以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者：侃见 财经 来源： 侃见 财经 全球AI浪潮强势来袭，商业化爆发"奇点"临近。 4月28日晚间，昆仑万维发布2025年一季度业绩报告，其中显示，公司一季度实现营业总收入 17.6亿元，同比大幅增长46%。整体毛利率高达69%，继续保持在较高水平。 侃见财经翻看这份财报，最直观的感受是： 昆仑万维"All in AGI与AIGC"的战略决心愈发坚定， 且一系列最新数据印证了公司"AI商业化拐点"已经出现。 财报显示，昆仑万维各条AI业务线的商业化正在加速落地。截至一季度末，AI音乐年化流水收入 ARR达到约1200万美元（月流水收入约100万美元）；短剧平台Dramawave年化流水收入ARR 达到约1.2亿美元（月流水收入约1000万美元）；AI社交应用 Linky单月最高收入突破100万美 元，月活跃用户达到300万，成为海外收入增长速度最快的中国AI应用之一。 这一系列数据向外界传递的信号是，昆仑万维正在加速AI商业化进程，且AI出海战略也迎来了收 获期。 今年一季度，昆仑万维全球化战略成效显著，实现海外业务收入达16.7亿元 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.40 RMB [8][9]. Core Views - The company has successfully commercialized AI applications, leading to an expected acceleration in performance in 2025 [1][2]. - The company is leveraging AI technology to enhance internal operational efficiency, resulting in a significant reduction in expense ratios [2]. - The company is capitalizing on the trend of Chinese enterprises expanding into Southeast Asia, with promising results in overseas market development [3]. - The AI business indicators for Q1 2025 show continued improvement, indicating a broad growth potential for the future [4]. - Revenue forecasts have been adjusted downwards due to traditional business pressures, but earnings per share (EPS) estimates have been raised due to significant improvements in operational efficiency [5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.331 billion RMB (up 4.62% YoY) and a net profit of 156 million RMB (up 3.59% YoY) [1][7]. - The company expects revenues of 2.719 billion RMB, 3.206 billion RMB, and 3.816 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 16.64%, 17.92%, and 19.05% [5][7]. AI Business Development - The company reported revenue from self-developed smart software products and integrated solutions of 662 million RMB and 555 million RMB respectively in 2024, with growth rates of 13.57% and 12.64% YoY [2]. - The AI business in Taiwan saw a remarkable growth of 135.07% YoY [2]. Overseas Market Expansion - Revenue from non-mainland China regions reached 1.154 billion RMB in 2024, growing by 7.53% YoY, driven by markets in Taiwan and Southeast Asia [3]. - The company has established strategic partnerships to enhance services for Chinese enterprises venturing abroad, focusing on key industries such as automotive and electronics [3]. Profitability and Valuation - The company’s EPS is projected to be 0.84 RMB, 1.18 RMB, and 1.65 RMB for 2025, 2026, and 2027 respectively, reflecting an increase in profitability [5][7]. - The target price of 50.40 RMB is based on a 60x PE ratio for 2025, considering the company's product and industry advantages [5].

Group 1 - The core viewpoint of the news is the establishment of a joint venture between Haotian International Construction Investment and Jiangsu Litong, with Haotian holding 75% and Litong 25% of the equity [1] - The joint venture will receive capital commitments of RMB 300 million from Haotian and RMB 100 million from Litong, and will become a subsidiary of the company as long as Haotian remains a subsidiary [2] - The joint venture aims to engage in AI computing resources and 5G big data-related businesses, including but not limited to computing power services and related technical consulting, business planning, logistics, and trade [2] Group 2 - The AI sector has seen significant advancements over the past year, with developments in large language models and multimodal models, leading to a decrease in training and inference costs, thus lowering the application threshold for large models [3] - The trend is accelerating the evolution of data centers towards AI Data Centers (AIDC), presenting new opportunities for industry growth [3] - The joint venture with Jiangsu Litong provides a valuable opportunity for the company to enter the AI business, which is expected to generate annual revenues potentially reaching USD 300 million or more if successful [3]