Core Viewpoint - Kunlun Wanwei announced the nomination of Ms. Wu Rui as an independent director candidate for the fifth board of directors, following the approval of the proposal at the 33rd meeting of the fifth board [2] Group 1 - The board of directors approved the proposal for the election of an independent director [2] - Ms. Wu Rui will serve as the chairperson of the remuneration and assessment committee and as a member of the audit committee upon her election [2]

证券代码：300418 证券简称：昆仑万维 公告编号：2025-075 昆仑万维科技股份有限公司 关于完成补选独立董事的公告 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。 特此公告。 昆仑万维科技股份有限公司董事会 二零二五年十一月三日 附：吴蕊女士简历 吴蕊女士，1978年生，中国国籍，无境外永久居留权，美国南加州大学工商管理学博士， 斯坦福大学访问学者。2010年至2023年历任清华大学经济管理学院创新创业与战略系助理教授、 副教授。现任北京科技大学经济管理学院副教授。 吴蕊女士未持有公司股份，与持有公司5%以上股份的股东、实际控制人、其他董事、高级 管理人员不存在关联关系；未受过中国证监会及其他有关部门的处罚和证券交易所惩戒；不存 在被认定"失信被执行人"的情形；也不存在《上市公司自律监管指引第2号——创业板上市 公司规范运作》第3.2.3,3.5.4及3.5.5条所规定的情形，符合《公司法》和《公司章程》规定 的任职条件。 昆仑万维科技股份有限公司（以下简称"公司"）于2025年10月18日披露了《关于独立董 事辞职及补选独立董事的公告》（2025- ...

1、本次股东会没有否决或修改提案的情况。 证券代码：300418 证券简称：昆仑万维 公告编号：2025-076 昆仑万维科技股份有限公司 2025 年第二次临时股东会决议公告 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： 2、为尊重中小投资者利益，提高中小投资者对公司股东会决议事项的参与度，本 次股东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、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"）2025 年第二次临时股东会通知的 公告（公告编号：2025-070）已于 2025 年 10 月 18 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 4、召开时间： （1）现场会议时间：2025 年 11 月 3 日下午 14 时 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 ...

北京市天元律师事务所 关于昆仑万维科技股份有限公司 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 会第三十三次会议决议公告》《昆仑万维科技股份有限公司关于召开 2025 年第二 次临时股东会通知的公告》（以下简称"《召开股东会通知》"）以及本所律师认为 必要的其他文件和资料，同时审查了出席现场会议股东的身份和资格、见证了本次 股东会的召开，并参与了本次股东会议案表决票的监票计票工作。 2025 年第二次临时股东会的法律意见 京天股字（2025）第 671 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"）2025 年第二次临时股东会（以 下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 11 月 3 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》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 以及《昆仑万维科技股 ...

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Core Insights - Kunlun Wanwei reported a net profit of 190 million yuan in Q3 2025, marking a turnaround from losses in the previous quarter, driven by advancements in AI technology and its commercialization [1][2] - The company's AI strategy has transitioned from a technology accumulation phase to a commercial return phase, showcasing growth potential and business value [1][2] Financial Performance - In Q3 2025, Kunlun Wanwei achieved a revenue of 2.072 billion yuan, representing a year-on-year increase of 56.16% and a net profit growth of 180.13% [2] - Cumulatively, from January to September 2025, the company reported a total revenue of 5.805 billion yuan, up 51.63% from the previous year, with a gross margin of 69.9% [2] Global Strategy and Market Position - The company's overseas business revenue reached 5.410 billion yuan in the first three quarters, a significant increase of 58%, with overseas revenue accounting for 93.3% of total revenue, up 3.6 percentage points year-on-year [3] - Kunlun Wanwei's international competitiveness is strengthening, as evidenced by its short drama platform DramaWave ranking third in overseas short drama platform revenue and StarMaker's strong performance in various regions [3] AI Product Development - The growth in revenue is attributed to the development of short dramas, advertising, and AI software technology, with a focus on enhancing user experience and expanding the user base [4] - The company has made significant progress in various AI fields, including AI large models, intelligent assistants, music, video, and social media, with notable product launches such as Skywork Deep Research Agent V2 and Mureka V7.5 [4][5] Future Outlook - Kunlun Wanwei aims to deepen the industrial application of AI technology, enhance global market positioning, and innovate business models to solidify AI as a long-term growth engine [6]

Core Insights - The China Securities Index for online consumption (931481) has shown a 0.70% increase as of October 31, 2025, with notable gains in constituent stocks such as Kunlun Wanwei (300418) up by 4.27% and Yidian Tianxia (301171) up by 4.13% [1][2] - The online consumption ETF fund (159793) has risen by 1.48%, with a latest price of 1.1 yuan, and has accumulated a 1.60% increase for the month as of October 30, 2025 [1] - The index comprises 50 listed companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Index Composition - As of September 30, 2025, the top ten weighted stocks in the online consumption index account for 55.76% of the total index, with Alibaba-W (09988) and Tencent Holdings (00700) being the largest contributors [2] - The weightings of the top ten stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), Kuaishou-W (6.37%), Meituan-W (5.50%), JD Health (4.86%), Giant Network (3.82%), Bilibili-W (3.74%), iFLYTEK (3.52%), Kaiying Network (2.98%), and Kunlun Wanwei (2.69%) [4]

