昆仑万维科技股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 来自东吴证券、华泰证券、国泰海通、中航证券、国联民生、 | | 人员姓名 | 山西证券、中邮证券、中信证券、中信建投、中泰证券、国元 | | | 证券、西南证券、华鑫证券、信达证券、甬兴证券、野村证券、 | | | 汇丰前海、大和日华、银华基金、鹏华基金、易米基金、南方 | | | 基金、京管泰富、弘毅基金、集元资产、南土资产、磐厚动量、 | | | 聚鸣投资、健顺投资、睿扬投资、宏道投资、致顺投资、弘章 | | | 基金等 58 位机构投资者 | | 时间 | 2025 年 8 月 25 日 16:00-17:00 | | 地点 | 电话会议 | | 上市公司接待人 | 昆仑万维 董事长兼 CEO 方汉先生 | | 员姓名 | 昆仑万维 战略副总裁 牟竹云先生 方总回顾公司 20 ...

近日，一份半年财报的新鲜披露，让短剧出海再次遭遇"咯噔"时刻。 据中文在线日前公布的2025年上半年财报显示，报告期内中文在线间接持股49.24%的枫叶互动，也就是出海短剧APP排头兵ReelShort营收27.56亿元，亏 损4651.15万元。 | 公司名称 | 公司类型 | 主要业务 | 注册资本 | 总资产 | 净资产 | 营业收入 | 营业利润 | 净利润 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FLAREFLOW | 子公司 | 文化 | 280, 895. 00 | 4, 070, 811 | -46,620,3 | 7,838,999 | -45, 451, 5 | -45, 451, 5 | | | | | | . 24 | 72. 47 | . 02 | 43. 36 | 43. 36 | | 香港公司 | 子公司 | 文化 | 0.00 | 317.002.0 | 16, 534, 50 | 0. 00 | -23, 444, 7 | -23, 444, 7 | | | | | | 64. 98 | 7.18 ...

财报显示，短剧业务中，昆仑万维旗下短剧平台DramaWave持续保持强劲增长势头。得益于"付费+免 费"相结合的多元分发模式，DramaWave有效覆盖不同消费层级的全球用户群体，截至报告期末，平台 年化流水收入ARR突破2.4亿美元（单月流水收入突破2000万美元），展示出强大的商业化潜力，为平 台可持续增长提供坚实基础。 从上半年财务数据来看，昆仑万维上半年的销售费用颇为显眼，今年上半年，公司销售费用约18.28亿 元，而去年同期约为9.34亿元，同比增长95.57%。 对于销售费用变动原因，昆仑万维表示，这主要由于报告期内公司市场费和渠道费增加。 继2024年交出一份上市后首亏的成绩单后，昆仑万维（300418）2025年半年报业绩表现也不理想。8月 23日，昆仑万维发布2025年半年度报告显示，公司上半年实现归属净利润约-8.56亿元，同比增亏。另 外，公司上半年销售费用约18.28亿元，同比增长95.57%。值得一提的是，报告期内，昆仑万维海外收 入占比攀升，同比增长56.02%，占收入比重达92.17%。 财报显示，今年上半年，昆仑万维实现营业收入约37.33亿元，同比增长49.23%；对应实现归 ...

Core Viewpoint - Kunlun Wanwei reported a significant net loss in the first half of 2025, continuing the trend from 2024, with a net profit of approximately -856 million yuan, indicating an increase in losses compared to the previous year [1][4]. Financial Performance - In the first half of 2025, Kunlun Wanwei achieved operating revenue of approximately 3.733 billion yuan, a year-on-year increase of 49.23% [1]. - The company's net profit attributable to shareholders was approximately -856 million yuan, compared to -389 million yuan in the same period last year, reflecting a worsening loss situation [1]. - The company reported a non-recurring net profit of approximately -859 million yuan, also showing an increase in losses compared to -407 million yuan in the previous year [1]. Sales and Expenses - Sales expenses for the first half of 2025 were approximately 1.828 billion yuan, a significant increase of 95.57% year-on-year [1][3]. - The increase in sales expenses is attributed to higher marketing and channel costs, which may indicate aggressive market expansion efforts [3]. International Revenue - Kunlun Wanwei's overseas revenue reached approximately 3.441 billion yuan, a year-on-year increase of 56.02%, accounting for 92.17% of total revenue, which is an increase of 4 percentage points compared to the previous year [2]. - The company's overseas business primarily targets regions such as Europe, Southeast Asia, the Middle East, and Africa [2]. Business Segments - The short video platform, DramaWave, reported strong growth, with annualized revenue reaching over 240 million USD, showcasing significant commercial potential [3]. - The advertising business generated approximately 1.433 billion yuan in revenue, a year-on-year increase of 61.05%, although the gross margin decreased by 8.48% [2]. - The Opera search business achieved approximately 691 million yuan in revenue, a year-on-year increase of 10.89%, with a high gross margin of 95.37% [2].

