diagrams," enabling teams to quickly validate ideas by generating initial prototypes based on simple descriptions [5] - Mockingbird's rapid update cycle and flexible tool structure make it well-suited for early-stage projects, particularly in scenarios requiring quick setup and requirement validation [5] Group 3: Market Opportunities - Figma's IPO signals a shift in design collaboration platforms from peripheral tools to core components of enterprise operations, emphasizing the importance of design efficiency and redefining collaboration among people, tools, and processes [7] - Both Pixso and Mockingbird are positioned to address the unique needs of Chinese teams, moving beyond reliance on foreign software and providing localized solutions for design collaboration [7] - Future competition will focus on understanding the specific usage scenarios of Chinese teams and integrating into enterprise processes, with both Pixso and Mockingbird making significant strides in this direction [7]

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, 2025, becoming a focal point for tech IPOs and boosting interest in the AI design collaboration sector [1] - Wanxing Technology Group, a leading digital creative software company, is gaining market attention due to its stake in Shenzhen Bosiyun Technology Co., which owns Pixso, known as the "Chinese version of Figma" [1] - Bosiyun was established in 2021 under Wanxing's innovation mechanism and has raised nearly 100 million yuan in Pre-A round financing in 2022, with investments from various firms [1] Group 2 - Pixso is recognized as a leading integrated design collaboration platform in China, capable of replacing Figma, Sketch, Adobe XD, and Axure, and quickly adapted to Figma's service strategy changes in 2022 [2] - Wanxing Technology has also launched an online collaboration whiteboard product, Wanxing Huaban, enhancing online collaborative design capabilities in the AI design collaboration space [2] - The company holds a 22% stake in Beijing Modao Keshishi, with its product Modao being a new generation prototype design and collaboration tool that leverages AI technology for improved efficiency [2]

Core Insights - Figma, a creative design software company, went public on July 31, with an initial share price of $33, closing at $115.5 on its first day, marking a 250% increase and a market capitalization exceeding $56.3 billion, highlighting the growing interest in AI design collaboration [1] - Wankang Technology, known for its "Chinese version of Figma," Pixso, holds nearly 15% equity in the company behind Pixso, Bosi Cloud Innovation, indicating a strategic partnership focused on technology empowerment and resource support [1][2] Company Overview - Wankang Technology is recognized as one of the most globalized and comprehensive digital creative software companies in China, with operations in over 200 countries and regions, and a user base exceeding 1.5 billion [3] - The company has developed a range of products, including Wankang Tianmu multimedia model and various AI-enabled tools, positioning itself as the "Chinese version of Adobe" [3] Product Development - Pixso is the first integrated design collaboration platform in China, capable of replacing Figma, Sketch, Adobe XD, and Axure, and gained significant attention after Figma ceased support for Chinese enterprises in 2022 [2] - Wankang Technology also launched the Wankang Whiteboard, enhancing online collaborative design capabilities, and holds a 22% stake in Beijing Modao Keshishi, which offers advanced prototyping and collaboration tools [2]