除了视频大模型，昆仑万维旗下AI视频创作平台SkyReels进行了多项升级。在内容制作方面，目前平台 已支持30秒长视频生成，满足用户对长时内容的创作需求。数字人方面，已实现长达40秒的稳定表现。 在商业化方面，有效提高支付成功率和营收水平。 在AI音乐与AI音频方向亦不断深耕。2025年3月，昆仑万维发布全球首个音乐推理大模型Mureka O1及 音乐基座模型Mureka V6。其中O1模型通过引入思维链(Chain-of-Thought)，显著提升音乐生成品质以及 音乐创作效率与灵活性，评测指标全面优于行业竞品；2025年7月，昆仑万维进一步推出Mureka V7， 标志着AI音乐生成从"工具化"走向"人性化"，其良品率从V6的43.4%提升至57.7%，人声真实度提升 44%，音质提升近一倍；2025年8月15日，公司再度推出Mureka V7.5模型，该版本在中文歌曲音色、演 奏技法、咬字与情感表现方面全面升级。此外还发布了全新的音频模型Mureka TTS V1，并提出首个基 于MOE的角色描述语音合成框架——MoE-TTS。Mureka已开放国内登录入口和API接口，支持音乐生 成API和语音合成 ...

8月22日，昆仑万维(股票代码：300418.SZ)公布了2025年半年报，公司上半年实现营业总收入37亿，同比增长 49%。其中，海外收入34亿元，同比增长56%，占收入比重达92%，同比增加4个百分点。 Skywork测评表现 AI视频大模型持续升级迭代，性能不断优化。2025年2月18日，昆仑万维正式开源首个面向AI视频创作的开源视 频生成模型——SkyReels-V1，该模型在同等分辨率下各项指标实现开源SOTA，此外还同步开源首个SOTA级别、 基于视频基座模型的表情动作可控算法——SkyReels-A1；2025年4月21日，公司又发布并开源首个基于"扩散强迫 (Diffusion-forcing)"框架的无限时长电影生成模型——SkyReels-V2，标志着AI视频生成迈入"无限时长、影视级质 量、精准控制"的新阶段；2025年8月11日，公司发布音频驱动视频生成模型SkyReels-A3，该模型基于 DiT(Diffusion Transformer)结构，能够实现任意时长的全模态音频驱动数字人创作，能在单分镜条件下输出超过60 秒、多分镜无限时长的视频内容。 SkyReels-A3框架示意图 ...

公司自研AI游戏《猫森学园》正推进测试，聚焦个性化、沉浸感与社交性优化。社交平台Linky持续迭 代优化，提升用户体验与平台稳定性。 AI应用产品商业化进程加速。2025年5月，公司面向全球发布天工超级智能体(Skywork Super Agents)， 具备一站式生成文档、PPT、表格、网页、播客及多媒体内容的能力，在GAIA评测中位列全球第一。8 月推出其核心引擎Skywork Deep Research Agent v2，在多模态能力、深度浏览与任务执行等方面均实现 重大突破。 AI视频生成模型持续升级迭代。公司先后开源视频生成模型SkyReels-V1、无限时长电影生成模型 SkyReels-V2，以及音频驱动视频生成模型SkyReels-A3。旗下AI视频创作平台SkyReels进行了多项升 级，已支持30秒长视频生成，数字人方面，已实现长达40秒的稳定表现。预计9月平台将推出新一轮产 品更新。 AI音乐生成方面，公司推出音乐推理大模型Mureka O1和基座模型Mureka V6，随后发布V7和V7.5版 本，良品率、人声真实度和音质显著提升，并发布语音合成模型Mureka TTS V1和MoE- ...

