1、China Gen AI EcosystemSee the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a

2、 conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Asia Pacific Equity ResearchAugust 2025Alex YaoAC(86 21)6106 J.P.Morgan Securities(China)Company LimitedGokul Hariharan(852)2800-J.

3、P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedBilly Feng(86 21)6106 J.P.Morgan Securities(China)Company Limited2China Gen AI Value ChainInfrastructureMiddleware&toolingModel DevelopmentDataApplication DevelopmentGovernance,Policy&StandardsIAAS cloudIDCServer providerSe

4、rver component providerNetwork solution providerFoundryDeep learning frameworkVertical databases&RAG toolingOrchestration,prompting&model servingMLOps/MonitoringData labelling&cleaningVertical sector data service providerHorizontal productivity toolsVertical-specific AIConsumer-face AI applicationSo

5、urce:McKinsey,J.P.Morgan3China Gen AI Value ChainPart in the value chainCompanyTickerMkt cap(USDm)YTD stock return2024 stock returnApplication Development LayerHorizontal productivity toolsBeijing Kingsoft Office Software 688111 CH Equity19,8578%-9%AlibabaBABA US EQUITY288,47043%9%Tencent700 HK EQUI

6、TY661,17736%42%BaiduBIDU US EQUITY30,6674%-29%BytedancePrivateMoonshot AIPrivateVertical-specific AITTCOM US EQUITY40,628-9%91%BeikeBEKE US EQUITY20,977-4%14%Meitu1357 HK EQUITY6,596282%-18%ZhankunBZ US EQUITY9,85149%-17%AutohomeATHM US EQUITY3,3138%-8%Consumer-face AI applicationTencent700 HK EQUIT