重要内容提示： 昆仑万维科技股份有限公司（以下简称"公司"或"昆仑万维"）《2022年限制性 股票激励计划》（以下简称"《2022年激励计划》"）第二个归属期归属条件已成就， 经公司第五届董事会第十四次会议审议通过，除14名激励对象因离职不符合归属条件， 2022年激励计划涉及的66名激励对象在第二个归属期可归属的限制性股票数量为 649.05万股，现将相关事项公告如下： 一、股权激励计划实施情况概要 （一）本次股权激励计划的主要内容 证券代码：300418 证券简称：昆仑万维 公告编号：2024-037 昆仑万维科技股份有限公司 关于 2022 年限制性股票激励计划第二个归属期 归属条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 1、 股权激励方式：第二类限制性股票。 2、 授予数量：本激励计划授予的限制性股票数量 2,682.5 万股，约占本激励计划草 案公告时公司股本总额 119,778.15 万股的 2.24%。 3、 授予价格（调整后）：12.174 元/股，即满足授予条件和归属条件后，激励对象可 以每股 12.174 元的价格购买公 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company reported a revenue of 4.915 billion yuan and a net profit of 1.258 billion yuan for 2023, with year-on-year growth rates of 3.78% and 9.15% respectively. However, for Q1 2024, the company experienced a revenue of 1.208 billion yuan and a net loss of 0.187 billion yuan, marking a significant decline [5] - The revenue growth was driven by search engine and advertising businesses, while costs and unstable investment returns led to the decline in Q1 2024 performance. Notably, search engine revenue grew by 21.22% to 1.143 billion yuan in 2023, and online advertising revenue increased by 28.95% to 1.653 billion yuan [5] - The company is expanding its AI capabilities, launching new features and products, including AI search and social products, which are expected to enhance its market position in the long term [6][8] Financial Summary - The company forecasts revenues of 5.493 billion yuan, 6.164 billion yuan, and 6.844 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 0.799 billion yuan, 0.844 billion yuan, and 0.976 billion yuan [8] - The earnings per share (EPS) are projected to be 0.66 yuan, 0.69 yuan, and 0.80 yuan for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 54.18, 51.28, and 44.36 respectively [8][10] - The company’s total market capitalization is approximately 43.279 billion yuan, with a circulating market capitalization of about 39.409 billion yuan [1] Business Developments - The company is actively investing in AI technologies, with a focus on building a comprehensive AI ecosystem that includes search, music, video, social, and gaming applications [6][8] - The launch of the first phase of a restricted stock incentive plan aims to motivate key personnel, with performance targets set for revenue growth in the coming years [8]

Investment Rating - The report assigns an "Overweight-A" rating to Kunlun Tech (300418 SZ) [1] Core Views - Kunlun Tech is strategically positioned across the entire AI industry chain, with a diversified business matrix that includes AI models, AI search, AI music, AI video, AI social, and AI gaming [1] - The company's revenue in 2023 reached RMB 4,915 million, a YoY increase of 3.78%, with net profit attributable to shareholders of RMB 1,258 million, up 9.15% YoY [1] - In Q1 2024, the company reported a revenue of RMB 1,208 million, a slight decline of 0.8% YoY, and a net loss of RMB -187 million due to temporary losses in investment business [1] - The company has launched multiple AI applications, including the "Tiangong" series of large models, AI music models, and AI gaming platforms, which are expected to drive future growth [1] AI Business Development - Kunlun Tech has developed a comprehensive AI business matrix, including AI models, AI search, AI music, AI video, AI social, and AI gaming [1] - The "Tiangong" large model series has been iterated to version 3.0, featuring a MoE (Mixture of Experts) architecture with 100 billion parameters, making it one of the most powerful MoE models globally [1] - The company launched the "Tiangong AI Assistant," the first MoE-based AI assistant in China, offering enhanced search, research, and creative capabilities [1] - In AI music, the company released the "Tiangong SkyMusic" model, which integrates instrument, vocal, melody, and volume generation using a Sora-like architecture [1] - In AI gaming, the company developed "Club Koala," a game that allows users to create game levels and party games without coding experience [1] Financial Performance and Projections - The company's revenue is projected to grow from RMB 5,513 million in 2024 to RMB 6,668 million in 2026, with a CAGR of 10.1% [4][6] - Net profit attributable to shareholders is expected to be RMB 626 million in 2024, RMB 648 million in 2025, and RMB 766 million in 2026 [4][6] - The company's gross margin is forecasted to remain stable at around 78% from 2024 to 2026 [4][6] - EPS is projected to be RMB 0.52 in 2024, RMB 0.53 in 2025, and RMB 0.63 in 2026 [4][6] Overseas Business and Opera Platform - Overseas business accounts for 86% of the company's revenue, with a YoY increase of 8.4 percentage points [1] - Opera, the company's AI-driven information distribution and metaverse platform, has over 300 million monthly active users globally [1] - Opera's revenue in 2023 reached USD 397 million, a YoY increase of 20%, with adjusted EBITDA of USD 93.7 million, up 38% YoY [1] - Opera One, the flagship browser, integrates the AI