[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Summary] [Table_Title] 传媒行业•AI 周度跟踪之四十九 火山引擎成为总台春晚独家 AI 云合作伙伴，"京东 AI 购"上线 [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 核心观点： 国内主要 AI 产品数据：根据 SimilarWeb，上周（2025/12/22- 2025/12/28）国内主要 AI 大模型产品网页端访问量分别为：Kimi 799.07 万次，环比下降 7.83%；文心一言 102.64 万次，环比上升 4.15%；豆包 2409.88 万次，环比上升 0.10%；智谱清言 66.42 万次， 环比上升 16.83%；讯飞星火 9.99 万次，环比上升 10.24%；DeepSeek 6632.63 万次，环比下降 5.06%；腾讯元宝 502.20 万次，环比上升 7.39%；天工 AI7.11 万次，环比上升 8.28%。 海外主要 AI 产品数据：根据 SimilarWeb，上周（2025/12/22- 2025/12/28）海外主要 AI 大模 ...

[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Summary] [Table_Title] 传媒行业•AI 周度跟踪之四十六 OpenAI 发布 GPT-5.2，谷歌开源深度研究 Agent | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-14 | 核心观点： [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 12/24 02/25 05/25 07/25 09/25 12/25 传媒 沪深300 | [分析师： Table_Author]旷实 | | | --- | --- | | | SAC 执证号：S0260517030002 | | | SFC CE No. BNV294 | | | 010-59136610 | | | kuangshi@gf.com.cn | | 分析师： | 廖志国 | | | SAC 执证号：S0260525060001 | | | 021-38003665 | | | liaozhiguo@gf.com.c ...

Core Insights - The article discusses the latest AI product rankings, highlighting the dominance of ChatGPT in web traffic and active users among AI applications, with ChatGPT accounting for 46% of the top 100 web traffic and 30% of active users in the app category [10][11][13]. Group 1: AI Product Rankings - The AI Product Rankings for September 2025 include various categories such as global rankings, domestic rankings, and growth/decline rankings, featuring a total of 19 AI product lists [4][5]. - The top five products in the global ranking are ChatGPT, New Bing, Gemini, DeepSeek, and Nano AI Search, with ChatGPT leading significantly [20]. Group 2: ChatGPT's Market Position - ChatGPT's web traffic is reported at 6.1 billion monthly visits, representing a 0.98% increase, while its app active users are significantly higher compared to Google, with ChatGPT at 25% of Google's active users [10][13]. - The article emphasizes that ChatGPT is becoming a traffic distributor for powerful internet applications, integrating tools like Canva directly within its platform to enhance user experience [8][9]. Group 3: Performance of Other AI Products - Sora, a video generation product, experienced a significant drop in traffic, falling by 44.15% to 35.37 million visits, indicating volatility in user retention within the video generation sector [15]. - In contrast, Mercor, an AI job search tool, saw a remarkable growth of 89.3%, reaching 5.58 million visits, ranking fourth in global growth [17]. - The domestic growth leaderboard is topped by TianGong AI from Kunlun Wanwei, which grew by 35.47% to 4.21 million visits, followed by Jiemeng AI with a 27.25% increase [18][36]. Group 4: Trends in AI Applications - The article notes that video generation products tend to experience spikes in traffic with new features but often struggle with user retention, a trend more pronounced than in chatbot applications [15]. - The growth of AI tools for education and productivity is highlighted, with several products like Q-Chat and Google AI Studio showing significant increases in user engagement [34][36]. Group 5: Declining Products - Several AI products are experiencing declines, with Joi and Transkriptor seeing drops of 37.04% and 34.07% in web traffic, respectively [38]. - Sora, another video generation tool, also faced a decline of 24.19%, indicating challenges in maintaining user interest [40].

Core Viewpoint - The implementation of the "Identification Method for AI-Generated Synthetic Content" marks a significant step in regulating AI-generated content, requiring clear labeling to prevent confusion with real information [1][3][4]. Group 1: Regulatory Framework - The new regulations mandate that all AI-generated content, including text, images, audio, and video, must be clearly labeled as "AI-generated" to avoid misleading users [1][3]. - The regulations specify both explicit and implicit labeling methods, with explicit labels needing to be at least 5% of the shortest edge of the image [3]. - Responsibilities for labeling extend beyond AI platforms to users and social media platforms, which must verify that AI content is properly labeled [3][4]. Group 2: Industry Response - Major AI companies like DeepSeek, Tencent, and MiniMax have begun implementing the AI labeling system, while social media platforms like Weibo and Kuaishou have announced user responsibilities for labeling [1][2]. - A survey of 35 applications revealed that while most complied with the new regulations, some failed to adequately label AI-generated content, particularly in interactive features [1][5]. Group 3: Challenges and Controversies - There are ongoing debates about the necessity of labeling for certain AI functionalities, such as AI assistants that perform specific tasks versus those that generate content [11][12]. - Concerns have been raised regarding user experience, as some platforms have opted for less visible labeling methods to avoid disrupting user engagement [6][7]. - The regulations have sparked discussions about the treatment of AI-generated content in creative industries, with some users feeling that the labeling requirements could hinder their work [13][14]. Group 4: Future Considerations - The need for a balance between compliance, innovation, and user experience is emphasized, as the industry navigates the implications of these new regulations [15]. - The evolving landscape of AI content generation and its regulation will require continuous adaptation and clarification of responsibilities among stakeholders [15].

