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国家广电总局:将对“雷人”剧情、“霸总”人设及时纠偏
Huan Qiu Wang· 2025-09-26 00:45
中信证券还具体提到,从目前A股影视公司的AI应用情况看,大多公司主要通过自研或与具备强技术能 力的AI公司合作的方式建立自身能力。其中昆仑万维与智谱华章合作,依托自身强技术能力开发短剧 制作平台SkyReels,赋能短剧行业。上海电影则依托自身丰富的IP资源,通过合作即梦AI的方式实现基 于IP内容的新产品。 【环球网财经综合报道】日前,国家广电总局介绍,正在制订《微短剧管理办法》,建立分类分层管理 机制,对群众反映强烈的问题,比如"雷人"剧情、"霸总"人设、片名哗众取宠等问题,及时纠偏。 中信证券近日撰文分析认为,海外影视行业在经历了最初"AI替代人类"的争议后,以Netflix为代表的影 视龙头积极拥抱AI,也涌现了包括Runway在内的工业级AI影视内容生产工具。国内龙头公司积极拥抱 AI融入生产流程,同时结合自身内容生态推出AI驱动微短剧产品和新功能。相关公司也在通过自研或 合作的方式搭建相关能力,在生产端提升效率,在产品端输出AIGC微短剧以及AI漫短等新产品。我们 看好行业内相关公司因AI应用带来的业绩增量和成本节约。 与此同时,部分长视频领域龙头公司则依托于自身在制作端丰富的经验和内容积累,自研 ...
AI短剧渐成风潮 上市公司大举抢滩
Zheng Quan Shi Bao· 2025-09-25 18:20
证券时报记者 吴志 去年,博纳影业做了一次大胆的尝试——用AI制作了一部短剧集《三星堆:未来启示录》,这也是国内首部拿到 网络剧片发行许可证的AIGC(生成式人工智能)科幻短剧集。 在这部AI原生作品的创作过程中,AI贯穿全部流程。"我们会去跟AI对话,随着我们与AI聊的东西越来越多,上传 的素材越来越多,AI会逐步熟悉整个故事的世界观,并生成故事人物和事件、情节,创作团队只需要在AI提供的 方向上做好选择。"曲吉小江向记者表示。 如果按照过去的"传统流程"生产一部影视作品,通常需要经过策划、剧本创作、选角、置景、拍摄、后期制作等 多个环节。即便是制作短小精悍的短剧,也同样如此。用上AI后,这套流程被颠覆了。 AI技术已经成为影视创作者的策划利器。没有完整的剧本,AI可以提供故事大纲,由AI来完善或延展,创作者需 要做的可能是跟AI聊天,给AI"投喂"素材。 "表情虽然没有真人自然,不过纯AI做的内容能到这种程度,还是让人很惊艳了。"有看完这部短剧的观众说。 AI技术的飞速发展,正在迅速革新影视产业。在短剧领域,纯AI制作的短剧在各大平台上已颇为常见。相较真人 拍摄短剧,AI短剧制作成本低、效率更高。证券时报 ...
营收增近50%却亏11亿元,昆仑万维钱花哪了
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-07 00:34
Core Insights - Kunlun Wanwei's revenue for the first half of 2025 reached 3.733 billion yuan, a year-on-year increase of 49.23%, with overseas business contributing significantly, accounting for 92.17% of total revenue [1][4][5] - Despite revenue growth, the company reported a net loss of 1.148 billion yuan, a decline of 129.48% year-on-year, raising questions about the allocation of expenses [1][5] - The company's aggressive investment in advanced AI technologies and models is a key factor behind the increased costs, as it aims to establish a comprehensive technology-to-product closed loop [1][11] Revenue Growth - Kunlun Wanwei has consistently achieved revenue growth, with figures rising from 2.249 billion yuan in the first half of 2022 to 3.733 billion yuan in the first half of 2025 [4][5] - The overseas revenue for the first half of 2025 reached 3.441 billion yuan, a year-on-year increase of 56.02%, further solidifying its international market presence [5] Profitability Challenges - The company faced significant profitability challenges, with operating costs rising to 1.125 billion yuan, a year-on-year increase of 106.21%, primarily due to business expansion [5][6] - Selling expenses surged by 95.57% to 1.828 billion yuan, indicating increased market and channel investments [5][6] Technological Advancements - Kunlun Wanwei is accelerating its investment in AI model iterations, focusing on multiple directions including large language models and multi-modal applications [8][9] - The company has released several advanced models and tools, such as the "Tian Gong Super Intelligent Agent" and various AI video and music generation models, showcasing its commitment to innovation [9][11] Commercialization Efforts - The company is prioritizing two main AI application scenarios: productivity and social entertainment, aiming to create a complete cycle from technology to product to commercialization [11][12] - Monthly revenue from AI music and social applications has surpassed one million dollars, indicating a stable monetization capability [11][12] Market Outlook - The global AI industry is expected to continue its high growth, with a shift in focus from model scale to application effectiveness, aligning with the company's strategic direction [13]
【私募调研记录】睿扬投资调研昆仑万维
Zheng Quan Zhi Xing· 2025-08-29 00:08
Group 1 - Renowned private equity firm Ruiyang Investment recently conducted research on Kunlun Wanwei, revealing that AI music and AI social monthly revenue has surpassed $1 million, with AI video revenue gradually increasing and expected to grow after a product upgrade in September [1] - The annual recurring revenue (ARR) for short dramas has exceeded $240 million, with monthly revenue surpassing $20 million, and is projected to reach $360 million by the end of 2025 [1] - The SkyReels platform supports the generation of 30-second long videos and 40-second coherent digital performances, with commercialization still in its early stages [1] Group 2 - Ruiyang Investment was established in January 2017 and primarily engages in private securities investment fund business in the secondary market, managing approximately $10 billion in assets [2] - The average tenure of fund managers at Ruiyang Investment exceeds 10 years, indicating a strong level of experience within the management team [2] Group 3 - The firm has received multiple awards, including the "12th China Private Equity Golden Bull Award" for three-year outstanding private equity investment manager in September 2021, and the "11th China Private Equity Golden Bull Award" for one-year outstanding private equity investment manager in August 2020 [3] - Ruiyang Investment's Ruiyang Selected No. 2 fund achieved a return of 106.99% in 2019, with a maximum monthly drawdown of 2.37%, and a return of 64.42% in 2020 [3]
