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 ...

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 ...

昆仑万维科技股份有限公司2024年第一季度报告 证券代码：300418 证券简称：昆仑万维 公告编号：2024-032 昆仑万维科技股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 ...

证券研究报告 | 2024年04月26日 昆仑万维（300418.SZ） 增持 23 年年报点评：营收增长稳健，AI 及元宇宙持续推进 核心观点 公司研究·财报点评 营收增长稳健，公允价值变动等收益拉动业绩同比向上。1）公司披露23年 传媒·游戏Ⅱ 年报，全年公司实现营业收入49.15亿元、归母净利润12.58亿元，同比分 证券分析师：张衡 证券分析师：陈瑶蓉 别增长3.78%、9.15%，对应摊薄EPS1.02元；实现扣非归母净利润6.60亿 021-60875160 021-61761058 zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn 元，同比下滑42.86%，扣非大幅下滑主要受投资收益及费用投入影响；2） S0980517060002 S0980523100001 其中Q4单季度实现营业收入12.34亿元、归母净利润9.3亿元，同比分别 基础数据 增长-7.7%、154.2%，对应摊薄EPS 0.77元，归母净利润大幅增长主要在于 投资评级 增持(维持) 公允价值变动影响。 合理估值 收盘价 39.18元 海外业务占比持续提升，搜索与广告业务增长表 ...

证券研究报告·公司点评报告·游戏Ⅱ 昆仑万维（300418） 2023 年年报点评：经营性业绩稳健，All in AI 2024 年 04月 24日 战略持续兑现 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 1,258.36 848.77 994.92 1,072.97 zhoulj@dwzq.com.cn 同比（%） (25.47) 9.15 (32.55) 17.22 7.84 研究助理 陈欣 EPS-最新摊薄（元/股） 0.95 1.04 0.70 0.82 0.88 执业证书：S0600122070012 P/E（现价&最新摊薄 ...

AI and AIGC Technology Development - Increased investment in AGI and AIGC technologies leading to potential losses due to high R&D and deployment costs[1] - The company has been actively involved in the development of generative AI applications, benefiting from the rapid growth of the AI industry[23] - Kunlun Wanwei has completed the layout of the "computing infrastructure - large model algorithm - AI application" full industry chain, positioning itself in the first tier of domestic AI enterprises[29] - The company's "Tiangong 1.0" large model, released in April 2023, achieved an 80% accuracy rate in the GSM8K benchmark, surpassing GPT-3.5's 57.1% and LLaMA2-70B's 56.8%[31] - "Tiangong 3.0," released in April 2024, features a 400 billion parameter MoE architecture, with a 20% improvement in technical knowledge and over 30% improvement in math and coding capabilities compared to its predecessor[32] - The Tiangong SkyAgents platform, launched in December 2023, allows users to create personalized AI assistants without programming, supporting enterprise integration in fields like HR and legal[33] - Kunlun Wanwei's AI search product, Tiangong AI Search, launched in August 2023, has indexed over 10 billion high-quality data resources, ensuring search result accuracy and quality[35] - The company's large model, Tiangong, passed the "Generative AI Service Management Interim Measures" filing in November 2023, enabling open services to the public[33] - Kunlun Wanwei's AI business matrix includes AI search, AI music, AI video, AI social, and AI gaming, with some businesses already commercialized[29] - The Tiangong 2.0 model, released in February 2024, uses a MoE architecture, enhancing its ability to handle complex tasks, response speed, and training efficiency[31] - The company has successfully filtered 3 trillion words from tens of trillions of data, ensuring high-quality Chinese corpus resources for its models[30] - Kunlun Wanwei's large models have demonstrated leading performance in multiple benchmarks, including MMLU, C-EVAL, and HumanEval, achieving international-level core capabilities[31] - TianGong AI Search introduces cross-language retrieval technology (CLIR), significantly expanding user search boundaries by enabling Chinese queries to access global English knowledge bases and providing comprehensive and accurate Chinese responses[36] - TianGong AI Smart Assistant, updated to version 3.0, features advanced semantic understanding, enabling precise task segmentation and real-time judgment on whether to perform web searches or call external tools[37] - The new TianGong AI Smart Assistant introduces enhanced and research modes, improving efficiency and accuracy in handling complex user queries and generating research outlines and knowledge graphs[38][39] - TianGong AI Smart Assistant builds a diverse ecosystem including