Summary of Conference Call Company or Industry Involved - The conference call is related to 信达证券 (Cinda Securities) and its services offered to clients who have signed service agreements or have been invited to the call [1] Core Points and Arguments - The information and opinions expressed during the call do not constitute investment advice for any individual [1] - The call does not take into account the specific investment objectives, financial situation, or needs of clients [1] - Any content presented by third-party experts represents their personal views and is not authorized by 信达证券 [1] - Distribution or transmission of the call's content by any institution or individual is strictly prohibited without authorization from 信达证券 [1] Other Important but Possibly Overlooked Content - The call emphasizes compliance with regulatory requirements regarding the dissemination of information [1]

Summary of Conference Call Company or Industry Involved - The conference call is related to the services provided by 信达证券 (Cinda Securities) Core Points and Arguments - The information and opinions expressed during the conference call do not constitute investment advice for any individual or entity [1] - The meeting is exclusively for clients who have signed service agreements with Cinda Securities or have been invited [1] - Any third-party expert opinions presented during the call represent the personal views of those experts and are not endorsed by Cinda Securities [1] - The content shared in the meeting is subject to regulatory restrictions and cannot be disclosed without authorization from Cinda Securities [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of considering individual clients' investment goals, financial status, and needs, which are not taken into account in the information provided [1]

顺势转型，打造人工智能时代的“超级大模型” [—Tab昆le_C仑over万Stoc维k] （300418.SZ）首次覆盖报告 [Tabl2e0_2R4ep年ort5Ti月me]7 日 冯翠婷传媒互联网及海外首席分析师 执业编号：S1500522010001 邮箱：fengcuiting@cindasc.com 证券研究报告 [昆Tab仑le_T万itl维e] (300418.SZ)：顺势转型，打造人工 公司研究 智能时代的“超级大模型” [T首ab次le_覆Rep盖ort报Typ告e] [T20a2b4l年e_4R月ep2o6r日t Date] [T昆ab仑le万_St维oc（kAn3d0R0a4n1k]8 .SZ） 本期内容提要: [Table_Summ 凭借超前的战略眼光与坚定的长期投入，以“All in”AGI 与 AIGC 作为长期 发展策略。 2023 年 4 月，昆仑万维发布自研千亿级大语言模型「天工大模 投资评级 买入 型」；8 月，推出「天工 AI搜索」，国内首个融入大模型技术能力的 AI搜索 上次评级 产品；9月，在权威推理榜单Benchmark GSM8K 测试中，「天工大模型」以 8 ...

顺势转型，打造人工智能时代的“超级大模型” [—Tab昆le_C仑over万Stoc维k] （300418.SZ）首次覆盖报告 [Tabl2e0_2R4ep年ort5Ti月me]7 日 冯翠婷传媒互联网及海外首席分析师 执业编号：S1500522010001 邮箱：fengcuiting@cindasc.com 证券研究报告 [昆Tab仑le_T万itl维e] (300418.SZ)：顺势转型，打造人工 公司研究 智能时代的“超级大模型” [T首ab次le_覆Rep盖ort报Typ告e] [T20a2b4l年e_4R月ep2o6r日t Date] [T昆ab仑le万_St维oc（kAn3d0R0a4n1k]8 .SZ） 本期内容提要: [Table_Summ 凭借超前的战略眼光与坚定的长期投入，以“All in”AGI 与 AIGC 作为长期 发展策略。 2023 年 4 月，昆仑万维发布自研千亿级大语言模型「天工大模 投资评级 买入 型」；8 月，推出「天工 AI搜索」，国内首个融入大模型技术能力的 AI搜索 上次评级 产品；9月，在权威推理榜单Benchmark GSM8K 测试中，「天工大模型」以 8 ...

