手机反光画面能看出，沙特老哥在开心憨笑哈哈 一页手机屏幕堪称海外短剧APP大全。包括ReelShort、NetShort、StardustTV、RapidTV、MoboReels、Micro Drama等多款产品。 一、老外爱追剧，一人下载多个短剧APP 随着微短剧从国内火到海外，世界各地开始掀起一股"竖屏"浪潮。除了美国、欧洲、东南亚等热门市场之外，连富得流油的中东土豪们也疯狂上头，狂磕 中国短剧。 就在前两天，DataEye短剧出海才发现一条"沙特老哥沉迷中国短剧"的帖子在小红书爆火，点赞量超3000个，评论量超700条。 帖子的内容也很简单：一位沙特老哥满脸笑容向博主展示他观看的短剧和短剧APP。 除此之外，甚至还有Last War、Titan War、Dark War等多款国产出海游戏，这位同事堪称中国内容产业的狂热爱好者了。 另外据笔者辨认，该沙特老哥所展示的两部短剧也均为国内短剧译制剧，对应的国内剧名分别为《少年自有少年狂》和《家有猛妹，满级女王》，前者是 一部"围棋"题材的萌宝逆袭类短剧，后者是女战神归来题材。 博主提到，出于职业习惯追问了该同事付费意愿、日均观看时长和获客渠道等，结果发现一旦获 ...

Core Insights - The article emphasizes three key terms for the tech industry in 2025: AI bubble, verifiable product value, and process-oriented ecosystem [4] - The AI bubble is seen as a necessary phase that consolidates capital, computing power, and engineering talent, ultimately leading to viable products [4] - The industry is experiencing a structural mismatch where technology outpaces product development, resulting in a lack of compelling consumer applications [5] Group 1: Industry Trends - Companies that have succeeded this year are those that address high-frequency demand scenarios, such as AI social media and music, which are conducive to scalable model applications [7] - AI has significantly restructured content production and office processes, reducing time from days to minutes, shifting focus from model strength to verifiable processes and reusable results [7] - The core pressures faced by tech companies include converting technical advantages into sustainable cash flow and advancing AI deployment within regulatory frameworks [8] Group 2: Future Outlook - The only technological battleground identified for 2026 is whether Agents can automate verifiable processes on a large scale [11] - The focus will be on general AI assistants, companies that only develop models without products, and traditional software companies that lag in adopting AI-driven processes [11][12] - The next two years will determine success based on the ability to transform processes into assets rather than the intelligence of models [14]

作者 | 蔡芳芳、褚杏娟 本文为《2025 年度盘点与趋势洞察》系列内容之一，由 InfoQ 技术编辑组策划。本系列覆盖大模型、 Agent、具身智能、AI Native 开发范式、AI 工具链与开发、AI+ 传统行业等方向，通过长期跟踪、与业 内专家深度访谈等方式，对重点领域进行关键技术进展、核心事件和产业趋势的洞察盘点。内容将在 InfoQ 媒体矩阵陆续放出，欢迎大家持续关注。 这期间，我们采访了昆仑万维（维权）董事长兼 CEO 方汉，他结合昆仑万维这一年发展，分享了自己 的一些洞察：目前其已经验证了"技术 → 产品 → 商业化"的闭环是可复制的，不过整体行业仍然存 在"技术远超产品"的结构性错配，真正让普通用户产生强烈使用动机的 C 端应用仍然偏少。他指出了 四类容易被淘汰的公司，同时认为明年唯一的技术赛点是 Agent 是否能大规模自动化"可验证过程"。 下面是详细对话内容，以飨读者。 1 AI 泡沫、产品价值和生态 InfoQ：您眼中 2025 年科技圈的关键词？这一年的收获与遗憾？ 方汉： 有三个关键词：AI 泡沫（结构性泡沫）、可验证的产品价值、流程型生态。 具体说来，AI 泡沫不是风险，而是必 ...

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 ...

