净利10年新低！ “风口捕手”周亚辉，All in AI亏麻了

Core Viewpoint - Kunlun Wanwei's financial report for the first half of 2025 shows significant revenue growth but also the largest net profit loss in nearly a decade, raising concerns about its "All in AI" strategy and product direction [2][3][9]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [4]. - Net profit turned into a loss of 859 million yuan, a decline of 110.90% compared to the previous year, marking the highest loss since the company went public in 2015 [2][3][9]. - Operating costs increased by 106.21% to approximately 1.125 billion yuan, while sales expenses rose by 95.57% to about 1.828 billion yuan, both outpacing revenue growth [3][5]. Business Segments - Internet industry revenue was 3.701 billion yuan, up 52.01% year-on-year, but operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [5][6]. - Advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [5][6]. - The overseas social networking segment saw a 10.20% revenue increase, but costs skyrocketed by 124.54%, leading to a 12.95% decline in gross margin [5][6]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI capabilities to office applications, resulting in a drastic drop in daily downloads from nearly 40,000 to around 770 [8][12][14]. - The company's aggressive investment in AI has not yet translated into substantial revenue, with AI business revenue only at 39 million yuan, accounting for just 0.68% of total revenue [10]. Market Position and Challenges - Kunlun Wanwei's stock price has decreased by 40.66% from its peak, reflecting declining investor confidence amid increasing losses and strategic uncertainties [17]. - The company faces intense competition in the AI office market, with established players like WPS AI and Quark posing significant challenges [15][16].