本报（chinatimes.net.cn）记者付乐 北京报道 12月12日，由华夏时报社主办的第十九届华夏机构投资者年会暨华夏金融（保险）科技论坛在北京成功 举办。 本届论坛以"活力与韧性拓新与赋能"为核心主题，由中央财经大学数字经济融合创新发展中心、华夏时 报金融思想荟、华夏时报金融研究院联合提供智力支持，意在回应时代之问，凝聚发展共识，探寻未来 路径。 昆仑万维董事长兼CEO方汉在会上表示，行业方向的使用频率直接决定GMV增长速度与行业前景，目 前AI在编程、陪伴、语音生成、音乐、视频、图像等领域的使用频率存在差异，这也导致各赛道的发 展潜力各不相同。而能否诞生新的渠道与平台、孕育下一代超级独角兽，则取决于是否具备创新的内容 形式。 "未来，昆仑万维将持续聚焦高使用频率场景与创新内容形式，深化AI技术的产业落地，在全球AI竞争 中进一步巩固自身优势。"方汉表示。 从网游出海到锚定AI核心赛道 2025年，AI无疑成为全球科技领域最核心的热词，各类技术突破与产业动态持续引发行业关注。在这 股浪潮中，民营科技企业昆仑万维的AI转型之路颇具代表性。 昆仑万维成立于2008年，2015年以网游业务为核心登陆A股资 ...

Core Insights - Kunlun Wanwei faces a critical question regarding the sustainability of its "All in AI" strategy amid a challenging financial landscape, as it reports its worst annual results since going public [1][4]. Financial Performance - In 2024, the company achieved total revenue of 5.66 billion yuan, a year-on-year increase of 15.2%, but reported a net loss attributable to shareholders of 1.595 billion yuan, a staggering decline of 226.8% [2][11]. - This marks the first loss for Kunlun Wanwei since its IPO in 2015 [3]. - The company's cash cow, the gaming business, saw revenue drop to 444 million yuan, a decrease of 16.84%, with its revenue share plummeting from 25.91% in 2020 to 7.8% in 2024 [5]. Business Segments - Revenue growth primarily stemmed from overseas operations, which rose to 5.15 billion yuan, a 21.9% increase, accounting for 91% of total revenue [5]. - The information distribution and metaverse platform Opera generated 480 million USD in revenue, up 21.1%, while overseas social networks and short drama platforms achieved 1.25 billion yuan, a growth of 28.5% [7]. R&D and Strategic Focus - The company significantly increased its R&D expenditure to 1.54 billion yuan, a rise of 59.5%, which heavily impacted profitability [11][15]. - Despite the high investment in AI models and platforms, the commercialization of these projects has been slow, leading to a lack of effective profit generation [15][22]. Leadership Changes - The departure of key AI figure Yan Shuicheng, who played a crucial role in the development of major AI models, raises concerns about the stability of Kunlun Wanwei's technical direction [16][18]. Market Position and Challenges - Kunlun Wanwei's "Tiangong" AI model ranks in the third tier of the market, significantly trailing behind competitors like Wenxin Yiyan and Tencent's models [21]. - The company faces challenges in user engagement and product differentiation, with low active user numbers and mixed feedback on new platforms like SkyReels [21][22]. Industry Context - The broader AI industry is experiencing similar challenges, with many companies struggling to achieve profitability despite heavy investments in technology [24]. - The frequent shifts in Kunlun Wanwei's strategic focus have led to investor confusion, raising concerns about its long-term viability as a leader in the AI space [24].