Kunlun(SZ:300418) 21世纪经济报道·2026-02-09 01:27Core Viewpoint - The article highlights Kunlun Wanwei's strategic shift towards overseas markets and application ecosystem development in AI, despite ongoing financial losses. The company aims to leverage cutting-edge AI technology to create scalable products and cash flow, focusing on long-term market positioning rather than short-term profitability [1][12]. Financial Performance - For 2025, Kunlun Wanwei forecasts a net profit loss of CNY 13.5 billion to CNY 19.5 billion, continuing the trend of losses from the previous year [1]. - The company expects a revenue increase of over 40% year-on-year for 2025, with a growing share of overseas income [1]. - In Q3 2025, the company achieved a quarterly profit of CNY 1.9 billion, a 180.13% increase year-on-year, but ended Q4 with losses estimated between CNY -6.85 billion and CNY -12.85 billion [3]. Investment and R&D - Kunlun Wanwei's R&D expenditures have increased significantly from CNY 6.28 billion in 2021 to CNY 15.98 billion in 2024, with CNY 12.11 billion spent in the first three quarters of 2025, focusing on AGI and AIGC [4]. - Sales expenses also rose, reaching CNY 28.91 billion in the first three quarters of 2025, primarily for global promotion of AI applications [4]. Competitive Strategy - The company has opted for a differentiated competition strategy, avoiding direct confrontation with major players in the general AI model space and instead focusing on vertical markets and AI application ecosystems [6]. - Kunlun Wanwei has developed various AI models and applications, including the Skywork series and the Skywork Super Agents, which aim to enhance productivity across multiple scenarios [6][7]. Market Expansion - The company has made significant strides in the AI music sector with Mureka, achieving a positive gross profit for the first time and generating an annual revenue of approximately USD 12 million [7]. - In the AI social domain, the Linky platform has improved its interactive capabilities, while the StarMaker platform integrates AI for music and video creation [7]. - The short drama segment has emerged as a surprising growth area, with platforms like DramaWave and FreeReels achieving substantial user engagement and revenue growth [8][9]. Future Outlook - Analysts predict that Kunlun Wanwei's short drama business will generate CNY 16.8 billion in revenue for 2025, marking a 900% increase, and will continue to accelerate growth into 2026 and 2027 [9]. - The company is expected to transition from an investment phase to a revenue-generating phase by 2026, with projections indicating a narrowing of losses to CNY 0.94 billion and a potential profit of CNY 4.38 billion by 2027 [12].