出门问问2025年度报告

2438 2025 2459141732586263656667128 Floor 4Willow HouseCricket Square, Grand CaymanKY1-9010, Cayman Islands 42171-728 63 23 24840 Campbells Corporate Services LimitedFloor 4Willow HouseCricket Square, Grand CaymanKY1-9010, Cayman Islands 183171712 1716 108 Campbells15303002–04 16601–602 610–616 21 62101 27 83 HSBC Bank USA, N.A.1800 Tysons BlvdTysons, VA 22102 02438 www.chumenwenwen.com 202512 31323.068.990.5%57.572.6% 202512 31 2025AIAI Agent +202512 3190.5% AI AIAIAgentAI AI202512 3154.7%22.5% AI AI174.214.4%Agentic AIAI 2025Agentic AITicNoteTicNoteTicNoteAI AgentShadow AI++AI Shadow AI 2.0AI AgentAI 202512Kickstarter4G AITicNote PodsBest of Kickstarter4GWi-FiAI TicNotePodsAIShadowAI AIAI AI AgentAIAITicNote CloudCodeBananaAIGCAI86.7% TicNote CloudTicNoteAI++AI Agent CodeBananaCodingAgentproduct huntCodeBananaAICodeBananaAI 2026AI AgentAIAI AI FirstAIAIAI AgentAICodeBanana Shadow AI 2.0AI AIAI 202412 31390.3202512 31323.0AIAI202412 31238.1202512 31148.8AIAIGCAI202412 31152.2202512 31174.2Agentic AI 202412 31186.9202512 31161.3AI AIAI AgentAIAI 202412 31203.420.5%202512 31161.720241231202512 3152.1%50.1%AI202412 3139.0%202512 3153.9% 202412 31136.9202512 3177.7AIAI Agent 202412 31196.0202512 31126.6AI 202412 3188.3202512 3140.020242025 2025202412 31 202512 31200.720241231309.635.2%202512312.62024 12 312.5 202512 31 202512 31202412 3151.020.0 202512 3135.9%2024123142.1% 202512 31200.720241231309.635.2%202512312.62024 12 312.5 202512 31150202512 3186.4 (a) (b) (c) (d) 202512 31 202512 31 492012820235AI AI152010520128GoogleInc.GoogleLLC 19997200242005720105 42201322023520248 1 1620087201210MicroStrategy Services,Corp. 2006620085 512023517 2819972000200020142014201620161220254Rong360 Inc.OTCAIJTYRong360 Inc.202512Aibee Inc. 19977 482023523 202006920207202082022220223 (i)2016 320171NASDAQEFUT(ii)2017 3202210601456.SH1456.HK(iii)2018 12202412688033.SH(iv)20181220251300523.SZ(v)20248202510600908.SH (i)2024 12002878.SZ(ii)2026 100658.HK 2011122015120179 199972002720074 喆422024330 202006620164601988.SH3988.HK20164 2006720131201711 C.2.1 C.2.1 3.10(1)3.10(2)3.10A3.13 C.2.1 3.13 C.5.1 20256 6 (1)20258 21(2)20258 21(3)20258 21 20256 30 C.1 A B 202512 3189 E.1.520251231 30501501001 A.2.1(i)(ii)(iii)(iv)(v) 3.213.22(i)(ii)(iii)(iv)(v) 3.10(2)3.21 20256 30 202512 31 3.253.26(i)(ii)(iii)(iv)(v)17(vi) 202512 2420252025(i)(ii)(iii)(iv)202512 24 3.27A(i)(ii)(iii)(iv)(v)(vi) AI4251 202512 31 3030–39≥40 202512 31 202512 31202512 31 ID C3 10 3.2915 202512 31 2121 www.chumenwenwen.com ir@mobvoi.com — 202512 312025 202512 31 AIAI AgentAIAI TicWatchAIAIAITicNoteAITicNoteCloudAICodeBananaAI---AIAIAI 202512 31202512 315891357 202512 31 4 14 2025123140.32%30.66% 202512 3170.20%62.76% 202512 315% 202512 31 202512 3111 202512 3130(b) 202512 311,703.8202512 3130 202512 31202412 3151.020.0 (i)(ii) 30(b) 20244 2420244 23290.2202512 31 1.20244 23 202512 31202512 31 20251300523.SZ202510600908.SH2026100658.HK 20254OTCAIJTY202512AibeeInc. 202512 3113.51B(1) 89 8.10 202512 31XVXV78352 (1) (3)AGI LimitedAGI Management LimitedMobvoi LimitedMobvoi AGI Limited99%1%AGI Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedMobvoi LimitedMobvoiAGI Limited375,862,577201912 1Mobvoi LimitedAGI Management LimitedAGI Limited Mobvoi AGI Limited42,505,19542,276,005 (4)14,867,279201912 129,734,558202511 16,852,778 (5)Wen&Hui LimitedW&H Management LimitedCMWW LimitedCMWW AGI Limited99%1%W&H Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedCMWW LimitedCMWW AGI Limited42,505,195201912 1CMWW LimitedW&H Management LimitedWen&Hui Limited CMWW AGI Limited375,862,57742,276,005 202512 31XV352 202512 31XV23336 (2)202512 311,548,844,356 (3)AGI LimitedAGI Management LimitedMobvoi LimitedMobvoi AGI Limited99%1%AGI Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedMobvoi LimitedMobvoiAGI Limited375,862,577201912 1Mobvoi LimitedAGI Management LimitedAGI Limited Mobvoi AGI Limited42,505,19542,276,005 (4)14,867,279201912 1Mobvoi LimitedAGI Management LimitedAGI Limited Mobvoi AGI Limited CMWW Limited W&H Management Limited Wen&Hui LimitedCMWW AGI LimitedAmberlei Limited29,734,558202511 16,852,778 (5)Wen&Hui LimitedW&H Management LimitedCMWW LimitedCMWW AGI Limited99%1%W&H Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedCMWW LimitedCMWW AGI Limited42,505,195201912 1CMWW LimitedW&H Management LimitedWen&Hui Limited CMWW AGI Limited375,862,57742,276,005 (6)Amberlei Limited100%Amberlei Limited201912 1Amberlei Limited375,862,57742,505,195 (7)SIG ISIG IIISIG I2018 1 10SIG III2012 1 1020251231SIG Pacific Holdings, LLLPSIG ISIG III80%SIG Global Investments GP, LLCSIGISIG I 20%SIG China Investments GP, LLCSIG IIISIG III 20%SIG Asia Investment, LLLPSIG ISIG IIIHeights Capital Management, Inc.SIG Asia Investment, LLLPSIG ISIG III SIG Pacific Holdings, LLLP SIG China Investments GP,L