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- ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][33] Core Viewpoints - The competitiveness of domestic large models continues to improve, and there is a strong outlook for the development of China's AI industry [1][6] - The continuous iteration and upgrade of domestic large models, along with the popularization of large model applications, will drive sustained strong demand for AI computing power in both training and inference, leading to a continuously high prosperity in China's AI computing power market [6][31] Summary by Sections Algorithm Sector - Recent advancements in domestic large models have accelerated, with notable releases such as Kimi K2, Qwen3-Coder, and GLM-4.5, which achieved state-of-the-art (SOTA) performance in various benchmarks [6][11][9] - GLM-4.5, launched on July 28, has a total parameter count of 355 billion and is designed for intelligent agent applications, ranking first among domestic models and third globally in comprehensive capability across 12 evaluation benchmarks [11][15] Application Sector - As of June 2025, six out of the top ten AI applications globally by monthly active users (MAU) are domestic applications, including Quark (156 million), Baidu Cloud (155 million), and Doubao (126 million) [17][19] - The overseas version of Douyin, Cici, achieved a monthly active user count of 24.01 million, marking a 17.56% quarter-over-quarter increase, the highest among million-level active AI applications [19][20] Computing Power Sector - China's AI computing power market is expected to maintain high prosperity, with significant advancements in domestic AI computing chips from companies like Haiguang, Huawei, and Cambrian [21][22] - The market for AI computing power is projected to grow rapidly, with estimates indicating that by 2026, the scale of intelligent computing power will reach 1460.3 EFLOPS, with a market size of 33.7 billion USD [26][29] Investment Recommendations - The report strongly recommends stocks in AI algorithms and applications, including companies like Hengsheng Electronics, Zhongke Chuangda, and Shengshi Technology, while also suggesting attention to companies in AI computing power such as Haiguang Information and Longxin Zhongke [31][7]

Financial Performance - In 2024, the company achieved total revenue of 5.66 billion CNY, a year-on-year increase of 15.2% [1] - The overall gross margin reached 73.6%, maintaining a high level [1] - In Q1 2025, the company reported revenue of 1.76 billion CNY, a year-on-year growth of 46.1% [1] - Overseas business revenue for Q1 2025 was 1.67 billion CNY, up 56.1% year-on-year, accounting for 94.4% of total revenue [2] AI Business Development - The company has established a diverse AI business matrix, including AI large models, intelligent assistants, short dramas, music, games, and social applications [1] - Monthly active users reached nearly 400 million globally, with AI applications becoming a new growth engine [1] - AI social applications achieved a monthly revenue exceeding 1 million USD, marking it as one of the fastest-growing AI applications in overseas markets [2] - The annualized revenue run rate (ARR) for AI music reached approximately 12 million USD, while the short drama platform DramaWave achieved an ARR of about 120 million USD [2] AI Model Advancements - The company launched the "Tiangong 4.0" model in 2024, enhancing voice interaction and emotional understanding capabilities [3] - The Matrix-Zero world model was released, enabling rapid conversion from 2D images to 3D scenes [3] - The Skywork R1V multimodal reasoning model achieved state-of-the-art (SOTA) performance among similar open-source models [3] AI Application Innovations - The SkyReels platform for AI short dramas allows for automated creation within 10 minutes, significantly lowering creative barriers [5] - The Mureka platform for AI music generation supports precise control over music creation, achieving SOTA levels [6] - The AI game "Cat Forest Academy" features AI NPCs with emotional memory and personalized responses, enhancing user engagement [7] Market Outlook and Strategy - The company anticipates that the AI large model business will begin to turn profitable by 2027, aligning with industry trends [2] - The global digital music workstation market is projected to grow from 4 billion USD to 10 billion USD, with the company aiming for a 10% market share [13] - The company is focused on balancing innovation and financial performance, ensuring that technology advancements translate into commercial success [14] Talent and Team Development - The company is actively recruiting top talent in algorithms, engineering, and research to strengthen its technical capabilities [16] - A stable organizational structure supports the strategic direction and long-term development of the company [16]

