__TheTopdebatesonAIsoftwarearecenteredaround1)Monetization,2)Moat&IP,3)Usercases,and4)Cost.Wehavetalkedto20+companiesandillustratedhow-to-use(exhibit10-19),andaddressedkeyFAQsinthisreport:1)WhatistheprogressonAIMonetization?SoftwarevendorshavestartedchargingAIsoftware,whilelookingforabalancebetweencommercializationandnewuserexpansion;2)WhatisAIpricingstrategy?Annualsubscriptionfee,trade-offbetweencommercializationanduserexpansion;3)Whatarethetopusercases?AIsearch,AIvideocreativity/editing,AIproductivityfavoredbyToCusers,andFinance/HR/Knowledgebase/ProcurementareearlierinToBAIapplications;4)Whatarethesoftwarevendors’moats?PlatformtostreamlinetheworkingprocessbyintegratingAIandsoftwarefeatures,andaccumulatedindustryknow-how.TheemergenceofmultipleAImodelsinChinahasloweredtraining/inferencingcostandcomputingpowerrequirement,whilewestillseeroomforcosttofurthergodownwithexpansionoflocalAIinfrastructure,makingAIavailabletomoreusers.Inthisnote,weprovideasummarysnapshotofthemonetizationstatusofdifferentapplicationsandcurrentcapabilities.Read-acrosstoChinaSoftware:WeviewKingsoftOf?ce(AIProductivity),Kingdee/Yonyou(AIEnterpriseServices),Arcsoft(AIPhotography),iFlytek(AIeducation/Healthcare),Glodon(AIBIM)earlybene?ciariesofAImonetization.n1)WhatistheprogressonAIMonetization:TheMAUofsingleToCAIapplicationhasreachedover10munits,withpayingratioat3%~13%(Exhibit2);ThenumberofsingleAIsoftware’senterpriseclientstargetat~1,000unitsthisyear(Exhibit3).Overall,therevenuecontributionofAIsoftwarearestilllowthisyear,rangingfromsingledigittohighteens,whileweseesoftwarevendorsviewAIaskeygrowthdriversinnextfewyears,withAPItokenfeeofAIfoundationmodelcontinuingtogodown.n2)WhatistheAIpricingstrategy:Perthecompanies,ToCAItoolsarepricedatUS$20~US$200/userperyear(Exhibit1),andAIcreationtoolsarepriced+852-2978-2930|allen.k.chang@GoldmanSachs(Asia)L.L.C.VerenaJeng+852-2978-1681|verena.jeng@GoldmanSachs(Asia)L.L.C.+852-2978-6466|ting.song@GoldmanSachs(Asia)L.L.C.GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.艾倫·張+852?2978?2930|allen.k.chang@高盛(亞洲)有限責(zé)任公司維雷娜·鄭+852?2978?1681關(guān)于人工智能軟件的核心爭論聚焦于1)貨幣化、2)護(hù)城河與知識(shí)產(chǎn)權(quán)、3)用戶案例及4)成本。我們已與20+公司進(jìn)行交流，通過展示10?19說明使用方法，并在本報(bào)宋婷+852?2978?6466關(guān)于人工智能軟件的核心爭論聚焦于1)貨幣化、2)護(hù)城河與知識(shí)產(chǎn)權(quán)、3)用戶案例及4)成本。我們已與20+公司進(jìn)行交流，通過展示10?19說明使用方法，并在本報(bào)告中解答關(guān)鍵常見問題：1)人工智能貨幣化進(jìn)展如何？軟件供應(yīng)商已開始對(duì)人工智能軟件收費(fèi)，同時(shí)尋求商業(yè)化與新用戶擴(kuò)展之間的平衡；2)人工智能定價(jià)策略是什么？告中解答關(guān)鍵常見問題：1)人工智能貨幣化進(jìn)展如何？軟件供應(yīng)商已開始對(duì)人工智能軟件收費(fèi)，同時(shí)尋求商業(yè)化與新用戶擴(kuò)展之間的平衡；2)人工智能定價(jià)策略是什么？年訂閱費(fèi)模式，權(quán)衡商業(yè)化與用戶擴(kuò)展；3)主流用戶案例有哪些？