昆仑万维丨2023&1Q24业绩交流会纪要

Financial Data and Key Metrics Changes - In FY23, the company achieved revenue of 4.92 billion yuan, a year-on-year increase of 3.8% [1] - The overseas business revenue accounted for 86% of total revenue, growing by 8.4% year-on-year [1] - The gross profit margin reached 78.8%, with a net profit attributable to shareholders of 1.26 billion yuan, up 9.15% year-on-year [1] - In Q1 2024, revenue was 1.21 billion yuan, with overseas revenue accounting for 88.4%, a year-on-year increase of 6.2% [1] - R&D expenses for 2023 were 970 million yuan, a 40.2% increase, representing a historical high of 19.7% of revenue [1] Business Line Data and Key Metrics Changes - The Opera segment achieved a global revenue of 397 million USD in 2023, a year-on-year increase of 20%, with adjusted EBITDA of 93.72 million USD, up 38% [1] - In Q1 2024, Opera's revenue was 102 million USD, a 17% increase year-on-year, with adjusted EBITDA of 24.91 million USD, a 15% increase [1] Market Data and Key Metrics Changes - The company has made significant strides in the AI sector, particularly with the launch of the TianGong large model series, which has shown advanced capabilities in autonomous learning and task handling [2][3] - The TianGong 3.0 model, released in April 2024, is noted for having 400 billion parameters, making it one of the largest and most powerful open-source models globally [2] Company Strategy and Development Direction - The company is focused on "All in AGI and AIGC" as its long-term strategy, aiming to build a diverse AI business matrix that includes AI search, music, video, social, and gaming applications [3] - The mission is to achieve general artificial intelligence (AGI) and empower users to express themselves better through AI-generated content [7] - The company plans to develop an AIUGC platform to enhance user creativity and reduce content creation barriers, which is seen as a long-term competitive strategy [6] Management Comments on Operating Environment and Future Outlook - Management highlighted that the AI industry is evolving rapidly, with Chinese manufacturers catching up to global leaders like OpenAI [5][8] - The company believes that the lack of blockbuster AI applications overseas is primarily due to business models focused on paid services, which limits growth [8] - Future product iterations and updates will depend on user feedback and technological advancements, with a focus on creating a Super APP for AI services [9] Other Important Information - The company has no immediate plans for further financing, with stable cash flow from segments like Opera and StarMaker, and a cash reserve of approximately 1 billion yuan [15] - The TianGong AI search web version saw a 120% year-on-year increase in visits, reaching 4 million in April 2024 [9] Q&A Session Summary Question: How does the company assess the development pace of the AI industry and its own models? - The company categorizes Chinese manufacturers into two directions: general AI and generative AI, noting that domestic models are nearing GPT-4 levels [5] Question: What is the company's positioning for large models and consumer products? - The mission is to achieve AGI and enhance user expression, with a focus on developing text large models to support AI search and AIGC routes [7] Question: What are the reasons for the lack of blockbuster AI applications overseas? - The core reason is the reliance on paid models, which limits growth, while free models require more innovation and time [8] Question: What will the future product form of TianGong AI look like? - The company aims to create an AI Super APP that integrates user-generated content with AI-generated content, enhancing user creativity [9] Question: What are the plans for the AI music product? - The AI music product will be launched as an independent AIUGC community platform, allowing users to create and share music [10] Question: What are the testing data and future plans for the social application Linky? - Linky has surpassed 1 million downloads and ranks in the top ten in several countries, with plans for continued improvements [11] Question: How does the company view the differences in multimodal application technology between domestic and international markets? - The company sees opportunities in both understanding and generating multimodal content, with plans for future developments in video applications [12][13]