creation, image, role dialogue, learning efficiency, life entertainment, and research analysis, offering high-frequency official agents like AI writing and AI painting[40] - TianGong SkyMusic, China's first music SOTA model, achieves global leadership in AIGC vertical fields, supporting 80-second stereo AI songs and excelling in Chinese vocal synthesis[42] - TianGong SkyMusic simplifies music creation, allowing users to generate complete AI music works by inputting song titles and lyrics, with AI assisting in style selection and composition[43] - AI game "Club Koala" features a no-code game editor and AI NPCs, enhancing interactivity and immersion, with over 56,000 players participating in the Discord community[44] - Company open-sources the Skywork-13B series, a leading large language model, along with a 600GB, 150B Tokens high-quality Chinese dataset, accelerating AI technology adoption across industries[45] - Company completes full industry chain layout by acquiring AI computing chip company Beijing Aijieke Core Technology, focusing on AI high-performance computing and chip development[47] - The company's R&D team grows to over 1,500 members, with more than 300 holding master's or doctoral degrees, and attracts top AI experts like Professor Yan Shuicheng to strengthen long-term technical advantages[48] - The company's multi-modal large model has been released, aiming to provide general language and computer vision understanding and generation capabilities, laying an important foundation for AGI development[80] - The AI singing beautification system has been launched and continuously optimized, enhancing user experience and satisfaction by improving the quality of user-generated singing content[80] - The company's game "The Legend of War Dragon" is under development, targeting the preferences of European and American players and expected to contribute stable revenue to the gaming business[81] - The company's game "Code D" is under development, aiming to create a high-freedom open virtual world for young users, leveraging AIGC and UGC to generate continuous content[81] - The company plans to focus on AGI and AIGC, advancing the development and iteration of the Tian Gong large model, and enhancing AI applications in gaming, music, video, social, and search[102][104] - The company aims to deepen collaboration with industry partners and strengthen the open-source community to promote AI technology application and ecosystem growth[104] Overseas Business Operations - Overseas business operations unaffected by international geopolitical risks, with products in Europe, America, Southeast Asia, Middle East, and Africa running normally[2] - Risks associated with overseas market operations due to varying political, legal, and cultural environments across different regions[3] - Exchange rate risks due to significant overseas business operations and transactions in multiple currencies[5] - The company will enhance its awareness of exchange rate risks and closely monitor trends in the international foreign exchange market, while cultivating and absorbing high-quality foreign exchange risk management talents to form an effective risk prevention mechanism[6] - Revenue for the reporting period reached 4.92 billion yuan, a year-on-year increase of 3.8%, with overseas business accounting for 86.0% of total revenue, up 8.4 percentage points year-on-year[63] - Overseas revenue accounted for 85.99% of total revenue, reaching 4.23 billion yuan, a year-on-year increase of 15.09%[66] - The company's global monthly active users are nearly 400 million, with operations in over 100 countries[56] - Opera's annualized ARPU reached $1.44 in Q4 2023, a 22% year-over-year increase[52] - Opera's revenue for 2023 was $397 million, a 20% year-over-year increase, with adjusted EBITDA of $93.719 million, up 38%[52] - Opera GX's monthly active users reached 27.8 million, a 37% year-over-year increase, with over 4,500 Mods and 7,000 