继2024年交出一份上市后首亏的成绩单后，昆仑万维（300418）2025年半年报业绩表现也不理想。8月23日，昆仑万维发布2025年半年度报告显示，公司上 半年实现归属净利润约-8.56亿元，同比增亏。另外，公司上半年销售费用约18.28亿元，同比增长95.57%。值得一提的是，报告期内，昆仑万维海外收入占 比攀升，同比增长56.02%，占收入比重达92.17%。 财报显示，今年上半年，昆仑万维实现营业收入约37.33亿元，同比增长49.23%；对应实现归属净利润约-8.56亿元，上年同期公司实现归属净利润约-3.89亿 元，同比增亏；对应实现扣非后归属净利润约-8.59亿元，上年同期公司实现扣非后归属净利润约-4.07亿元，同比增亏。 不过，昆仑万维表示，公司通过提升运营效率，优化资源配置，强化投资管理，二季度环比亏损额显著减少，亏损幅度显著收窄，符合年度经营预期。 据了解，昆仑万维成立于2008年，2015年登陆深交所创业板。公司主要业务为AGI与AIGC业务、海外信息分发与元宇宙业务、投资业务。值得一提的是， 今年上半年，昆仑万维海外收入占比攀升，公司海外收入达到34.41亿元，同比增长56.02%， ...

除了视频大模型，昆仑万维旗下AI视频创作平台SkyReels进行了多项升级。在内容制作方面，目前平台 已支持30秒长视频生成，满足用户对长时内容的创作需求。数字人方面，已实现长达40秒的稳定表现。 在商业化方面，有效提高支付成功率和营收水平。 在AI音乐与AI音频方向亦不断深耕。2025年3月，昆仑万维发布全球首个音乐推理大模型Mureka O1及 音乐基座模型Mureka V6。其中O1模型通过引入思维链(Chain-of-Thought)，显著提升音乐生成品质以及 音乐创作效率与灵活性，评测指标全面优于行业竞品；2025年7月，昆仑万维进一步推出Mureka V7， 标志着AI音乐生成从"工具化"走向"人性化"，其良品率从V6的43.4%提升至57.7%，人声真实度提升 44%，音质提升近一倍；2025年8月15日，公司再度推出Mureka V7.5模型，该版本在中文歌曲音色、演 奏技法、咬字与情感表现方面全面升级。此外还发布了全新的音频模型Mureka TTS V1，并提出首个基 于MOE的角色描述语音合成框架——MoE-TTS。Mureka已开放国内登录入口和API接口，支持音乐生 成API和语音合成 ...

8月22日，昆仑万维(股票代码：300418.SZ)公布了2025年半年报，公司上半年实现营业总收入37亿，同比增长 49%。其中，海外收入34亿元，同比增长56%，占收入比重达92%，同比增加4个百分点。 Skywork测评表现 AI视频大模型持续升级迭代，性能不断优化。2025年2月18日，昆仑万维正式开源首个面向AI视频创作的开源视 频生成模型——SkyReels-V1，该模型在同等分辨率下各项指标实现开源SOTA，此外还同步开源首个SOTA级别、 基于视频基座模型的表情动作可控算法——SkyReels-A1；2025年4月21日，公司又发布并开源首个基于"扩散强迫 (Diffusion-forcing)"框架的无限时长电影生成模型——SkyReels-V2，标志着AI视频生成迈入"无限时长、影视级质 量、精准控制"的新阶段；2025年8月11日，公司发布音频驱动视频生成模型SkyReels-A3，该模型基于 DiT(Diffusion Transformer)结构，能够实现任意时长的全模态音频驱动数字人创作，能在单分镜条件下输出超过60 秒、多分镜无限时长的视频内容。 SkyReels-A3框架示意图 ...

