"90%的Agent会被大模型吃掉。" 7月15日，金沙江创投主管合伙人朱啸虎一如既往地语出惊人，这次炮轰的是近一年AI圈最炙手可热的Agent。 在"Agent之年"进程过半的时候，最近传来的似乎却多是悲观的判断和信息。就在上周，Manus总部迁移至新加坡、国内裁员80人以及放弃国内版本上线 的一系列动态，也让大众开始讨论起，Manus到底怎么了？ 背后有身为美元基金的BenchMark领投、底层模型包含Gemini、Claude等一系列海外模型，加之曾陷入缺算力资源的传闻，Manus的出走，已经印证为形 势所迫的转移和调整，而非经营失败导致的撤退。 但围绕以Manus为首的通用Agent，它们头顶的乌云尚未散去：一边是Manus、Genspark们收入变现的下滑，另一边是用户活跃度的下跌。 这种局面，揭示了当下通用Agent赛道的核心问题：在技术热潮和资本狂欢过后，产品尚未找到能让广大C端用户持续"忠诚"并为之付费的杀手级应用场 景，只能被偶尔拿来做个半成品PPT、找几份报告。 通用Agent市场，正在被模型能力的溢出蚕食，也被垂类Agent抢走份额。 转战海外，Manus们怎么了？ 通用Agent，陷入 ...

Core Insights - The surge in AI startups is currently the biggest opportunity in the AI sector, with many companies experiencing an average revenue increase of 300% this year, primarily driven by a significant rise in the number of AI entrepreneurs [3][4][6]. Group 1: AI Startup Landscape - The number of AI startups has exploded, with over 90% of new ventures now being AI-focused, compared to less than 50% two to three years ago [6]. - The primary customers for AI companies are other AI startups, which account for 90% of new client growth, indicating a self-reinforcing cycle within the industry [3][9]. Group 2: Business Models and Strategies - For B2B AI companies, the strategy involves capturing market share quickly through high-profile marketing and positioning as the first in a specific niche [12][17]. - The growth of AI companies is heavily reliant on their ability to integrate into the workflows of other startups, as exemplified by Cursor, which has rapidly grown by becoming essential for coding tasks [19][20]. Group 3: Challenges in B2C AI - B2C AI ventures face significant challenges due to a lack of demand growth, with the only variable being reduced costs in supply, making it harder to scale compared to B2B [22][24]. - The focus for B2C companies should be on growth first, followed by product development, as the market is saturated with good products but lacks visibility [24][27]. Group 4: Market Dynamics and Opportunities - The barriers to entry for startups have lowered significantly, allowing companies to launch with minimal funding, thus fostering a more competitive environment [30][31]. - The current landscape emphasizes the importance of identifying and capitalizing on existing trends and opportunities rather than relying solely on innovative product development [28][29].

Core Insights - The company is significantly increasing its investment in AI, with a focus on AGI and AIGC, despite facing short-term losses [1][2] - The company aims to solidify its leading position in the AI sector by enhancing R&D and attracting top talent [2][3] - The company has a comprehensive strategy that includes controlling an AI chip company to establish a full industry chain from computing power to AI applications [3] R&D Investment - The company has increased its R&D expenses to 1.54 billion yuan, a 59.5% year-on-year increase, to strengthen its long-term technological competitiveness [2] - The current phase (2023-2024) is characterized as an initial investment stage for AI models, with expectations of profitability by 2027 [2][6] Product Development - The company has launched several AI models in 2023, including SkyReels and Mureka, with a focus on user demand in rapidly growing sectors like music and short films [4][5] - The Mureka platform achieved a monthly revenue of approximately 1 million USD by March 2025, while the short film platform DramaWave reached about 10 million USD [4] Market Strategy - The company plans to release a general-purpose agent product for productivity scenarios, focusing on high-frequency use cases [5] - The global market for digital music workstations is currently valued at around 4 billion USD and is expected to grow to 10 billion USD, with the company targeting a 10% market share [6] Business Model - The short film business has diversified revenue sources, including subscriptions, in-app purchases, and advertising, to enhance user engagement [5][7] - The company is committed to addressing user pain points and leveraging data and algorithms to maintain a competitive edge [3][6]

【口研报 ·公司】AI营销SaaS+具身智能"大小脑"开发 台,这家公司拥有超120万条3D数据与10万机器人任务训练 基于自研AI技术深度赋能各项业务;另有一家医疗器 械"芯片"零部件龙头 1、天娱数科 (002354) : ①国海证券杨仁文看好公司以自研智慧广告大模型为基座,以AIGC广告素材生成降本、以广告智能 投放揭质、以AI直播电商运营扩量，并构建了以数字人天好为代表的AI数字人IP矩阵，与国窖1573、杨国福等品牌达成合作; ② 公司着力推进具身智能通用平台Behavision的建设，打造通用的大脑+小脑开发平台，目前公司3D数据平台拥有超120万条3D数 据、50万条多模态数据，其中包含10万机器人任务训练数据：③2024年公司亏损同比大幅收窄，实现归母净利润-1.18亿元（20 23年为-10.87亿元)，2025Q1收入同比大幅增长，实现营收4.85亿元，同比增长31.15%，长期业绩有望迎来拐点；④杨仁文预 计公司2025-2027年公司营业收入为18.94/21.96/24.15亿元，归母净利润为0.45/0.52/0.62亿元，对应PS为6.17/5.33/4.84倍; ⑤ 风险提示： ...