上半年亏损8.56亿元！昆仑万维销售费用大涨

Core Viewpoint - Kunlun Wanwei reported disappointing financial results for the first half of 2025, continuing a trend of losses since its IPO, with a net profit of approximately -856 million yuan, a significant increase in losses compared to the previous year [2][5] Financial Performance - In the first half of 2025, Kunlun Wanwei achieved operating revenue of approximately 3.733 billion yuan, a year-on-year increase of 49.23% [2][3] - The company reported a net profit attributable to shareholders of approximately -856 million yuan, compared to -389 million yuan in the same period last year, indicating a worsening loss [2][3] - The company's non-recurring net profit was approximately -859 million yuan, compared to -407 million yuan in the previous year, also reflecting increased losses [2][3] Sales and Expenses - Sales expenses for the first half of 2025 were approximately 1.828 billion yuan, a year-on-year increase of 95.57% [2][4] - Management expenses rose from 466 million yuan in the previous year to 620 million yuan, a year-on-year increase of 33.04%, primarily due to increased stock incentive costs [4] Revenue Breakdown - Kunlun Wanwei's overseas revenue reached 3.441 billion yuan, a year-on-year increase of 56.02%, accounting for 92.17% of total revenue, up 4 percentage points from the previous year [3][4] - The short video platform business generated approximately 583 million yuan in revenue with a gross margin of 83.09% [3] - Advertising business revenue was approximately 1.433 billion yuan, a year-on-year increase of 61.05%, with a gross margin of 44.58%, down 8.48% [3] - Opera search business revenue was approximately 691 million yuan, a year-on-year increase of 10.89%, with a gross margin of 95.37% [3] - Overseas social networking business revenue was approximately 520 million yuan, a year-on-year increase of 10.2%, with a gross margin of 74.58%, down 12.95% [3] Market Position - The company’s stock price reached a limit-up on August 22, closing at 44.38 yuan per share, with a total market capitalization of 55.71 billion yuan [5]