未来人类实验室 . 以下文章来源于未来人类实验室 ，作者马渝囝 即刻上场，与未来交手。36氪旗下账号。 有 技能的五子棋， 有AI的音乐。 文 ｜ 马渝囝 编辑 ｜ 巴芮 来源｜ 未来人类实验室（ID：LabforAI） 封面来源 ｜ 视频截图 起 初，还没有人用传统五子棋来称呼五子棋，直到"力拔山兮、飞沙走石"的它出现了。 "传统的五子棋，就是把五个子连成一条线，好无趣，好无聊。而技能五子棋，就是在传统的五子棋，加入技能，好好玩，要爆了！技能五子棋，飞沙走 石，技能五子棋，力拔山兮，技能五子棋，飞沙走石，技能五子棋，时光倒流！" 这段源自《喜人奇妙夜2》的荒诞喜剧台词，配上魔性旋律突然霸占了全网。 打开抖音是"技能五子棋"的洗脑BGM，刷朋友圈能刷到改编歌词，百度搜索 还能看见同曲改编制作的五子棋游戏，连张艺兴的鸟巢演唱会也跳起了这首五子棋。 张艺兴鸟巢演唱会抖音直播截图 没人能说清这旋律到底好在哪，却没人能逃过它的"精神污染"。 更有意思的是，当网友扒这首爆火音乐的创作背景时，发现背后藏着今年乐坛最热闹的秘 密： 这届刷屏神曲，可能一半都带着AI的基因。 是的，张兴朝说《技能五子棋》"只是一次微醺后的ai ...

近日，Spotify扔出了一个重磅的消息，过去一年他们删除了超过7500万条"垃圾曲目"。 这些歌曲主要是违规的AI生成音乐，比如一些未经授权模仿人声的AI歌曲、AI音乐人发布的歌曲，更 离谱的还有被擅自上传至真实音乐人主页的作品。 不过这一清算信号，或许也可以看做Spotify对AI音乐态度的开端。 毕竟此前，Spotify未出台任何关于限制AI音乐的条例，一些流量好的AI音乐借着平台流量的红利，实 现了盈利，前面提到的AI音乐人the devil inside还在平台开通了粉丝捐赠通道，并开了自己的线上周边 商店。 Spotify的这一行动似乎是给AI音乐做了清算，但实际情况远比显示的要复杂一些。 其实Spotify删除的只是庞大AI歌曲数量中的一部分，最直观的表现是，目前仍然能在平台搜索到前不久 爆火的AI音乐人以及他们的作品。比如，The Velvet Sundown、Aventhis、The Devil Inside等等，他们目 前的月听众数量在30万到60万不等，且9月份均有新作品发布。 除了这些比较出名的AI音乐人，平台上仍然能找到大量使用AI生成头像、快速发专辑的AI音乐人账 号。 显然，删除 ...

Core Viewpoint - Kunlun Wanwei's performance in the first half of 2025 shows significant revenue growth but a substantial net loss, raising questions about the allocation of expenses and the sustainability of its aggressive expansion strategy [1][4]. Revenue Growth - The company achieved a revenue of 37.33 billion yuan in the first half of 2025, marking a year-on-year increase of 49.23% [1][3]. - Overseas revenue reached 34.41 billion yuan, up 56.02% year-on-year, accounting for 92.17% of total revenue, an increase of 4 percentage points [3][4]. Profitability Challenges - Net profit turned to a loss of 11.48 billion yuan in the first half of 2025, a decline of 129.48% compared to the previous year [1][4]. - Operating costs surged to 11.25 billion yuan, a 106.21% increase, primarily due to business expansion [4][5]. - Selling expenses rose significantly by 95.57% to 18.28 billion yuan, indicating increased market and channel investments [4][5]. Technological Advancements - The company is accelerating its investment in large model technologies, with multiple iterations of its models, including the Skywork series and AI agents [7][8]. - New models and tools have been released, enhancing capabilities in various domains such as image processing, software engineering, and AI music [8]. Commercialization Efforts - Kunlun Wanwei is focusing on two main AI application scenarios: productivity and social entertainment, aiming to create a complete cycle from technology to product to commercialization [10][11]. - Monthly revenue from AI music and AI social applications has surpassed one million dollars, indicating a stable monetization capability [10][11]. - The company anticipates further revenue growth from AI video applications following product upgrades [10][11].