assistant "Aria," which supports over 50 languages and is available in 180 countries [1][3] Strategic Partnerships and R&D Investment - Kunlun Tech has formed strategic partnerships with Alibaba Cloud and Huawei Cloud to enhance AI computing and model training capabilities [1] - The company increased its R&D investment to 20.34% of revenue in 2023, up from 12.94% in 2021, with a 19.12% increase in R&D personnel [1] - The company has completed a full industry chain layout, including investments in AI computing chips and infrastructure [1] Valuation and Peer Comparison - Kunlun Tech's P/E ratio is projected to be 71.9x in 2024, 69.6x in 2025, and 58.8x in 2026, higher than peers due to its early-stage AI business expansion [4][8] - Comparable companies include Kingnet Network, Yaoji Technology, and BlueFocus, with average P/E ratios of 23.4x, 18.0x, and 15.1x for 2024, 2025, and 2026, respectively [8]

证券代码：300418 证券简称：昆仑万维 公告编号：2024-034 昆仑万维科技股份有限公司 2023 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要提示： 1、本次股东大会没有否决或修改提案的情况。 2、为尊重中小投资者利益，提高中小投资者对公司股东大会决议事项的参与度， 本次股东大会对中小投资者进行单独计票，中小投资者是指除上市公司董事、监事、高 级管理人员以及单独或者合计持有公司 5%以上股份的股东以外的其他股东。 3、本次股东大会以现场与网络投票相结合的方式召开。 一、会议通知情况 昆仑万维科技股份有限公司（以下简称"公司"）2023 年年度股东大会通知的公告 （公告编号：2024-019）已于 2024 年 4 月 24 日刊登于中国证监会指定的创业板信息披 露媒体巨潮资讯网（www.cninfo.com.cn）。 二、会议召开和出席情况 （一）会议召开情况 1、召集人：昆仑万维科技股份有限公司董事会 2、主持人：公司董事长方汉先生 3、召开方式：现场投票和网络投票相结合的方式 4、召开时间： （1）现场会议时间：2 ...

北京市天元律师事务所 关于昆仑万维科技股份有限公司 2023 年年度股东大会的法律意见 京天股字（2024）第 183 号 致：昆仑万维科技股份有限公司 昆仑万维科技股份有限公司（以下简称"公司"）2023 年年度股东大会（以下 简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年5月15日在北京市东城区西总布胡同46号明阳国际中心B座11层会议室召开。 北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次 股东大会现场会议，并根据《中华人民共和国公司法》《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会 规则》"）以及《昆仑万维科技股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《昆仑万维科技股份有限公司第五届董事 会第十二次会议决议公告》《昆仑万维科技股份有限公司第五届监事会第八次会议 决议公告》《昆仑万维科技股份有限公司关于召开 2023 年年度 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [11]. Core Views - The company achieved a revenue of 4.915 billion yuan in 2023, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 1.258 billion yuan, up 9.15% year-on-year. However, the non-recurring net profit decreased by 42.86% to 660 million yuan [2][3]. - The company has significantly increased its R&D investment, with annual R&D expenses rising to 970 million yuan, representing a 19.69% R&D expense ratio, an increase of 5.11 percentage points from the previous year [2]. - The company is advancing its AGI strategy, having launched its first domestic AI search product, TianGong AI Search, and the first self-developed music SOTA model, TianGong SkyMusic, which leads globally in the AIGC vertical [2][3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.915 billion yuan, with a year-on-year growth of 3.78%. The net profit attributable to shareholders was 1.258 billion yuan, reflecting a 9.15% increase. However, the non-recurring net profit fell by 42.86% to 660 million yuan [2][3]. - For Q1 2024, the company recorded a revenue of 1.208 billion yuan, a slight decline of 0.79% year-on-year, and a net loss attributable to shareholders of 187 million yuan [2]. R&D and Strategic Initiatives - The company has increased its R&D investment, with expenses reaching 970 million yuan, resulting in a R&D expense ratio of 19.69%, up 5.11 percentage points from the previous year [2]. - The AGI strategy is progressing, with the launch of TianGong AI Search and the TianGong SkyMusic model, which has accumulated over 10 billion quality data resources [2][3]. Profit Forecast - The company is expected to achieve net profits of 831 million yuan, 929 million yuan, and 1.012 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 0.68 yuan, 0.76 yuan, and 0.83 yuan, with PE ratios of 55, 50, and 46 times [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [9]. Core Views - The company has shown strong revenue growth driven by its browser commercialization strategy and the expansion of the Opera Ads platform, with 2023 revenue reaching 4.915 billion yuan, a year-on-year increase of 3.78% [5][6]. - The company has launched a stock incentive plan to stabilize its core talent team, which includes performance targets for cumulative revenue over the next three years [8]. - The company has successfully developed a diverse AI product matrix, enhancing its competitive advantage in the AI field, with the latest iteration of its AI model achieving global leading performance metrics [7]. Financial Summary - In 2023, the company achieved a net profit of 1.258 billion yuan, up 9.15% year-on-year, while the first quarter of 2024 saw a net loss of 187 million yuan [5][6]. - Revenue projections for 2024-2026 are estimated at 5.534 billion, 6.258 billion, and 7.223 billion yuan, respectively, with corresponding net profits of 909 million, 1.044 billion, and 1.260 billion yuan [9][11]. - The company's gross margin remained high at 78.84% in 2023, with R&D expenses increasing significantly to support its AI initiatives [6][11].

