摘要 • 昆仑万维一季度营收 17.6 亿元，同比增长 46.1%，海外业务占比高达 94.4%，收入达 16.7 亿元，同比增长 56.1%，显示出强劲的海外增长势 头。 • 公司预计 AI 大模型行业在 2027 年后进入盈利期，与行业趋势保持一致， 此前为应用落地和收入增长期，但仍处于亏损状态。 • 昆仑万维在 AI 模型迭代方面取得显著进展，推出天工 4.0 及多个开源模型， 包括 Skywork_One_Model 和 Skywork_Or_One_V，并在 Aime 数据集 上表现出色。 • AI 短剧平台 Drama View 年化流水收入达约 1.2 亿美元，AI 社交单月最 高收入突破 100 万美元，AR 音乐年化流水收入达到约 1,200 万美元，商 业化进展显著。 • 公司开源全球首个视频生成模型 SCARA V1，累计下载量突破 3 万次，并 推出无限时长电影生成模型 Scale Realms V2，大幅降低创作门槛。 • AI 音乐平台母如卡全球访问量同比增长 86.5%，月流水收入约 100 万美 元，巩固了公司在海外市场的地位，并计划占据全球 DAW 市场 10%的份 额。 昆 ...

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]