Group 1 - Renowned private equity firm Ruiyang Investment recently conducted research on Kunlun Wanwei, revealing that AI music and AI social monthly revenue has surpassed $1 million, with AI video revenue gradually increasing and expected to grow after a product upgrade in September [1] - The annual recurring revenue (ARR) for short dramas has exceeded $240 million, with monthly revenue surpassing $20 million, and is projected to reach $360 million by the end of 2025 [1] - The SkyReels platform supports the generation of 30-second long videos and 40-second coherent digital performances, with commercialization still in its early stages [1] Group 2 - Ruiyang Investment was established in January 2017 and primarily engages in private securities investment fund business in the secondary market, managing approximately $10 billion in assets [2] - The average tenure of fund managers at Ruiyang Investment exceeds 10 years, indicating a strong level of experience within the management team [2] Group 3 - The firm has received multiple awards, including the "12th China Private Equity Golden Bull Award" for three-year outstanding private equity investment manager in September 2021, and the "11th China Private Equity Golden Bull Award" for one-year outstanding private equity investment manager in August 2020 [3] - Ruiyang Investment's Ruiyang Selected No. 2 fund achieved a return of 106.99% in 2019, with a maximum monthly drawdown of 2.37%, and a return of 64.42% in 2020 [3]

Group 1: Company Insights - Kunlun Wanwei reported that AI music and AI social monthly revenue has surpassed $1 million, with expectations for growth following a product upgrade in September. The annual ARR for short dramas has exceeded $240 million, with monthly revenue over $20 million, projected to reach $360 million by the end of 2025 [1] - Zhenyu Technology anticipates that its net profit growth will outpace revenue growth in the first half of 2025, driven by economies of scale and cost reduction. Revenue from lithium battery structural components has increased by over 40% year-on-year, with further growth expected in the second half [2] - Nengke Technology's revenue growth in AI products and services is supported by external conditions and internal strategies, with a focus on high-margin sectors. The company plans to increase R&D investment to enhance market share [3] - Lante Optics is expanding its production capacity in response to demand, with stable growth in the utilization rate of glass aspheric lenses. The company is also focusing on the semiconductor optics sector and has launched glass wafer products [4] - Giant Network achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27%. The company is exploring overseas markets and plans to maintain user engagement through continuous content updates [5] - Huali Technology's revenue primarily comes from selling IP cards to amusement parks, with plans to explore more business models in the future. The company has received approval for a refinancing project to deploy 4,350 devices within two years [6] Group 2: Industry Trends - The AI industry is experiencing significant growth, with companies like Kunlun Wanwei and Nengke Technology capitalizing on the trend of intelligent manufacturing and technological innovation [1][3] - The robotics sector is evolving, with Zhenyu Technology positioning itself as a comprehensive service provider for humanoid robots, indicating a shift towards automation and advanced manufacturing [2] - The optical industry is seeing advancements in technology and production capabilities, particularly in the semiconductor optics and AR hardware sectors, suggesting a robust growth trajectory [4] - The gaming industry is leveraging user engagement strategies and content innovation to sustain growth, as evidenced by Giant Network's performance and plans for product development [5]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is gradually enriching its AI product matrix, which is expected to efficiently enhance user scale [1] - The launch of the Skywork Super Agents product, which utilizes AI agent architecture and deep research technology, positions the company as a leader in generating multimodal content [6] - The company has established a comprehensive AI business layout, achieving significant results in various AI sectors, including music and short dramas, which are anticipated to drive revenue growth [6] - The projected net profits for the company from 2025 to 2027 are expected to be 0.03 billion, 0.28 billion, and 0.51 billion respectively, with EPS of 0.00, 0.02, and 0.04 per share [6] Financial Data and Valuation - The company's revenue is projected to grow from 4,915 million in 2023 to 7,514 million in 2027, with a year-on-year growth rate of 3.8% in 2023 and 7.0% in 2027 [3] - The net profit attributable to the parent company is expected to recover from a loss of 1,595 million in 2024 to a profit of 51 million in 2027, with a significant year-on-year growth of 774.3% in 2026 [3] - The gross margin is projected to decline from 78.8% in 2023 to 68.8% in 2027, indicating a shift in cost structure [3] - The company's total market capitalization is approximately 46,094.86 million, with a share price of 37.43 yuan as of May 22, 2025 [4]

