昆仑万维(300418) 报告日期：2026 年 02 月 04 日 证券研究报告 | 公司深度 | 游戏Ⅱ A 股稀缺大模型及出海应用龙头，从纯投入期到兑现期 ——昆仑万维深度报告 投资要点 一句话逻辑 公司已完成"算力—模型—AI 应用"AI 全产业链布局，短剧业务 25 年年化流水 突破 2.4 亿美元验证商业化能力，DramaWave 短剧平台等 MRR 增长曲线陡峭， 天工超级智能体开启 AI 搜索、AI 音乐、AI 社交等生产力场景第二增长曲线，26 年将从投入期转向兑现期。 超预期逻辑 1）短剧出海商业化强度超预期：DramaWave 平台 8 月已跃居海外短剧收入榜第 三位，25 年 12 月环比增长 35.4%，位列收入榜第四。25 年 12 月下载量环比上涨 超 90%，成为 Top 15 中涨幅最高的产品。预计 25 年短剧收入同比增长 900%至 16.8 亿元，26-27 年持续加速增长，成为核心现金流引擎。 2）AI 智能体商业化落地或提前突破：公司先后发布并开源多款行业领先模型， 搭建全链路 AI 应用矩阵，以天工超级智能体为核心，联动 AI Developer、AI 视 频、A ...

At Opera Philadelphia, Vivaldi’s music meets a contemporary libretto by Sarah Ruhl; in New York, Lincoln Center Theater presents Gian Carlo Menotti’s written-for-television opera in a production starring Joyce DiDonato. https://t.co/pBUCcDx1DH ...

Core Insights - The emergence of AI browsers marks a significant shift in the internet landscape, with various tech companies redefining traditional browser functionalities to integrate AI capabilities [1][8][22] - The competition in the AI browser space is intensifying, with both established players and new entrants striving to create a seamless user experience that combines browsing, searching, and AI assistance [2][21] Industry Trends - The AI browser is seen as the next-generation entry point to the internet, evolving from a simple tool to a smart agent capable of executing tasks and understanding user intent [8][21] - Major tech companies, including OpenAI, Google, and Tencent, are investing heavily in AI browser technologies, with Tencent's QQ browser emerging as a leader in this transformation [1][17][19] Product Development - QQ browser has successfully integrated AI capabilities, allowing it to transition from a traditional web tool to an intelligent agent platform that can understand and execute user tasks [10][12][22] - The browser's new features, such as real-time subtitles and intelligent summaries, enhance user experience without requiring significant changes to user behavior [19][20] Competitive Landscape - The market is diversifying into several categories of AI browsers, including basic enhancement types, integrated AI browsers, and agentic browsers that allow for complex task execution [9][21] - The competition is shifting from merely enhancing AI capabilities to effectively completing tasks and understanding user context, which will determine the success of AI browsers [21][22] Future Outlook - The future of human-computer interaction may involve multiple forms of interfaces, with AI browsers, smart apps, and hardware devices competing for dominance as primary touchpoints for users [21][22] - The ability to integrate diverse functionalities and provide a unified user experience will be crucial for establishing a sustainable competitive advantage in the AI browser market [21][22]

Core Viewpoint - The article discusses the evolution of browsers into AI-driven agents, highlighting the competitive landscape among tech companies to redefine browser functionalities and establish a new entry point for users in the AI era [3][4][30]. Group 1: Evolution of Browsers - The transition from traditional browsers to AI-integrated platforms is underway, with companies like OpenAI and Tencent leading the charge [3][4]. - AI capabilities are being embedded into browsers, allowing them to not only display content but also understand and execute tasks, marking a significant shift in user interaction [8][9][12]. - The QQ browser has emerged as a frontrunner in this transformation, integrating AI functionalities deeply into its user experience [12][30]. Group 2: Competitive Landscape - The competition among global tech companies is intensifying, with various models of AI browsers being developed, including enhanced traditional browsers and fully integrated AI browsers [10][11]. - The concept of "Agentic browsers" is gaining traction, which allows for task execution and user intent understanding, representing the ultimate form of AI browser evolution [11][33]. - QQ browser's unique approach combines AI capabilities with user-friendly design, enabling seamless task execution without disrupting existing user habits [25][28]. Group 3: Market Dynamics - The article emphasizes the importance of user habits and ecosystem integration in determining the success of AI browsers, suggesting that those who can effectively merge AI capabilities with user needs will dominate the market [26][30]. - The future of human-computer interaction may involve multiple forms of interfaces, including desktop agents and smart devices, all vying for the primary touchpoint between users and AI [32][34]. - The shift from information access to task completion will redefine competitive strategies in the browser market, with a focus on contextual understanding and multi-modal capabilities [33][35].

