Can the 'canvas' in the toolbox support Wondershare's valuation?

Here is the core judgment: Wondershare's showcase at WAIC 2026—specifically Wanxing Drama Factory's "Infinite Canvas," Filmora.AI, and Virbo AI—is essentially an attempt to migrate traditional video toolchains toward an "AI-native platform." However, the actual implementation capability of the "Infinite Canvas" concept is far less sexy than its marketing hype suggests. From an investment perspective, Wondershare's current valuation logic faces two critical tests: first, whether the conversion rate from "tool subscription" to "AI service subscription" can be sustained; second, where its differentiation moat truly lies amidst the pincer attack from giants like Adobe, ByteDance, and Tencent.