Kunlun(SZ:300418) Zhong Zheng Wang·2025-10-31 11:27Core Insights - Kunlun Wanwei reported a net profit of 190 million yuan in Q3 2025, marking a turnaround from losses in the previous quarter, driven by advancements in AI technology and its commercialization [1][2] - The company's AI strategy has transitioned from a technology accumulation phase to a commercial return phase, showcasing growth potential and business value [1][2] Financial Performance - In Q3 2025, Kunlun Wanwei achieved a revenue of 2.072 billion yuan, representing a year-on-year increase of 56.16% and a net profit growth of 180.13% [2] - Cumulatively, from January to September 2025, the company reported a total revenue of 5.805 billion yuan, up 51.63% from the previous year, with a gross margin of 69.9% [2] Global Strategy and Market Position - The company's overseas business revenue reached 5.410 billion yuan in the first three quarters, a significant increase of 58%, with overseas revenue accounting for 93.3% of total revenue, up 3.6 percentage points year-on-year [3] - Kunlun Wanwei's international competitiveness is strengthening, as evidenced by its short drama platform DramaWave ranking third in overseas short drama platform revenue and StarMaker's strong performance in various regions [3] AI Product Development - The growth in revenue is attributed to the development of short dramas, advertising, and AI software technology, with a focus on enhancing user experience and expanding the user base [4] - The company has made significant progress in various AI fields, including AI large models, intelligent assistants, music, video, and social media, with notable product launches such as Skywork Deep Research Agent V2 and Mureka V7.5 [4][5] Future Outlook - Kunlun Wanwei aims to deepen the industrial application of AI technology, enhance global market positioning, and innovate business models to solidify AI as a long-term growth engine [6]