昆仑万维20250109

Summary of Kunlun Wanwei's Conference Call Company Overview - Company: Kunlun Wanwei - Industry: AI and Technology Key Points and Arguments - Business Focus for 2025: Kunlun Wanwei will concentrate on six major sectors: AI large models, AI search, AI social, AI music, AI gaming, and AI video. The company has been developing large models since 2020, releasing a 100 billion parameter model in June 2021 and a 1 trillion parameter model in April 2023. The latest iterations include the Sky 3.0 and Sky 4.0 models [3][4] - AI Search Engine: The company launched its AI search engine in August 2023, ranking fourth among AI applications, following ByteDance's Doubao, Baidu's Wenxin, and Lezhangmian [3][4] - AI Social Product: A new product named "Ti" was launched in early 2024, targeting the US market, with an average user engagement of over one hour and daily revenue per user of $0.2 [3][4] - AI Music Model: The Sky Music model can generate complete songs from song titles, with plans for a standalone application in the future [3][4] - Gaming and Video: The company plans to release a social simulation game similar to "Animal Crossing" and has launched an AI short drama product that generates complete short dramas from story outlines, significantly reducing production costs [5][3] Financial Outlook - Revenue Goals: The revenue target for 2025 is set at 6 billion RMB, with expectations for further improvement in gross margin. The company anticipates revenue of 5.5 billion RMB in 2024 and 6.5 billion RMB in 2026 [4][13] - Cost Reduction: The training and inference costs for large models have significantly decreased, with Baidu's Wenxin reported to consume only 1% of the computational power compared to early 2023 [4][7] - R&D Expenses: R&D expenses increased by 88% in the first three quarters of 2027, amounting to approximately 900 million RMB [15] Market Performance - International Revenue: The company has a strong international presence, with nearly 90% of its revenue coming from overseas markets, particularly in the Middle East and Southeast Asia [4][16][17] - Product Contributions: The OPAI browser contributes over 50% of the company's revenue, and the audio social product "San X" is primarily operated in key international markets [16][17] Strategic Partnerships and Collaborations - Hardware Collaborations: Kunlun Wanwei collaborates with hardware manufacturers like OPPO and Xiaomi, as well as major telecom operators, to enhance edge applications [4][9] - API Services: The company focuses on software development for large models and provides API services to various hardware manufacturers instead of engaging in hardware production [10][11] Future Investment Directions - AI Sector Investments: The company plans to invest in AIGC and the upstream and downstream of the AI industry. A recent investment of 580 million RMB in AI chip company Aikexing was made, with a 68% stake acquired [18] - Continuous Development: The company aims to maintain a rapid response and sensitivity to industry changes, which is expected to yield better performance in the AI sector [19] Additional Insights - Model Development Trends: The emergence of the "Ouman model" has lowered the training threshold for large models, allowing significant advancements in the industry [8] - User Engagement and Monetization: The AI social application has begun monetization through card draws and advertisements, with a daily active user count aiming for one million and potential revenue of 20 million USD per day [12][14]