海外收入占比超九成、业务版图覆盖100多个国家和地区的昆仑万维，正在将出海实践转化为经营支柱，但全力投入AI后，公司盈利仍 待后续进一步突破。 昆仑万维董事长兼CEO方汉在近期调研中告诉北京商报记者，当前盈利承压源于研发高投入与产品增长期跑马圈地的成本，"公司收缩投 入短期即可盈利，但长期来看不利于AI业务发展"。 一则战报出现在12月的昆仑万维办公区：旗下AI音乐产品Mureka 11月首次实现扣减营销费后毛利为正。 作为昆仑万维出海战略布局的重要组成部分，Mureka于2024年4月推出第一代音乐生成模型Mureka V1，目前已迭代至Mureka V7.6及 Mureka O2版本。目前吸引了全球超过100个国家和地区的用户访问，年化流水达1200万美元。 对已在A股上市多年的昆仑万维而言，技术迭代之外的商业转化能力同样关键。而这，也是AI领域普遍面临"技术好但变现难"困境下行 业共同关注的核心点——近期多家大模型公司通过聆讯，头部玩家发展迅速但利润承压的共性问题引发市场关注。全球AI赛道竞争日趋 激烈背景下，技术落地已逐步可行，核心矛盾转向从持续投入到稳定盈利，"利润"成为众多相关企业下一步需要跨越的 ...

昆仑万维自创立之初，便是一家立足中国、布局全球的民营企业。这家总部位于北京市东城区的企业， 从页游研发与全球发行业务起步，如今已成长为人工智能领域的全球性领军企业。数据显示，2025年前 三季度公司营收持续大幅增长，其中海外收入占比93%，全球月活跃用户近4亿，业务覆盖100多个国家 和地区，在20多个国家设立办公室，成为中国科技企业出海的标杆。 灵活的市场策略 将精力投入增长快的市场 昆仑万维的出海基因，从创业之初便深深烙印在企业发展的脉络中。昆仑万维董事长兼CEO方汉说， 2008年公司成立之际，就并未局限于国内市场，而是以页游研发为起点，果断进军全球发行领域，成为 第一批闯荡海外游戏市场的中国厂商。 转型之后，昆仑万维在AI领域进行了全链条布局，从硬件层、模型层到应用层全面发力。可以看到， 昆仑万维强劲的技术布局已经转化为亮眼的市场成绩。2025年前三季度，昆仑万维实现营业总收入58亿 元，同比增长52%，其中海外收入54亿元，占比高达93%；全球月活跃用户近4亿，业务覆盖100多个国 家和地区，在20多个国家设立办公室。具体来看，AI短剧平台DramaWave截至2025年第二季度年化流 水达2.4亿 ...

Group 1 - The 2025 Beijing International Audio-Visual Conference gathered representatives from over 20 countries to discuss the global dissemination of Chinese audio-visual works and international collaboration in the industry [3] - The conference emphasized that only works with depth of thought, artistic charm, and cultural warmth can transcend borders and resonate with audiences [4] - The success of Chinese dramas like "My Alatai" and "The Story of Roses" in various countries highlights the growing interest in Chinese narratives and cultural themes [5][6] Group 2 - The acceptance of Chinese aesthetics in European markets is increasing, with shows like "Guose Fanghua" successfully airing on Hungarian national television [6] - The rise of micro-short dramas in Latin America is attributed to their narrative style aligning with local audience preferences, with predictions of the market size exceeding $10 billion in the next 2-3 years [7] - The shift from simple copyright transactions to collaborative IP development signifies a new phase in international audio-visual cooperation, focusing on sustainable ecosystems [8] Group 3 - Technological innovations, particularly AI, are reshaping the global audio-visual industry, enabling faster production and localization of content [9] - AI tools can significantly reduce the time required for dubbing and subtitling, allowing for broader participation from countries with limited resources [9] - The establishment of platforms utilizing blockchain technology aims to address digital copyright issues in the industry [9] Group 4 - Audio-visual media is recognized as a vital tool for cultural exchange and economic value creation, facilitating cross-cultural understanding [10]

Core Insights - The overseas short drama market is experiencing rapid growth, with 2024 revenues exceeding $1.8 billion (approximately 127.6 billion RMB), marking a 34.9% increase year-on-year [1][2] - Despite the growth, major players in the overseas short drama sector are facing significant losses, with 80%-90% of productions failing to break even [1][6] Market Overview - The Chinese micro-short drama market reached 504.4 billion RMB in 2024, surpassing the total box office revenue of films (approximately 470 billion RMB) for the first time [1] - The overseas short drama market generated $10.88 billion in revenue in the first half of 2025, a staggering 249% increase year-on-year [1][2] Key Players - Leading platforms in the overseas short drama market include ReelShort and DramaBox, which together account for over 70% of the market share [2] - ReelShort reported a revenue of $384 million in the first half of 2025, a 270% increase, but also faced a net loss of 46.51 million RMB [2][3] Financial Performance - Chinese Online reported a revenue of 4.55 billion RMB in Q3 2025, with a net loss of 294 million RMB, and a total loss of 520 million RMB for the first nine months of the year [3][4] - Kunlun Wanwei's DramaWave platform achieved an annualized revenue of $240 million, but the company still reported a net loss of 665 million RMB for the first nine months of 2025 [5] Production Challenges - The cost of producing overseas short dramas has increased significantly, with production costs rising from approximately $120,000 to $150,000 per project [10] - The market is becoming more competitive, with a higher emphasis on localized content and the need for overseas talent, leading to increased production costs [7][10] Market Dynamics - The market is witnessing a shift towards exclusive content, with many mid-tier companies preferring to focus on unique releases rather than joint launches [8][10] - The overall market is undergoing a reshuffle, with some companies exiting while others focus on survival strategies amid rising costs and competition [12] Investment and ROI - Companies are now focusing on long-term user value and setting higher ROI thresholds to ensure sustainability [11] - The pricing for joint release dramas has halved, reflecting the changing dynamics in the market [11]