Financial Performance - In 2024, the company achieved total revenue of 5.66 billion CNY, a year-on-year increase of 15.2% [1] - The overall gross margin reached 73.6%, maintaining a high level [1] - In Q1 2025, the company reported revenue of 1.76 billion CNY, a year-on-year growth of 46.1% [1] - Overseas business revenue for Q1 2025 was 1.67 billion CNY, up 56.1% year-on-year, accounting for 94.4% of total revenue [2] AI Business Development - The company has established a diverse AI business matrix, including AI large models, intelligent assistants, short dramas, music, games, and social applications [1] - Monthly active users reached nearly 400 million globally, with AI applications becoming a new growth engine [1] - AI social applications achieved a monthly revenue exceeding 1 million USD, marking it as one of the fastest-growing AI applications in overseas markets [2] - The annualized revenue run rate (ARR) for AI music reached approximately 12 million USD, while the short drama platform DramaWave achieved an ARR of about 120 million USD [2] AI Model Advancements - The company launched the "Tiangong 4.0" model in 2024, enhancing voice interaction and emotional understanding capabilities [3] - The Matrix-Zero world model was released, enabling rapid conversion from 2D images to 3D scenes [3] - The Skywork R1V multimodal reasoning model achieved state-of-the-art (SOTA) performance among similar open-source models [3] AI Application Innovations - The SkyReels platform for AI short dramas allows for automated creation within 10 minutes, significantly lowering creative barriers [5] - The Mureka platform for AI music generation supports precise control over music creation, achieving SOTA levels [6] - The AI game "Cat Forest Academy" features AI NPCs with emotional memory and personalized responses, enhancing user engagement [7] Market Outlook and Strategy - The company anticipates that the AI large model business will begin to turn profitable by 2027, aligning with industry trends [2] - The global digital music workstation market is projected to grow from 4 billion USD to 10 billion USD, with the company aiming for a 10% market share [13] - The company is focused on balancing innovation and financial performance, ensuring that technology advancements translate into commercial success [14] Talent and Team Development - The company is actively recruiting top talent in algorithms, engineering, and research to strengthen its technical capabilities [16] - A stable organizational structure supports the strategic direction and long-term development of the company [16]

Core Insights - The commercialization of AI large models has become the core battleground for industry competition, with medium-sized AI companies like Kunlun Wanwei seeking opportunities in vertical markets and global expansion while facing challenges in balancing technology investment and commercial returns [1][4]. Financial Performance - In 2024, Kunlun Wanwei reported total revenue of 5.66 billion yuan, a year-on-year increase of 15.2%, but a net loss of 1.595 billion yuan, a decline of 226.74% [2]. - For Q1 2025, the company achieved revenue of 1.764 billion yuan, a 46% increase year-on-year, but a net loss of 769 million yuan, a decline of 310.32% [2]. - The overseas business has been the main driver of growth, with overseas revenue reaching 5.15 billion yuan in 2024, a 21.9% increase, accounting for 91% of total revenue [2]. Business Segments - AI applications are emerging as a new growth point, with AI social generating monthly revenue exceeding 1 million USD, and annual recurring revenue (ARR) for AI music reaching approximately 12 million USD and for the short drama platform Dramawave reaching about 120 million USD [3][7]. - The company’s R&D expenses increased significantly, with a 59.5% year-on-year growth to 1.54 billion yuan in 2024, and 23.4% growth to 430 million yuan in Q1 2025 [4][5]. Strategic Focus - Kunlun Wanwei's R&D spending as a percentage of revenue has increased from 15.54% in 2022 to 28.22% in 2024, indicating a strong focus on technology development [5]. - The company is concentrating its R&D efforts on three key areas: continuous iteration of large models, development of vertical applications, and infrastructure for computing power [6]. - The company launched the "Tiangong" series of models, focusing on real-time voice interaction and reasoning capabilities, while also developing targeted AI applications for various industries [6][7]. Market Outlook - The company anticipates that the period from 2025 to 2026 will see rapid revenue growth in AI large model applications, despite ongoing losses, with profitability expected to begin after 2027 [4]. - Kunlun Wanwei is optimistic about the autonomous driving and social entertainment sectors, expecting market recovery to aid in reducing losses [4].