消費(fèi)者用戶青睞人工智能搜索、人工智能視頻創(chuàng)意/編輯及AI生產(chǎn)力工具，而金融/人力資源/知識(shí)庫/采購領(lǐng)域在企業(yè)級(jí)人工智能應(yīng)用中更早落地；4)軟件供應(yīng)商的護(hù)城河是什么？通過整合AI與軟件功能優(yōu)化工作流程的平臺(tái)，以及積累的行業(yè)訣竅。中國多種人工智能模型的涌現(xiàn)降低了訓(xùn)練/推理成本與計(jì)算能力需求，但隨著本地人工智能基礎(chǔ)設(shè)施的擴(kuò)展，我們認(rèn)為成本仍有進(jìn)一步下降空間，這將使更多用戶能夠使用AI技術(shù)。_對(duì)標(biāo)中國軟件:我們認(rèn)為金山辦公（AI生產(chǎn)力）、金蝶/用友（AI企業(yè)服務(wù)）、虹軟（AI攝影）、科大訊飛（人工智能教育/醫(yī)療）、廣聯(lián)達(dá)（AIBIM）是人工智能貨幣化的早期受益者。_1)人工智能貨幣化進(jìn)展如何：消費(fèi)級(jí)單款A(yù)In應(yīng)用的月活躍用戶已突破1000萬單位3%~13%，付費(fèi)比率為（圖表2單款人工智能軟件的企業(yè)客戶目標(biāo)數(shù)量為000單位年（圖表3）。總體而言，今年人工智能軟件的收入貢獻(xiàn)仍較低，范圍在個(gè)位數(shù)到十幾之間，但我們看到軟件供應(yīng)商將AI視為未來幾年的關(guān)鍵增長驅(qū)動(dòng)力，同時(shí)人工智能基礎(chǔ)模型的API令牌費(fèi)用持續(xù)下降。2)人工智能定價(jià)策略是什么：據(jù)公司透露，面向消費(fèi)者的AI工具定價(jià)為n美元20~200美元/用戶/年（圖表1而人工智能創(chuàng)作工具的定價(jià)高盛與研究報(bào)告覆蓋的公司存在并尋求業(yè)務(wù)往來。因此，投資者應(yīng)注意，本公司可能存在影響本報(bào)告客觀性的利益沖突。投資者在做出投資決策時(shí)，應(yīng)僅將此報(bào)告視為單一考量因素。關(guān)于監(jiān)管AC條例認(rèn)證及其他重要披露，請(qǐng)參閱披露附錄或訪問/research/hedge.html。非美國附屬機(jī)構(gòu)雇傭的分析師未在美國金融業(yè)監(jiān)管局(FINRA)注冊(cè)為研究分析師/不具備相應(yīng)資格。GoldmanSachsChinaSoftwarehigherthanAIproductivitytoolsduetohighercostofmulti-modalcontents;ToBAIapplicationsarechargedUS$80~US$1,000/userperyear,orlicensefeeatUS$3k~US$20kperyear.Toattractuseradoption,ToCvendorsusuallyoffer7~30daystrialperiodforuserstotrycoreAIfeatures,andToBvendorsprovidepre-trainingseriesforlarge-scaleclientstocustomizeAIbasedonenterprisein-houseknowledgebase.n3)WhataretopAIusercases:Basedonourconversationwiththecompanies,wecategorizedAIapplicationsintofoursegments(Exhibit9)(1)AIcreation(image/video/audiogenerationandediting)(2)AIproductivity(dataanalysis/scheduling/coding/documentgeneration),(3)AIindustrytools(education/healthcare/architectureetc.),and(4)AIenterpriseservices(Finance/HR/Supplychain/Sales).Withemergenceofmultiplefoundationmodels,AIapplicationsareabletogeneratecontentsthroughdeepreasoning,andAIagentsfurtherstreamlinetheprocess.n4)Whataresoftwarevendors’moattoattractadoption:AsgeneralAIassistantandAIChatbotarefreeofcharge,usersaremorewillingtopayToCAItoolswithdifferentiatedfeatures(forexample,MeituAIPhotographyfeaturingnaturalbeauti?cation,andiFlytekhealthcareAI’sdeeppartnershipwithhospitalsforaccurateresult);ToBenterpriseshavehigherrequirementonAItoperformcomplicatedtasksandgeneratehigherROIbyunderstandingdifferentclients’business,startingadaptionfromseniormanagement,thenexpansiontoallemployees.GoldmanSachsChinaSoftware高于AI生產(chǎn)力工具，因多模態(tài)內(nèi)容成本更高；企業(yè)級(jí)AI應(yīng)用采用訂閱制或按許可費(fèi)收費(fèi)，價(jià)格為美元80~1000美元/用戶/年至3000美元~每年2萬美元。為吸引用戶采用，消費(fèi)級(jí)供應(yīng)商通常提供7~30天試用期讓用戶體驗(yàn)核心AI功能，而企業(yè)級(jí)供應(yīng)商則為大規(guī)?？蛻籼峁╊A(yù)訓(xùn)練系列，基于企業(yè)內(nèi)部知識(shí)庫定制AI。