证券代码： 300418 证券简称：昆仑万维 昆仑万维科技股份有限公司 2023 年度业绩说明会活动记录表 编号：2024-002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | | --- | --- | --- | --- | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | | | | | □新闻发布会 □路演活动 | | | | | | | □现场参观 | | | | | | | □其他 （请文字说明其他活动内容） | | | | | | 参与单位名称及 | 投资者网上提问 | | | | | | 人员姓名 | | | | | | | 时间 | 2024 年 5 月 9 日 (周四) 下午 15:00-17:00 | | | | | | | 司 通 过 全 景 网 " 投 资 者 关 系 互 动 平 | 公 | | 台 | " | | | （https://ir.p5w.net）采用网络远程的方式召开业绩说明会 | | | | | | | 1、董事长、总经理方汉 | | | | | | | 2、董事、副总经理、董事会秘书吕杰 | | | | | | ...

Financial Data and Key Metrics Changes - In FY23, the company achieved revenue of 4.92 billion yuan, a year-on-year increase of 3.8% [1] - The overseas business revenue accounted for 86% of total revenue, growing by 8.4% year-on-year [1] - The gross profit margin reached 78.8%, with a net profit attributable to shareholders of 1.26 billion yuan, up 9.15% year-on-year [1] - In Q1 2024, revenue was 1.21 billion yuan, with overseas revenue accounting for 88.4%, a year-on-year increase of 6.2% [1] - R&D expenses for 2023 were 970 million yuan, a 40.2% increase, representing a historical high of 19.7% of revenue [1] Business Line Data and Key Metrics Changes - The Opera segment achieved a global revenue of 397 million USD in 2023, a year-on-year increase of 20%, with adjusted EBITDA of 93.72 million USD, up 38% [1] - In Q1 2024, Opera's revenue was 102 million USD, a 17% increase year-on-year, with adjusted EBITDA of 24.91 million USD, a 15% increase [1] Market Data and Key Metrics Changes - The company has made significant strides in the AI sector, particularly with the launch of the TianGong large model series, which has shown advanced capabilities in autonomous learning and task handling [2][3] - The TianGong 3.0 model, released in April 2024, is noted for having 400 billion parameters, making it one of the largest and most powerful open-source models globally [2] Company Strategy and Development Direction - The company is focused on "All in AGI and AIGC" as its long-term strategy, aiming to build a diverse AI business matrix that includes AI search, music, video, social, and gaming applications [3] - The mission is to achieve general artificial intelligence (AGI) and empower users to express themselves better through AI-generated content [7] - The company plans to develop an AIUGC platform to enhance user creativity and reduce content creation barriers, which is seen as a long-term competitive strategy [6] Management Comments on Operating Environment and Future Outlook - Management highlighted that the AI industry is evolving rapidly, with Chinese manufacturers catching up to global leaders like OpenAI [5][8] - The company believes that the lack of blockbuster AI applications overseas is primarily due to business models focused on paid services, which limits growth [8] - Future product iterations and updates will depend on user feedback and technological advancements, with a focus on creating a Super APP for AI services [9] Other Important Information - The company has no immediate plans for further financing, with stable cash flow from segments like Opera and StarMaker, and a cash reserve of approximately 1 billion yuan [15] - The TianGong AI search web version saw a 120% year-on-year increase in visits, reaching 4 million in April 2024 [9] Q&A Session Summary Question: How does the company assess the development pace of the AI industry and its own models? - The company categorizes Chinese manufacturers into two directions: general AI and generative AI, noting that domestic models are nearing GPT-4 levels [5] Question: What is the company's positioning for large models and consumer products? - The mission is to achieve AGI and enhance user expression, with a focus on developing text large models to support AI search and AIGC routes [7] Question: What are the reasons for the lack of blockbuster AI applications overseas? - The core reason is the reliance on paid models, which limits growth, while free models require more innovation and time [8] Question: What will the future product form of TianGong AI look like? - The company aims to create an AI Super APP that integrates user-generated content with AI-generated content, enhancing user creativity [9] Question: What are the plans for the AI music product? - The AI music product will be launched as an independent AIUGC community platform, allowing users to create and share music [10] Question: What are the testing data and future plans for the social application Linky? - Linky has surpassed 1 million downloads and ranks in the top ten in several countries, with plans for continued improvements [11] Question: How does the company view the differences in multimodal application technology between domestic and international markets? - The company sees opportunities in both understanding and generating multimodal content, with plans for future developments in video applications [12][13]

