Kunlun(SZ:300418) Xin Lang Cai Jing·2026-02-25 16:57Core Viewpoint - Kunlun Wanwei, a company that claims to benchmark against ChatGPT, continues to face significant losses despite its "All in AI" strategy, projecting a net loss of 1.35 billion to 1.95 billion yuan for 2025, extending its previous year's losses [1][4]. Financial Performance - The company expects a revenue increase of over 40% in 2025, with overseas revenue share further rising, contrasting with a 15.20% revenue growth in 2024 [4]. - For 2025, the net profit attributable to shareholders is projected to be between -1.35 billion and -1.95 billion yuan, while the net profit after deducting non-recurring items is expected to be between -1.448 billion and -2.048 billion yuan [1][4]. - In 2025, the sales expenses surged to 2.891 billion yuan, a year-on-year increase of 105.75%, which offset the growth in core business [5]. Business Strategy and Market Position - Kunlun Wanwei has diversified its business across AGI, AIGC, overseas information distribution, short drama platforms, and social entertainment, operating in over 100 countries [4]. - The company has been recognized as a "rare large model and overseas application leader in A-shares" despite its ongoing financial struggles [12]. Investment and R&D - The company has significantly increased its R&D investments, with 2023 expenditures reaching 968 million yuan and projected to rise to 1.543 billion yuan in 2024 [12]. - Marketing expenses remain high to capture overseas market share, contributing to the ongoing financial losses [12]. Product Performance - The short drama platform has emerged as an unexpected growth point, with projected revenues of 1.68 billion yuan in 2025, representing a 900% year-on-year increase [13]. - Despite the growth in internet business revenue by 52.01% in the first half of 2025, the cost of sales increased by 108.98%, leading to a decline in gross margin [12]. Challenges and Future Outlook - The company faces challenges in sustaining its AI strategy amid continuous losses, with the need for substantial commercial viability to support its nearly 100 billion yuan market valuation [13]. - Analysts predict that losses will narrow to 94 million yuan in 2026, with a potential return to profitability in 2027, contingent on effective commercialization [13].