喊出"All in AI和AIGC"两年之后，昆仑万维（维权）发布了2025年上半年财报。 根据半年报显示，昆仑万维营收37.33亿元，同比增长49.23%；归母净利润同比下滑110.90%，转为亏损 8.59亿元。 《BUG》栏目统计发现，这是昆仑万维2015年上市以来，近10年间归母净利润亏损额度最高的一次半 年报发布，同时也是利润下滑幅度最大的一次。 值得注意的是，三个月前，昆仑万维力推的"天工AI"搜索产品，也因产品战略调整进行过"大改版"，弱 化了公司一直主打的AI搜索等标签，反而转向了Office办公领域。据七麦数据监测显示，最近几个月， 天工AI的日下载量已经跌至几百人次，较巅峰时期单日下载近4万人次下滑明显。相比豆包、 DeepSeek、通义等则更是大幅度落后。 在AI投资远未进入收获期，产品战略摇摆不定的当下，"All in AI"疯狂下注的昆仑万维，真的能押中下 一个"风口神话"？ 净利创10年来最大亏损 从支出维度来看，昆仑万维上半年营收增长49.23%达37.33亿元的同时，公司营业成本、销售费用以及 管理费用等支出项，也出现了大幅度增长。其中，营业成本同比提升106.21%至约11. ...

喊出"All in AI和AIGC"两年之后，昆仑万维发布了2025年上半年财报。 净利创10年来最大亏损 近日，昆仑万维发布2025年上半年财报显示，上半年昆仑万维营收37.33亿元，同比增长49.23%。但营收增长的同时，昆仑万维上半年归母净利 润表现较差，同比下滑110.90%，转为亏损8.59亿元。 《BUG》栏目统计发现，这是昆仑万维2015年上市以来，近10年间归母净利润亏损额度最高的一次半年报发布，同时也是利润下滑幅度最大的一 次。 从支出维度来看，昆仑万维上半年营收增长49.23%达37.33亿元的同时，公司营业成本、销售费用以及管理费用等支出项，也出现了大幅度增 长。其中，营业成本同比提升106.21%至约11.25亿元，销售费用同比提升95.57%至约18.28亿元，两者增幅均明显高于营收增速，成为拖累公司 利润的因素之一。 | | 本报告期 | 上年同期 | 同比增减 | 变动原因 | | --- | --- | --- | --- | --- | | 营业收入 | 3.733.337.555.52 | 2, 501, 811, 162. 32 | 49. 23% | 主要由于报告期公司 ...

文 丨 《BUG》栏目 周文猛 喊出"All in AI和AIGC"两年之后，（维权）发布了2025年上半年财报。 根据半年报显示，昆仑万维营收37.33亿元，同比增长49.23%；归母净利润同比下滑110.90%，转为亏损 8.59亿元。 《BUG》栏目统计发现，这是昆仑万维2015年上市以来，近10年间归母净利润亏损额度最高的一次半 年报发布，同时也是利润下滑幅度最大的一次。 值得注意的是，三个月前，昆仑万维力推的"天工AI"搜索产品，也因产品战略调整进行过"大改版"，弱 化了公司一直主打的AI搜索等标签，反而转向了Office办公领域。据七麦数据监测显示，最近几个月， 天工AI的日下载量已经跌至几百人次，较巅峰时期单日下载近4万人次下滑明显。相比豆包、 DeepSeek、通义等则更是大幅度落后。 在AI投资远未进入收获期，产品战略摇摆不定的当下，"All in AI"疯狂下注的昆仑万维，真的能押中下 一个"风口神话"？ 净利创10年来最大亏损 近日，昆仑万维发布2025年上半年财报显示，上半年昆仑万维营收37.33亿元，同比增长49.23%。但营 收增长的同时，昆仑万维上半年归母净利润表现较差，同比下滑 ...

