国内 AI 应用创业公司正面临一个致命的商业困局：依赖高成本 Token 采购使得多数产品陷入"毛亏率"困境。视频生成应用 OiiOii 需在 2026 年底前支付火山引擎 5000 万元购买 Seedance 2.0 API[1]，而该模型生成 720p 视频的单价高达 0.99 元/秒，相比可灵 3.0 的 0.6 元/秒、Vidu Q3-pro 的 0.68 元/秒均更为昂贵[1]。这种高采购成本直接压低了产品利润空间。
以 LibTV 为例，其标准版年卡月均价格 47.4 元，用户可生成 56 秒视频，边际毛利率约为负 17%，即使加上 10% 算力券优惠后仍约为负 5%[1]。演语科技 CEO 陈冕直言，"如果用户用满套餐额度的全部 token，LibTV 肯定亏损"[1]。更极端的是，LibTV 甚至转卖 Seedance 2.0 API Key，其转卖价格竟比直接采购还便宜，形成亏本卖出的局面[1]。面对这种困境，LibTV 在 6 月实施涨价，至尊版两档连续包年首年各上调 1000 元，同时 Seedance 2.0 调用价格也从 0.37 元/秒提升至 0.41 元/秒[1]。
这种高成本模式形成了"用户越多越亏"的恶性循环。相比之下，少数摆脱重 API 依赖的应用显示出健康的盈利潜力。Plaud AI 的订阅收入中，Pro 年付约 100 美元、Unlimited 年付约 240 美元，而其 AI 处理成本仅约 1-2 美元/月/人，软件毛利率达到 75%-90%[1]。
China's artificial intelligence application startups face a fundamental profitability crisis rooted in unsustainable token acquisition costs, according to analysis of major players in the sector [1]. Companies offering video generation and related services are caught in a bind where the expense of purchasing API tokens from foundational model providers far exceeds what they can charge users, creating negative margins that worsen as customer usage grows [1].
OiiOii, a video generation application, exemplifies this predicament. The company is projected to spend 50 million yuan by the end of 2026 to purchase Seedance 2.0 API access from ByteDance's Volcano Engine [1]. This pricing proves prohibitively expensive; Seedance 2.0 costs 0.99 yuan per second of 720p video generation, compared to competing models like Keling 3.0 at 0.6 yuan per second and Vidu Q3-pro at 0.68 yuan per second [1]. LibTV, operated by Yanyu Technology, faces similarly grim economics. Its standard annual subscription, priced at 47.4 yuan monthly for 56 seconds of video generation, yields a negative gross margin of approximately -17 percent, which only marginally improves to -5 percent when accounting for a 10 percent computing voucher [1]. Yanyu CEO Chen Mian acknowledged the trap directly, stating: "If users exhaust all token quotas in their subscription plan, LibTV will definitely operate at a loss" [1].
Facing these constraints, some applications have resorted to desperate measures. LibTV has reportedly begun reselling Seedance 2.0 API keys at prices below direct procurement costs, effectively selling at a loss [1]. In June, the company raised subscription rates, increasing annual premiums by 1,000 yuan across two tiers of its premium offering, while simultaneously raising Seedance 2.0 call prices from 0.37 yuan to 0.41 yuan per second [1]. Not all AI applications suffer equally from this model. Plaud AI charges annual subscription fees of approximately 100 dollars for Pro and 240 dollars for Unlimited plans, with AI processing costs estimated at only 1 to 2 dollars per user per month, generating software gross margins of 75 to 90 percent [1]. Meanwhile, demand for such applications continues to expand; Tencent's WorkBuddy saw its PC monthly visitor count surge from 8.85 million in March to 20.97 million in June [1].