昆仑万维(300418) - 昆仑万维2025年8月25日投资者关系活动记录表
2025-08-28 03:54
Financial Performance - Total revenue reached 3.73 billion CNY, a year-on-year increase of 49.2% [2] - Overseas revenue amounted to 3.44 billion CNY, growing by 56.0% and accounting for 92.2% of total revenue [2] AI Development and Product Launches - Continuous advancement in AI capabilities with a focus on "computing infrastructure - large model algorithms - AI applications" [2] - Launch of multiple models including Skywork-Reward-V2, Skywork-R1V, and Skywork-SWE-32B, enhancing the company's competitive edge in AI [3][4] AI Applications and Market Expansion - AI video business saw significant upgrades with the release of SkyReels-A3, capable of generating over 60 seconds of content under single-shot conditions [5] - AI music model Mureka improved its quality, with the good product rate increasing from 43.4% to 57.7% [5] Short Drama Business Growth - DramaWave's annual recurring revenue (ARR) surpassed 240 million USD, with monthly revenue exceeding 20 million USD [6][13] - Expected ARR to reach 360 million USD by the end of 2025, driven by self-produced content and market expansion [13] Strategic Outlook - The global AI industry continues to grow, shifting focus from model scale to application effectiveness and system efficiency [7] - The company aims to deepen its AI strategy, emphasizing technology and product innovation while enhancing collaboration with industry partners [7] Commercialization and Revenue Streams - AI applications in productivity and social entertainment are projected to generate stable revenue, with monthly revenue for AI music and social exceeding 1 million USD [11] - The company plans to diversify revenue streams through subscriptions, advertising, and value-added services [16]
半年营收37亿:昆仑万维携多模态大模型与92%海外收入领跑AI赛道
Zhong Guo Jing Ji Wang· 2025-08-26 09:28
Core Viewpoint - Kunlun Wanwei's stock surged by 20.01% on August 22, driven by strong financial performance and advancements in AI technology [2] Financial Performance - In the first half of 2025, Kunlun Wanwei achieved total revenue of 3.733 billion yuan, a significant increase of 49.23% year-on-year [2] - Overseas revenue reached 3.441 billion yuan, growing by 56.02% year-on-year, accounting for 92.17% of total revenue [2][14] R&D and Product Development - The company increased R&D investment by 23.4% to 430 million yuan, focusing on multi-modal large models and AI intelligent assistants [2] - Kunlun Wanwei has released and open-sourced several leading models in various fields, including reinforcement learning and multi-modal technology [4][6] AI Business Expansion - The company is advancing its AI business strategy, integrating "computing power infrastructure - large model algorithms - AI applications" for coordinated development [2][4] - New products include the Skywork Super Agents, which topped the GAIA evaluation with a score of 82.42, marking a significant achievement in AI applications [9] International Market Growth - Kunlun Wanwei has become a leader in the AI export sector, with strong growth in overseas markets [14][19] - The Opera business contributed approximately 2.07 billion yuan in revenue, with a global monthly active user base of 289 million [14][16] AI Application and User Engagement - The short drama platform DramaWave has seen annual revenue reach over 240 million USD, with significant growth in the Korean market [16] - The StarMaker platform has integrated AI technology, enhancing user experience and interaction through AI song creation and live streaming solutions [18][19] Future Outlook - The company plans to continue deepening its AI development, focusing on productization and industrialization, while expanding commercial partnerships [19] - With 92% of revenue from overseas, Kunlun Wanwei demonstrates strong global operational capabilities and the international competitiveness of Chinese technology [19]
昆仑万维:上半年营收同比增长49% 持续深化AI业务布局
Zhong Zheng Wang· 2025-08-23 08:54