Summary of Conference Call Records Company and Industry Involved - **Kunlun Wanwei Technology Co., Ltd.** (昆仑万维) - **China Nuclear Technology Co., Ltd.** (中核科技) - **Zhonggang Tianyuan Co., Ltd.** (中钢天源) Key Points and Arguments Kunlun Wanwei Technology Co., Ltd. 1. **AI Commercialization Progress**: The company has made significant progress in AI commercialization, with monthly revenue from AI social applications exceeding $1 million, making it one of the fastest-growing Chinese AI applications overseas. As of March 2025, the annual recurring revenue (ARR) from AI music reached approximately $12 million, and the DramaWave platform's ARR reached $120 million, accelerating the AI commercialization process [1][2][3]. 2. **Upcoming Product Launch**: The company plans to launch the world's first productivity scenario general-purpose Agent platform, Skywork.ai, in mid-May 2025. This product focuses on high-frequency usage scenarios and consists of five expert-level AI agents optimized for various content types, supported by a research module comparable to OpenAI's quality [3]. 3. **DramaWave Performance**: As of the end of Q1, DramaWave generated approximately $10 million in monthly revenue, with a cumulative download exceeding 30 million and over 10 million monthly active users, positioning it among the top five in the industry and leading the Chinese short drama export sector [4]. China Nuclear Technology Co., Ltd. 1. **C14 Domestic Production**: The Qinshan Nuclear Power Plant has begun producing C14 isotopes commercially, reducing reliance on imports. This development is expected to enhance the company's profit margins, particularly for its products used in breath test diagnostics for Helicobacter pylori infections [5][7]. 2. **Nuclear Power Orders**: The company currently holds nearly $3 billion in nuclear power orders, distributed across several projects, including Jiangsu Xuwei Nuclear Energy Heating Power Plant and Fuzhou Nuclear Power projects. The nuclear power industry is entering a new development phase, benefiting from favorable policies [8]. 3. **Capacity Expansion**: The company has completed the first two phases of its nuclear capacity expansion, which allows for the production of valves for eight nuclear units simultaneously. The third phase, expected to be completed by the end of 2025, will increase this capacity to ten units [9]. Zhonggang Tianyuan Co., Ltd. 1. **Market Share in Manganese Tetroxide**: The company has achieved a 50% market share in battery-grade manganese tetroxide, with production capacity increasing from 5,000 tons to 35,000 tons since 2013. The product's performance and stability have contributed to its market acceptance [10]. 2. **Special Graphite Materials**: The company is involved in national-level key technology projects related to special graphite materials, with plans to undertake additional projects in 2024, which will inform its industrial development strategy [11]. 3. **NdFeB Demand Growth**: The company has a production capacity of 2,000 tons for NdFeB raw materials, covering the entire process from smelting to surface treatment. The demand for NdFeB products is increasing due to growth in the automotive and robotics sectors [12]. Other Important Content - The conference call records emphasize the importance of AI and nuclear technology advancements in driving future growth for the respective companies. The focus on domestic production capabilities and market leadership in specific sectors highlights strategic initiatives aimed at enhancing profitability and market presence [5][8][10].

