证券代码： 300418 证券简称：昆仑万维 编号：2024-004 昆仑万维科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|----------------------------------|-------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 | □特定对象调研 □分析师会议 | | | 动类别 | □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 | | 来自东吴证券、海通证券、华泰证券、招商证券、山西证券、 | | 及人员姓名 | | 民生证券、国信证券、国投证券、国海证券、国盛证券、中 | | | | 信证券、中信建投、中金公司、西南证券、中泰证券、高盛、 大和日华、瑞银证券、摩根士丹利、西部利得、金鹰基金、 | | ...

Investment Rating - The report maintains a "Buy" rating for Kunlun Wanwei [1] Core Views - The company achieved a revenue of 3.828 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 4.00%, while the net profit attributable to the parent company was a loss of 627 million yuan, a year-on-year decrease of 290.81% [2] - The company continues to invest in AI applications, with multiple projects showing initial commercial success, including AI social platform Linky and AI music platform Melodio [4] - Due to ongoing R&D investments and fluctuations in investment income, the company's profitability has been under pressure, with a significant increase in R&D and management expense ratios [3][4] Financial Performance Summary - Total revenue for 2024 is projected to be 5.391 billion yuan, with a year-on-year growth of 9.69% [5] - The net profit attributable to the parent company is expected to be a loss of 855.62 million yuan in 2024, reflecting a year-on-year decline of 167.99% [5] - The latest diluted EPS is forecasted to be -0.69 yuan for 2024, with a P/E ratio of 40.80 for the current price [5] Revenue and Profitability Trends - In Q3 2024, the company reported revenue of 1.327 billion yuan, a year-on-year increase of 5.62% and a quarter-on-quarter increase of 2.50% [2] - The adjusted EBITDA for Opera in Q3 2024 was 30.8 million USD, showing a year-on-year increase of 29.66% and a quarter-on-quarter increase of 15.75% [3] - The company’s R&D expense ratio reached 29.17% in Q3 2024, up 7.73 percentage points year-on-year [3] AI Development and Applications - The company is actively exploring various AI applications, including AI short drama platform SkyReels and AI gaming projects [4] - The commercial success of AI applications is beginning to materialize, particularly in the AI social and music sectors [4] Adjusted Financial Forecasts - The revenue forecasts for 2024-2026 have been adjusted to 54 billion yuan, 59 billion yuan, and 64 billion yuan respectively [5] - The EPS estimates for the same period have been revised to -0.69 yuan, 0.06 yuan, and 0.08 yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][5][21]. Core Views - The company reported Q3 revenue of 1.327 billion RMB, a year-over-year increase of 5.62% and a quarter-over-quarter increase of 2.5%. However, it incurred a net loss of 237 million RMB, which aligns with previous forecasts [2]. - The company has made significant advancements in AI applications, including the launch of the SkyReels platform, which integrates video and 3D models, and the development of AI games [3][19]. - The report highlights a substantial increase in R&D and management expenses due to AI investments and stock incentive costs, with R&D expenses rising by 1.18 billion RMB year-over-year [4][9]. - The profit forecast has been adjusted downward due to increased R&D costs and uncertain investment returns, with expected net losses of 2.2 billion RMB, 3.2 billion RMB, and 4.1 billion RMB for 2024-2026 [5][9]. Summary by Sections Financial Performance - Q1-Q3 revenue reached 3.828 billion RMB, a 4% year-over-year increase, while the net loss for the same period was 627 million RMB, compared to a profit of 328 million RMB in the previous year [2]. - The company’s gross margin for Q3 was 74.5%, maintaining a high level despite increased expenses [4]. R&D and Management Expenses - Management expenses increased by 250 million RMB year-over-year, with a management expense ratio of 30.6%, reflecting an 18.2 percentage point increase [4]. - R&D expenses rose by 1.18 billion RMB year-over-year, with an R&D expense ratio of 29.2% [4]. Valuation and Price Target - The target market value for the company is estimated at 55.96 billion RMB, corresponding to a target price of 45.46 RMB per share [5][21]. - The report employs a step-by-step valuation method, considering various business segments and their respective market values [21][22]. AI Business Development - The company is expanding its AI product matrix, including the launch of multiple platforms and applications, which are expected to enhance its competitive edge in the market [19][20].

证券代码：300418 证券简称：昆仑万维 公告编号：2024-064 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"）第五届董事会第十八次会议通 知于 2024 年 10 月 24 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十八次会议于 2024 年 10 月 29 日以通讯方式召开。 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。 昆仑万维科技股份有限公司 第五届董事会第十八次会议决议公告 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 内容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） 的公司《2024 年第三季度报告》。 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 ...

