文｜雷递网 雷建平 | | | | | 报告期末表决权恢复的优先股股 | | | 持有特别表决权股 | 单位:股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期未普通股股东总数 | | | 149, 017 | 东总数(如有)(参见注8) | | 0 | 份的股东总数(如 | 0 | | | | | | | | | 有) | | | | | | | 持股 5%以上的股东或前10名股东持股情况(不含通过转融通出借股份) | | | | | | 股东性 | | 持股比 | 报告期末持股 | 报告期内增减 | 持有有限售条 | 持有无限售条件的 | 质押、标记或冻结情况 | | | 股东名称 | 质 | 例 | 数量 | 变动情况 | 件的股份数量 | 股份数量 | 股份状态 | 数量 | | 新余盈瑞世纪软件研发中心(有限合 | 境内非 | | | | | | | | | 伏) | 国有法 人 | 15. 11% | 189, 744, 943 | 0 | 0 | 189.744.943 | 不适用 | 0 | | 周亚辉 | 境内自 ...

Core Viewpoint - Kunlun Wanwei reported a significant net loss in the first half of 2025, continuing the trend from 2024, with a net profit of approximately -856 million yuan, indicating an increase in losses compared to the previous year [1][4]. Financial Performance - In the first half of 2025, Kunlun Wanwei achieved operating revenue of approximately 3.733 billion yuan, a year-on-year increase of 49.23% [1]. - The company's net profit attributable to shareholders was approximately -856 million yuan, compared to -389 million yuan in the same period last year, reflecting a worsening loss situation [1]. - The company reported a non-recurring net profit of approximately -859 million yuan, also showing an increase in losses compared to -407 million yuan in the previous year [1]. Sales and Expenses - Sales expenses for the first half of 2025 were approximately 1.828 billion yuan, a significant increase of 95.57% year-on-year [1][3]. - The increase in sales expenses is attributed to higher marketing and channel costs, which may indicate aggressive market expansion efforts [3]. International Revenue - Kunlun Wanwei's overseas revenue reached approximately 3.441 billion yuan, a year-on-year increase of 56.02%, accounting for 92.17% of total revenue, which is an increase of 4 percentage points compared to the previous year [2]. - The company's overseas business primarily targets regions such as Europe, Southeast Asia, the Middle East, and Africa [2]. Business Segments - The short video platform, DramaWave, reported strong growth, with annualized revenue reaching over 240 million USD, showcasing significant commercial potential [3]. - The advertising business generated approximately 1.433 billion yuan in revenue, a year-on-year increase of 61.05%, although the gross margin decreased by 8.48% [2]. - The Opera search business achieved approximately 691 million yuan in revenue, a year-on-year increase of 10.89%, with a high gross margin of 95.37% [2].

继2024年交出一份上市后首亏的成绩单后，昆仑万维（300418）2025年半年报业绩表现也不理想。8月23日，昆仑万维发布2025年半年度报告显示，公司上 半年实现归属净利润约-8.56亿元，同比增亏。另外，公司上半年销售费用约18.28亿元，同比增长95.57%。值得一提的是，报告期内，昆仑万维海外收入占 比攀升，同比增长56.02%，占收入比重达92.17%。 财报显示，今年上半年，昆仑万维实现营业收入约37.33亿元，同比增长49.23%；对应实现归属净利润约-8.56亿元，上年同期公司实现归属净利润约-3.89亿 元，同比增亏；对应实现扣非后归属净利润约-8.59亿元，上年同期公司实现扣非后归属净利润约-4.07亿元，同比增亏。 不过，昆仑万维表示，公司通过提升运营效率，优化资源配置，强化投资管理，二季度环比亏损额显著减少，亏损幅度显著收窄，符合年度经营预期。 据了解，昆仑万维成立于2008年，2015年登陆深交所创业板。公司主要业务为AGI与AIGC业务、海外信息分发与元宇宙业务、投资业务。值得一提的是， 今年上半年，昆仑万维海外收入占比攀升，公司海外收入达到34.41亿元，同比增长56.02%， ...

Core Insights - Kunlun Wanwei is experiencing a critical window for technological and commercial advancement in the rapidly accelerating global AI industry [1] - The company has launched six cutting-edge models during the SkyWork AI Technology Release Week, showcasing its long-term R&D investments translating into market competitiveness [1][7] - In 2024, Kunlun Wanwei's R&D expenses reached 1.54 billion yuan, a year-on-year increase of 59.5%, reflecting ongoing investments in AI computing chips, large models, and applications [1][13] R&D and Technological Advancements - The Mureka V7.5 model, launched on August 15, is a significant milestone in Kunlun Wanwei's AI commercialization efforts, generating over $12 million in annual revenue by March 2025 [2][3] - The Mureka V7.5 model features a breakthrough in music audio understanding, capable of accurately capturing the essence of various Chinese music styles [3][4] - The MoE-TTS framework, a novel voice synthesis technology, integrates pre-trained large language models with voice expert modules, achieving superior performance in generating natural-sounding speech [4][6] Product Development and Applications - The SkyReels-A3 model enables audio-driven video generation, while the Matrix-Game 2.0 model offers real-time interactive generation capabilities, enhancing user experience in various applications [7][9] - The Matrix-3D model allows for high-quality panoramic video generation from single images, revolutionizing content production in gaming, film, and architecture [9] - Skywork UniPic 2.0 addresses challenges in multi-modal generation, providing a unified model for efficient content creation [10] Business Strategy and Market Position - Kunlun Wanwei's strategy of "All in AGI and AIGC" is evident in its substantial R&D investments, which are expected to continue into 2025 with a projected increase of 23.4% [13] - The company has transitioned from a "technology exploration phase" to a "commercial harvest phase," with a stable global monthly active user base of nearly 400 million and overseas revenue accounting for 91% [14] - The dual model of driving business through technology and using commercial success to reinvest in R&D is positioning Kunlun Wanwei to build a trillion-level ecosystem in the AI industry [14]

