在游戏业务方面，公司在2024年发行的格斗类游戏《星之翼》和独立游戏《活侠传》在上线后，均获得 了国内及海外玩家的喜爱，取得较好成绩。其中《星之翼》自开通Steam端登录渠道以来，不仅其人气 在中国国内持续攀升，更吸引了日本格斗爱好者的广泛关注。 盛天网络方面表示，未来公司将紧跟AIGC、虚拟现实等新技术变革下带来的产业机遇，全速推进 AI+的应用战略落地。 根据同期发布的2024年年报，盛天网络去年全年实现营业收入11.36亿元，同比下降14.56%。2024年， 该公司IP运营业务收入较上年同期降幅较大，主要原因是游戏流水下降及部分结算价格下降，新游戏产 品的发行还在筹备过程中。 但从今年一季度财务数据看，盛天网络营收、净利润触底回升态势明显，主要原因是广告业务收入和游 戏发行业务收入同比增加导致。 广告业务方面，今年一季度，盛天网络整合自有平台的媒介资源以及搜索引擎、社交平台、直播平台、 短视频、垂直媒体平台、门户网站等多种媒介资源和多种传播形式，为全网广告客户提供系统化的营销 服务，其广告收入提升显著。 （原标题：广告和游戏发行收入增加 盛天网络一季度净利润同比增长78.56%） 4月28日，盛天网络 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [8][22]. Core Views - The company is expected to benefit from a recovery in the storage industry and an increase in enterprise-level storage demand, with revenue projected to grow significantly in the coming years [2][4]. - The embedded storage segment is anticipated to generate substantial revenue growth, with a forecasted increase of 90.5% year-on-year in 2024 [2]. - The company has successfully launched its self-developed UFS 4.1 controller chip, which is expected to enhance its position in the high-end smart terminal market [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 4.256 billion yuan, a 1.5% increase quarter-on-quarter but a 4.4% decrease year-on-year [9][10]. - The gross margin for Q1 2025 was 10.35%, reflecting a decline compared to previous periods, primarily due to slow recovery in the consumer electronics market and inventory digestion issues [2][9]. - The company’s net profit attributable to shareholders was -151.81 million yuan for Q1 2025, indicating a significant year-on-year decline [12]. Revenue Projections - Revenue is projected to reach 10.125 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.6% through 2027, reaching approximately 30.125 billion yuan by 2027 [1][15]. - The company expects to achieve a net profit of 4.99 billion yuan in 2024, a 160.2% increase year-on-year [11]. Market Position and Growth Potential - The company is positioned as a leading independent storage manufacturer in China, with significant growth potential driven by global trends such as AIGC and the "Digital China" initiative [4]. - The enterprise storage segment saw a remarkable revenue increase of over 200% year-on-year in Q1 2025, indicating strong demand in various sectors including internet and finance [3][4].

Group 1: AI Product Introduction - The company introduced the AI Agent product at the CCBN exhibition, which is designed for the broadcasting sector and can be applied in various environments such as TV stations and data centers [2] - The AI Agent product features capabilities for comprehensive data collection, intelligent analysis, and operational maintenance, including fault prediction and self-healing processes [2] Group 2: AI Strategy and Development - The company is actively exploring AIGC generative technology in video content production, integrating intelligent review and multi-modal intelligent search for media asset management [3] - In the field of video enhancement, the company has developed proprietary super-resolution algorithms based on deep learning technology [3] - The company provides comprehensive digital security services, including content copyright identification, encryption protection, and digital watermarking [3] Group 3: Collaboration with Huawei - The company maintains a long-term partnership with Huawei, collaborating on solutions such as the "5G+8K" multi-camera frame synchronization system for ultra-high-definition video transmission [3] - Jointly developed an AI+emergency broadcasting system optimized for rapid response and stable emergency information reception [3] - The company has joined the Star Flash Alliance, supporting the intelligent automotive industry promotion and safety groups [3] Group 4: Financial Impact - The introduction of AI products and strategies does not currently have a significant impact on the company's operations and finances [2][3]

