截至9月10日收盘，手机游戏概念上涨1.76%，位居概念板块涨幅第9，板块内，48股上涨，巨人网络、 卧龙新能、ST凯文等涨停，星辉娱乐、芒果超媒、昆仑万维等涨幅居前，分别上涨9.25%、5.52%、 4.71%。跌幅居前的有恺英网络、三七互娱、联迪信息等，分别下跌2.79%、2.37%、1.26%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 短剧游戏 | 2.61 | 硅能源 | -1.73 | | 赛马概念 | 2.40 | 石墨电极 | -1.51 | | 足球概念 | 2.25 | 有机硅概念 | -1.27 | | 云游戏 | 2.10 | PEEK材料 | -1.25 | | AI PC | 1.95 | 钠离子电池 | -1.11 | | 网络游戏 | 1.93 | 草甘膦 | -1.11 | | 冰雪产业 | 1.88 | 芬太尼 | -1.11 | | Sora概念(文生视频) | 1.80 | 两轮车 | -1.07 | | 手机游戏 | 1.76 | 超导概念 | -1.03 | ...

（文章来源：每日经济新闻） 每经AI快讯，9月10日，游戏概念股震荡拉升，星辉娱乐涨近10%，巨人网络涨超7%，昆仑万维、完美 世界、盛天网络跟涨。 ...

数据显示，华泰柏瑞基金旗下1只基金位居昆仑万维十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持174.37万股，持有股数1556.87万股，占流通股的比例为1.24%。根据测算，今日浮盈赚取约 3269.43万元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益17.41%， 同类排名2785/4222；近一年收益39.31%，同类排名2308/3781；成立以来收益110.08%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 9月2日，昆仑万维涨5.04%，截至发稿，报43.77元/股，成交28.67亿元，换手率5.36%，总市值549.47亿 元。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：广告业务37.89%，Opera搜索业务23.43%，海外社交网络业务19.13%，游戏 业务7.85%，闲徕社交娱乐平台业务6.75%，短剧平台业务 ...

昆仑万维所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：大盘、基金重仓、算力概念、无 人驾驶、云游戏等。 9月8日，昆仑万维（维权）盘中下跌2.02%，截至09:48，报40.22元/股，成交9.41亿元，换手率1.85%， 总市值504.90亿元。 资金流向方面，主力资金净流出1.23亿元，特大单买入1.04亿元，占比11.07%，卖出1.53亿元，占比 16.27%；大单买入2.12亿元，占比22.52%，卖出2.86亿元，占比30.35%。 昆仑万维今年以来股价涨4.52%，近5个交易日跌3.48%，近20日涨14.95%，近60日涨20.24%。 今年以来昆仑万维已经2次登上龙虎榜，最近一次登上龙虎榜为8月22日，当日龙虎榜净买入3.28亿元； 买入总计12.62亿元 ，占总成交额比13.95%；卖出总计9.34亿元 ，占总成交额比10.32%。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：网络广告业务38.37%，O ...

Core Insights - Kunlun Wanwei's revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23%, with overseas business contributing significantly, accounting for 92.17% of total revenue [1][4][5] - Despite revenue growth, the company reported a net loss of 1.148 billion yuan, a decline of 129.48% year-on-year, raising questions about the allocation of expenses [1][5] - The company's aggressive investment in advanced AI technologies and models is a key factor behind the increased costs, as it aims to establish a comprehensive technology-to-product closed loop [1][11] Revenue Growth - Kunlun Wanwei has consistently achieved revenue growth, with figures rising from 2.249 billion yuan in the first half of 2022 to 3.733 billion yuan in the first half of 2025 [4][5] - The overseas revenue for the first half of 2025 reached 3.441 billion yuan, a year-on-year increase of 56.02%, further solidifying its international market presence [5] Profitability Challenges - The company faced significant profitability challenges, with operating costs rising to 1.125 billion yuan, a year-on-year increase of 106.21%, primarily due to business expansion [5][6] - Selling expenses surged by 95.57% to 1.828 billion yuan, indicating increased market and channel investments [5][6] Technological Advancements - Kunlun Wanwei is accelerating its investment in AI model iterations, focusing on multiple directions including large language models and multi-modal applications [8][9] - The company has released several advanced models and tools, such as the "Tian Gong Super Intelligent Agent" and various AI video and music generation models, showcasing its commitment to innovation [9][11] Commercialization Efforts - The company is prioritizing two main AI application scenarios: productivity and social entertainment, aiming to create a complete cycle from technology to product to commercialization [11][12] - Monthly revenue from AI music and social applications has surpassed one million dollars, indicating a stable monetization capability [11][12] Market Outlook - The global AI industry is expected to continue its high growth, with a shift in focus from model scale to application effectiveness, aligning with the company's strategic direction [13]

