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 loss in nearly a decade, raising concerns about its "All in AI" strategy and product direction [2][4][10]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [2][5]. - The company reported a net loss of 859 million yuan, marking a 110.90% decline compared to the previous year, which is the highest loss since its listing in 2015 [2][5][10]. - 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 [5][6]. Business Segments - The internet sector generated 3.701 billion yuan in revenue, up 52.01% year-on-year, but operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [7][8]. - Advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [7][8]. - 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 [7][8]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI search and dialogue to office applications, which has led to a drastic drop in daily downloads from nearly 40,000 to around 770 [3][10][13]. - The company's aggressive investment in AI has not yet translated into substantial revenue, with AI business revenue only accounting for 0.39 billion yuan, or 0.68% of total revenue [11][15]. Market Position and Challenges - Kunlun Wanwei's stock price has fallen by 40.66% from its peak, reflecting a loss of investor confidence amid declining profitability and strategic uncertainties [19]. - The company faces intense competition in the AI office market, with established players like WPS AI and Quark posing significant challenges [15][20].