Financial Performance - In 2024, the company achieved a revenue of CNY 1.44 billion, with AI native application revenue approximately CNY 67 million, marking a year-on-year growth of over 100% [3][11] - In Q1 2025, the company reported a revenue of CNY 380 million, representing a year-on-year increase of 6.06% [3][10] Research and Development - In 2024, the company invested CNY 442 million in R&D, with a R&D expense ratio of 30.73%, highlighting its commitment to innovation [4] - The company developed a multimedia model "Tianmu" covering video, audio, image, and language models, and enhanced its AI capabilities across various products [4] Product Innovation - The video creative product Filmora upgraded to version 14, introducing over ten innovative features, resulting in a 68% increase in Trustpilot ratings [5] - The mobile version of Filmora saw a 90% increase in monthly active users in 2024, with a significant rise in revenue share [5][14] - AI marketing short video tool Virbo's revenue grew approximately 200% year-on-year, while the AI image product SelfyzAI's revenue increased about 400% [6] Team Development - By the end of 2024, the company employed 1,704 people, an increase of 8.26% year-on-year, with R&D personnel accounting for approximately 54% [7] - The company promotes a "big platform, medium product, small team" management strategy to foster innovation and entrepreneurship among employees [7] Ecosystem Collaboration - The company actively participates in AI hardware and software ecosystem collaborations, achieving a 34% year-on-year growth in government and enterprise revenue in 2024 [8] - The company received the "Outstanding Contribution Member Unit" award from the Xinchuang Working Committee in 2024, enhancing its brand recognition [8] Future Outlook - The company is optimistic about the development of multimodal AI applications and aims to integrate AI capabilities deeply into traditional workflows [9] - The company plans to continue expanding its user base and enhancing the perceived value of AI through real experiences [9][12] Marketing and Commercialization - The company increased marketing expenses significantly in 2024 to enhance brand awareness and product visibility, with a 9% decrease in sales expenses in Q1 2025 compared to Q4 2024 [10] - AI native application revenue is expected to continue growing, with the company focusing on enhancing user experience and commercializing AI features [11][12] External Model Integration - The company maintains an open attitude towards external large models while focusing on self-developed algorithms for vertical user scenarios [17][18] - The integration of external models is expected to accelerate the iteration and commercialization of AI functions [18]

文 | 刘崇江 2024年底，「与光同尘」推出的全球首部纯AI连载动画《果果星球》于11月16日正式首发上线，故事设定在遥远的1105光年之外，一个只有水果蔬菜存在 的"果果星球"上，主角是一群可爱的果蔬人类"吃土星人"，他们的冒险由此开始。 全球首部AI连载动画《果果星球》 在过去，制作一部动画往往需要数月甚至数年的努力，但随着AI的到来，传统动画制作的流程也发生了改变。据悉，在这部作品的创作过程中，创作者依 靠AI技术进行了大量人物创作和世界观设计。通常制作一部动画作品，团队成员需要花费大量时间来创建前期人物形象、场景设计和细节渲染。而《果果 星球》项目只用了一个5人的制作团队，由一位精通AI技术并拥有编导经验的老师带队，在2周的时间内完成了角色创建、世界观设计和第一集成片的构 建。 目前使用Ai进行创作时，创作者所面对的一些问题 比如说，"场景一致性、角色一致性、风格一致性"其实是AICG的三大技术难题。而在《果果星球》项目中，「与光同尘」的创作者通过自己独特的工作 流，解决了这一难题："我们先通过AI生成角色的各种动作、状态和表情以及不同视角的画面，再将这些画面融合到各种场景的剧照中，并对光影、角色服 ...