Core Insights - The company is significantly increasing its investment in AI, with a focus on AGI and AIGC, despite facing short-term losses [1][2] - The company aims to solidify its leading position in the AI sector by enhancing R&D and attracting top talent [2][3] - The company has a comprehensive strategy that includes controlling an AI chip company to establish a full industry chain from computing power to AI applications [3] R&D Investment - The company has increased its R&D expenses to 1.54 billion yuan, a 59.5% year-on-year increase, to strengthen its long-term technological competitiveness [2] - The current phase (2023-2024) is characterized as an initial investment stage for AI models, with expectations of profitability by 2027 [2][6] Product Development - The company has launched several AI models in 2023, including SkyReels and Mureka, with a focus on user demand in rapidly growing sectors like music and short films [4][5] - The Mureka platform achieved a monthly revenue of approximately 1 million USD by March 2025, while the short film platform DramaWave reached about 10 million USD [4] Market Strategy - The company plans to release a general-purpose agent product for productivity scenarios, focusing on high-frequency use cases [5] - The global market for digital music workstations is currently valued at around 4 billion USD and is expected to grow to 10 billion USD, with the company targeting a 10% market share [6] Business Model - The short film business has diversified revenue sources, including subscriptions, in-app purchases, and advertising, to enhance user engagement [5][7] - The company is committed to addressing user pain points and leveraging data and algorithms to maintain a competitive edge [3][6]

Core Viewpoint - Kunlun Wanwei has faced significant losses due to high R&D expenses and a sharp decline in investment returns, with a net loss of nearly 1.6 billion yuan in the previous year and over 700 million yuan in Q1 2025, indicating a worsening trend [2][3]. Group 1: Financial Performance - In 2024, Kunlun Wanwei reported revenue of 5.662 billion yuan, a year-on-year increase of 15.2%, but the net profit attributable to shareholders was -1.595 billion yuan, marking a shift from profit to loss [3]. - The company's R&D expenses reached a record high of 1.543 billion yuan in 2024, up 59.46% year-on-year, and continued to rise in Q1 2025, increasing by 23.43% to 430 million yuan [4]. - Sales expenses surged to 2.304 billion yuan in 2024, a 42.23% increase year-on-year, and further escalated by 92.11% to 868 million yuan in Q1 2025 [4]. - The net cash flow from operating activities fell significantly, with 290 million yuan in 2024 and a negative 2.97 million yuan in Q1 2025, representing declines of 67.26% and 102.78% respectively [8]. Group 2: Business Structure and Performance - Kunlun Wanwei's gaming business has been declining since 2020, with revenue dropping from 1.2 billion yuan in 2020 to 534 million yuan in 2023, accounting for only 10.87% of total revenue [10]. - The main revenue sources now include advertising, Opera search, and overseas social networks, contributing over 70% of total revenue, but all three have experienced declining gross margins [10]. - The AI business, while a strategic focus, has not achieved significant market presence, with the "Tiangong" AI model ranking ninth in user access and tenth in monthly active users among top products [11]. Group 3: Investment and Asset Performance - Investment losses have compounded the company's financial woes, with a reported loss of 820 million yuan due to market fluctuations affecting financial asset prices [6]. - The fair value change loss from iQIYI stock alone amounted to 501 million yuan, with a further loss of 491 million yuan in Q1 2025, marking a 330% year-on-year increase [6]. - Asset impairment losses surged to 321 million yuan in 2024, a 66-fold increase, primarily due to goodwill impairment and other current asset write-downs [7].

Core Insights - Kunlun Wanwei has demonstrated strong growth in its global expansion, particularly in the AGI and AIGC sectors, as reflected in its 2024 annual report and Q1 2025 performance [1][2] Group 1: Financial Performance - In 2024, Kunlun Wanwei achieved total revenue of 5.66 billion yuan, a year-on-year increase of 15.2%, with a gross margin maintained at 73.6% [1] - The company's overseas revenue reached 5.15 billion yuan, growing by 21.9% and accounting for 91.0% of total revenue [1] - For Q1 2025, the company reported revenue of 1.764 billion yuan, a significant year-on-year growth of 46.07%, with overseas revenue at 1.67 billion yuan, up 56.1% [2] Group 2: Business Segments - Kunlun Wanwei's core business segments showed multiple breakthroughs, with its overseas information distribution and metaverse platform Opera generating revenue of 480 million USD, a year-on-year increase of 21.1% [1] - The overseas social network and short drama platform achieved revenue of 1.25 billion yuan, reflecting a growth of 28.5% [1] - The AI business has made substantial progress, with monthly revenue from AI social products exceeding 1 million USD, positioning it among the fastest-growing Chinese AI applications overseas [1] Group 3: R&D and Future Plans - The company increased its R&D expenditure to 1.54 billion yuan in 2024, marking a 59.5% year-on-year rise, which supports long-term technological competitiveness [2] - For 2025, Kunlun Wanwei plans to continue delivering valuable AI products and services to global users while contributing to the high-quality development of China's digital economy [2] - As of March 2025, the annual recurring revenue (ARR) for the AI music platform reached approximately 12 million USD, while the short drama platform Dramawave's ARR surpassed 120 million USD, indicating strong monetization capabilities [2]