技术突破引领行业，开源生态贡献突出 在AI大模型领域，昆仑万维在2025年实现了多项技术突破。公司密集发布并开源了多款行业领先模 型，覆盖强化学习、多模态、代码、空间智能等多个前沿领域。 譬如，多模态推理模型方面，公司于2025年7月9日发布Skywork-R1V 3.0，在MMMU、EMMA-Mini、 MMK12等评测中取得开源优异成绩，确立了开源多模态推理领域的新标杆。同月30日，公司发布并开 源自回归多模态统一模型Skywork UniPic，以1.5B轻量参数实现接近甚至超越大参数模型性能，在图像 生成质量、编辑精度及效率上均达行业领先水平。 在人工智能浪潮席卷全球的2025年，在技术研发上实现多项突破的昆仑万维，更在商业化落地和全球化 拓展中交出了一份亮眼的成绩单。 2025年前三季度，昆仑万维实现营业收入58.05亿元，同比增长51.63%。更值得关注的是，公司AI相关 业务收入同比大幅增长，进一步巩固了行业领先地位。在盈利层面，第三季度公司实现归母净利润1.9 亿元，环比扭亏为盈，同比增长180.13%，标志着公司AI战略已进入收获期。 这一业绩增长的核心驱动力来自公司"All in AGI与 ...

Core Insights - The company is focusing on building a global AI ecosystem, leveraging its "technology + globalization" strategy to enhance competitiveness in areas such as AIGC, social entertainment, and gaming [1] - The company reported significant revenue growth in H1 2025, with total revenue reaching 3.733 billion yuan, a year-on-year increase of 49.23%, driven primarily by short video and advertising businesses [2] - Despite revenue growth, the company faced pressure on profitability, with a net loss of 856 million yuan in H1 2025, a year-on-year decline of 119.86% [2][3] Revenue and Profitability - The company's revenue for H1 2025 was 3.733 billion yuan, with Q1 and Q2 revenues of 1.764 billion yuan and 1.969 billion yuan respectively, showing year-on-year growth of 46.07% and 52.17% [2] - The advertising business generated 1.433 billion yuan in revenue, a year-on-year increase of 61.05%, while the short video platform contributed 583 million yuan [3] - The overall gross margin for H1 2025 was 69.88%, a decrease of 8.32 percentage points year-on-year [3] AI Development and Product Innovation - The company has accelerated its AI full-stack layout, releasing multiple core models in H1 2025, including Skywork-R1V and SkyReels, and has made significant progress in key technology areas [4] - The AI commercialization path is clear, with the company launching the Skywork Super Agents, which integrates Deep Research technology for generating various types of content [4] - The short video platform DramaWave achieved an annual revenue run rate of over 240 million USD, with a target of reaching 360 million USD by the end of 2025 [4] International Operations - The company's overseas revenue reached 3.441 billion yuan in H1 2025, a year-on-year increase of 56.02%, accounting for 92.17% of total revenue, indicating strong international operational capabilities [3] - The Opera search business generated 691 million yuan in revenue, with a gross margin of 95.37%, and the global active user base reached 289 million [3] Future Outlook - The company is transitioning from investment to revenue generation in its AI strategy, with a dual-engine structure formed by short video and AI applications, suggesting sustainable revenue growth [4] - The expected net profits for 2025-2027 are projected to be -354 million yuan, -58 million yuan, and 117 million yuan respectively, indicating a potential recovery in profitability [4]