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]

Core Insights - Kunlun Wanwei reported a significant net profit of 190 million yuan in Q3 2025, marking a year-on-year increase of 180.13%, indicating a strong recovery in profitability and the accelerating commercial returns of its "AI ecosystem platform" [1] - The company achieved a revenue of 5.805 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 51.63%, with Q3 revenue reaching 2.072 billion yuan [1][3] - The company's strategic focus on long-term technological accumulation and global operations is evident as it navigates the uncertainties in the AI commercialization landscape [2][12] Financial Performance - In Q3 2025, Kunlun Wanwei's net profit reached 190 million yuan, a significant turnaround from previous losses, showcasing its ability to achieve profitability [1] - The total revenue for the first three quarters was 5.805 billion yuan, with a notable 51.63% increase compared to the previous year [1] - Overseas revenue amounted to 5.41 billion yuan, growing by 58% year-on-year, and accounted for 93.3% of total revenue, highlighting the company's strong global presence [3] AI Business Development - The company has made substantial advancements in its AI technology, including the development of self-researched models like "Skywork" and various AI applications such as Mureka and SkyReels [1][6] - Kunlun Wanwei's approach contrasts with many competitors by prioritizing foundational capabilities and ecosystem development over immediate returns [1][2] - The AI application matrix is being built systematically, with multiple verticals being explored, including music, audio, video, and social media [6][8] Global Expansion and Revenue Streams - The Opera and DramaWave platforms have shown stable commercial performance, with Opera expanding in overseas markets and generating reliable revenue streams [3][5] - DramaWave has achieved significant success in the overseas short drama market, with annual revenue reaching 240 million USD, positioning it among the top players [3][5] - The combination of cash flow from dual-engine business models and global operational capabilities supports the company's long-term AI strategy [5][12] Technological Innovation and Long-term Strategy - The Skywork Super Agent is a key product that aims to redefine office efficiency through interactive AI capabilities, targeting non-professional developers [13][14] - The company emphasizes a "slow is fast" strategy, focusing on practical applications and long-term research rather than merely accumulating large models [12][14] - Continuous investment in foundational research and the development of high-value application scenarios is crucial for sustaining competitive advantages in the evolving AI landscape [12][14]

Core Insights - Kunlun Wanwei reported a total revenue of 3.7 billion yuan for the first half of 2025, marking a 49% year-on-year increase, with overseas revenue reaching 3.4 billion yuan, up 56%, accounting for 92% of total revenue, an increase of 4 percentage points year-on-year [1] AI Business Development - The company is deepening its AI business layout, promoting a full industry chain collaboration in "computing power infrastructure - large model algorithms - AI applications" [1] - Multiple industry-leading models have been released and open-sourced, covering areas such as reinforcement learning, multimodal, code reasoning, software engineering, and spatial intelligence [1] - The Skywork-Reward-V2 reward model was released in July 2025, along with several other models in various fields [1] AI Application Commercialization - The company accelerated the commercialization of AI application products, launching the Skywork Super Agents, which ranked first globally in GAIA evaluations [2] - The core engine Skywork Deep Research Agent v2 was launched in August, achieving significant breakthroughs in multimodal capabilities, deep browsing, and task execution [2] - AI video generation models have been upgraded, with the release of SkyReels-V1 and V2, and the platform supports 30-second video generation [2] Gaming and Social Platforms - The self-developed AI game "Cat Forest Academy" is in testing, focusing on personalization, immersion, and social optimization [3] - The social platform Linky is undergoing continuous iterations to enhance user experience and platform stability [3] - The short drama platform DramaWave has seen strong growth, with annualized revenue surpassing 240 million USD, and a consistent output of popular series [3] AI Music and Chip Development - The company launched the music reasoning model Mureka O1 and subsequent versions, significantly improving quality and realism [2] - AI chip development is progressing steadily, with key module design and verification work being conducted [4] Revenue Growth and Future Outlook - Opera's revenue reached 286 million USD in the first half of 2025, a 35% year-on-year increase, with 289 million monthly active users [4] - The company is building a solid technological and product moat through significant investments in AI frontier technologies, aiming for long-term value growth driven by technological innovation [4]

