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 Viewpoint - Kunlun Wanwei is expected to incur losses in 2025 due to continued heavy investments in AI large models, market promotion, and R&D [1] Financial Performance - The net profit attributable to shareholders is projected to be between -1.35 billion and -1.95 billion, compared to -1.59479 billion in the same period last year [2][8] - The net profit after deducting non-recurring gains and losses is expected to be between -1.448 billion and -2.048 billion, compared to -1.64338 billion in the same period last year [2][8] - Revenue is expected to grow by over 40% year-on-year, with an increasing proportion of overseas revenue [8] Business Developments - The company has made significant breakthroughs in AI large models, including the release of various models such as Skywork-Reward-V2 and Matrix-3D, while continuously iterating existing models [3][4] - The TianGong Super Intelligent Agent has integrated AI Agent architecture and Deep Research technology, focusing on enhancing office efficiency and multi-modal creation [4] - The AI music product Mureka has reached version V8, improving in multiple dimensions, and aims to provide a seamless music creation experience for users [5] Short Video Platform Growth - The short video business has become a significant growth driver, with the DramaWave platform achieving over 28 million monthly active users globally [6] - The FreeReels application has surpassed 40 million monthly active users, leveraging a "free to watch" strategy to gain market share in emerging markets [6] Technological Innovations - The Opera platform has launched the AI Agent browser Opera Neon, which enhances user interaction by automating web browsing and task execution [7] - The StarMaker platform has integrated AI technology for song and video creation, significantly boosting user growth [7] - The company plans to deepen the industrialization of AI technology and strengthen its global market presence to enhance its core competitiveness [7]

Core Viewpoint - Kunlun Wanwei forecasts a net loss of 1.35 billion to 1.95 billion yuan for the year 2025, indicating a challenging financial outlook despite expected revenue growth of over 40% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of -1.35 billion to -1.95 billion yuan for 2025, with a net profit excluding non-recurring items projected at -1.448 billion to -2.048 billion yuan [1] - Revenue is expected to grow by over 40% year-on-year, with an increasing proportion of overseas revenue [1] Business Segments and Innovations - Kunlun Wanwei operates in multiple core areas including AGI and AIGC, overseas information distribution, short drama platforms, and social entertainment, covering over 100 countries and regions globally [1] - The company has made significant advancements in AI large models, AI music, AI social, short dramas, and AI games, showcasing its strong innovation capabilities [1] - The Skywork Super Agents product has gained market recognition for its ability to generate various types of content, enhancing user engagement [1] Product Development - The company has released several AI models, including the Skywork-Reward-V2 series and the Matrix-3D model, reflecting its systematic research capabilities in artificial intelligence [1] - Mureka, the AI music platform, has evolved to version 8, improving music generation quality and user experience [1] - Linky, the AI social platform, has enhanced user interaction through improved dialogue and character consistency [1] Market Position and User Engagement - DramaWave has surpassed 28 million monthly active users globally, establishing itself as a leader in the short drama market [1] - FreeReels, a free short drama application, has achieved over 40 million monthly active users, rapidly gaining market share in emerging markets [1] - StarMaker has integrated AI technology to enhance user-generated content, significantly boosting user growth [1] Future Developments - Opera has launched the AI-driven Opera Neon browser, which automates web browsing and task execution, enhancing user productivity [1] - The official launch of OperaAI in January 2026 will provide a seamless multi-modal AI experience across various Opera products [1]

计算机 2026 年 01 月 28 日 AI 动态跟踪系列（十四） AI 漫剧产业快速扩张，关注 AIGC 工具助力创作提效 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*计算机*AI 动态跟踪 系列（十二）：AppLov in 业绩保持亮眼，AI 为广告 营销注入新活力*强于大市 20251208 【平安证券】行业动态跟踪报告*计算机*AI 动态跟踪 系列（十一）豆包手机助手首个 OS 级合作落地， AI 手机形态逐渐清晰*强于大市 20251202 【平安证券】行业动态跟踪报告*计算机*AI 动态跟踪 系列（十）：谷歌 Gemini 3 突破技术边界，全球大模 型领域竞争加剧*强于大市 20251119 证券分析师 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn 刘云坤 投资咨询资格编号 S1060525120004 LIUYUNKUN518@pingan.com.cn 平安观点： 行 业 报 告 图表1 抖音 ...

Group 1 - The report highlights a significant update to the Alibaba Qianwen App, which now integrates services from Taobao, Alipay, and other Alibaba businesses, allowing users to order food, shop, and book travel directly within the app [1][8] - The app has introduced a "Task Assistant" feature that can handle complex tasks such as making restaurant reservations and generating reports, currently in a testing phase [1][9] - The Qianwen App aims to differentiate itself by focusing on task quality and value, targeting educated and tech-savvy users while leveraging Alibaba's ecosystem for enhanced functionality [1][9] Group 2 - According to Sensor Tower data, the fourth quarter of 2025 saw strong revenue generation from short video and AI imaging tools, with global in-app purchases for short video applications exceeding $2.8 billion, marking a 116% year-over-year increase [2][11] - The report notes that short video applications accounted for half of the top 20 non-gaming overseas revenue-generating apps in Q4 2025, driven by seasonal shopping events [2][14] - Active user rankings show that applications like Temu, SHEIN, and AliExpress are leading in user engagement, indicating a robust demand for cross-border e-commerce applications [2][18] Group 3 - The investment strategy suggests a positive outlook for Hong Kong stocks, particularly in the internet and technology sectors, with companies like Alibaba, Tencent, and Meituan expected to benefit from increased capital expenditure and AI adoption [3] - The report identifies emerging consumer brands with strong growth potential, such as Maogeping and Mixue Group, as key beneficiaries in the domestic consumption sector [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of non-gaming mobile applications in Q4 2025, driven by seasonal demand and the success of cross-border e-commerce, short videos, and AI applications [1][2] - ByteDance's TikTok and CapCut dominated the revenue charts, showcasing the effectiveness of overseas applications in capitalizing on seasonal traffic [1] - Global in-app purchase revenue for short video applications exceeded $2.8 billion, marking a year-on-year increase of 116%, with short video apps accounting for a significant portion of the top 20 non-gaming applications by overseas revenue [1] Group 2 - Kunlun Wanwei's FreeReels saw a remarkable download increase of approximately 580%, ranking 7th in downloads, while ShortMax's downloads surged over 130% [2] - ByteDance's AI applications, including Dola (Cici, the overseas version of Doubao), experienced a download growth of 98%, and Gauth's downloads increased by 218% [2] - Xiaomi's system-level tool applications captured nearly one-third of the active user rankings, with Temu surpassing 760 million global monthly active users, and AliExpress experiencing a 5.5% increase in active users in Q4 [2]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].