Group 1: Financial Performance - In Q1 2025, Kunlun Wanwei reported a net loss of 769 million CNY, a decrease of 310.32% year-on-year, primarily due to losses from investment portfolio fair value changes, including approximately 540 million CNY from Pony.ai and Yingyu Universe [3] - For Q1 2025, the company achieved total revenue of 1.76 billion CNY, a year-on-year increase of 46.1%, with overseas revenue reaching 1.67 billion CNY, up 56.1%, accounting for 94.4% of total revenue [20][29] Group 2: R&D Investment and AI Development - In 2024, R&D expenses rose to 1.54 billion CNY, a year-on-year increase of 59.5%, with Q1 2025 R&D expenses at 430 million CNY, up 23.43% [1] - The company is focusing on AI applications, with AI social applications achieving a monthly revenue peak of over 1 million USD, and annualized revenue for AI music reaching approximately 12 million USD [2] - The company plans to continue strategic investments in AI model development, particularly in high-demand consumer scenarios such as music and short drama generation [14] Group 3: Business Strategy and Market Position - The gaming business, once a core revenue pillar, saw revenue decline from 1.2 billion CNY in 2020 to 444 million CNY in 2024, dropping from 25.91% to 7.85% of total revenue [2] - The short drama business generated 167 million CNY in 2024, accounting for 2.96% of total revenue, indicating a shift in business focus [2] - The company aims to deepen its strategic layout in the AI field, enhancing core technology barriers and optimizing model algorithms for better user interaction [11] Group 4: Future Outlook and Product Development - The company is set to launch the Skywork.ai platform in mid-May 2025, which will feature five expert-level AI agents for various content types [24] - The AI chip development is progressing, with significant advancements made towards mass production, supported by an expanded R&D team nearing 200 employees [12][13] - The company is exploring further breakthroughs in AI technology and content integration, aiming to provide more intelligent and efficient tools for content creators [11]

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].

Core Viewpoint - Kunlun Wanwei (300418.SZ) reported a significant revenue growth of 46% year-on-year in Q1 2025, driven by advancements in AI computing chips and applications [1] Group 1: Financial Performance - The company achieved an operating revenue of 1.76 billion yuan in Q1 2025, marking a 46% increase compared to the previous year [1] - R&D expenses reached 430 million yuan, reflecting a 23% year-on-year growth [1] - The annual recurring revenue (ARR) for AI music reached approximately 12 million USD, with a monthly revenue of about 1 million USD [1] - The ARR for the short drama platform Dramawave was approximately 120 million USD, with a monthly revenue of around 10 million USD [1] - Overseas business revenue amounted to 1.67 billion yuan, showing a 56% increase year-on-year, and accounted for 94% of total revenue [1] Group 2: Technological Advancements - The company launched several disruptive technologies in multi-modal reasoning, video generation, and audio generation, achieving state-of-the-art (SOTA) status in various models [2] - The Skywork R1V multi-modal reasoning model reached open-source SOTA, while the SkyReels-V1 model and SkyReels-A1 algorithm led the global video generation field [2] - In the AI music sector, the Mureka V6 and Mureka O1 models demonstrated a competitive edge, with Mureka O1 surpassing competitors in performance [2] Group 3: AI Chip Development - The company made significant progress in the R&D of AI computing chips, moving towards the goal of "Chinese chips, Kunlun manufacturing" [3] - Kunlun Wanwei acquired a controlling stake in Beijing Aijietek Technology Co., Ltd., completing a full industry chain layout from computing infrastructure to AI applications [3] - The R&D team for AI chips has expanded to nearly 200 employees, covering various fields such as chip design and algorithm development [3] Group 4: Future Prospects - The company plans to launch the Skywork.ai platform in mid-May 2025, which will feature a system of five expert-level AI agents for optimizing various professional tasks [3] - The Opera business segment, including overseas information distribution and metaverse operations, saw a revenue increase of 41% driven by Opera Ads [4] - The company aims to continue advancing AI computing chip development and innovate its AI application matrix to provide leading AI product experiences globally [4]