Open-Source Large Model Overseas Revenue Diagram

Strengths

• Deep technological leadership advantages in open-source models
• Broad cloud provider channel coverage with an asset-light, high-gross-margin revenue-sharing model

Weaknesses

• High uncertainty due to reliance on cloud provider negotiation outcomes
• Resistance within the open-source community toward commercialization

Opportunities

• Strong willingness of overseas cloud providers to pay, with AI spending up 47% year-over-year
• Mature validation of the token economy, with the revenue-sharing model accepted by the market

Threats

• Numerous open-source alternatives intensifying model commoditization and competition
• Risk of replacement by cloud providers' self-developed models, making revenue-sharing negotiations prone to breakdown