Core Viewpoint - Kunlun Wanwei's recent financial report for the first half of 2025 shows significant revenue growth but a substantial net loss, indicating challenges in cost management and competition in the AI office sector [1][5]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [2]. - The net profit attributable to shareholders was a loss of 855.55 million yuan, representing a decline of 110.90% compared to the previous year [2][5]. - Operating costs surged by 106.21% to approximately 1.125 billion yuan, while sales expenses increased by 95.57% to about 1.828 billion yuan, both outpacing revenue growth [5][6]. Business Segments - The short video business generated 582 million yuan in revenue with a gross margin of 83.09% [3][4]. - Advertising revenue was 1.432 billion yuan, up 61.05%, while search and overseas social network revenues grew by 10.89% and 10.20%, respectively [3][4]. - The overseas short video platform DramaWave achieved an annualized revenue run rate of over 240 million USD, with AI playing a crucial role in content localization and user interaction [3]. Strategic Shifts - In May 2023, Kunlun Wanwei shifted its focus to AI office solutions, launching the TianGong AI Office product, but faced declining download rates, with average daily downloads dropping below 1,000 [1][6][7]. - The company has increased R&D investment, allocating 970 million yuan in 2023 and planning to raise it to 1.543 billion yuan in 2024 [6]. Competitive Landscape - The AI office market is crowded with established players like DingTalk, WeChat Work, and Kingsoft Office, which have launched new AI products [7]. - The departure of key talent, such as the head of the AI research institute, raises concerns about the company's ability to compete effectively in this space [9].

Core Viewpoint - The recent issuance of the "Artificial Intelligence+" action plan by the State Council serves as a strong policy catalyst for the AI application sector in A-shares, yet the stock prices of AI application companies experienced a decline after an initial rise, while AI hardware companies saw their stock prices increase significantly [1] Group 1: AI Application Sector Performance - AI education leader Jafa Education (300559.SZ) reported a revenue of 273 million yuan for the first half of 2025, a year-on-year increase of 5.03%, but its net profit decreased by 4.60% to 40.78 million yuan, indicating that AI business has not yet formed a significant revenue contribution [2][3] - Kunlun Wanwei (300418.SZ) achieved a revenue of 3.733 billion yuan, a 49.23% year-on-year increase, but reported a net loss of 859 million yuan, with operating costs rising by 106.21% to approximately 1.125 billion yuan, leading to a situation of increasing revenue but decreasing profit [3][4] - Zhongke Jincai (002657.SZ) reported a revenue of 345 million yuan, a 14.36% increase, but a net loss of 84.95 million yuan, with cumulative losses over the past four years amounting to approximately 510 million yuan [8][10] - Chinese Online (300364.SZ) achieved a revenue of 556 million yuan, a 20.40% increase, but reported a net loss of 226 million yuan, with sales expenses rising significantly, indicating a struggle to convert revenue growth into profit [9][10] Group 2: AI Agent Sector Performance - Guotou Intelligent (300188.SZ) reported AI-related product revenue of approximately 167 million yuan, accounting for 30% of total revenue, indicating that AI has become a significant income source for the company [11] - Nengke Technology (603859.SH) achieved AI-related revenue of approximately 211 million yuan, a year-on-year increase of 145.60%, with this segment contributing significantly to overall growth [11] - Tax Friend Co., Ltd. (603171.SH) reported AI-driven revenue of approximately 165 million yuan, representing 26.59% of its smart tax business sales, demonstrating that AI applications are translating into actual revenue [12]

Core Viewpoint - Kunlun Wanwei's financial report for the first half of 2025 shows significant revenue growth but also the largest net profit loss in nearly a decade, raising concerns about its aggressive AI investment strategy and product direction [1][2][8]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [1][3]. - Net profit turned into a loss of 859 million yuan, a decline of 110.90% compared to the previous year, marking the highest loss since the company went public in 2015 [1][2][8]. - Operating costs increased by 106.21% to approximately 1.125 billion yuan, while sales expenses rose by 95.57% to about 1.828 billion yuan, both outpacing revenue growth [2][3]. Business Segments - Internet sector revenue was 3.701 billion yuan, up 52.01% year-on-year, but operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [4][5]. - Advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [4][5]. - The overseas social network segment saw a 10.20% revenue increase, but costs skyrocketed by 124.54%, leading to a 12.95% decline in gross margin [4][5]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI search and dialogue to office applications, resulting in a drastic drop in daily downloads from nearly 40,000 to around 770 [8][9][11]. - The company's aggressive "All in AI" strategy has led to questions about its ability to capitalize on AI investments, with AI-related revenue only accounting for 0.68% of total revenue [8][12]. Investment and Market Position - Four out of six major subsidiaries reported losses, with significant losses attributed to AI-related companies due to high R&D and marketing expenses [6][12]. - The company's stock price has decreased by 40.66% from its peak, reflecting a loss of investor confidence amid declining profitability and strategic uncertainties [13][14].