Core Viewpoint - The article emphasizes that Kunlun Wanwei is firmly committed to its "All in AGI and AIGC" strategy, showcasing significant growth in its AI business lines and indicating that the company is entering a phase of accelerated commercialization in AI [2][12]. Financial Performance - In Q1 2025, Kunlun Wanwei reported total revenue of 1.76 billion yuan, a substantial increase of 46% year-on-year, with a gross margin of 69% [2]. - The company's overseas revenue reached 1.67 billion yuan in Q1 2025, marking a 56% year-on-year growth and accounting for 94% of total revenue [3][26]. AI Business Lines - The annual recurring revenue (ARR) for AI music reached approximately 12 million USD, while the short drama platform DramaWave achieved an ARR of about 120 million USD, with expectations to grow to 360 million USD by the end of 2025, indicating a potential growth rate of 200% [3][20]. - The AI social application Linky reported a monthly revenue peak of 1 million USD and 3 million monthly active users, becoming one of the fastest-growing Chinese AI applications overseas [3]. R&D Investment - Kunlun Wanwei's R&D expenses for 2024 reached 1.54 billion yuan, a 59.5% increase year-on-year, with Q1 2025 R&D expenses at 430 million yuan, up 23% [5]. - The company has made significant progress in AI chip development through its subsidiary, Beijing Aijiekexin Technology Co., with the R&D progress exceeding 50% [6][7]. AI Model Development - The company launched the TianGong 4.0 model, which is the first domestic model capable of Chinese logical reasoning, demonstrating superior performance in various benchmark tests [13]. - The SkyReels-V1 video generation model was released, allowing users to create customized video content with minimal input, significantly reducing production costs [15][18]. Global Expansion - Kunlun Wanwei's international strategy has led to its business covering over 100 countries, with nearly 400 million monthly active users globally [26][27]. - The company is positioned as a leader in the AI commercialization wave, with analysts predicting that the global AI market will reach approximately 169 trillion yuan by 2025 [27][28].

Core Viewpoint - Kunlun Wanwei has made significant advancements in AI applications, particularly with its Mureka and SkyReels products, while experiencing its first net profit loss since going public due to increased R&D investments and market fluctuations [1][10][11]. AI Applications - Mureka has become a global phenomenon in AI music, with over 333 million global visits by March 2025, reflecting an 86.5% increase [2][3]. - The AI music application allows users to generate music through natural language, significantly reducing production time from 72 hours to 15 minutes [2]. - Mureka's annual recurring revenue (ARR) reached approximately $12 million by March 2025, supporting its leading position in the overseas AI music market [3]. New Product Launches - SkyReels, launched in August 2024, is an AI short drama creation platform that addresses traditional content supply challenges [4]. - SkyReels supports both text-to-video and image-to-video generation, enhancing video production efficiency and quality [4][5]. Market Expansion - Over 90% of Kunlun Wanwei's revenue in 2024 came from overseas markets, with this figure increasing to 94% in Q1 2025 [7]. - The AI social application Linky has surpassed 10 million downloads globally, showcasing strong user engagement [8]. Financial Performance - In 2024, the company reported revenue of 5.66 billion yuan, a 15.2% increase, but faced a net loss of 1.59 billion yuan due to increased R&D spending and market volatility [10][11]. - R&D expenses reached 1.54 billion yuan, a 59.5% increase year-on-year, which is expected to enhance long-term profitability despite short-term losses [10][11]. Strategic Outlook - The company anticipates that the AI model business will begin generating profits around 2027, aligning with industry trends [11]. - Kunlun Wanwei remains committed to investing in AI despite short-term losses, aiming to maintain its position among the top players in the AI model sector [11].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者：侃见 财经 来源： 侃见 财经 全球AI浪潮强势来袭，商业化爆发"奇点"临近。 4月28日晚间，昆仑万维发布2025年一季度业绩报告，其中显示，公司一季度实现营业总收入 17.6亿元，同比大幅增长46%。整体毛利率高达69%，继续保持在较高水平。 侃见财经翻看这份财报，最直观的感受是： 昆仑万维"All in AGI与AIGC"的战略决心愈发坚定， 且一系列最新数据印证了公司"AI商业化拐点"已经出现。 财报显示，昆仑万维各条AI业务线的商业化正在加速落地。截至一季度末，AI音乐年化流水收入 ARR达到约1200万美元（月流水收入约100万美元）；短剧平台Dramawave年化流水收入ARR 达到约1.2亿美元（月流水收入约1000万美元）；AI社交应用 Linky单月最高收入突破100万美 元，月活跃用户达到300万，成为海外收入增长速度最快的中国AI应用之一。 这一系列数据向外界传递的信号是，昆仑万维正在加速AI商业化进程，且AI出海战略也迎来了收 获期。 今年一季度，昆仑万维全球化战略成效显著，实现海外业务收入达16.7亿元 ...

