昆仑万维 20250827 摘要 昆仑万维 2025 年上半年广告业务收入达 14 亿人民币，同比增长 61%，主要由 Opera 广告业务驱动，同时拓展第三方广告业务，提升 整体广告收入。搜索业务收入为 6.9 亿人民币，同比增长 11%。 2025 年第二季度，昆仑万维销售毛利率为 71%，环比小幅提升，但同 比下降 7 个百分点，主要受 Opera 广告业务中第三方代理影响。销售费 用接近 10 亿人民币，同比增长 98.8%，与短剧业务高速增长相关。 昆仑万维在 AI 领域布局包括芯片和大模型及应用。芯片项目预计年内实 现流片。大模型方面，公司更新了推理模型和音乐模型，并持续投入基 座模型研发。 昆仑万维 2025 年第二季度亏损收窄至 0.87 亿人民币，第一季度亏损 7.7 亿人民币，同比去年二季度亏损 2 亿有显著减亏。公司预计短剧平 台规模化发展将降低销售费用率。 昆仑万维 AI 音乐产品美罗卡 7.5 版本发布后，七八月份产品流水相比二 季度增长三倍以上。Skyrails 模型升级预计将显著提升视频 AI 产品的商 业化进程。 昆仑万维在 AI 领域有哪些布局和进展？ 昆仑万维在 AI 领域 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses **Kunlun Wanwei**, focusing on its AI product **Skywork Super Agent** and its strategic positioning in the AI assistant market, particularly for office applications and productivity enhancement [2][3][4]. Core Points and Arguments - **Skywork Agent** is positioned as an AI assistant aimed at improving user productivity through a points-based charging system, with a starting charge of **$20** overseas and a **25%** initial recharge rate [2][6]. - The company emphasizes a **ROI model** where user acquisition costs are controlled at **$5**, with a target D0 ROI of **0.7-0.8** [2][9]. - The goal for **2025** is to achieve an annual recurring revenue (ARR) of **$150 million** from pure AI income, which includes contributions from Skywork Super Agent, AI social, AI music, and AI short dramas [2][18][19]. - **Skywork Super Agent** utilizes deep learning and reinforcement learning techniques to enhance user experience and information quality, differentiating itself from general AI agents by focusing on office suite applications [3][4][10]. Additional Important Content - The **DramaWave platform**, a short drama service, generates approximately **$15 million** monthly and aims to be among the top three in the industry by the end of the year [4][23]. - The company plans to expand its user base while managing costs effectively, with expectations of losses in **2025** but significantly reduced compared to **2024** [21]. - The **AI music segment** currently has an annual revenue exceeding **$10 million**, contributing to the overall revenue target [20]. - The company is exploring various AI applications, including AI games, with two projects expected to launch in the latter half of the year [23]. - The **Deep Research Agent framework** is open-sourced to attract developers and foster innovation, aiming to create a competitive ecosystem [16][17]. Market Position and Competition - The company faces competition from larger players in the office software sector but believes its focus on information collection and organization gives it an edge [10][27]. - The AI application landscape is evolving, with smaller companies likely to succeed in niche markets, while larger firms focus on general capabilities [12][13]. - The marketing strategy relies heavily on social media and user recommendations rather than traditional advertising, which has proven effective in reaching affluent target users [31]. User Engagement and Product Development - The **Skywork Super Agent** product is rapidly iterating, with improvements in content richness and usability, although visible changes in the user interface may be limited in the short term [24][25]. - The product targets knowledge workers who require efficient document generation and are willing to pay for quality services [8][28]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market positioning, and financial goals of Kunlun Wanwei in the AI sector.