Core Viewpoint - Kunlun Wanwei's performance in the first half of 2025 shows significant revenue growth but a substantial net loss, raising questions about the allocation of expenses and the sustainability of its aggressive expansion strategy [1][4]. Revenue Growth - The company achieved a revenue of 37.33 billion yuan in the first half of 2025, marking a year-on-year increase of 49.23% [1][3]. - Overseas revenue reached 34.41 billion yuan, up 56.02% year-on-year, accounting for 92.17% of total revenue, an increase of 4 percentage points [3][4]. Profitability Challenges - Net profit turned to a loss of 11.48 billion yuan in the first half of 2025, a decline of 129.48% compared to the previous year [1][4]. - Operating costs surged to 11.25 billion yuan, a 106.21% increase, primarily due to business expansion [4][5]. - Selling expenses rose significantly by 95.57% to 18.28 billion yuan, indicating increased market and channel investments [4][5]. Technological Advancements - The company is accelerating its investment in large model technologies, with multiple iterations of its models, including the Skywork series and AI agents [7][8]. - New models and tools have been released, enhancing capabilities in various domains such as image processing, software engineering, and AI music [8]. Commercialization Efforts - Kunlun Wanwei is focusing on two main AI application scenarios: productivity and social entertainment, aiming to create a complete cycle from technology to product to commercialization [10][11]. - Monthly revenue from AI music and AI social applications has surpassed one million dollars, indicating a stable monetization capability [10][11]. - The company anticipates further revenue growth from AI video applications following product upgrades [10][11].

风险提示：全球宏观贸易政策波动风险；数贸中心招商与投运节奏不及预期；AI业务商业化落地进展 不及预期；监管政策变动风险。 盈利能力方面，①毛利率方面，25H1公司整体毛利率 69.88%6/同比-8.32pct。②费率方面，25H1公司整 体费用率87.87%/同比+0.42pct，其中销售费用率 48.95%/同比+11.60pct，主要由于报告期内公司市场费 和渠道费增加所致；管理费用率16.61%/同比-2.02pct，研发费用率21.38%%/同比-8.89pct，财务费用率 0.93%6/同比+0.27pct。③净利率方面，25H1公司净利率为-30.749%同比-10.75pct，海外核心业务稳健增 长，为AI 战略推进提供坚实支撑。报告期内，公司实现营业收入37.33亿元，其中海外收入达 34.41亿 元，同比增长 56.02%，占总收入比重提升至 92.17%，国际化运营能力强劲。细分业务中，Opera 搜索 业务收入6.91亿元，同比增长 10.89%，毛利率维持在95.37%的高水平，全球活跃用户达到2.89亿；海外 社交网络业务实现收入5.20亿元，同比增长10.20%，毛利率为74.5 ...

游戏行业上半年复苏"含金量"几何？伴随着上周世纪华通、恺英网络、完美世界等公司财报的陆续公布，A股上市游戏公司2025年上半年成绩 单正式揭晓。从财报数据来看，我国游戏行业今年上半年整体走强，在营收、利润、出海等领域取得较强增长。 紧随其后的是三七互娱，该公司今年上半年营收84.86亿元，其中游戏收入84.15亿元。相较于世纪华通的高歌猛进，三七互娱的的营收出现了 一定程度下滑。受此影响，两者之间的营收从前些年的旗鼓相当，在今年上半年拉开了较大差距。同时，二者依然断层领先其他公司。 在营收排名前三的昆仑万维，该公司上半年营收37.33亿元，同比增长49.23%，但公司主业为广告、短剧、搜索及海外社交网络等，游戏业务 营收已下降至2.39亿元，营收占比不到7%。若单论游戏业务营收的话，"千年老三"完美世界依然是上半年的季军。由于旗下上半年上线的《诛 仙世界》带来良好业绩增量，公司上半年游戏营收同比涨9.67%，达到29.06亿元。同时，伴随着影视等业务的复苏，公司整体营收实现了 33.74%的增长，达到了36.91亿元。 实际上，根据中国音像与数字出版协会指导、由伽马数据编写的《2025年1-6月中国游戏产业报 ...

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]

答案指向一场技术豪赌。在董事长兼CEO方汉的规划中，昆仑万维正全力冲刺多模态大模型、AI智能 体、视频与音乐生成等前沿领域，从开源模型迭代到智能体架构发布，常有技术刷新。 尤其在AI应用落地的关键窗口，昆仑万维明显选择了激进。从"天工超级智能体"横空出世，到AI音乐、 社交业务月流水破百万美元，其商业化布局正从技术层面向实际场景全面渗透。公司毫不讳言其聚 焦"生产力+社交娱乐"的双线战略，试图打造从技术到产品的闭环。 这家公司正以激进的研发与市场投入全速冲向"生产力+社交娱乐"双线战场。然而，高速扩张与巨额亏 损并存，市场仍在等待其商业化闭环的真正回响。 营收持续增长，海外市场高歌猛进，AI模型密集迭代，商业化路径逐渐清晰——昆仑万维（300418） 2025年上半年的成绩单，看起来充满进取的节奏感。 其最新半年报显示，公司上半年实现营收37.33亿元，同比增长49.23%，尤其海外业务增势强劲，收入 占比攀升至92.17%。 然而同一时期，净利润却录得亏损11.48亿元，同比下跌129.48%。这张"增收不增利"的答卷，为市场留 下一个悬念：钱，究竟花到了哪里？ 但这依然是一场与时间赛跑的冒险。 昆仑万维能 ...