games available[53] - Opera is expected to achieve revenue between $450 million and $465 million in 2024, with a focus on shifting market and user development towards developed countries and regions[105] - Opera plans to enhance its core business development and commercialization level, focusing on the "browser+" strategy, improving product features, and enriching content supply to position itself as a core gateway to the next-generation internet[105] - Opera will continue to advance AI applications and innovate browsing experiences, while also developing the metaverse by building community content ecosystems and introducing personalized features[105] Financial Performance and Risks - Revenue for 2023 reached 4.915 billion yuan, a year-on-year increase of 3.78%[18] - Net profit attributable to shareholders of the listed company in 2023 was 1.258 billion yuan, up 9.15% year-on-year[18] - Non-recurring net profit attributable to shareholders of the listed company in 2023 was 659.78 million yuan, a decrease of 42.86% year-on-year[18] - Total assets at the end of 2023 were 21.485 billion yuan, an increase of 22.35% compared to the end of 2022[18] - Net cash flow from operating activities in 2023 was 884.64 million yuan, up 6.48% year-on-year[18] - Basic earnings per share in 2023 were 1.05 yuan, an increase of 8.25% year-on-year[18] - Weighted average return on equity in 2023 was 9.05%, a decrease of 0.99 percentage points year-on-year[18] - Non-recurring gains and losses in 2023 amounted to 598.58 million yuan, compared to -1.91 million yuan in 2022[21] - Revenue in the fourth quarter of 2023 was 1.234 billion yuan, with net profit attributable to shareholders of 930 million yuan[19] - The company's overall gross margin reached 78.8%, with domestic gross margin at 85.3%, an increase of 16.5 percentage points year-on-year[63] - R&D expenses increased to 970 million yuan in 2023, a year-on-year growth of 40.2%[63] - Overseas information distribution business growth and stable domestic social entertainment operations contributed significantly to the company's profit performance[63] - The internet industry accounted for 97.26% of total revenue, with a gross margin of 79.01%[66] - Advertising business revenue grew by 28.95% year-on-year, reaching 1.65 billion yuan, but gross margin decreased by 10.51 percentage points[67] - The company's search business revenue increased by 21.22% year-on-year, reaching 1.14 billion yuan, with a gross margin of 95.40%[67] - The company's gaming business revenue decreased by 26.48% year-on-year, but gross margin increased by 31.12 percentage points to 85.18%[67] - Advertising business revenue increased by 68.18% to 744,222,697.91 RMB, accounting for 71.55% of total operating costs[69] - Direct advertising costs surged by 94.21% to 604,668,111.43 RMB, making up 58.14% of total operating costs[70] - R&D expenses rose by 40.16% to 967,584,969.28 RMB due to increased AIGC business-related costs[78] - The company's R&D investment in 2023 reached RMB 999,981,892.73, accounting for 20.34% of the operating revenue, a significant increase from 15.54% in 2022[82] - The company's operating cash flow increased by 6.48% to RMB 884,641,185.32 in 2023, while investment cash flow decreased by 153.58% to -RMB 431,316,509.97[83] - The company's investment cash outflow increased by 99.19% in 2023, primarily due to increased investment in AIGC-related fixed assets and the purchase of stable deposit products and monetary financial instruments[84] - The company's fair value change income reached RMB 659,224,603.54, accounting for 35.08% of the total profit, mainly due to the fair value change of financial assets held by Opera[85] - Cash and cash equivalents decreased by 0.52% to 1,112,454,733.27 yuan, accounting for 5.18% of total assets[86] - Accounts receivable decreased by 1.30% to 680,728,116.89 yuan, accounting for 3.17% of total assets[86] - Long-term equity investments decreased