Wondershare Technology Group Co.,Ltd. (300624.SZ) held its 2025 performance exchange meeting in Shenzhen on April 28. Chairman Wu Taibing, along with the senior management team, met with investors and analysts from over 20 prominent institutions including CITIC Securities, China Securities, and China International Capital Corporation.
Wu Taibing stated that the global AIGC industry is evolving rapidly in 2025, with multimodal large models maturing quickly and AI Agents moving from concept to application. Emerging content formats like short dramas and comic series are experiencing explosive growth, driving demand for AI-integrated content production toward higher frequency and scale.
Facing these opportunities and challenges, Wondershare remains committed to its core digital creativity software business while advancing its dual-engine strategy of "mobileization + AI integration." The company is strengthening its foundational product and technological capabilities while making前瞻布局 in emerging areas, such as its comic series creation tool Wondershare Comic Factory, to open up new growth avenues.
Looking ahead, Wu noted that AI's impact on the content industry will gradually shift from "efficiency improvement" to "production method reconstruction" in the coming years. With over two decades of technical积累 in audio-video domains and a global product and user base, Wondershare will focus more on improving input-output efficiency. This includes continuously enhancing AI capabilities to boost user experience and willingness to pay, while using AI internally to optimize operational efficiency.
For新兴业务 like Wondershare Comic Factory, the company will adopt precise and efficient investment strategies to balance scale and profitability, pursuing quality long-term growth.
During the Q&A session, management addressed investor concerns about token-based commercialization models. They expressed optimism about the token economy's potential, acknowledging that while rising token consumption may pressure毛利率 in the short term, it opens new commercial growth opportunities. Revenue models centered on token usage are expected to become key growth drivers.
The company is focusing on overall business model optimization to manage costs, implementing A/B testing for pricing strategies, and adopting a "dual-mode drive" approach to optimize model invocation structures and unit costs, thereby improving comprehensive毛利率.
Regarding AI comic series布局, Wu revealed that in Q1 the company strategically invested in upstream large model provider Shengshu Technology and downstream production team Lingman Kuaichuang, creating an ecosystem from technology to content. The company officially launched Wondershare Comic Factory, an AI-driven, one-stop platform for premium comic creation. Utilizing a consumption-based AI points system driven by token usage, the platform has seen rapid growth in users and revenue since its full launch in March, with weekly AI points consumption growing at a 63% compound rate, attracting numerous comic creation teams.
On AI-native applications, management reported rapid revenue growth in 2025, while traditional flagship products continue integrating AI capabilities. AI features are gradually forming stable revenue streams, with more products expected to evolve toward "AI-native applications," potentially unlocking greater value through tokenized business models.
The "dual-mode drive" strategy is central to Wondershare's AI implementation. This approach combines self-developed models for high-frequency, high-value vertical scenarios with third-party models to incorporate cutting-edge technology, enhancing product innovation. Management emphasized that model access alone is not the core barrier; success lies in understanding user needs, integrating multi-model capabilities, and embedding AI deeply into user workflows for overall product experience leaps.
Regarding profitability improvement, management noted that as the company deepens its AI transformation and invests in new businesses, necessary spending on R&D, product iteration, and exploration continues. While short-term profits are under pressure, operational trends are positive. Increasing AI penetration and user frequency are boosting payment willingness, and growing mobile and AI-native application users are reducing reliance on marketing. Additionally, AI-driven efficiency gains and refined expense management have lowered the marketing expense ratio, gradually revealing operating leverage.
Financial data shows Wondershare achieved annual revenue of 1.533 billion yuan in 2025, up 6.46% year-on-year, with net profit attributable to shareholders reducing losses by 44.19%. AI-native application revenue exceeded 130 million yuan, growing over 90% year-on-year. Mobile product revenue rose over 60%, accounting for nearly one-quarter of software business revenue and becoming a key growth engine. Core video creativity business revenue surpassed 1.02 billion yuan, marking eight consecutive years of growth since listing.
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