Core Viewpoint - Kunlun Wanwei has successfully returned to profitability in Q3 2025, driven by strategic investments in AI and a strong revenue growth trajectory, indicating a positive transformation in its business model [1][2][10]. Financial Performance - For the first three quarters of 2025, Kunlun Wanwei achieved a revenue of 5.805 billion yuan, representing a year-on-year increase of 51.63%. In Q3 alone, revenue reached 2.072 billion yuan, up 56.16% year-on-year, with net profit attributable to shareholders rising to 190 million yuan, a 180.13% increase [1][2][10]. - The overall gross margin for the company stood at 67%, maintaining a high level [2]. AI Strategy and Technological Development - The company has been focusing on solidifying its technological foundation and accelerating the commercialization of its AI business, which is now entering a harvest phase [2][3]. - R&D expenses increased from 1.144 billion yuan to 1.211 billion yuan in the first three quarters, reflecting the company's commitment to building an AI ecosystem [3][5]. Product Innovations and Market Position - Kunlun Wanwei has launched several advanced AI models, including the Skywork series, which have achieved top rankings in various evaluations, showcasing the company's strength in AI research and application [4][5]. - The company's short drama platform, DramaWave, has seen significant growth, ranking third in overseas short drama platform revenue as of August 2025, with over 4 million downloads in a single month [5][6]. Global Expansion and Revenue Growth - The company reported overseas revenue of 5.4 billion yuan for the first three quarters of 2025, a year-on-year increase of 58%, with overseas revenue accounting for 93% of total revenue [10][11]. - The global market for short dramas is projected to reach 2.473 billion USD in 2025, indicating a robust growth opportunity for Kunlun Wanwei's international business [10]. Future Outlook - The company aims to leverage its unique global platform advantages to integrate AI technology with various business sectors, fostering a new growth paradigm [11][12]. - Analysts suggest that as the company transitions from investment to revenue generation, its growth potential and strategic execution capabilities are likely to be reassessed positively by the market [11][12].

Core Viewpoint - Kunlun Wanwei is a leading AI technology company in China, having established a complete industry chain from computing power to models and vertical applications [1] Financial Performance - For Q3 2025, Kunlun Wanwei reported revenue of 5.805 billion yuan, ranking 3rd among 26 companies in the industry, significantly above the industry average of 3.262 billion yuan but far below the top two competitors, ST Huatong at 27.223 billion yuan and 37 Interactive Entertainment at 12.461 billion yuan [2] - The company's net profit for the same period was -1.086 billion yuan, ranking last in the industry, with the industry leader ST Huatong reporting a profit of 4.442 billion yuan [2] Financial Ratios - As of Q3 2025, Kunlun Wanwei's debt-to-asset ratio was 19.64%, lower than the industry average of 29.04%, indicating strong solvency despite an increase from 15.37% in the previous year [3] - The gross profit margin for Q3 2025 was 69.91%, higher than the industry average of 58.35%, although it decreased from 76.90% in the previous year [3] Executive Compensation - The chairman and general manager, Fang Han, received a salary of 1.3367 million yuan in 2024, a decrease of 1.9338 million yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.26% to 162,800, with an average holding of 7,705.05 shares, down 8.47% from the previous period [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Future Outlook - The company is expected to show continued growth, with projected EPS for 2025-2027 at -0.38 yuan, 0.60 yuan, and 0.86 yuan, respectively, and a target price of 65.16 yuan [5] - The company has a strong international presence, with overseas revenue accounting for 92.17% in the first half of 2025, and is advancing its AI technology and application ecosystem [6]

Core Viewpoint - Kunlun Wanwei's Q3 2025 report reveals a stark contrast between strong quarterly performance and significant losses over the first three quarters, indicating a strategic "all-in AI" gamble entering a critical investment phase [1][7]. Financial Performance - Q3 revenue reached 2.072 billion yuan, a 56% year-on-year increase, with net profit attributable to shareholders at 190 million yuan, up 180% year-on-year [1]. - For the first nine months of 2025, total revenue grew 51.63% to 5.8 billion yuan, but the company reported a net loss of 665 million yuan, a 6.19% decrease year-on-year [1][2]. Strategic Investments - The reported losses are attributed to strategic investments in AI ecosystem development and commercialization, with significant spending on technology research and application [2]. - Sales expenses surged to 1.828 billion yuan in the first half of 2025, a 95% increase year-on-year, primarily for promoting AI applications like short dramas [2]. Technological Advancements - Kunlun Wanwei has made substantial technological progress, launching multiple AI models and achieving recognition in foundational research [3]. - The company has released several AI models, including the Skywork series and Matrix models, contributing to its competitive edge in the AI space [3]. Revenue Generation - The dramatic increase in Q3 performance is largely attributed to the monetization of the short drama business, DramaWave, which has become a key revenue channel [4]. - DramaWave's gross margin is reported at 83%, with annualized ARR exceeding 240 million USD and monthly revenue surpassing 20 million USD [5]. Cost Management - Despite high promotional costs, the financial data for Q3 indicates a shift towards profitability, with net profit achieved while continuing to invest in marketing [6]. - The company’s ability to generate revenue from its short drama business has begun to outpace its promotional expenditures, marking a transition from an investment phase to a profitability phase [6]. Strategic Outlook - The company's strategy focuses on leveraging high-margin applications like short dramas and the Opera browser to support the costly development of AGI models [7]. - The significant net profit increase in Q3 signals a potential turning point, but the ongoing losses from the first three quarters highlight the need for sustained performance to ensure long-term viability [7].