文 丨 《BUG》栏目 周文猛 喊出"All in AI和AIGC"两年之后，昆仑万维（维权）发布了2025年上半年财报。 根据半年报显示，昆仑万维营收37.33亿元，同比增长49.23%；归母净利润同比下滑110.90%，转为亏损 8.59亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 《BUG》栏目统计发现，这是昆仑万维2015年上市以来，近10年间归母净利润亏损额度最高的一次半 年报发布，同时也是利润下滑幅度最大的一次。 值得注意的是，三个月前，昆仑万维力推的"天工AI"搜索产品，也因产品战略调整进行过"大改版"，弱 化了公司一直主打的AI标签，反而转向了Office办公领域。据七麦数据监测显示，最近几个月，天工AI 的日下载量已经跌至几百人次，较巅峰时期单日下载近4万人次下滑明显。相比豆包、DeepSeek、通义 等则更是大幅度落后。 在AI投资远未进入收获期，产品战略摇摆不定的当下，"All in AI"疯狂下注的昆仑万维，真的能押中下 一个"风口神话"？ 净利创10年来最大亏损 近日，昆仑万维发布2025年上半年财报显示，上半年昆仑万维营收37.33亿元，同比增长 ...

Core Insights - The rapid growth of AI applications in China has led to a user base exceeding 120 million, marking a 232% year-on-year increase, with four main deployment models emerging: native apps, AI plugins, AI smartphones, and smart hardware [1][2] - Despite initial successes, many AI applications face the risk of becoming short-lived trends, as user habits evolve and the market matures, leading to a contraction in early explorations [1][2] - The competition in the C-end AI application market is shifting from mere functionality and traffic acquisition to a deeper exploration of user value and differentiation [2] Group 1: ChatBot Applications - "Wenxin Yiyan," China's first generative AI product, launched by Baidu, gained significant traction, reaching over 100 million users by the end of 2023 [3][4] - However, by 2024, Wenxin Yiyan began to lag behind competitors like Kimi and Doubao, with its monthly active users dropping significantly due to aggressive monetization strategies and a lack of developer ecosystem [5] Group 2: AI Photography - "Miaoyue Camera" emerged as a leading AI photography tool, achieving rapid popularity but ultimately faltered due to its limited functionality and inability to meet user emotional needs compared to traditional photography services [6][7] - The app's initial success was marked by high revenue, but it could not sustain user interest, leading to a significant decline in downloads [7] Group 3: AI Companionship - The AI companionship sector saw significant competition, with products like "Maobubai" failing to differentiate themselves in a market dominated by established players [10][12] - The discontinuation of "Maobubai" reflects the challenges faced by new entrants in a crowded market where user retention is critical [10][12] Group 4: AI Search - "Tiangong AI" and "Mita AI Search" were launched as AI search solutions but struggled to maintain user interest, with Mita AI Search experiencing a rapid decline in monthly active users after initial success [13][14] - The shift towards AI office assistants indicates a strategic pivot for many companies as they seek to redefine their product offerings [14][15] Group 5: Smart Assistants - "Kimi" initially gained traction through aggressive marketing but faced challenges in user retention and server capacity, leading to a significant drop in monthly active users [16][17] - The competitive landscape has shifted, with "Doubao" and "DeepSeek" overtaking Kimi in user numbers, highlighting the importance of ecosystem strength in the AI application market [17][18] Group 6: Entertainment Applications - AI-generated entertainment content, such as "AI Sun Yanzi," gained viral popularity but often lacked sustainability, leading to rapid declines in user engagement [20][22] - The lifecycle of such applications tends to be short, driven by novelty rather than long-term user value [22] Conclusion - The evolution of C-end AI applications is marked by a transition from initial hype to a more mature understanding of user needs and market dynamics, with a focus on sustainable growth and user retention becoming paramount [23][24]