Core Viewpoint - The article highlights the strategic pivot of Kunlun Wanwei towards AI technologies, particularly in music and short video content, as a response to the evolving landscape of the content industry driven by AI advancements [1][4][20]. Investment and Financial Performance - Kunlun Wanwei has invested 800 million yuan in computing power chips, positioning itself as one of the AI companies with the most substantial computing resources [1] - The company's R&D expenses for 2024 are projected to reach 1.54 billion yuan, a nearly 60% increase year-on-year [1] - In 2024, Kunlun Wanwei reported a revenue of 5.66 billion yuan, a 15.2% increase, with an overall gross margin of 73.6% [4] - The company experienced its first annual loss since its listing, indicating the financial strain of its aggressive investment strategy [1] Strategic Focus and Market Positioning - Kunlun Wanwei has become one of the earliest companies to release self-developed AI models, gaining a competitive edge in various niche markets [4] - The company has adopted a "Fast Fail" mechanism to quickly validate project feasibility, allowing for rapid adjustments in strategy [5] - The decision to abandon the AI comic project, which failed to meet expectations, demonstrates the company's focus on more promising areas like AI music and short videos [6][7] Product Development and Innovation - The launch of Mureka, an AI music generation tool, has positioned Kunlun Wanwei as a leader in the AI music space, with annual revenue from AI music reaching approximately 12 million USD [8] - Mureka's cost efficiency allows users to create songs at a fraction of traditional costs, enhancing user engagement and revenue potential [8] - The company has also introduced SkyReels, an AI short video creation platform, expanding its offerings in the entertainment sector [9] Competitive Strategy - Kunlun Wanwei is focusing on less saturated markets like AI music and short videos, avoiding direct competition with larger firms in high-demand areas [11] - The company has built a significant data advantage by acquiring rights to 2 million songs, allowing it to develop algorithms that enhance its product offerings [13] - The flexibility in decision-making and resource allocation enables Kunlun Wanwei to respond quickly to market changes, a critical advantage over larger competitors [14] Long-term Vision and Market Outlook - The company aims to leverage its investments in AI to capture a significant share of the projected 640 billion euro market for AI-generated music and audiovisual content by 2028 [8] - Kunlun Wanwei's long-term vision includes the development of AGI (Artificial General Intelligence), with a belief that the transformative power of AGI will permeate every industry within 20 years [20]

Core Insights - The company reported a total revenue of 5.662 billion yuan in 2024, representing a year-on-year growth of 15.20%, but faced a significant net loss of 1.595 billion yuan, a decline of 226.74% compared to the previous year [1][7] - Despite the losses, the company made notable advancements in AI technology and expanded its overseas market presence, with overseas business revenue reaching 5.15 billion yuan, a year-on-year increase of 21.9%, accounting for 91% of total revenue [4][7] Overseas Market Performance - The overseas business segment, particularly the Opera platform, showed strong growth with revenue of 480 million USD, up 21.1% year-on-year, and nearly 300 million monthly active users [4] - The short drama platform DramaWave emerged as a highlight, achieving an annualized revenue run rate (ARR) of approximately 120 million USD by the end of March 2025, with a successful launch of the hit short drama "Engagement Storm" [4] R&D Investment and AI Innovations - The company significantly increased its R&D investment to 1.54 billion yuan in 2024, a rise of 59.5% year-on-year, focusing on AI technologies including large models, AI search, and AI music [4][7] - In the AI music sector, the company launched the MurekaO1 and MurekaV6 models, surpassing competitors and establishing a strong position in the global AI music market, with an ARR of approximately 12 million USD by March 2025 [6] Financial Challenges - The substantial net loss of 1.595 billion yuan was primarily attributed to high R&D costs and investment losses due to financial asset price fluctuations, which amounted to 820 million yuan [7] - The company anticipates that the period from 2025 to 2026 will be crucial for the application and revenue growth of AI large models, with expectations of profitability starting in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.136 billion yuan in 2024, a year-on-year decline of 14.56%, and a net profit attributable to shareholders of -261 million yuan [1] - In Q1 2025, the company achieved a revenue of 315 million yuan, a year-on-year increase of 24.16%, and a net profit attributable to shareholders of 25.43 million yuan, a year-on-year increase of 78.56% [1] - The new games "Star Wings" and "Heroic Legend" have received positive feedback and are expected to expand into new markets [2] - The integration of AI applications through the "Give Mai" platform is showing promising results, enhancing user engagement and social interaction [3] - Collaborations with NIO and Lantu Motors for cloud gaming support are set to enhance the entertainment experience in vehicles [4] - Revenue projections for 2025-2027 are 1.533 billion, 1.809 billion, and 1.990 billion yuan respectively, with net profits expected to be 141 million, 166 million, and 192 million yuan [4] Financial Overview - In 2024, the company experienced a revenue decline of 14.56% compared to 2023, with a projected revenue growth of 35% in 2025 [5] - The net profit for 2024 is projected to be -261 million yuan, with a significant recovery expected in 2025 with a net profit of 141 million yuan [5] - The earnings per share (EPS) is expected to recover from -0.53 yuan in 2024 to 0.29 yuan in 2025 [5] - The company’s price-to-earnings (P/E) ratio is projected to be 37, 32, and 27 for the years 2025, 2026, and 2027 respectively [5]