3)頂級(jí)AI用例有哪些：根據(jù)與公司的交流，我們將AI應(yīng)用劃分為四大類（圖表9）：(1)AI創(chuàng)作（圖像/視頻/音頻生成與編輯）、(2)AI生產(chǎn)力（數(shù)據(jù)分析/排程/編碼/文檔生成）、(3)AI行業(yè)工具（教育/醫(yī)療/建筑等）、(4)AI企業(yè)服務(wù)（金融/人力資源/供應(yīng)鏈/銷售）。隨著多重基礎(chǔ)模型的出現(xiàn)，AI應(yīng)用能通過深度推理生成內(nèi)容，AI代理則進(jìn)一步優(yōu)化流程。4)軟件供應(yīng)商吸引用戶采用的護(hù)城河是什么：由于通用AI助手n和AI聊天機(jī)器人免費(fèi)提供，用戶更愿意為具備差異化功能的面向消費(fèi)者的AI工具付費(fèi)（例如，美圖AI攝影的自然美化功能，以及科大訊飛醫(yī)療AI與醫(yī)院的深度合作以提供準(zhǔn)確結(jié)果企業(yè)級(jí)企業(yè)對(duì)AI的要求更高，需要執(zhí)行復(fù)雜任務(wù)并產(chǎn)生更高投資回報(bào)率，并通過理解不同客戶的業(yè)務(wù)，從高級(jí)管理層開始采用，然后擴(kuò)展到所有員工。____11June20252GoldmanSachsChinaSoftware____PPTgenerationandrevisionFormulacreation,datasummaryDocumentgenerationandrevisionDeepSeektoimprovecontentEnterpriseAIwithknowledgehubAIBiddingclearingE-commerceAIGCgenerationAItointerviewandofferfeedbackAItoimprovetalentcapabilityAIassistantforlargeclientsAIassistantformidclientsAIagentplatformacrosssectorsGeneralAIassistantAIeducationAIHealthcareAIrecordingsoftwareAIOfficeSoftwarePPTgenerationandrevisionShortvideoAIcreatorImageAIgenerationAIbeautificationBatchAIimageeditorVideoAIeditorAITalkingvideogenerationAImindmapgenerationBatchAIvideoprocessingGeneralAIAgentAIaudiogenerationAIimagegenerationAISuperAgentWPSAIPresentationWPSAIExcelWPSAIDocumentBiddingClearingArcsoftPohotostudioAIInterviewAItalentCosmicGPTAIforGalaxyCozeAISparkle/EducationiFlytekXiaoyi/ZhiyiiFlytekZhiwenKaipaiBeautyCAMDesignerStudioFilmoraAIWondershareVibroEdrawmindMedia.ioManusMobvoiMoyinYonyouLibilibiAIKunlunSkyworkAgentFreetrial429429Rmb15/interviewARPUatRmb30kperyeARPUatRmb100-300kperyearARPUatRmb10kperyeUS$0.11-US$0.14per10ktokensEmbeddedinhardwaresalesUS$35-45perpatientEnterpricepricingFreeforPatientByconsumptionByconsumptionLifetimelicenseByconsumptionByconsumptionByconsumptionEnterpriseLifetimelicenseByconsumptionEnterpricepricingByconsumptionByconsumption√√√X√√√XXXX√XXX√6Licensefee+pre-trainingprojectfee4625720042422004242228√√√√√√√√√√√X√XByconsumption11June2025高盛中國軟件√√√√√X√√√XXXX√XXX√WPSAIPresentationWPSAIExcelWPSAIDocumentWPSAIPresentationWPSAIExcelWPSAIDocumentBiddingClearingArcsoftPohotostudioAIInterviewAItalentCosmicGPTAIforGalaxyCozeAISparkle/EducationiFlytekXiaoyi/ZhiyiiFlytekZhiwenKaipaiBeautyCAMDesignerStudioFilmoraAIWondershareVibroEdrawmindMedia.ioManusMobvoiMoyinYonyouLibilibiAIKunlunSkyworkAgentFreetrial429429Rmb15/interviewARPUatRmb30kperyeARPUatRmb100-300kperyearARPUatRmb10kperyeUS$0.11-US$0.14per10ktokensEmbeddedinhardwaresalesUS$35-45perpatientByconsumptionFormulacreation,datasummaryByconsumptionDocumentgenerationandrevisionDeepSeektoimprovecontentEnterpriseAIwithknowledgehubEnterpricepricingEnterpricepricingFreeforPatientByconsumptionByconsumptionLifetimelicenseByconsumptionByconsumptionByconsumptionEnterpriseLifetimelicenseByconsumptionEnterpricepricingByconsumptionByconsumptionE-commerceAIGCgenerationAItointerviewandofferfeedbackAItoimprovetalentcapabilityAIassistantforlargeclientsAIassistantformidclientsAIagentplatformacrosssectorsGeneralAIassistantAIeducationAIHealthcare20020042422004242228AIOfficeSoftware√√√√√√√√√√√√√√√√√√√X√XShortvideoAIcreatorImageAIgenerationAIbeautificationBatchAIimageeditorVideoAIeditorAITalkingvideogenerationAImindmapgenerationBatchAIvideoprocessingGeneralAIAgentAIaudiogenerationLicensefee+pre-trainingprojectLicensefee+pre-trainingprojectfee46257AIimagegenerationAISuperAgent來源：公司數(shù)據(jù)，高盛全球投資研究部整理規(guī)模（百萬美元）6規(guī)模（百萬美元）6產(chǎn)品月活躍用戶(千單位)產(chǎn)品付費(fèi)用戶AI產(chǎn)品萬興喵影生成式AI工具深度求索APP聊天GPT星火大模型美圖萬興科技每百萬令牌1.6?8.0美元每百萬令牌1.6?8.0美元開放AI每100萬代幣0.04?0.05美元每100萬代幣0.04?0.05美元來源：公司數(shù)據(jù)，高盛全球投資研究部整理33日GoldmanSachsChinaSoftwareUS$62mUS$0.6mUS$0.1mUS$0.03mUS$0.1mUS$0.04mUS$0.9mUS$14mNotmeaningfulUS$91mUS$18mUS$2.4kperyearUS$3kperyearUS$2.4kperyearUS$3.6kperyearUS$2.9kperyearUS$6.4kperyearUS$17.5kperclientperyearNotmeaningfulUS$5-20mperprojectUS$300kperprojectSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleSubscriptionbymoduleProject+AnnuallicenseSubscriptionbymoduleEmbeddedinsoftwareOne-offprojectLicensefee17,000240308800NotdisclosedTrial40ofTop100hospitalsWPS365withAIAIInterviewAIleadershipAIemployeeassistantAIcourseassistantAItrainingassiatntAITotalAITotalCosmicGPTEnterpriseAIservicesAIassistantYonyouiFlytekXunfeiHealthcareKingsoftOfficeBeisen1.WhatisdifferentwithAInow?(1)Lowercomputingcost:theAPItokenfeeofDeepSeekAImodelwasloweredtoUS$0.6per1mtokensvs.OpenAIpricedatUS$1.6~US$8.0per1mtokens,makingGen-AImoreavailabletoToC/ToBusers,(2)FromAICopilottoAIAgent:AICopilothelpsusersonsingletasks,whileAIAgentiscapableofplanningwork?owandcompletingtasks,withMCPenablingAIAgenttouseexternaldatasources,and(3)AIdeployment:Personalorenterpriseknowledgehubstogeneratecustomizedanswerswithhigheraccuracy,andone-stopsoftwareplatformto?nalizetheAIcontents.2.HowtodriveToBAIpayingratio?ComparedtosingleAIfeatures,enterprisespreferallocatingbudgetonAItoolsthatcouldgeneratehigherROI,requiringdeepunderstandingofenterprisebusiness/industryknowledge,andcompletingthecomplicatedtasksindependently.Applicationvendorsareworkingonindustry-levelAImodelsandstandardizedsolution.Mgmt.notesenterprisesinitiallyspendmoreonseniormanagementlevel,leveragingAItoprovidesupportandsavetheirtimeondecisionmakingandlogistics.AIapplicationscouldalsosavejunioremployees’timeonexecution,whileitstilltakestimetoexpandAIfeaturestoallemployeesconsideringtheAIinferencingcost.3.HowtodriveToCAIpayingratio?ToCvendorsusuallyofferGen-AItoolsfocusingon1~3AIfeatures,andhighlighttheirapplicationsleverage7bn~13bncustomizedAImodelstoenhanceperformanceofspeci?cfeatures,supportedbyindustryknow-howandhigh-qualitydata.However,theyfacethecompetitionfromplatformvendorswhooffergeneralAIassistantscovering10~15AIfeaturesandhavehighermarketingexpenses.ThestrategiesofAIapplicationvendorsaretoprioritizeuserexpansionovernear-termcommercializationbyofferinglongertrialperiod,inordertoattractnewusersandretainuserswithitspremiumAIfeaturesandbettereffect.GoldmanSachs中國軟件金山辦公按模塊訂閱每年7千美元每年3千美元每年2.4千美元每年3.6千美元每年2.9千美元每年6.4千美元每客戶1.75萬美元tperyearNotmeaningfulUS$5-20mperprojectUS$300kperproject元17,000240308800未披露試用40ofTop100hospitalsWPS365AI版AI面試AI領(lǐng)導(dǎo)力AI員工ssistantAIcourseassistantAItrainingassiatntAI總計(jì)AI總計(jì)用友GPT宇宙GPT企業(yè)AI服務(wù)icesAI助手按模塊訂閱S按模塊訂閱按模塊訂閱Subs按模塊訂閱SubscriptionbymoduleSub按模塊訂閱Project+年度許可證Sub按模塊訂閱EmbeddedinsoftwareOne-offprojectLicensefee60萬美元3萬美元NotmeaningfulUS$91m用友金蝶中望軟件科大訊飛訊飛醫(yī)療Spen每客戶收費(fèi)每年2.4千美元按模塊訂閱Beisen)來源：公司數(shù)據(jù)，高盛全球投資研究部整理AI應(yīng)用進(jìn)展與貨幣化1.當(dāng)前AI有何不同？(1)更低的計(jì)算成本：DeepSeekAI模型的API令牌費(fèi)用已降至每百萬令牌0.6美元，而開放AI的定價(jià)為每百萬令牌1.6~8.0美元，這使得生成式AI對(duì)消費(fèi)級(jí)/面向企業(yè)用戶更具可及性。(2)從AI副駕駛到AI代理：AI副駕駛協(xié)助用戶完成單一任務(wù)，而AI代理能夠規(guī)劃工作流程并獨(dú)立完成任務(wù)，MCP使AI代理能夠利用外部數(shù)據(jù)源，(3)AI部署：個(gè)人或企業(yè)知識(shí)中心可生成更高準(zhǔn)確度的定制化答案，一站式軟件平臺(tái)則用于最終確定AI內(nèi)容。2.如何提升企業(yè)級(jí)AI付費(fèi)比率？相比單一AI功能，企業(yè)更傾向于將預(yù)算分配給能帶來更高投資回報(bào)率的AI工具，這需要深刻理解企業(yè)業(yè)務(wù)/行業(yè)知識(shí)，并能獨(dú)立完成復(fù)雜任務(wù)。應(yīng)用供應(yīng)商正致力于開發(fā)行業(yè)級(jí)AI模型和標(biāo)準(zhǔn)化解決方案。管理層指出，企業(yè)初期投入更多集中在高級(jí)管理層，利用AI提供支持并節(jié)省其在決策制定和物流上的時(shí)間。AI應(yīng)用也能節(jié)省初級(jí)員工在執(zhí)行任務(wù)上的時(shí)間，但考慮到AI推理成本，將AI功能擴(kuò)展至所有員工仍需時(shí)間。3.如何提升消費(fèi)級(jí)AI付費(fèi)比率？面向消費(fèi)者的供應(yīng)商通常提供專注于1~3AI功能的生成式AI工具，并強(qiáng)調(diào)其應(yīng)用通過7億~13億定制化AI模型來提升特定功能的性能，這些模型得到行業(yè)訣竅和高質(zhì)量數(shù)據(jù)的支持。然而，它們面臨著來自平臺(tái)供應(yīng)商的競爭，后者提供覆蓋10~15AI功能的通用AI助手，并擁有更高的營銷費(fèi)用。AI應(yīng)用供應(yīng)商的策略是通過提供更長的試用期，優(yōu)先考慮用戶擴(kuò)展而非近期商業(yè)化，以吸引新用戶并通過其高級(jí)AI功能和更好效果留住用戶。____11June20254GoldmanSachsWPSAIDocumentBiddingClearingArcsoftPohotostudioAIInterviewAItalentSparkle/EducationWondershareVibroEdrawmindMedia.ioMobvoiMoyinFormulacreation,datasummaryDocumentgenerationandrevisionDeepSeektoimprovecontentEnterpriseAIwithknowledgehubAIBiddingclearingE-commerceAIGCgenerationAItointerviewandofferfeedbackAItoimprovetalentcapabilityAIassistantforlargeclientsAIassistantformidclientsAIagentplatformacrosssectorsGeneralAIassistantAIeducationAIHealthcareAIrecordingsoftwareAIOfficeSoftwareShortvideoAIcreatorImageAIgenerationAIbeautificationBatchAIimageeditorVideoAIeditorAITalkingvideogenerationAImindmapgenerationBatchAIvideoprocessingAIaudiogenerationToCAItoolspayingratio%OpenAI4%_WondershareGen-AI3%_WondershareFilmora5%MeituBeautyCamera5%MeituKaipai12%KingsoftOfficeWPSAI13%0%2%4%6%8%10%12%14%16%18%11June2025ChinaSoftwareComprehensiveAIandsoftwarefeaturesDataanalysiscapabilitiesofcomplicatedfileAICompaniontobringinspirationDeepSeekcapabilitiestoimprovecontentToBfeatureslikeKnowledgeHubOfferingalertforbiddingmaterialsAIalgorithmsupportbettereffectofphotogenerationAIinterviewerstoenhancetheinterviewqualityEnterprisecustomizeddatabaseFinance,HR,Sales,SupplycBOSSassistantstoattractadoptionAccesstohundredsofAIagentsLocalchipsetplatformwithlowercostComprehensivecoverageonstudentandteacherRichexperiencestoavoidHealthcareLLMmistakesIntegratedhardware/softwaresolutionOnlineversion,lowerbarriertouseTalkingheadvideogenerationwithcoverandsubtitleMultipleAIfeaturestoexpandorreviseimagesShotsofAIWardrobe/AIPhotographlooknaturalCapabilitiestoprocessimageinbatchMultipleLLMstosupportcontentgenerationComprehensivecoverageonvideofeaturesAIAvatarforoverseastalkingvideoDeepSeekintegrationforframework/articlegenerationHighefficiencyonvideogenerationClearworkflowtoshowworkandthinkingprocessHundredsofvoicetemplatesforuserstochangeAItemplateandmaterialsFormulatakeslongtimetogenerateEnglishwritingcapabilitiesNotfullyintegratedonWPSyetStillinearlystageofmonetizationCostmanagememyAIecosystemDifferentiatedAIproductfeatures/videoFormatofinterviewAItofollowupthetalentdevelopmentFeaturedsolutionforSMBclientsInferencingcapabilitiesStandardizedsolutionSpeechtoTextcapabilitiesVideomaterialgenerationontextinputImageGen-AIcapabilitiesDifferentiatedAIfeaturesExhibitandchartgenerationAImaterialsSocialcontentgenerationAImindmaptocovermoretopicsDifferentiatedAIfeaturesTimetofinishtask,foundationmodelAudiotovideogenerationToCAIrevcontributiontototalrevenues%iFlytekiFlytekSparkMeituKaipaiWondershareGen-AIKingsoftOfficeWPSAI MeituBeautyCamera XunfeiHealthcareWondershareFilmora__5%6%26%5%6%29%(%)46%(%)(%)20%0%5%10%15%20%25%30%35%40%45%50%20%5高盛公司AI功能公司AI功能PPT生成WPSAI演示sentation公式創(chuàng)建，數(shù)據(jù)匯總mary文檔生成與修訂WPSAI公式創(chuàng)建，數(shù)據(jù)匯總mary文檔生成與修訂WPSAI文檔ument靈犀靈犀AI投標(biāo)清算g企業(yè)級(jí)AIg企業(yè)級(jí)AI與知識(shí)AI投標(biāo)清算電商AIGC生成AI面試與反饋AI提升人才能力wledgehubnerationackAIInterviewAI人才宇宙GPT宇宙GPT星火大模型Sparkle/教育niFl云知聲智網(wǎng)en開拍美顏相機(jī)面向中等客戶的AI助手AIagentplatformacrosssectorsGeneralAIassistant人工智能教育人工智能醫(yī)療AI錄音軟件areAI辦公軟件短視頻AI創(chuàng)作工具圖像AI生成AI美顏批量AI圖像編輯器FilmoPPT生成與修訂ision視頻AIFilmoWondershareVibroEdrawmindWondershareVibroEdrawmindMedia.ioMobvoiMoyinAI思維導(dǎo)圖生成BatchAIvideoprocessingAI音頻生成ToCAItoolspayingratio%OpenAIWondershareGen-AIOpenAIWondershareGen-AIWondershareFilmoraMeituBeautyCameraMeituKaipaiKingsoftOfficeWPSAI3%5%5%12%13%0%2%4%6%8%10%12%14%16%18%來源：公司數(shù)據(jù)，由高盛全球投資研究編制日中國軟件AI核心亮點(diǎn)全面AIIandsoftwarefeaturesDataanalysiscapabilitiesofcomplicatedfileAI助手激發(fā)靈感深度求索能力改進(jìn)內(nèi)容企業(yè)級(jí)功能如知識(shí)中心投標(biāo)材料報(bào)價(jià)提醒AI算法支持更好效果的photogenerationAI面試官提升面試質(zhì)量企業(yè)定制數(shù)據(jù)庫金融、人力資源、銷售、供應(yīng)鏈AI解決方案BOSS助手吸引采用接入數(shù)百個(gè)人工智能代理本地芯片組平臺(tái)（性能較低）cost全面覆蓋學(xué)生與教師s避免醫(yī)療大語言模型錯(cuò)誤的豐富經(jīng)驗(yàn)綜合硬件/軟件解決方案s在線版本，降低使用門檻帶封面和字幕的虛擬人視頻生成多項(xiàng)AI功能擴(kuò)展或修訂圖像AI衣櫥拍攝/AI攝影效果自然批量處理圖像能力支持內(nèi)容生成的多種LLMtionComprehensivecoverageonvideofeaturesAIAvatarforoverseastalkingvideoDeepSeekintegrationforframework/articlegenerationHighefficiencyonvideogenerationClearworkflowtoshowworkandthinkingprocessHundredsofvoicetemplatesforuserstochangeAItemplateandmaterialsFormulatakeslongtimetogenerate英文寫作能力尚未完全集成于WPS辦公軟件仍處于貨幣化早期階段成本管理AI生態(tài)系統(tǒng)DifferentiatedAIproductfeatures/videoF面試形式AI跟進(jìn)talentdevelopmentI行業(yè)AI代理F特色解決方案forSMBclients語言設(shè)置推理能力ties語言培訓(xùn)S標(biāo)準(zhǔn)化解決方案語音轉(zhuǎn)文本功能ities每張圖像生成需10?15秒Videomaterialgenerationontextinput圖像生成每張圖像生成需10?15秒差異化AI功能ExhibitandchartgenerationAImaterialsSocialcontentgenerationAImindmaptocovermoretopicsDifferentiatedAIfeaturesTimetofinishtask,foundationmodelAudiotovideogenerationToCAIrevcontributiontototalrevenues%iFlytekiFlytekSparkMeituKaipaiWondershareGen-AIKingsoftOfficeWPSAI MeituBeautyCamera XunfeiHealthcareWondershareFilmora5%6%26%5%6%29%(%)46%(%)(%)20%0%5%10%15%20%25%30%35%40%45%50%20%來源：公司數(shù)據(jù)，由高盛全球投資研究編制GoldmanSachsChinaSoftwareToBAIchargingperyearperenterpise3%BeisenAIHR(2025)5%BeisenAIInterview9%KingsoftOffice(%)024681012141AIHomeworkcorrectionAILanguagelearningAITutorAILearningrouteplanningAIMemorytrainingAIClinicalresearchAIFamilydoctorQ&AAIHealthcarereportQ&AAIpatientmanagementAIBiddingAIBuildingdesignAIConstructioncostmgmt.AIDecorationSmarthomecontrolAIPersonaladsAIE-commercesearchAIRetailfittingAIMerchantonboardingAITradescreeningFinancialriskalertAIDatalabelingAutomotiveAICockpitAutomotiveL4WorldModelIllustrativeusercasesofGen-AIapplicationsproductTexttoDocumentTexttoWritingTexttoPresentationSpeechtoTextAICodingAIKnowledgeQ&APersonalassistantAITranslationAIEmaildraftMailboxmanagementAISchedulingAIMeetingrecapAIMeetingplannerAITravelplannerAIMealplannerAIEditorAIGrammercheckAIDocumentsummaryAIDataanalysisAIExhibitanalysisAIDatarecoveryAICopilot(Multiple/customizedAI)AIagent(Multiple/customizedAI)AIRecruitingAITalentTrainingAIInterviewAIEmployeeengagementAIContractAIMarketingcampignAIPricingstrategyAICustomersegmentationAISocialmediamgmt.AICustomerservicesSalesAIAgentAIFinancialsummaryAIReimbursementAIInvestmentanalysisAIFrauddetectionAIAuditingAIProductionschedulingAIInventorymanagementAIdeliverymanagementAICompetitionanalysisAIIndicatoroverviewTexttoImageTexttoVideoImagetoVideoImageto3DModelAIMusicAIScript/ShortvideoAIMindmapAIAudioAIAnimationAIE-commercephotoAIVideoeditorAINoisereductionAISoundeffectAIVideoTranslationAITypesettingAISubtitleAIImagebeautificationAIVoicechangerAIFacechangingAIPsychologyAICharacter/AvatarAIChatbotAIGirlfriendYonyouBeisen(2024)iFlytekBeisen(2025)KingsoftOfficeXunfeiHealthcareYonyouYonGPTBeisenAIHR(2026)0%2%4%6%8%10%12%14%16%18%20%ToBAIrevcontributiontototalrevenues%(US$k)18%Inthisnote,weprovideasummarysnapshotofthemonetizationstatusofdifferentapplicationsandcurrentcapabilitiesasprovidedbythecompany.高盛中國軟件之間之間ToBAIrevcontributiontototalrevenues%ToBAIchargingperyearperenterpiseToBAIrevcontributiontototalrevenues%YonyouBeisenYonyouBeisen(2024)iFlytekBeisen(2025)KingsoftOfficeXunfeiHealthcareYonyouYonGPTBeisenAIHR(2026)3%BeisenAIHR(2025)5%BeisenAIInterview9%18%(US18%(US$k)(%)0%2%4%6%8%10%12%14%16%18%20%02460%2%4%6%8%10%12%14%16%18%20%來源：公司數(shù)據(jù)，高盛全球投資研究部整理來源：公司數(shù)據(jù)，高盛全球投資研究AI創(chuàng)作（消費(fèi)級(jí)+面向企業(yè)）AI生產(chǎn)力（消費(fèi)級(jí)+面向企業(yè)）AI+行業(yè)（面向企業(yè)）AI+企業(yè)服務(wù)（面向企業(yè)文本生成圖像文本轉(zhuǎn)視頻圖像轉(zhuǎn)視頻圖像轉(zhuǎn)3D模型文本生成圖像文本轉(zhuǎn)視頻圖像轉(zhuǎn)視頻圖像轉(zhuǎn)3D模型AI音樂AI腳本/短視頻AI思維導(dǎo)圖AI音頻AI動(dòng)畫AI電商照片AI視頻編輯器AI降噪AI音效AI視頻翻譯AI排版AI字幕AI圖像美化AI語音轉(zhuǎn)換器AI換臉AI心理學(xué)AI角色/頭像AI聊天機(jī)器人AI女友游戲NPC創(chuàng)建ationAI作業(yè)批改nAI語言學(xué)習(xí)AI導(dǎo)師AI學(xué)習(xí)grouteplanningAIMemorytrainingAI臨床研究AI藥物研發(fā)AI家庭醫(yī)生問答人工智能醫(yī)療報(bào)告Q&AAI患者管理gementAI競價(jià)AIBuildingdesignAI建筑成本管理t.AI裝飾智能家居controlAI個(gè)人廣告AI電子商務(wù)searchAI零售試衣AI招聘AI人才培訓(xùn)AI面試人力資源政策問答AI員工電子化ngagement人力資源AI代理AI合同AIMarketingcampignAI定價(jià)策略AI客戶細(xì)分tationAI社交媒體管理AI客戶服務(wù)銷售AI代理AI財(cái)務(wù)匯總maryAIReimbursementAIInvest情緒分析AI欺詐檢測(cè)文本轉(zhuǎn)演示語音轉(zhuǎn)文本AI編程AI深度搜索AI知識(shí)問答個(gè)人助理AI翻譯tAI郵件草稿郵箱管理tAI調(diào)度AI會(huì)議回顧AI會(huì)議規(guī)劃AI旅行規(guī)劃師AI膳食規(guī)劃師AI編輯器AIGrammerAIGrammercheckAIDocumentsummaryAI數(shù)據(jù)分析AI展品分析AI數(shù)據(jù)恢復(fù)AI副駕駛(倍數(shù)/cusAIa代理（倍數(shù)/客戶AIProductionschedulingAIInventorymanagementAIdeliverymanagementAIComAIProductionschedulingAIInventorymanagementAIdeliverymanagementAICom競爭分析AI指標(biāo)概覽金融風(fēng)險(xiǎn)警報(bào)AI數(shù)據(jù)標(biāo)注tomizedAI)omizedAI)汽車tomizedAI)omizedAI)自動(dòng)駕駛L4世界模型生成式AI應(yīng)用產(chǎn)品的用戶案例示例本報(bào)告中，我們根據(jù)公司提供的數(shù)據(jù)，總結(jié)了不同AI應(yīng)用的貨幣化狀態(tài)及當(dāng)前能力概覽。____