昆仑万维：上半年营收同比增长49% AI布局成果显著

Core Insights - Kunlun Wanwei reported a total revenue of 3.7 billion yuan for the first half of 2025, marking a 49% year-on-year increase, with overseas revenue reaching 3.4 billion yuan, up 56%, accounting for 92% of total revenue, an increase of 4 percentage points year-on-year [1] AI Business Development - The company is deepening its AI business layout, promoting a full industry chain collaboration in "computing power infrastructure - large model algorithms - AI applications" [1] - Multiple industry-leading models have been released and open-sourced, covering areas such as reinforcement learning, multimodal, code reasoning, software engineering, and spatial intelligence [1] - The Skywork-Reward-V2 reward model was released in July 2025, along with several other models in various fields [1] AI Application Commercialization - The company accelerated the commercialization of AI application products, launching the Skywork Super Agents, which ranked first globally in GAIA evaluations [2] - The core engine Skywork Deep Research Agent v2 was launched in August, achieving significant breakthroughs in multimodal capabilities, deep browsing, and task execution [2] - AI video generation models have been upgraded, with the release of SkyReels-V1 and V2, and the platform supports 30-second video generation [2] Gaming and Social Platforms - The self-developed AI game "Cat Forest Academy" is in testing, focusing on personalization, immersion, and social optimization [3] - The social platform Linky is undergoing continuous iterations to enhance user experience and platform stability [3] - The short drama platform DramaWave has seen strong growth, with annualized revenue surpassing 240 million USD, and a consistent output of popular series [3] AI Music and Chip Development - The company launched the music reasoning model Mureka O1 and subsequent versions, significantly improving quality and realism [2] - AI chip development is progressing steadily, with key module design and verification work being conducted [4] Revenue Growth and Future Outlook - Opera's revenue reached 286 million USD in the first half of 2025, a 35% year-on-year increase, with 289 million monthly active users [4] - The company is building a solid technological and product moat through significant investments in AI frontier technologies, aiming for long-term value growth driven by technological innovation [4]