Investment Rating - The report does not explicitly state an investment rating for the GEO industry Core Insights - The GEO industry leverages generative AI technology to create content that aligns closely with user intent, enhancing its ranking and citation in AI searches, emphasizing content interpretability and authority [6] - The market for AI search products shows a significant concentration of traffic among leading players, with DeepSeek and Nano AI dominating the landscape [12][16] - Traditional marketing faces multiple challenges, including trust crises, information gaps, competitive pressure, and content imbalance, which GEO aims to address through targeted solutions [18][28] Summary by Sections GEO Marketing Transformation - GEO utilizes generative AI to optimize content for AI search engines, improving visibility and user engagement [6] - The report outlines the traffic situation for AI search products, indicating a competitive landscape with clear leaders and laggards [9][14] AI Search Product Traffic - In March 2025, DeepSeek led the AI search web traffic with 494.4 million visits, followed by Nano AI with 301.25 million visits, indicating a strong head effect in the market [12] - The application side of AI search shows Quark, Doubao, and DeepSeek as the top three players, with significant user engagement [16] Core Pain Points in Marketing - Companies face trust issues due to exaggerated claims and data privacy concerns, leading to a decline in brand image [24] - Information gaps arise from fragmented content across platforms, making it difficult for users to obtain complete product information [26] - Competitive pressure is evident as leading firms dominate key market segments, making it challenging for newer entrants to gain visibility [27] GEO's Solutions to Marketing Challenges - GEO addresses trust issues by ensuring content accuracy and compliance through advanced technologies [36] - It enhances competitive analysis and strategy formulation to help brands navigate market pressures [29] - GEO promotes user insights by analyzing search behaviors and preferences, aiding in product optimization and content strategy [30] Comparison of Traditional Marketing and GEO - Traditional marketing methods are often costly and slow to yield results, while GEO offers a more efficient, trust-building approach by delivering answers directly to users [38] - GEO's content can be reused across platforms, creating long-term value and reducing marketing costs compared to traditional methods [40]

Core Insights - The article discusses the latest AI product rankings, highlighting significant revenue growth trends and user engagement metrics for various AI applications [4][5][6]. Revenue Growth Trends - ChatGPT's annualized subscription revenue for May 2025 reached $1.25 billion, showing a remarkable growth of 14.38% compared to April [9]. - Grok, developed by Elon Musk, achieved an annualized subscription revenue of $1.933 million, with a growth rate of 13.84% [10]. - Suno, a music generation product, reported an annualized subscription revenue of $1.828 million, growing by 11.21% [11]. - The AI card recorder PLAUD, a Chinese product, saw a 13.86% increase in annualized subscription revenue, reaching $1.576 million [12]. - PolyBuzz, an application under Zuoyebang, experienced a 9.36% growth, with annualized subscription revenue of $1.885 million [13]. - Speak, an English learning app backed by OpenAI, faced a decline with a negative growth of 4.06%, resulting in annualized subscription revenue of $4.847 million [14]. User Engagement Metrics - ChatGPT maintained a monthly active user (MAU) count of 620.35 million in May 2025, reflecting a growth of 13.59% [18]. - The MAU of ChatGPT surpassed that of X (formerly Twitter), which averaged 520 million MAUs over the past three months [18]. - The top ten AI applications globally now include several Chinese products, with Baidu Wangpan, Quark, Doubao, DeepSeek, Tencent Yuanbao, and Talkie making the list [19]. - Meta's View, an AI application compatible with Meta Rayban smart glasses, saw a fivefold increase in MAUs, reaching 5.89 million, with over 2.5 million units sold [19]. Domestic Market Insights - In the domestic AI product rankings, four out of the top five applications have MAUs exceeding 100 million, including Baidu Wangpan, Quark, Doubao, and DeepSeek [23]. - DeepSeek achieved over 100 million MAUs, while TianGong AI, a product from Kunlun Wanwei, reported a significant growth rate of 41.06%, reaching 7.11 million MAUs [24]. - The application "Ji Meng AI," focused on AI-generated art and video, also showed rapid growth with a 39.86% increase, reaching 3.065 million MAUs [24]. International Market Insights - Among the top fifteen AI applications in the international market, two-thirds are experiencing growth, with Pixverse showing a 23.38% increase and Cici from ByteDance growing by 17.43% [29]. - DeepSeek leads the international rankings with 100.17 million MAUs, followed by Talkie AI and Cici [30].