Financial Data and Key Metrics Changes - In FY23, the company achieved revenue of 4.92 billion yuan, a year-on-year increase of 3.8% [1] - The overseas business revenue accounted for 86% of total revenue, growing by 8.4% year-on-year [1] - The gross profit margin reached 78.8%, with a net profit attributable to shareholders of 1.26 billion yuan, up 9.15% year-on-year [1] - In Q1 2024, revenue was 1.21 billion yuan, with overseas revenue accounting for 88.4%, reflecting a year-on-year growth of 6.2% [1] - The gross profit margin for Q1 2024 was 78.4% [1] Business Line Data and Key Metrics Changes - R&D expenses in 2023 were 970 million yuan, a 40.2% increase year-on-year, representing a record high of 19.7% of total revenue [1] - The number of R&D personnel increased by 16.1% to 1,508 [1] - Opera's revenue in 2023 was 397 million USD, a 20% increase year-on-year, with adjusted EBITDA of 93.72 million USD, up 38% [1] - In Q1 2024, Opera generated 102 million USD in revenue, a 17% year-on-year increase, with adjusted EBITDA of 24.91 million USD, a 15% increase [1] Market Data and Key Metrics Changes - The global monthly active users of Opera reached 304 million as of Q1 2023 [1] Company Strategy and Development Direction - The company is focused on AGI and AIGC, aiming to build a diverse AI business matrix including AI search, music, video, social, and gaming [3] - The company plans to enhance its AI capabilities through continuous R&D investment and talent acquisition [1][3] - The company aims to become a leading infrastructure and application platform in the AI era, enhancing user efficiency and enabling high-quality content creation [5] Management Comments on Operating Environment and Future Outlook - Management noted that the AI industry is evolving rapidly, with a focus on both general AI and AIGC [5] - The company believes that the AIUGC platform will be a long-term competitive strategy, enhancing user value and generating profits [5] - Management expressed confidence in the company's ability to keep pace with global AI advancements, particularly in the AIGC sector [11] Other Important Information - The company has released multiple iterations of its TianGong model, with the latest version (3.0) being one of the largest and most powerful open-source models globally [2][4] - The company is collaborating with various industry players, including Alibaba Cloud and Huawei Cloud, to enhance its AI capabilities [4] Q&A Session Summary Question: How does the company assess the development pace of the AI industry and its own product rhythm? - The company categorizes Chinese manufacturers into two directions: general AI and AIGC, noting that domestic models are nearing GPT-4 levels [5] Question: What is the company's positioning in large models and C-end products? - The mission is to achieve general AI, focusing on text large models to meet demands in AI search and AIGC [5] Question: What are the reasons for the lack of blockbuster AI applications overseas? - The core reason is the reliance on paid music models, which limits growth speed [6] Question: What is the future product form of TianGong AI? - The company aims to create an AI Super APP that enhances user creativity and lowers content creation barriers [7] Question: What are the plans for promoting AI music products? - The company plans to launch an independent AI music product similar to a UGC community platform [8] Question: How is the testing data for the AI social application Linky? - Linky has exceeded 1 million downloads and ranks in the top ten in several countries [8] Question: What are the company's plans for video applications? - The company has long-term plans for AI video applications, including the release of a new multimodal model [9] Question: What characteristics will companies need to dominate the AI search market? - AI search is a new product form, and the company believes in a free information service model supplemented by advertising [10] Question: What is the expected capability of global models compared to 2023? - The company anticipates that its models will reach or exceed GPT-4 levels this year [11]