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万兴科技(300624):业绩短期承压 AI应用商业化潜力可期
Xin Lang Cai Jing· 2025-05-21 10:42
Core Insights - The company reported a revenue of 1.44 billion yuan for 2024, a year-on-year decrease of 2.78%, with a net profit attributable to shareholders of -163 million yuan, marking a shift to negative profitability [1] - The decline in performance is attributed to intensified market competition, rising traffic costs, and goodwill impairment [2] - The company's overall gross margin for 2024 was 93.22%, down 1.55 percentage points year-on-year, with a net margin of -10.93%, a decrease of 18.24 percentage points [3] Financial Performance - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan, indicating a significant loss [1][2] - Annual sales expenses rose to 849 million yuan, a 17.42% increase year-on-year, while R&D expenses increased by 9.90% to 442 million yuan, and server costs surged by 65.01% [2] - The company’s revenue by quarter for 2024 was 358 million, 347 million, 348 million, and 387 million yuan, with corresponding net profits of 26 million, -1 million, -30 million, and -158 million yuan [2] Profitability Analysis - The gross margin for the video creative business was 92.54%, down 2.10 percentage points year-on-year, while the practical tools business had a gross margin of 94.83%, down 1.50 percentage points [3] - The sales expense ratio for 2024 was 58.95%, an increase of 10.14 percentage points, while the R&D expense ratio was 30.73%, up 3.55 percentage points [3] - In Q1 2025, the company reported revenue of 380 million yuan, a year-on-year increase of 6.06%, but the net profit attributable to shareholders was -33 million yuan, reflecting a significant decline in profitability [3] Strategic Developments - The company is deepening its AI strategy with the "Tianmu" multimedia model, which covers video, image, audio, and text, and has been applied to core products like Filmora and PDFelement [4] - AI-native application revenue reached approximately 6.7 million yuan, doubling year-on-year, with significant growth in AI product revenues [4] - The video creative business generated revenue of 961 million yuan, maintaining stability with a 0.06% year-on-year increase, while the company is expanding its product matrix and enhancing AI functionalities [4]
万兴科技(300624):业绩短期承压,AI应用商业化潜力可期
AVIC Securities· 2025-05-19 01:23
Investment Rating - The investment rating for the company is "Buy" with an expectation of more than 10% return relative to the CSI 300 index over the next six months [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan for 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down 1.55 percentage points year-on-year, while the net margin was -10.93%, indicating a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1][10]. - The annual revenue breakdown shows that the video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s operating expenses increased significantly, with sales expenses rising to 849 million yuan (up 17.42% year-on-year) and R&D expenses reaching 442 million yuan (up 9.90% year-on-year) [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, indicating a recovery trajectory [10].
氪星晚报|微信成立电商产品部,探索微信内交易新模式;万兴科技将携四款AI成果亮相GITEX欧洲展;全国人大常委会2025年度立法工作计划公布
3 6 Ke· 2025-05-14 12:07
大公司: 腾讯:一季度国际市场游戏收入同比增长23%,连续三个季度创新高 36氪获悉,腾讯发布2025年第一季度财报。财报显示,一季度,得益于《PUBG MOBILE》和Supercell 游戏的表现出色,国际市场游戏收入同比增长23%至166亿元,连续三个季度刷新历史高点。近期国家 层面积极鼓励国内游戏厂商开发精品游戏"走出去",根据国务院批复的《加快推进服务业扩大开放综合 试点工作方案》,提到要发展游戏出海业务,布局从IP打造到游戏制作、发行、海外运营的产业链条。 腾讯本土市场游戏收入429亿元,较去年同期的低基数同比增长24%,得益于《王者荣耀》与《和平精 英》的收入增长,以及近期发布的《地下城与勇士:起源》与《三角洲行动》的收入贡献。 微信成立电商产品部,探索微信内交易新模式 腾讯今天发布全员信,涉及WXG事业群调整。主要内容包括:成立电商产品部,负责微信内交易模式 的探索,加速发展交易基建及交易生态,运营微信交易新模式;开放平台基础部更名为开放平台部,负 责微信公众号和小程序产品的策划、研发和运营工作。(新浪科技) 万兴科技将携四款AI成果亮相GITEX欧洲展 36氪获悉,5月21日至23日,欧洲最 ...
万兴科技(300624):收入同比增速连续两季好转 AI商业价值初现
Xin Lang Cai Jing· 2025-05-06 02:52
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 ...
万兴科技(300624):2024年年报和2025年年一季报点评:收入同比增速连续两季好转,AI商业价值初现
Guohai Securities· 2025-05-04 15:17
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 ...
万兴科技(300624):2024年年报及2025年一季报点评:持续研发投入,AI原生应用收入高增
Soochow Securities· 2025-04-29 09:19
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its investment in AI, leading to a significant rise in revenue from AI-native applications, with an expected income of approximately 67 million yuan in 2024, representing over 100% year-on-year growth [8] - Despite short-term pressure on profits due to increased R&D and sales expenses, the company is expected to see revenue growth driven by product capability enhancements and successful marketing efforts [8] - The company aims to optimize its product offerings and user experience, which is anticipated to lead to continued revenue growth in the coming quarters [8] Financial Summary - Total revenue for 2023 is projected at 1,481 million yuan, with a year-on-year growth of 25.49%, while 2024 revenue is expected to decline slightly to 1,440 million yuan, a decrease of 2.78% [1] - The net profit attributable to the parent company is forecasted to be 86.21 million yuan in 2023, but is expected to turn negative in 2024 at -163.46 million yuan, reflecting a significant year-on-year decline of 289.61% [1] - The earnings per share (EPS) for 2025 is estimated at 0.31 yuan, with projections for 2026 and 2027 at 0.56 yuan and 0.84 yuan respectively [1]
万兴科技(300624) - 2025年4月27日投资者关系活动记录表
2025-04-28 10:32
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]
万兴科技(300624.SZ)2024年年报:全面拥抱AIGC 全年营收14.40亿
智通财经网· 2025-04-27 08:06
4月27日,AIGC软件A股上市公司万兴科技(300624.SZ)发布2024年年报。报告显示,万兴科技2024 年持续深耕数字创意软件主业,由内向外全面拥抱AIGC,专注产品质量改善,并积极拓展多渠道流量 来源,探索外部合作机遇,全年实现营业收入14.40亿元。 报告期内,研发人员占比约54%,研发费用4.42亿元,研发费用率为30.73%,公司创新构建基于LLM的 Agent架构,持续打磨和优化视频创作引擎的能力,推出国内首个音视频多媒体大模型万兴"天幕",将 系列算法能力应用于旗下产品,并积极运用OpenAI、百度、阿里、Kimi等大模型厂商的能力,持续与 国内外软硬件企业合作联动,构建以AI大模型为底座、以视频创意为核心的数字创意产品矩阵,提升 产品及企业长效竞争力。 同日,万兴科技发布2025Q1财报。报告显示,一季度公司营收3.80亿元,同比增长6.06%,公司推进移 动端、云端产品AI化创新,持续升级视频技术引擎移动架构,全面优化文生音效等AI技术,完成 DeepSeek-R1、阿里-通义万相、Pika等大模型能力接入。万兴喵影/Wondershare Filmora移动端收入同比 增长超过10 ...