证券研究报告 润泽科技 (300442 CH) 业绩增速短期承压，AIDC 景气趋势不变 AIDC 业务："引流策略"吸引多个 AI 头部客户入驻，智算实力持续提升 AIDC 业务方面，2024 年实现营业收入 14.51 亿元，同比增长 21.03%，毛 利率同比提升 18.65pct 至 51.75%。考虑到业务实质，公司将 AIDC 业务中 高性能算力模组业务的收入确认方法从"总额法"调整为"净额法"，使得 该业务毛利率水平有所上升。公司的 AIDC 业务通过"引流策略"吸引了众 多头部 AI 客户入驻，长期来看有利于公司在 AI 时代市场份额的进一步提升。 展望 2025 年，一次性的引流工作已基本完成，未来公司的 AIDC 业务将聚 焦于新一代智算中心的建设及交付，目前，廊坊 B1 的 200MW 新一代智算 中心正在紧张建设中，平湖 B1 单体 100MW 智算中心已基本建设完成。 盈利有望持续增长，维持"买入"评级 考虑到智算中心集中交付投运期折旧摊销费用的增加，我们预计公司 25-27 年归母净利润分别为 26.93/32.39/38.88 亿元（较 25/26 年前值分别下调 18%/18% ...

平安证券主要观点如下： 智通财经APP获悉，平安证券发布研报称，由于国家利好政策的加持激励，文化娱乐产业供给端将呈现 多元增长趋势，传媒行业也将持续修复上行。基于可选消费的稳健修复逻辑，传媒行业细分领域或将迎 来上行机遇。建议布局业绩确定性较强、股息率高且分红率稳健的行业头部。 1)游戏及IP 3)广告营销 由于市场广告营销投放略迟于整体经济恢复周期，广告营销投放仍需要时间恢复。电梯及车站投放恢复 表现较快，其他渠道投放恢复速度较缓慢，致使行业内各企业业绩出现分化。该行认为，客户结构优 良，渠道资源属性较强，且利润率有改善空间的行业头部企业将率先复苏。该行看好头部广告营销企业 的宽阔"护城河"，尤其是利润有望改善或提升的白马股，建议关注分众传媒及蓝色光标。 4)数字媒体及出版 一方面，从数字媒体板块看，长视频进入存量时代且规模稳定，头部企业市场份额高且仍有提高空间。 建议关注数字媒体行业头部，特别是体量较大且有新业务拓展的头部企业，建议关注芒果超媒。另一方 面，从出版板块来看，在图书零售销售表现中，文教及儿童类实现正增长，建议关注文教板块相关的出 版企业。 由于国家鼓励文娱消费政策的支持，游戏板块或将迎来新一 ...