Core Viewpoint - Kunlun Wanwei is strategically shifting its focus from competing directly with major players in the AI field to building a differentiated competitive advantage in vertical markets and overseas expansion, aiming for long-term market positioning and ecological advantages rather than short-term profitability [2][5][9]. Financial Performance - For 2025, Kunlun Wanwei forecasts a net loss attributable to shareholders between 1.35 billion to 1.95 billion CNY, continuing the trend of losses from the previous year [2]. - The company expects a revenue growth of over 40% year-on-year for 2025, with an increasing proportion of revenue coming from overseas markets [2][3]. - In Q3 2025, the company achieved a net profit of 190 million CNY, marking a 180.13% year-on-year increase, but ended Q4 with losses [3][11]. Investment and R&D - From 2021 to 2024, Kunlun Wanwei's R&D expenditures increased from 628 million CNY to 1.598 billion CNY, with a total of 1.211 billion CNY spent in the first three quarters of 2025 [4]. - Sales expenses also rose significantly, reaching 2.891 billion CNY in the first three quarters of 2025, primarily for global promotion of AI applications [4]. Market Strategy - The company has opted for a differentiated competition strategy, focusing on vertical markets and AI application ecosystems rather than engaging in direct competition with leading firms in the general AI model space [5][6]. - Kunlun Wanwei has developed various AI models and applications, including the Skywork series and Mureka, which have shown significant advancements and commercial viability [6][7]. Growth Areas - The short drama segment has emerged as an unexpected growth point, with platforms like DramaWave and FreeReels achieving substantial user engagement and revenue growth [8]. - The company anticipates that its short drama business will generate 1.68 billion CNY in revenue for 2025, reflecting a 900% year-on-year increase [8]. Future Outlook - Analysts predict that 2026 will be a pivotal year for Kunlun Wanwei, with expectations of narrowing losses and potential profitability by 2027 [11]. - The company's total market value is currently estimated at 68.8 billion CNY, with a projected target market value of 93.2 billion CNY based on a sum-of-the-parts valuation approach [11].

当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外 市场悄然布局，并迎来突破性进展。 记者丨 雷晨 编辑丨朱益民 昆仑万维（300418.SZ）曾高喊"All in AI"，也是国内率先推出对标ChatGPT大模型的企业。 2026年1月底，这家公司交出了2025年的业绩预告： 归属于上市公司股东的净利润亏损13.5亿元 至19.5亿元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状 态。 但另一组数据却呈现出增长态势： 2025年公司收入预计同比增长超过40%，其中海外收入占比 进一步提升。 这背后，是公司放弃在通用大模型基础层与"大厂"进行资本和资源的正面消耗战，转而将资源倾 斜至应用生态构建、垂直领域深耕与海外市场扩张，力图将前沿AI技术转化为可规模化的具体产 品和现金流。 其生存逻辑不在于短期盈利，而在于能否在技术浪潮中精准卡位，用持续的投入换取未来的市场 席位和生态优势。 持续烧钱竞速 昆仑万维业务范围覆盖AGI与AIGC、Opera海外信息分发、短剧平台、社交娱乐等多个核心领 域，涉及全球超100多个国家和地区，商业变现体系涵盖 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 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！ 当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外市场 悄然布局，并迎来突破性进展。 昆仑万维（维权）（300418.SZ）曾高喊"All in AI"，也是国内率先推出对标ChatGPT大模型的企业。 2026年1月底，这家公司交出了2025年的业绩预告：归属于上市公司股东的净利润亏损13.5亿元至19.5亿 元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状态。 但另一组数据却呈现出增长态势：2025年公司收入预计同比增长超过40%，其中海外收入占比进一步提 升。 这背后，是公司放弃在通用大模型基础层与"大厂"进行资本和资源的正面消耗战，转而将资源倾斜至应 用生态构建、垂直领域深耕与海外市场扩张，力图将前沿AI技术转化为可规模化的具体产品和现金 流。 其生存逻辑不在于短期盈利，而在于能否在技术浪潮中精准卡位，用持续的投入换取未来的市场席位和 生态优势。 持续烧钱竞速 昆仑万维业务范围覆盖AGI与AI ...

2026年1月底，这家公司交出了2025年的业绩预告：归属于上市公司股东的净利润亏损13.5亿元至19.5亿 元，扣除非经常性损益后的净利润亏损14.48亿元至20.48亿元，延续了上年的亏损状态。 21世纪经济报道记者雷晨 当国内互联网巨头为抢占流量入口在春节红包大战中激烈厮杀时，一家中国AI企业却选择在海外市场 悄然布局，并迎来突破性进展。 昆仑万维（300418.SZ）曾高喊"AllinAI"，也是国内率先推出对标ChatGPT大模型的企业。 昆仑万维业务范围覆盖AGI与AIGC、Opera海外信息分发、短剧平台、社交娱乐等多个核心领域，涉及 全球超100多个国家和地区，商业变现体系涵盖用户充值、会员订阅、API调用、广告、搜索、虚拟道 具付费等。 2025年全年，昆仑万维预计亏损规模的中位数与上年基本持平。上年同期，公司归属于上市公司股东的 净利润亏损15.95亿元，扣除非经常性损益后的净利润亏损16.43亿元。 值得关注的是，2025年第三季度，昆仑万维一度实现单季度扭亏，归属于上市公司股东的净利润为1.9 亿元，同比增长180.13%。但到了第四季度，公司依然以亏损收尾。根据业绩预告推算，公司去年 ...

Core Insights - Genspark is raising over $200 million in its latest funding round, with a valuation exceeding $1 billion, indicating resilience against geopolitical impacts [1][2] - Genspark's annual run rate (ARR) has surpassed $50 million, with a 20% revenue growth over the past three months and a high customer retention rate [1][2] Funding and Valuation - Genspark's latest funding round is led by Sequoia China, with participation from LG Technology Ventures and SBI Investment, suggesting strong investor confidence [1][2] - The estimated valuation of Genspark is around $1 billion, reflecting its rapid growth and market potential [1][2] Product Development and Strategy - Genspark has launched six major products in the last two months, focusing on integrating popular functionalities into its platform [2] - The introduction of a customizable Super Agent and Super Agent Store allows users to create tailored AI agents quickly, enhancing user engagement [2][5] Market Trends and Competitors - The voice AI sector is experiencing significant growth, with ElevenLabs projected to reach an ARR of $300 million by year-end, driven by enterprise market demand [5][6] - Other companies in the voice AI space are also seeing rapid growth, with one achieving over $50 million in ARR and a tenfold revenue increase over two years [7]