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].

游戏、出版、广告、影视，各显神通。 作者 | 贝壳XY 编辑 | 小白 春节将至，风云君先给大家拜个早年，祝大家蛇年大吉，我们新春看消费系列也迎来收官之作——传 媒。 截至2024年末，申万传媒指数较年初上涨2.78%，区间最大涨幅64.25%。乍一看似乎不错，但在去年 强力政策催化和宏观经济调整下，这样的涨幅显然是不够看的，不仅跑输沪深300、上证指数，而且 在31个行业大类中也位列中下游。 9月下旬起，在政策助力下，传媒板块跟随大盘大涨。11月，又受到海外AI应用陆续爆发的影响，国 内AI营销、AI玩具等赛道一时成为市场焦点，带动传媒板块进一步上涨。年尾又随着热度消退而跌 回起点，仅比年初高出2.78%。 聚焦传媒板块前十大公司，包括分众传媒（002027.SZ）、芒果超媒（300413.SZ）、昆仑万维（3004 18.SZ）、三七互娱（002555.SZ）、凤凰传媒（601928.SH）、恺英网络（002517.SZ）、光线传媒 （300251.SZ）、中南传媒（601098.SH）、万达电影（002739.SZ）、东方明珠（600637.SH），表现 多数优于板块整体。 注：剔除被实施风险警示股票S ...