Core Insights - The report highlights a significant growth in China's mobile internet, with active users reaching 1.259 billion by March 2025, a year-on-year increase of 2.2% [2] - User engagement has also risen, with average monthly usage time exceeding 175.8 hours, reflecting a 6.2% increase year-on-year, driven by demand for essential services like tools, video entertainment, and travel [2] User Demographics - The trend of urban migration continues, with first-tier cities now accounting for 10.3% of users, up 1.2% year-on-year, and combined first-tier, new first-tier, and second-tier cities making up 49.8% of the total user base [3] - Online spending capacity is increasing, with users spending over 2000 yuan making up nearly 30% (29.3%), surpassing those spending below 1000 yuan (28.1%) [3] AI Technology Impact - AI-native app active users reached 270 million by March 2025, marking a staggering year-on-year growth of 536.8%, with average monthly usage time at 123.6 minutes, up 32.7% [3] - Various industries are accelerating their AI integration, with the parenting and baby industry at 33.3%, photo beautification at 31.7%, mobile music at 18.8%, and mobile social at 15.9% [3][27] Internet Industry Growth - Major internet companies are experiencing a resurgence in revenue and net profit growth, leading to a new round of expansion in 2025, with Tencent, Alibaba, and JD.com diversifying into new business lines [4] - Tencent's market capitalization surpassed 4 trillion yuan, while Alibaba exceeded 2 trillion yuan, and Pinduoduo and Xiaomi crossed the 1 trillion yuan mark [4][12] Emerging Market Trends - The content ecosystem is thriving, with video platforms launching innovative content and interactive features, while personalized recommendations are enhancing user engagement on news platforms [18] - The demand for smart driving and intelligent cockpit systems is rising, with active users of smart car apps reaching 86 million, a 33.2% year-on-year increase [4] Advertising and Marketing Landscape - The internet advertising market reached 159.17 billion yuan in Q1 2025, reflecting a 4.1% year-on-year growth, with digital marketing becoming increasingly significant [41] - Brands are focusing on soft advertising and adjusting communication strategies to enhance marketing effectiveness, with the beauty and healthcare sectors leading in soft ad spending [47][50] Consumer Behavior and Trends - The consumer confidence is rebounding, with a notable increase in online spending capabilities, particularly among the elderly demographic [19] - The travel service market saw a surge in demand during the Spring Festival, with active users of travel apps like Gaode reaching 873 million [123]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the AI industry, particularly developments in large AI models and applications in various sectors such as marketing, entertainment, and education [1][2][4]. Core Insights and Arguments - **AI Model Developments**: Alibaba launched the Qwen3 model, which supports two thinking modes and 119 languages and dialects, with a pre-training dataset expanded to approximately 36 trillion tokens [2]. - **User Engagement Metrics**: Major AI products in China saw varied web traffic from April 21 to April 27, 2025, with Kimi at 7.88 million visits (up 2.75%), and Tongyi Qianwen at 463,700 visits (down 74.16%) [1]. - **Application Enhancements**: Kimi partnered with Caixin Media for financial content, while Meta introduced the AI assistant Meta AI App, and Quark AI launched an AI camera feature for various practical scenarios [3]. - **Investment Recommendations**: The report suggests investments in companies across different AI applications, including marketing (e.g., Yidian Tianxia), toys (e.g., Shanghai Film), emotional companionship (e.g., Kaiying Network), and gaming (e.g., Kaiying Network, 37 Interactive Entertainment) [4]. Additional Important Content - **Emerging Trends**: Continuous improvement in AI infrastructure and expanding user bases are expected to drive innovation in AI gaming, film, marketing, emotional companionship, and education [4]. - **Risks Identified**: Potential risks include subpar model iteration results, challenges in commercial application, and concerns regarding copyright, ethics, and content quality [5].

本文约 3 8 0 0 字，推荐阅读时长 1 8 分钟，欢迎关注新财富公众号。 国内AI产业的主流叙事在De e pSe e k实现了技术上的开源平权后，已经从原来的"AI六小 虎"，转移到字节、阿里、腾讯（新BAT）三家互联网巨头的"三国演义"，大厂主导下的AI 应用及开发生态之争成为当前新的锚点。 中美AI应用上的分野，背后反映的是 "技术理想主义 v s 商业现实主义" 之间的对抗。 当前我们无法找到充分证据，去判断这两条路线到底谁对谁错。又或许这两条道路并无优劣 之分，只是双方在特定的发展阶段、基于已有资源的最佳选择。 2 早期中美AI技术差距，倒逼中国AI初创公司选择应用创新 1 中美AI产业的叙事分歧 进入2 0 2 5年，中美双方AI的主线叙事逻辑出现了微妙的分歧。 基于"原教旨主义"的AGI信仰，美国AI科技公司坚信未来单一大模型"On e Fo r All "（一个 大模型解决所有需求）的终极愿景。 在长期的时间维度上，他们认为依靠对架构的探索创新以及算力的持续投入，模型性能将突 破边界，"通用"将吞噬"垂类"，单一大模型能够实现对深度思考、Ag e n t、多模态等垂类场 景的完全覆盖 。 ...