Core Viewpoint - Kunlun Wanwei's aggressive investment in AI has led to significant financial losses, with the company reporting its highest net profit loss in nearly a decade, raising concerns about its strategic direction and future profitability [1][2][11]. Financial Performance - In the first half of 2025, Kunlun Wanwei reported revenue of 3.733 billion yuan, a year-on-year increase of 49.23%, but the net profit attributable to shareholders fell by 110.90%, resulting in a loss of 859 million yuan [1][2]. - This marks the largest net profit loss since the company went public in 2015, with the decline in profit attributed to rising operational costs that outpaced revenue growth [2][4]. Cost Analysis - The company's operating costs increased significantly, with operating costs rising by 106.21% to approximately 1.125 billion yuan and sales expenses increasing by 95.57% to about 1.828 billion yuan, both exceeding revenue growth [2][3]. - Management expenses also rose by 33.04%, primarily due to increased stock incentive costs [3]. Business Segment Performance - The internet sector generated 3.701 billion yuan in revenue, a 52.01% increase year-on-year, but the operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [4][5]. - Within the product segments, advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in a gross margin decline of 8.48% [4][5]. AI Strategy and Market Position - Kunlun Wanwei's AI product, "Tiangong AI," has seen a drastic drop in daily downloads, falling to around 770 from a peak of nearly 40,000, indicating a loss of market traction [10]. - The company has shifted its focus from AI search and dialogue features to office productivity tools, raising questions about its strategic consistency and market competitiveness [7][10]. Investment and Market Confidence - The company's aggressive AI investments have not yet translated into significant revenue, with AI business revenue reported at only 39 million yuan, accounting for just 0.68% of total revenue [8]. - The decline in stock price by over 40% from its peak in 2023 reflects waning investor confidence, with shareholder numbers also decreasing [12][13].

Core Viewpoint - Kunlun Wanwei's financial report for the first half of 2025 shows significant revenue growth but also the largest net loss in nearly a decade, raising concerns about its "All in AI" strategy and product direction [2][4][10]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [2][5]. - The company reported a net loss of 859 million yuan, marking a 110.90% decline compared to the previous year, which is the highest loss since its listing in 2015 [2][5][10]. - Operating costs increased by 106.21% to approximately 1.125 billion yuan, while sales expenses rose by 95.57% to about 1.828 billion yuan, both outpacing revenue growth [5][6]. Business Segments - The internet sector generated 3.701 billion yuan in revenue, up 52.01% year-on-year, but operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [7][8]. - Advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [7][8]. - The overseas social networking segment saw a 10.20% revenue increase, but costs skyrocketed by 124.54%, leading to a 12.95% decline in gross margin [7][8]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI search and dialogue to office applications, which has led to a drastic drop in daily downloads from nearly 40,000 to around 770 [3][10][13]. - The company's aggressive investment in AI has not yet translated into substantial revenue, with AI business revenue only accounting for 0.39 billion yuan, or 0.68% of total revenue [11][15]. Market Position and Challenges - Kunlun Wanwei's stock price has fallen by 40.66% from its peak, reflecting a loss of investor confidence amid declining profitability and strategic uncertainties [19]. - The company faces intense competition in the AI office market, with established players like WPS AI and Quark posing significant challenges [15][20].

Core Viewpoint - Kunlun Wanwei's financial report for the first half of 2025 shows significant revenue growth but also the largest net profit loss in nearly a decade, raising concerns about its "All in AI" strategy and product direction [2][3][11]. Financial Performance - Revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23% [4]. - Net profit turned into a loss of 859 million yuan, a decline of 110.90% compared to the previous year, marking the highest loss since the company's listing in 2015 [2][3]. - Operating costs increased by 106.21% to approximately 1.125 billion yuan, while sales expenses rose by 95.57% to about 1.828 billion yuan, both outpacing revenue growth [3][4]. Business Segments - The industry business revenue reached 3.701 billion yuan, up 52.01% year-on-year, but operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [5]. - Among the four main business segments—advertising, short dramas, search, and overseas social networking—advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in an 8.48% drop in gross margin [5]. Strategic Shifts - The "Tiangong AI" product underwent a significant revision, shifting focus from AI search and dialogue to the Office productivity sector, which has led to a drastic decline in daily downloads from nearly 40,000 to around 770 [7][8]. - The company's aggressive investment in AI has not yet translated into substantial revenue, with AI business revenue only accounting for 0.68% of total revenue in 2024 [7][8]. Market Position and Challenges - The competitive landscape for AI services is intensifying, with established players like WPS AI and Quark posing significant challenges for Kunlun Wanwei's entry into the AI Office market [10]. - The company's stock price has dropped by 40.66% from its peak, reflecting declining investor confidence amid increasing losses and strategic uncertainties [12].