by 0.17% to 1,222,780,805.15 yuan, accounting for 5.69% of total assets[86] - Fixed assets increased by 0.84% to 259,661,315.64 yuan, accounting for 1.21% of total assets[86] - Other non-current financial assets decreased by 1.25% to 9,366,430,031.20 yuan, accounting for 43.60% of total assets[86] - Goodwill increased by 2.38% to 5,324,893,611.74 yuan, accounting for 24.78% of total assets, primarily due to the acquisition of Singularity AI Technology Limited[86] - Overseas assets accounted for 17.61% of the company's net assets, with other non-current financial assets amounting to 3,151,757,944.27 yuan[87] - The company's total investment in the reporting period was 12,209,632,929.14 yuan, an increase of 16.64% compared to the same period last year[92] - The company's investment in iQIYI (IQ) resulted in a loss of 204,123,438.08 yuan, with the ending book value at 842,586,613.81 yuan[93] - The company sold 30% equity of Beijing Lvfan New Energy Technology Co., Ltd. for 300 million yuan, contributing 7.58% to the net profit[97] - Opera Limited's profit mainly comes from fair value changes, with total assets of 10.33 billion yuan and net profit of 901.46 million yuan[98][99] - Opera Software Ireland Limited's profit mainly comes from advertising revenue, with total assets of 458.95 million yuan and net profit of 224.51 million yuan[98][100] - Skywork AI Pte. Ltd.'s profit mainly comes from music social platform revenue, with total assets of 854.55 million yuan and net profit of 307.57 million yuan[98][100] - Beijing Xianlai Interactive Entertainment Network Technology Co., Ltd.'s profit mainly comes from online social chess and card leisure product R&D and operation, with total assets of 567.22 million yuan and net profit of 185.24 million yuan[98][100] - The company's total actual guarantee amount is 12,700 million yuan, accounting for 0.84% of the company's net assets[191] - The company's entrusted financial management amount is 54,095.48 million yuan, with an outstanding balance of 47,956.79 million yuan[192] - The company's guarantee for subsidiaries in the reporting period is 16,000 million yuan, with actual guarantee amount of 8,700 million yuan[190] - The company's guarantee for subsidiaries at the end of the reporting period is 27,400 million yuan, with actual guarantee balance of 12,700 million yuan[190] - The company's total shares increased by 29,066,700 shares, reaching 1,215,007,204 shares[197] - The company's unrestricted shares increased by 29,066,700 shares, reaching 1,106,373,960 shares[196] - The company's 2019 third-phase equity incentive plan resulted in an increase of 2,278,200 unrestricted shares[197] - The company's 2022 first-phase equity incentive plan resulted in an increase of 7,402,500 unrestricted shares[197] - The company's 2020 restricted stock incentive plan third phase resulted in an increase of 19,386,000 unrestricted shares[197] - 29 incentive recipients were granted 19.386 million shares in the third vesting period of the 2020 restricted stock incentive plan[199] - The total number of shares increased from 1,185,940,504 to 1,215,007,204 due to stock option exercises and restricted stock vesting[200] - Basic earnings per share increased by 8.25% year-over-year to 1.05 yuan per share[200] - Diluted earnings per share increased by 6.25% year-over-year to 1.02 yuan per share[200] - Net assets per share attributable to common shareholders increased by 16.65% year-end to 12.49 yuan per share[200] - 29,066,700 unrestricted shares were added due to stock option exercises and restricted stock vesting[200] Corporate Governance and Management - The company's expanding scale poses management risks, requiring higher standards in operational management, financial planning, and human resource allocation. The company plans to improve its governance structure and decision-making mechanisms to ensure smooth business development[8] - The company's profit distribution