公 司 研 证券研究报告 究 ＃industryId＃ 传媒 ＃ ＃d 昆yCo 仑mp 万any＃维 （ 300418.SZ ） investSug 增持 ( 维ges持tion C）h 000009 ＃title＃ ange＃ Opera 上调业绩指引，天工 3.0 及 SkyMusic 发布 2024 年 05月 03日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 昆仑万维发布 2023年报及2024年一季报。2023 年，公司实现营 司 业收入 49.15 亿元，同比增长3.78%；归母净利润12.58 亿元，同比增长 日期 2024-4-30 9.15%；扣非后归母净利润6.60亿元，同比下降42.86%。2023年第四季 点 收盘价（元） 39.98 度，公司实现营业收入12.34亿元，同比下降7.73%；归母净利润9.30亿 元，同比增长154.02%；扣非归母净利润3.85亿元，同比增长37.84%。 评 总股本（百万股） 1215.01 2024年第一季度，公司实现营业收入12.08亿元，同比下降0.79%；归母 报 流通股本（百万股） 1106.37 净 ...

一、基本情况 1、本次交易概况及估值情况 本次交易中，昆仑万维的全资子公司 Kunlun Tech Limited（以下简称"香港 万维"）以现金方式向 Keeneyes Future Holding Inc.（以下简称"KFH"）购买 其所持有 19,500,000 股 Opera Limited（以下简称"Opera"）股份，即 Opera 在 外流通股份的 8.47%（以下简称"目标资产"或"标的资产"）。 本次交易的交易价格，以兼顾交易双方股东的利益为原则，综合考虑了标的 资产的战略价值、行业发展、资产状况、盈利水平、技术条件、协同效应等因素， 根据标的公司的净资产和公开市值情况，经交易双方协商，标的资产的交易价格 确定为 8.22 美元/ADS，购买 19,500,000 股基础股票（即 9,750,000 份 ADS，占 标的公司在外流通股份的 8.47%）的股权的交易价款合计为 8,014.50 万美元。 按照《重组管理办法》及有关规定，公司聘请中金公司作为估值机构，以 2020 年 10 月 16 日为估值基准日出具了估值报告，从独立估值机构的角度分析 本次交易价格的合理性和公允性，估值机构本 ...

证券研究报告·公司点评报告·游戏Ⅱ 昆仑万维（300418） 2024 年一季报点评：AI 投入及投资业务致业 2024 年 04月 28日 绩波动，前瞻布局 AI 优势领先 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 4,736 4,915 5,617 6,157 6,644 执业证书：S0600517110002 同比（%） (2.35) 3.78 14.27 9.62 7.92 021-60199793 归母净利润（百万元） 1,152.82 1,258.36 686.20 762.17 869.80 zhoulj@dwzq.com.cn 同比（%） (25.47) 9.15 (45.47) 11.07 14.12 研究助理 陈欣 EPS-最新摊薄（元/股） 0.95 1.04 0.56 0.63 0.72 执业证书：S0600122070012 P/E（现价 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2024-030 昆仑万维科技股份有限公司 第五届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 1、昆仑万维科技股份有限公司（以下简称"公司"）第五届董事会第十三次会议通 知于 2024 年 4 月 21 日采取通讯方式通知了全体董事、监事。 2、公司第五届董事会第十三次会议于 2024 年 4 月 26 日以通讯方式召开。 本项议案已经公司董事会审计委员会审议通过。董事会对此项议题进行了讨论和表 决。 表决结果：赞成票7票，占出席会议有效表决票的100%，反对票0票，弃权票0票。 （二）审议通过《关于重大资产重组注入标的资产补偿期满减值测试报告的议案》 3、本次会议应参加的董事 7 名，实际参加的董事 7 名。 4、会议由方汉董事长主持。公司部分监事、高级管理人员列席了本次会议。 5、董事会的举行和召开符合国家有关法律、法规及公司章程的规定。 二、董事会会议审议情况 本次会议审议议案和表决、通过情况如下： （一）审议通过《关于公司<2024 年第一季度 ...