Core Viewpoint - Kunlun Wanwei reported a significant increase in revenue, driven by its strong focus on AI business development and international market expansion [1][8]. Financial Performance - In the first half of 2025, Kunlun Wanwei achieved total revenue of 3.7 billion yuan, representing a year-on-year growth of 49% [1]. - Overseas revenue reached 3.4 billion yuan, up 56%, accounting for 92% of total revenue [1]. AI Business Development - The company is advancing its AI business by integrating "computing power infrastructure, large model algorithms, and AI applications" into a cohesive development strategy [1]. - Kunlun Wanwei has released and open-sourced several leading models in various AI fields, including reinforcement learning, multi-modal, software engineering, and spatial intelligence [2]. AI Product Commercialization - The AI product matrix is accelerating its commercialization, with the launch of the Skywork Super Agents, which scored 82.42 in the GAIA evaluation, ranking first globally [3]. - The Skywork Deep Research Agent v2 was released, achieving significant breakthroughs in multi-modal capabilities and task execution [3]. AI Video and Music Innovations - The company has developed the SkyReels series for AI video creation, introducing models that support unlimited duration and high-quality film generation [4]. - In the AI music sector, Kunlun Wanwei launched the Mureka series, enhancing music generation quality and efficiency, with the latest model achieving a 57.7% good product rate [5]. User Engagement and Platform Development - The "DramaWave" platform has seen strong growth, with annualized revenue reaching 240 million USD and a monthly revenue exceeding 20 million USD [7]. - The Linky platform is focused on enhancing user experience and stability, introducing real-time matching features for improved social connectivity [6]. AI Chip Development and Future Outlook - The company is increasing its investment in AI chip research and development, ensuring a solid foundation for future product launches [8]. - With a strong emphasis on AI technology investment, Kunlun Wanwei aims to build a robust technological and product moat for long-term value growth [8].
昆仑万维2025半年报:营收同比增长49%,AI布局成果显著
Zhong Guo Xin Wen Wang· 2025-08-23 03:00
Core Viewpoint - Kunlun Wanwei reported a significant increase in revenue for the first half of 2025, driven by strong growth in its AI business and overseas markets [2][18]. Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 3.7 billion, representing a year-on-year growth of 49% [2]. - Overseas revenue reached 3.4 billion, up 56% year-on-year, accounting for 92% of total revenue, an increase of 4 percentage points compared to the previous year [2]. Group 2: AI Business Development - The company is deepening its AI business layout, focusing on a full industry chain collaboration from computing infrastructure to large model algorithms and AI applications [2]. - Significant breakthroughs in large model technology have been made, with multiple industry-leading models released and open-sourced across various technical fields [3]. Group 3: AI Product Commercialization - The AI product matrix is accelerating its commercialization, showcasing strong market potential, with the launch of the Skywork Super Agents, which scored 82.42 in GAIA evaluations, ranking first globally [4]. - The Skywork Deep Research Agent v2 was released, achieving major breakthroughs in multi-modal capabilities and task execution [4]. Group 4: Video and Audio AI Innovations - The company launched the SkyReels series for AI video creation, with models achieving state-of-the-art performance in video generation and control [6][8]. - In the AI music and audio sector, the company introduced the Mureka series, significantly improving music generation quality and efficiency [9]. Group 5: User Engagement and Platform Growth - The DramaWave platform has shown strong growth, with annualized revenue reaching 240 million, supported by a diverse distribution model [16]. - The StarMaker platform has integrated AI technology for song creation, enhancing user interaction and creative experience [16]. Group 6: Future Outlook - The company is increasing its investment in AI chip development, ensuring a solid foundation for future product launches [17]. - With ongoing advancements in AI applications and commercialization, the company is positioned for long-term value growth driven by technological innovation [18].
昆仑万维:上半年营收同比增长49% AI布局成果显著
Zheng Quan Shi Bao Wang· 2025-08-22 15:16
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]
短剧出海,不止于“奈飞平替”
Soochow Securities· 2025-07-16 09:16
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]