Core Insights - The article discusses the evolution of browsers in the context of the AI era, highlighting the browser's transition from a mere search container to an AI-enabled operational partner [1][4][12] - The competition in the AI browser space is intensifying, with various players, including startups and established companies, vying for dominance [2][7][12] - AI browsers are expected to become a central part of a new operating system paradigm, leveraging cloud capabilities to create a flexible software and hardware ecosystem [5][28] Group 1: Evolution of Browsers - Browsers have evolved from basic web navigation tools to essential components of AI experiences, integrating search, decision-making, and execution [4][6] - The AI browser is seen as a potential operating system for the AI era, aiming to replace traditional desktop systems [5][28] - The historical significance of browsers is emphasized, with Marc Andreessen's assertion that browsers have profoundly impacted daily life remaining relevant today [7] Group 2: AI Browser Competition - The competition for AI browsers is characterized by a race for control over new entry points, with various companies developing AI-enabled features [12][14] - Different types of AI browsers are emerging, including native AI browsers, AI-like browsers, and traditional browsers enhanced with AI capabilities [9][10] - The competition is not just about information retrieval but also about automating workflows, with browsers acting as operators in this process [13][15] Group 3: User Experience and Functionality - AI browsers are designed to enhance user experience by allowing for complex tasks to be executed through natural language commands [4][6] - The article categorizes AI browsers based on their functionality, with some focusing on seamless browsing experiences while others emphasize task automation [9][10] - User engagement with AI browsers is increasing, as evidenced by the demand for access to products like Fellou and Dia, which require invitations to use [7][10] Group 4: Future of AI Browsers - The future of AI browsers is envisioned as a convergence of various applications and services, potentially leading to a new ecosystem that integrates AI capabilities [24][28] - The development of AI browsers may lead to the creation of dedicated hardware, similar to how Chromebook operates within the Google ecosystem [27][28] - The integration of third-party services and applications is expected to enhance the functionality of AI browsers, making them more versatile and powerful [23][24]

Core Points - The European Union's Digital Markets Act (DMA) has significantly impacted American tech giants, particularly Apple, by allowing third-party app stores to emerge on iOS, breaking Apple's previous monopoly on the App Store [1][3] - Despite the DMA's intentions, Apple has managed to maintain a stronghold on its Safari browser, which remains largely unaffected by the regulations, as users are still primarily using WebKit-based browsers on iOS [3][6] - The complexity of developing a non-WebKit browser engine for iOS presents significant challenges for third-party developers, making it unlikely for them to switch from WebKit despite the DMA's provisions [6][9] Group 1 - The DMA has led to the emergence of third-party app stores on iOS, such as AltStore and Skich, reducing Apple's control over the app distribution ecosystem [3] - Apple is required to provide users with more browser options in iOS 17.4 and later, allowing them to select from various browsers as their default [3][5] - The EU's goal of breaking Safari's dominance has not been achieved, as third-party browsers have not adopted non-WebKit engines due to the high costs and complexities involved [5][12] Group 2 - The browser engine is a critical component of web browsers, responsible for interpreting web syntax and rendering pages, which has become increasingly complex over time [8] - Many mainstream browsers, including Chrome and Firefox, have been forced to develop their iOS versions based on WebKit due to Apple's closed ecosystem [9][10] - The real challenge for Apple lies in the potential prohibition of Safari as the default browser on iOS devices, which could significantly impact its market share [12]