Kunlun(SZ:300418) Chang Jiang Shang Bao·2025-11-04 00:14Core Insights - Kunlun Wanwei's AI-driven business has led to significant growth, with a third-quarter revenue of 2.072 billion yuan, a year-on-year increase of 56.16%, and a net profit of 190 million yuan, compared to a loss of 237 million yuan in the same period last year [1][2] AI Business Growth - The company has focused on AGI and AIGC, achieving substantial progress in technology development, product innovation, and commercialization, resulting in a strong overall performance [1][2] - For the first three quarters of 2025, the company reported total revenue of 5.805 billion yuan, a year-on-year increase of 51.63% [1] Globalization Strategy - Kunlun Wanwei has deepened its global strategy, achieving overseas revenue of 5.41 billion yuan in the first three quarters, a 58% increase, with overseas revenue accounting for 93.3% of total revenue, up 3.6 percentage points year-on-year [3] - The company has established a solid user base in over 100 countries, with nearly 400 million monthly active users globally, enhancing its international competitiveness [3] R&D Investment and Technological Advancements - The company has significantly increased its R&D investment, with expenditures reaching 1.211 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.83% [3] - Kunlun Wanwei's "Tiangong" model has evolved to version 4.0, featuring a parameter scale of 400 billion, making it one of the largest open-source MoE models globally [4] Industry Positioning - The company is transitioning from a gaming company to a leading global AI enterprise, leveraging its global layout and deep integration of AI technology as core competitive advantages [4]