2、公司第五届监事会第十二次会议于 2024 年 10 月 29 日现场召开。 3、本次会议应参加表决的监事 3 名，实际参加表决的监事 3 名。 4、会议由监事会主席冯国瑞主持。公司全体监事列席了本次会议。 证券代码：300418 证券简称：昆仑万维 公告编号：2024-065 昆仑万维科技股份有限公司 第五届监事会第十二次会议决议公告 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。 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"）第五届监事会第十二次会议通 知于 2024 年 10 月 24 日采取通讯方式通知了全体监事。 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 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 年第三季度报告>的议案》 公司监事会根据《公司法》和《公司章程》的有关规定，本着对全体股东负责的态 度，谨慎履行法律、法规赋予的职责，认真地审核了公司《2024 年第三季度报告》。 经全体监事审议后认为：《2024 年第三季度报告》的编制和审议程序符合 ...

Financial Performance - Total revenue for Q3 2024 reached ¥1,326,590,163.98, an increase of 5.62% compared to the same period last year[2] - Net profit attributable to shareholders was -¥237,395,997.07, a significant decline of 695.85% year-on-year[2] - The company reported a net cash flow from operating activities of ¥319,294,755.96, down 57.77% year-to-date[2] - Total assets decreased by 4.17% to ¥20,589,795,862.85 compared to the end of the previous year[2] - The weighted average return on equity was -1.58%, a decline of 1.37% from the previous year[2] - The total equity attributable to shareholders decreased by 2.00% to ¥14,871,153,034.25 compared to the end of last year[2] - The company experienced a 379.36% decline in investment income, reporting -¥18,248,791.43 due to reduced returns from certain investment projects[7] - The company reported a total revenue of ¥3,828,401,326.30 for the current period, an increase from ¥3,681,194,678.51 in the previous period, reflecting a growth of approximately 4%[36] - The total operating costs increased to ¥4,347,058,061.84 from ¥3,226,628,800.59, indicating a rise of about 35%[36] - The cash and cash equivalents decreased to ¥995,924,350.42 from ¥1,112,454,733.27, a decline of approximately 10%[34] - The total liabilities decreased to ¥3,163,717,206.31 from ¥3,585,790,639.64, a decline of about 12%[36] - The company’s retained earnings decreased to ¥10,950,209,843.22 from ¥11,637,491,513.92, reflecting a decrease of approximately 6%[36] - The total comprehensive income for Q3 2024 was -987,787,022.93 CNY, compared to 770,936,757.78 CNY in Q3 2023, showing a substantial decrease[38] - Operating profit for Q3 2024 was -782,306,104.30 CNY, compared to a profit of 556,506,985.41 CNY in the previous year[37] Research and Development - R&D expenses surged to ¥1,144,365,879.08, reflecting an increase of 84.47% due to ongoing development in AI business[7] - R&D expenses increased to RMB 1.144 billion, a year-on-year increase of 84.47%[12] - The company is focusing on AI technology applications, with significant advancements in AI large models and industry-specific applications[14] - The company launched the AI short drama platform SkyReels, integrating video and 3D models, significantly simplifying high-quality AI video production[20] - The company is developing AI games, including "Club Koala" and "Project G7," which feature advanced AI technology to enhance gameplay and user experience[24] - The AI music platform Melodio was launched, allowing users to generate music based on simple prompts or pre-set scenarios, enhancing personalized music experiences[28] - The company’s AI music creation platform Mureka enables users to create and commercialize their music, lowering the barriers for music creation[30] User Engagement and Experience - The TianGong AI assistant introduced new features including advanced search mode, colorful pages, and a knowledge-sharing platform[15] - The advanced search mode enhances user experience by providing comprehensive and accurate answers to complex queries[15] - Colorful pages offer a new content format for diverse reading experiences across various fields, allowing users to create and share their own content[16] - Linky, the AI social platform, has improved user interaction and satisfaction through optimized algorithms and diverse card designs, enhancing user engagement[27] - The company aims to drive explosive growth in user-generated content (UGC) and professional user-generated content (PUGC) through innovative tools like SkyReels[23] - The AI game "Club Koala" features a cross-platform design, allowing seamless gameplay across devices, enhancing user accessibility[24] - Opera GX introduced significant updates, adding new AI capabilities such as image generation and understanding, enhancing user experience[31] Financial Management - Management expenses increased by 41.18% to ¥872,327,492.08, primarily due to higher equity incentive costs[7] - The company reported a significant increase in sales expenses, which reached 1,404,899,214.47 CNY in Q3 2024, compared to 1,210,132,577.26 CNY in the same period last year[37] - The financial expenses for Q3 2024 amounted to 38,205,597.61 CNY, up from 24,073,192.54 CNY in Q3 2023, indicating an increase of approximately 58.8%[37] - Cash flow from operating activities for Q3 2024 was 3,663,516,158.18 CNY, an increase from 3,574,462,037.22 CNY in Q3 2023, representing a growth of approximately 2.5%[39] - The net cash flow from investment activities was CNY 47.69 million, a significant improvement from a net outflow of CNY 253.63 million in the previous period[40] - The net cash flow from financing activities was negative CNY 439.56 million, contrasting with a positive CNY 152.95 million in the previous period[40] - Employee compensation payments increased to CNY 1.10 billion from CNY 819.83 million in the previous period[40] Strategic Partnerships and Future Plans - The partnership with Riot Games aims to provide over 75 joint live streaming channels for the 2024 League of Legends World Championship[32] - The company plans to continue exploring and implementing new AI solutions to enhance user experience globally[32] - The integration of AI technologies in various products reflects the company's commitment to innovation and market expansion in the AI sector[20]