公司自研AI游戏《猫森学园》正推进测试，聚焦个性化、沉浸感与社交性优化。社交平台Linky持续迭 代优化，提升用户体验与平台稳定性。 AI应用产品商业化进程加速。2025年5月，公司面向全球发布天工超级智能体(Skywork Super Agents)， 具备一站式生成文档、PPT、表格、网页、播客及多媒体内容的能力，在GAIA评测中位列全球第一。8 月推出其核心引擎Skywork Deep Research Agent v2，在多模态能力、深度浏览与任务执行等方面均实现 重大突破。 AI视频生成模型持续升级迭代。公司先后开源视频生成模型SkyReels-V1、无限时长电影生成模型 SkyReels-V2，以及音频驱动视频生成模型SkyReels-A3。旗下AI视频创作平台SkyReels进行了多项升 级，已支持30秒长视频生成，数字人方面，已实现长达40秒的稳定表现。预计9月平台将推出新一轮产 品更新。 AI音乐生成方面，公司推出音乐推理大模型Mureka O1和基座模型Mureka V6，随后发布V7和V7.5版 本，良品率、人声真实度和音质显著提升，并发布语音合成模型Mureka TTS V1和MoE- ...

Core Viewpoint - The article discusses the rapid rise of Chinese short drama companies, particularly ReelShort, which has become a dominant player in the global short drama market, especially in the U.S. The success is attributed to a combination of strong content, targeted marketing, and innovative monetization strategies. Group 1: Market Overview - Short dramas have surpassed the film market in China and are creating a global entertainment wave, particularly in Europe and the U.S. [5] - In the global short drama market, Chinese companies dominate, with 40 out of the top 50 apps by in-app revenue being developed by Chinese firms, capturing 68.75% of overseas short drama in-app revenue [6][62]. - ReelShort has achieved significant milestones, including leading the U.S. Google Play entertainment app free chart for 38 consecutive days and reaching 14.486 million downloads globally in May 2025 [9][10]. Group 2: Company Success - ReelShort generated $130 million in in-app revenue in Q1 2025, holding a 24.21% share of the overseas market [11][12]. - The series "The Double Life of My Billionaire Husband" has garnered over 470 million views, outperforming Netflix's "Squid Game" [14][45]. - The success of ReelShort is attributed to its understanding of the target audience, particularly female viewers, and its flexible monetization model [27][28]. Group 3: Strategic Insights - The failure of Quibi highlighted the importance of targeting core users and creating compelling content, which ReelShort has successfully addressed [25][22]. - ReelShort's strategy includes low-cost production, rapid content creation, and aggressive marketing through social media platforms [37][38]. - The company leverages its existing IP from platforms like Kiss and Chapters to ensure high-quality scripts and storylines [41][42]. Group 4: Future Prospects - The overseas short drama market is projected to grow significantly, with estimates ranging from $14.4 billion to $64.8 billion, indicating a substantial opportunity for Chinese companies [58][60]. - Chinese companies are expanding their reach with new platforms like Sereal+ and UniReel, focusing on localized content and AI-driven script generation [55][56]. - The competition in the overseas market is intensifying, with various business models emerging, including paid, free, and hybrid approaches [67][68].

Investment Rating - The report maintains an "Accumulate" rating for the media industry [1] Core Insights - The overseas short drama market is experiencing explosive growth, with in-app revenue expected to rise from less than $100 million in 2023 to $1.5 billion in 2024, and projected to reach $3.8 billion in 2025 [3][11] - Short dramas are not merely substitutes for long videos but represent a new content form that leverages internet algorithms and impulse payment logic, creating a unique content ecosystem [3][19] - The competitive landscape for overseas short dramas is more favorable than in the domestic market, with Chinese companies leading the charge [4][6] Summary by Sections 1. Market Size - The overseas short drama market is projected to exceed $24.2 billion in long-term potential, surpassing overseas movie box office revenues [11][12] - The market is expected to grow significantly, with quarterly growth rates of 20% anticipated for 2025 [12] 2. Demand Side Growth - Demand growth is driven by user expansion, market penetration, and the promotion of the IAA (In-App Advertising) model [30] - Platforms are exploring male-oriented content to tap into a previously underdeveloped market segment [31] 3. Supply Side Challenges - There is a significant imbalance between the vast market demand and the scarcity of effective production capacity [3][6] - The industry is addressing these challenges by recruiting talent from Hollywood and exploring cost-effective production models [3][6] 4. Competitive Landscape - The overseas short drama market is characterized by a more open and market-driven environment compared to the domestic market [4] - Key players include ReelShort and DramaBox, each adopting different strategies to capture market share [4] 5. Profitability Outlook - The business model is shifting from "burning money for growth" to achieving stable profit margins, with long-term net profit margins expected to stabilize between 15% and 20% [6][11] - The cost structure is dominated by user acquisition costs, which currently account for about 50% of revenue [6] 6. Investment Recommendations - The report recommends focusing on leading companies in the industry, such as Chinese Online, Kunlun Wanwei, and Red Child City Technology, which are well-positioned to capitalize on the growth of overseas short dramas [6][11]