Kunlun(SZ:300418) Xin Lang Zheng Quan·2026-02-11 09:12Core Viewpoint - Kunlun Wanwei is expected to continue its losses in 2025, with a projected net profit loss of between -1.95 billion to -1.35 billion yuan, compared to -1.595 billion yuan in the previous year, indicating ongoing financial challenges despite a focus on AI investments [1][2]. Financial Performance - The company forecasts a revenue increase of over 40% for 2025, but net profit is still expected to be negative, with a projected loss of -1.95 billion to -1.35 billion yuan, and a loss of -2.048 billion to -1.448 billion yuan when excluding non-recurring gains and losses [2][12]. - Marketing expenses have doubled to 2.891 billion yuan in the first three quarters of 2025, significantly outpacing the growth of R&D expenditures, which increased by only 5.83% to 1.211 billion yuan [6][12]. Strategic Focus - Kunlun Wanwei has shifted its strategic focus to AI, emphasizing a full-chain approach that includes computing power, large model algorithms, and AI applications, with significant investments in marketing and R&D [1][12]. - The company has launched several industry-leading large models and AI applications, including the Tian Gong Super Intelligent Agent, which aims to reshape AI office and content creation methods [2][12]. Market Position and Challenges - Despite its ambitious AI strategy, Kunlun Wanwei faces significant competition from larger cloud service providers like Alibaba Cloud and Tencent Cloud, which have more robust infrastructure and industry solutions [13]. - The company's AI applications are primarily seen as functional enhancements rather than disruptive innovations, leading to weaker user payment willingness and reliance on marketing subsidies for user growth [13].