Financial Performance - Total revenue for Q1 2024 was ¥1,207,545,098.58, a decrease of 0.79% compared to ¥1,217,208,465.68 in the same period last year[4] - Net loss attributable to shareholders was ¥187,413,702.97, representing a decline of 188.38% from a profit of ¥212,057,775.57 in the previous year[4] - Basic and diluted earnings per share were both -¥0.15, down 183.33% from ¥0.18 in the same period last year[4] - Total operating revenue for Q1 2024 was CNY 1,207,545,098.58, a decrease of 0.56% compared to CNY 1,217,223,600.73 in Q1 2023[48] - Net profit for Q1 2024 was a loss of CNY 205,432,496.75, compared to a profit of CNY 259,914,570.24 in Q1 2023[50] Cash Flow and Assets - Operating cash flow decreased by 48.11% to ¥106,750,886.48 from ¥205,711,410.00 year-on-year[4] - The financial report shows a decrease in current assets from approximately ¥3.80 billion to ¥3.51 billion, with cash and cash equivalents at ¥980.94 million[44] - The net cash flow from operating activities for the current period is $106,750,886.48, a decrease of 48.2% compared to $205,711,410.00 in the previous period[54] - The total cash and cash equivalents at the end of the period is $979,597,575.62, down from $1,255,831,465.39 at the end of the previous period[55] Expenses and Liabilities - Total operating costs increased to CNY 1,238,144,100.06, up 23.52% from CNY 1,002,035,550.37 in the previous year[48] - Research and development expenses increased by 104.37% to ¥348,655,625.70, driven by costs associated with AIGC business development[11] - The total liabilities increased to CNY 3,671,410,748.88, up from CNY 3,585,790,639.64 at the start of the year[47] - The equity attributable to shareholders of the parent company decreased to CNY 14,998,249,716.79 from CNY 15,174,349,421.64[47] Shareholder Information - Total number of common shareholders at the end of the reporting period is 133,349[14] - The largest shareholder, Xinyu Yingrui Century Software R&D Center, holds 15.62% of shares, totaling 189,744,943 shares[14] - Shareholder Zhou Yahui holds 11.92% of shares, totaling 144,844,325 shares, with 200,000 shares pledged[14] - The top 10 shareholders account for a significant portion of the total shareholding, with the largest holding being 15.62%[14] Business Development and Strategy - The company plans to continue its market expansion and product development strategies in the upcoming quarters[19] - The company is committed to its "All in AGI and AIGC" development strategy, focusing on high-intensity R&D investments to support its growth in the AI sector[20] - The company launched the "TianGong 2.0" MoE large language model and the updated "TianGong AI Assistant" app on February 6, 2024[21] - The "TianGong 3.0" model, with 400 billion parameters, was opened for public testing on April 17, 2024, showing significant performance improvements in various fields[23] Investment and Market Performance - The investment business faced a temporary loss of 129 million yuan due to downward pressure in the capital market, but core business operations showed strong resilience[20] - The company’s investment in AI technology continues to expand, with new features in the AI assistant enhancing user experience across various applications[27] - Kunlun Wanwei's investment in Pony.ai has led to the approval for autonomous taxi services in Beijing, marking a significant milestone in the autonomous driving sector[41] - The company’s investment in the low-altitude economy sector has secured $20 million in strategic financing for air taxi applications in the Middle East[41] Other Financial Metrics - The company reported a significant decline in investment income, with a loss of CNY 14,709,040.37 compared to a gain of CNY 5,031,058.72 in the previous year[50] - Other comprehensive income after tax showed a loss of CNY 45,732,225.13, contrasting with a gain of CNY 562,418,277.85 in Q1 2023[50] - Cash inflow from investment activities totaled $346,387,967.09, down 70.1% from $1,160,637,312.10 in the prior period[55]

证券代码：300418 证券简称：昆仑万维 公告编号：2024-031 昆仑万维科技股份有限公司 3、本次会议应参加的监事 3 名，实际参加的监事 3 名。 4、会议由冯国瑞主持。公司全体监事列席了本次会议。 5、监事会的举行和召开符合国家有关法律、法规及公司章程的规定。 二、监事会会议审议情况 一、监事会会议召开情况 1、昆仑万维科技股份有限公司（以下简称"公司"）第五届监事会第九次会议通知 于 2024 年 4 月 21 日采取通讯方式通知了全体监事。 2、公司第五届监事会第九次会议于 2024 年 4 月 26 日现场召开。 本次会议审议议案和表决、通过情况如下： （一）审议通过《关于公司<2024 年第一季度报告全文>的议案》 第五届监事会第九次会议决议公告 本公司及监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。 《2024年第一季度报告全文》详见刊登于中国证监会指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）的披露文件。 监事会对此项议题进行了讨论和表决。 表决结果：赞成票3票，占出席会议有效表决票的100%，反对票0票，弃权票0票。 （二 ...