证券代码：300418 证券简称：昆仑万维 公告编号：2024-063 昆仑万维科技股份有限公司 关于控股股东、实际控制人股份增持计划进展公告 周亚辉先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 昆仑万维科技股份有限公司（以下简称"公司"）于 2024 年 7 月披露了《关 于公司控股股东、实际控制人增持公司股份计划暨承诺未来五年持续增持公司股 份的公告》（2024-047）。今日，公司收到周亚辉先生出具的《关于股份增持计 划进展情况告知函》，现将本次增持计划的进展情况公告如下： 一、增持计划的基本情况 1、增持主体 | 增持人 | 职务 | 持有股份数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 周亚辉 | 控股股东、实际控制人 | 144,844,325 | 11.76 | 2、增持股份的目的 为积极践行活跃资本市场、提振投资者信心、大力提升上市公司质量和投资 价值等指导要求，同时基于对AI行业及公司发展战略高度认同，以及对公司未来 持续发展充满信心。 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2024-062 昆仑万维科技股份有限公司 关于与 FESCO 全资子公司合作设立 人工智能招聘合资公司的公告 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。 一、合作概况 随着人工智能（AI）技术不断取得突破，人工智能正在对传统招聘行业的运作方式 产生深刻变革。根据全球职场平台领英发布的报告，"AI 应用的加速渗透"，以及"招 聘质量的重要性"，成为 2024 年全球招聘领域关注的两大焦点。AI 技术在提升招聘效 率、降低成本以及增强候选人体验等方面展现出显著优势，为企业带来了前所未有的便 利。 为探索和推动 AI 大模型技术在招聘领域的应用落地，昆仑万维科技股份有限公司 （以下简称"公司"）与北京外企人力资源服务有限公司（简称"FESCO"）的全资子 公司北京外企数字科技有限公司（以下简称"外企数科"）基于优势互补、技术与行业 资源结合，于近期决定合作设立人工智能招聘合资公司北京数智万维人力科技有限公司 （以下简称"合资公司"，最终名称以工商登记为准），以合资公司为主体开展利用人 工智能技术的招聘/求职 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2024-061 本次申请综合授信额度事项无需提交股东大会审议。 特此公告。 昆仑万维科技股份有限公司董事会 昆仑万维科技股份有限公司 关于向银行申请综合授信额度的公告 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。 昆仑万维科技股份有限公司（以下简称"昆仑万维"或"公司"）于 2024 年 9 月 13 日召开第五届董事会第十七次会议，审议通过了《关于向银行申请综合授信额度的 议案》。现将有关情况公告如下： 因经营发展需要，公司拟向中国工商银行股份有限公司北京翠微路支行申请不超过 10,000 万元人民币的综合授信额度，为期 1 年，授信将基于公司的信用状况，无需提 供抵押物或其他形式的担保；拟向杭州银行股份有限公司北京中关村支行申请不超过 5,000 万元人民币的综合授信额度，为期 1 年，授信将基于公司的信用状况，无需提供 抵押物或其他形式的担保。上述授信具体数额以公司根据实际经营需求及与银行签订的 最终协议为准。在上述授信额度内，董事会授权公司董事长或其指定的授权代理人代表 公司办理相关事宜，签署相 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2024-060 昆仑万维科技股份有限公司 第五届董事会第十七次会议决议公告 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"）第五届董事会第十七次会议通 知于 2024 年 9 月 8 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十七次会议于 2024 年 9 月 13 日以现场与通讯相结合的方 式召开。 本次会议审议议案和表决、通过情况如下： （一）审议通过《关于向银行申请综合授信额度的议案》 内容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） 的公司《关于向银行申请综合授信额度的公告》。 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。 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 ...