plan, approved by the board, includes a cash dividend of 0.5 yuan per 10 shares (tax included) based on a total of 1,215,007,204 shares[9] - The company's registered address was changed from Haidian District, Beijing to Dongcheng District, Beijing on August 9, 2023[13] - The company's annual report is disclosed on the websites of Securities Times, China Securities Journal, Shanghai Securities News, and Securities Daily, and is available at the company's office in Dongcheng District, Beijing[16] - The company has appointed Ernst & Young Hua Ming LLP as its auditor, with the office located in Haidian District, Beijing[17] - The company's board consists of 7 directors, including 3 independent directors, ensuring compliance with legal and regulatory standards for corporate governance[112] - The company's supervisory board, comprising 3 members, actively monitors financial and operational compliance, ensuring alignment with shareholder interests[114] - The company maintains complete independence in assets, personnel, finance, organization, and business operations from its controlling shareholder, Zhou Yahui[114] - The 2023 first extraordinary general meeting passed the "2023 Restricted Stock Incentive Plan (Draft)" and related proposals with an investor participation rate of 13.02%[115] - The 2023 second extraordinary general meeting approved the proposal to change the company's registered address and amend the Articles of Association with an investor participation rate of 13.00%[116] - The 2022 annual general meeting approved the 2022 annual report, financial report, and profit distribution plan with an investor participation rate of 13.07%[116] - The 2023 third extraordinary general meeting approved the proposal for the company's subsidiary to make external investments with an investor participation rate of 4.61%[116] - The 2023 fourth extraordinary general meeting approved the election of the fifth board of directors and supervisors with an investor participation rate of 15.83%[116] - The 2023 fifth extraordinary general meeting approved the proposal to change the registered capital and amend the Articles of Association with an investor participation rate of 13.55%[116] - The 2023 sixth extraordinary general meeting approved the transfer of equity and creditor's rights of the subsidiary Beijing Lvfan with an investor participation rate of 1.02%[116] - Vice President and Board Secretary Lv Jie's 60,000 restricted shares were forfeited due to abandonment of vesting[118] - Former Chairman Jin Tian's 400,000 stock options were canceled due to failure to exercise during the third vesting period[118] - The company's financial director, Zhang Wei, forfeited 80,000 restricted shares due to abandonment of vesting during the reporting period[119] - Chairman Jin Tian resigned from his position as chairman and director of the board due to personal reasons, but will continue to

[Table_Title] 证券研究报告 昆仑万维（300418.SZ）：“天工大模型 公司研究 3.0”发布在即，员工激励彰显信心 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年4月2日 [T昆ab仑le万_S维toc（kA3n0d0R4an1k8]. SZ） [T事ab件le：_S（um 1m）ar天y]工 大模型3.0将于4月17日正式发布，并将同步开源4000 亿参数 MoE 混合专家模型；（2）昆仑万维 AI 音乐生成大模型「天工 [T冯ab翠le婷_A u传th媒or互] 联网及海外 首席分析 SkyMusic」将于4月2日起面向社会开启免费邀测，正式版也将于4月17 师 日内嵌于天工 3.0 面向全社会免费开放；（3）3 月 30 日，公司发布 2024 执业编号：S1500522010001 年第一期限制性股票激励计划，面对核心技术（业务）人员定向增发配股。 联系电话：17317141123 点评： 邮 箱：fengcuiting@cindasc.com ➢ 4 千亿级参数 MoE 混合专家模型天工 3.0 将于 4 月 17 日正式发布， 并 ...

【TechWeb】3月29日消息，昆仑万维2050全球研究院、新加坡南洋理工大学、苏黎世联邦理工学院研 究团队联手开源了数字智能体全流程研发工具包AgentStudio，旨在为研究人员和开发者提供一个覆盖 智能体完整开发流程的综合性平台，让开发者们能够轻松、高效、灵活地构建专属数字智能体。 AgentStudio所提供的工具涵盖数字智能体开发的全部流程，包括智能体观察与动作空间、跨平台的在 线环境支持、交互式数据收集与评估、可扩展的任务套件、以及相应的图形界面。此外，研究团队还评 估了多个多模态大模型完成数字世界任务的能力。 AgentStudio是一个完全免费的开源项目，项目团队希望通过这一开源努力，与人工智能社区携手加速 智能体技术发展，促进前沿知识共享与合作。目前，AgentStudio相关论文、代码、数据、文档已全部 公开。（链接在文末） AgentStudio工具包的开发，正是基于当前人工智能领域对高效、可扩展智能体开发工具的迫切需求。 该工具包不仅包括了智能体观察与动作空间的定义工具，还提供了跨平台的在线环境支持，使得开发者 可以在不同的平台和设备上进行智能体的开发与测试。此外，AgentStud ...