Core Insights - The commercialization of AI large models has become the core battleground for industry competition, with medium-sized AI companies like Kunlun Wanwei seeking opportunities in vertical markets and global expansion while facing challenges in balancing technology investment and commercial returns [1][4]. Financial Performance - In 2024, Kunlun Wanwei reported total revenue of 5.66 billion yuan, a year-on-year increase of 15.2%, but a net loss of 1.595 billion yuan, a decline of 226.74% [2]. - For Q1 2025, the company achieved revenue of 1.764 billion yuan, a 46% increase year-on-year, but a net loss of 769 million yuan, a decline of 310.32% [2]. - The overseas business has been the main driver of growth, with overseas revenue reaching 5.15 billion yuan in 2024, a 21.9% increase, accounting for 91% of total revenue [2]. Business Segments - AI applications are emerging as a new growth point, with AI social generating monthly revenue exceeding 1 million USD, and annual recurring revenue (ARR) for AI music reaching approximately 12 million USD and for the short drama platform Dramawave reaching about 120 million USD [3][7]. - The company’s R&D expenses increased significantly, with a 59.5% year-on-year growth to 1.54 billion yuan in 2024, and 23.4% growth to 430 million yuan in Q1 2025 [4][5]. Strategic Focus - Kunlun Wanwei's R&D spending as a percentage of revenue has increased from 15.54% in 2022 to 28.22% in 2024, indicating a strong focus on technology development [5]. - The company is concentrating its R&D efforts on three key areas: continuous iteration of large models, development of vertical applications, and infrastructure for computing power [6]. - The company launched the "Tiangong" series of models, focusing on real-time voice interaction and reasoning capabilities, while also developing targeted AI applications for various industries [6][7]. Market Outlook - The company anticipates that the period from 2025 to 2026 will see rapid revenue growth in AI large model applications, despite ongoing losses, with profitability expected to begin after 2027 [4]. - Kunlun Wanwei is optimistic about the autonomous driving and social entertainment sectors, expecting market recovery to aid in reducing losses [4].

Core Insights - Kunlun Wanwei is a leading AI technology company in China, making significant advancements in various AI fields including AI large models, AI search, AI short dramas, AI music, AI games, and AI social applications [2] - The AI social application Linky has gained popularity globally, with over 10 million downloads since its launch, showcasing strong user attraction [2][5] - Linky offers a unique social experience by integrating user-generated content (UGC) with virtual character interactions, significantly lowering the barriers for users to create personalized characters [2][4] AI Product Developments - Linky has been continuously enhancing its character and story model technologies, allowing users to engage in text dialogues and story interactions while maintaining character consistency and long-term memory [4] - The platform has fostered a vibrant ecosystem with daily thousands of UGC storylines and characters, promoting a positive cycle of content production and consumption [4] - Linky is exploring high-quality NPCs and 3D NPCs by collaborating with global creators, aiming to develop multi-layered independent storylines and diverse gameplay content [4] Commercialization and User Engagement - As of the end of 2024, the AI social business has achieved a monthly revenue peak of over $1 million and has reached 3 million monthly active users [5] - Future plans include introducing real-time interaction features like voice and video calls, expanding the user base and diversifying revenue streams through advertising [5] - Linky aims to activate creator ecosystem vitality by implementing a revenue-sharing mechanism, creating a closed-loop linkage between content production and commercial value [5]