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 aggressive AI investment strategy and product direction [1][2][8]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [1][3]. - 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 [1][2][8]. - 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 [2][3]. Business Segments - Internet sector 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 [4][5]. - Advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [4][5]. - The overseas social network segment saw a 10.20% revenue increase, but costs skyrocketed by 124.54%, leading to a 12.95% decline in gross margin [4][5]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI search and dialogue to office applications, resulting in a drastic drop in daily downloads from nearly 40,000 to around 770 [8][9][11]. - The company's aggressive "All in AI" strategy has led to questions about its ability to capitalize on AI investments, with AI-related revenue only accounting for 0.68% of total revenue [8][12]. Investment and Market Position - Four out of six major subsidiaries reported losses, with significant losses attributed to AI-related companies due to high R&D and marketing expenses [6][12]. - The company's stock price has decreased by 40.66% from its peak, reflecting a loss of investor confidence amid declining profitability and strategic uncertainties [13][14].