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]

Core Viewpoint - Kunlun Wanwei has evolved from a domestic gaming company to a global leader in artificial intelligence, with significant overseas revenue and a strong user base, positioning itself as a benchmark for Chinese tech companies going global [1][4]. Group 1: Company Growth and Strategy - The company was founded with a global vision, starting from online game development and expanding into international markets early on [1][2]. - Kunlun Wanwei's flexible market strategy allows it to focus on rapidly growing markets without fixed revenue targets, adapting to industry changes effectively [2]. - The company has made strategic investments, such as acquiring Opera and launching successful products like StarMaker, which has over 310 million registered users [2][4]. Group 2: AI Development and Revenue - In 2025, Kunlun Wanwei achieved a total revenue of 5.8 billion yuan, a 52% year-on-year increase, with overseas revenue accounting for 93% [4]. - The company has established a comprehensive presence in the AI sector, with products like DramaWave generating significant revenue and Linky achieving over 20 million downloads [4][5]. - The AI music platform Mureka and the Opera browser also contribute to the company's strong market performance, with Opera being the fourth largest browser globally [4]. Group 3: Market Expansion and Compliance - Kunlun Wanwei emphasizes "technological innovation" and "proactive compliance" as key factors for success in international markets [5]. - The company invests heavily in technology and localizes its products to fit diverse cultural contexts in regions like India and Africa [5]. - A rigorous compliance approach ensures that the company secures necessary licenses before launching operations in new markets [5]. Group 4: Government Support - The rapid growth of Kunlun Wanwei is supported by various levels of government in Beijing, providing policy, talent, and funding advantages [6]. - The local government offers tailored services to address the company's needs and assists in obtaining operational licenses for AI products [6]. - Chinese embassies abroad also play a crucial role in facilitating business operations and ensuring the stability of overseas teams [6].

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 Viewpoint - Kunlun Wanwei has successfully returned to profitability in Q3 2025, driven by strategic investments in AI and a strong revenue growth trajectory, indicating a positive transformation in its business model [1][2][10]. Financial Performance - For the first three quarters of 2025, Kunlun Wanwei achieved a revenue of 5.805 billion yuan, representing a year-on-year increase of 51.63%. In Q3 alone, revenue reached 2.072 billion yuan, up 56.16% year-on-year, with net profit attributable to shareholders rising to 190 million yuan, a 180.13% increase [1][2][10]. - The overall gross margin for the company stood at 67%, maintaining a high level [2]. AI Strategy and Technological Development - The company has been focusing on solidifying its technological foundation and accelerating the commercialization of its AI business, which is now entering a harvest phase [2][3]. - R&D expenses increased from 1.144 billion yuan to 1.211 billion yuan in the first three quarters, reflecting the company's commitment to building an AI ecosystem [3][5]. Product Innovations and Market Position - Kunlun Wanwei has launched several advanced AI models, including the Skywork series, which have achieved top rankings in various evaluations, showcasing the company's strength in AI research and application [4][5]. - The company's short drama platform, DramaWave, has seen significant growth, ranking third in overseas short drama platform revenue as of August 2025, with over 4 million downloads in a single month [5][6]. Global Expansion and Revenue Growth - The company reported overseas revenue of 5.4 billion yuan for the first three quarters of 2025, a year-on-year increase of 58%, with overseas revenue accounting for 93% of total revenue [10][11]. - The global market for short dramas is projected to reach 2.473 billion USD in 2025, indicating a robust growth opportunity for Kunlun Wanwei's international business [10]. Future Outlook - The company aims to leverage its unique global platform advantages to integrate AI technology with various business sectors, fostering a new growth paradigm [11][12]. - Analysts suggest that as the company transitions from investment to revenue generation, its growth potential and strategic execution capabilities are likely to be reassessed positively by the market [11][12].

Core Insights - The company reported a significant revenue increase of 52% year-on-year, reaching 5.8 billion yuan in the first three quarters of 2025, with AI-related business revenue showing substantial growth, reinforcing its industry leadership [1] - The overseas business revenue reached 5.4 billion yuan, marking a 58% year-on-year increase, with overseas revenue accounting for 93% of total revenue, up by 3.6 percentage points [1] - The overall gross profit margin stood at 67%, maintaining a high level, while the net profit attributable to shareholders for Q3 2025 was 190 million yuan, marking a return to profitability [1] AI Model Development - The company has been actively open-sourcing a series of AI models, achieving top results in major evaluations, including the Skywork-Reward-V2 series and the Skywork-R1V 3.0 multimodal reasoning model [2] - The Skywork UniPic model, with 1.5 billion parameters, has achieved performance close to or exceeding larger models, setting a new benchmark in image generation quality and efficiency [2] - The Matrix-3D model was released for generating high-quality 3D scenes from single images, establishing a new standard in 3D world generation [2] Academic Achievements - The company made significant academic breakthroughs in AGI foundational research, with multiple papers accepted at NeurIPS 2025, including spotlight papers on improving reasoning abilities and self-verification mechanisms for large language models [3] - Collaborative efforts with Nanyang Technological University led to the development of the AgentOrchestra framework, showcasing the company's systematic research capabilities in AI [3] AI Assistant Innovations - The company launched the Skywork Deep Research Agent V2, integrating multimodal deep research capabilities into the research process, significantly lowering the barriers for professional research and application development [4] - The AI Developer feature allows non-professional developers to quickly generate and manage full-stack web applications through natural language interactions [4] AI Video Solutions - The SkyReels-A3 model was introduced, enabling high-quality video generation for various applications, transitioning from professional production to widespread use [5] - The new version of the SkyReels platform is set to launch in November 2025, integrating top AI creative models for diverse video generation scenarios [5] AI Music and Audio Developments - The Mureka V7 and V7.5 versions focus on music generation and voice synthesis, enhancing the realism and quality of generated music and voices [6][7] - The introduction of Agent Studio aims to democratize music creation, allowing anyone to write songs easily [7] Short Drama Business Growth - The company’s DramaWave platform has become the third-largest overseas short drama platform, with significant user engagement and content innovation, including the introduction of an anime channel [8] - AI technology is being increasingly applied in content localization and user interaction to enhance user experience [8] Social Entertainment Platform Expansion - StarMaker has achieved strong performance in various global markets, particularly in Indonesia, by integrating AI technology for song creation and enhancing user engagement [9] - The company continues to advance its AI computing chip business, focusing on core technology development and AI infrastructure [9] Future Outlook - The company aims to leverage opportunities in the AI era, focusing on technological breakthroughs and scene implementation to drive growth in AGI, multimodal, and intelligent agent fields [11] - There is a commitment to deep integration of AI technology across various business sectors, aiming to solidify its industry-leading position and create greater value for global users and partners [11]