Financial Performance - The company achieved a revenue of 5.8 billion CNY, representing a year-on-year growth of 51.6% [2] - Overseas business revenue reached 5.41 billion CNY, with a year-on-year increase of 58% [2] - The net profit attributable to shareholders for Q3 2025 was 190 million CNY, marking a turnaround from losses [2] AI Strategy and Development - The company is focusing on AGI and AIGC, enhancing its technological research and application efforts [3] - Multiple industry-leading models have been released, including Skywork-Reward-V2 and Skywork-R1V 3.0, with several papers accepted at NeurIPS 2025 [3] - The Skywork Deep Research Agent V2 has been upgraded to improve report generation quality and user experience [3] Product Innovations - The SkyReels-A3 model supports audio-driven digital human creation for various commercial scenarios [4] - Mureka V7 and V7.5 enable full-process automatic music generation, significantly improving Chinese music performance [4] - The AI social platform Linky is enhancing user interaction and experience through core model optimizations [5] Market Position and Future Outlook - The short drama platform DramaWave ranks third in overseas revenue, with ongoing content expansion into anime and web literature [5] - The company plans to deepen the industrialization of AI technologies and strengthen its global market presence [5] - The Opera Neon browser aims to provide a comprehensive automated decision-making experience, positioning itself as a task entry point in the AI era [8] Challenges and Competitive Landscape - The company acknowledges competition in the browser market but emphasizes its unique capabilities in task automation and multi-modal generation [8] - The profitability of the short drama industry is still developing, with a focus on improving ROI through content innovation and AI empowerment [9] - The dynamic comic sector is expected to capture a significant market share, with the company optimistic about its growth potential [11]

Core Viewpoint - The company reported a significant revenue growth in Q3 2025, achieving a revenue of 20.72 billion yuan, marking a year-on-year increase of 56.16%, while also turning profitable in the quarter with a net profit of 1.90 billion yuan, a substantial increase of 180.13% year-on-year [1][2][7] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 58.05 billion yuan, representing a year-on-year growth of 51.63%. However, the net profit attributable to shareholders was -6.65 billion yuan, a decrease of 6.19% year-on-year, and the non-recurring net profit was -6.74 billion yuan, a decline of 3.88% year-on-year [1][2] - The gross margin for the first three quarters was 69.91%, down 6.99 percentage points year-on-year, while the net margin was -18.72%, an increase of 4.57 percentage points year-on-year [3] Business Segments - The advertising business generated revenue of 14.33 billion yuan in the first half of 2025, up 61.05% year-on-year. The short drama platform generated 5.83 billion yuan, while search and social network businesses achieved revenues of 6.91 billion yuan and 6.79 billion yuan, respectively [2] - The company’s overseas business saw strong growth, with revenue reaching 54.10 billion yuan, a year-on-year increase of 58%, accounting for 93.3% of total revenue [4] AI Strategy and Development - The company is advancing its "All in AGI" strategy, with significant achievements in model technology. The Skywork-Reward-V2 series leads in seven major evaluations, and the Skywork-R1V3.0 model has achieved optimal results in open-source evaluations [5] - The company is accelerating the commercialization of AI applications, with core products expanding. The SkyworkDeepResearchAgentV2 engine has been upgraded, and the SkyReels platform is set to launch a new version for AI video creation [6] Investment Outlook - The company’s Q3 performance indicates operational improvement and initial success in AI commercialization. The growth in overseas businesses supports the AI strategy investments. The AI business is expected to become a core growth driver in the medium to long term [7]