2023年4月17日，昆仑万维发布自研双千亿级大语言模型"天工1.0"正式奠定了国产大模型崛起之路。 2024年4月17日，"天工大模型3.0"震撼来袭，其采用4千亿级参数MoE混合专家模型，并将同步选择开 源，是全球模型参数最大、性能最强的MoE模型之一。 在即将到来的2024年11月27日，在"天工大模型3.0"上线7个月后，我们宣布天工大模型4.0 O1版(英文 名：Skywork O1)将正式启动邀请测试！ 两个月前，OpenAI在官网发布了其最新一代模型，新模型起名为o1，Sam Altman在社交平台上兴奋地 称，"'o1'系列代表新范式的开始"。 OpenAI o1的发布标志着人工智能领域的一个重要里程碑，o1将大模型的复杂推理能力推进到了下一个 阶段。其中很重要的原因是，强化学习在o1系列模型里扮演了非常重要的作用。通过特殊训练，o1产生 了模仿人类思考过程的内部思维链，而不同于之前通过提示词工程来激活大模型有限的思考过程。 这种复杂思维链让模型在产生回答过程中拥有了规划、自我思考和反思的能力，也大大提升了模型在复 杂逻辑任务上的表现。o1的发布也让大模型从level 1 chatbot阶段进 ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-11-15 | | 收盘价（元） | 46.46 | | 总股本（百万股） | 1231.50 | | 流通股本（百万股） | 1231.50 | | 净资产（百万元） | 14871.15 | | 总资产（百万元） | 20589.80 | | 每股净资产（元） | 12.08 | 证券研究报告 ＃industryId＃ 传媒 ＃相关报告 relatedReport＃ 《【兴证传媒】昆仑万维 2023 年 报及 2024 年一季报点评：Opera 上调业绩指引，天工 3.0 及 SkyMusic 发布》 《【兴证传媒】昆仑万维 2023 年 中报点评：昆仑天工突破显著， 核心主业不断拓展》2023-08-26 《【兴证传媒】昆仑万维 2022 年 度业绩点评：主营业务快速突 破，天工模型蓄势待发》2023- 04-12 ＃分析师： emailAuthor＃ liyangyjs@xyzq.com.cn S0190 ...

Key Points Industry/Company - **Company**: Kunlun Tech - **Industry**: AI, Advertising Technology, Gaming Core Views and Arguments - **AI Progress**: - Kunlun Tech has made significant advancements in AI, launching new features for its Tian Gong AI Assistant, including advanced search, industry, and encyclopedia functionalities ([2](2)). - Tian Gong AI's advanced search function utilizes human-like thinking and reasoning processes to ensure accurate results, outperforming other AI search platforms in terms of information concentration, accuracy, and efficiency ([2](2)). - The App Lala, an AI-driven advertising technology platform, has demonstrated the effectiveness of AI in optimizing advertising strategies, improving installation conversion rates, and enhancing operational efficiency ([2](2)). - Tian Gong AI's color pages and encyclopedia features reflect Kunlun Tech's exploration of community platform attributes and monetization paths ([2](2)). - Kunlun Tech plans to launch the global first AI short-form drama creation platform, Sky, in early December, featuring self-developed script, scene, and 3D generation large models ([2](2)). - The company also plans to launch two new games with significant AI elements next year, incorporating AI NPCs and user-generated tools to enhance player creativity and game playability ([2](2)). - **Financial Analysis**: - Tian Gong AI excels in financial analysis, providing detailed breakdowns and accurate identification of non-recurring gains and losses' impact on profits, as well as the reasons for changes in expenses ([2](2)). - Compared to other similar products, Tian Gong AI demonstrates significant improvements in functionality and细分领域 ([8](8)). - **Advertising Technology**: - The App Lala, an AI-driven advertising technology platform, has proven the effectiveness of AI in optimizing advertising strategies and improving installation conversion rates ([5](5)). - The recent earnings report of Latin Company, a subsidiary of Kunlun Tech, exceeded market expectations, driven by strong advertising marketing and AI technology applications ([10](10)). - The advertising marketing industry benefits significantly from AI technology, improving efficiency and effectiveness ([11](11)). Other Important Content - **Latin Company's Performance**: - Latin Company's third-quarter revenue reached $1.2 billion, a year-on-year increase of 39%, and profits reached $434 million, a year-on-year increase of 300%. The adjusted net profit margin reached 60% ([10](10)). - **Investment Opportunities**: - The AI application industry is a promising investment direction, with significant growth potential ([12](12)).

Company Announcement - Kunlun Tech announced that its AI short drama platform SkyReels will officially launch in the US on December 10, marking the company's further expansion in the global AI entertainment market [1] Product Innovation - SkyReels integrates Kunlun Tech's self-developed script generation model SkyScript, storyboard generation model StoryboardGen, and 3D generation model Sky3DGen [1] - The platform is the first in the industry to deeply integrate AI 3D engine with video generation models, featuring the innovative WorldEngine platform [1] Market Positioning - SkyReels was initially released on August 19 as the world's first AI short drama platform combining video generation models and 3D generation models [1]

等不同的领域其实都有很快速的进展啊那接下来我们就废话不多说啊把时间交给李总啊首先请请他来为我们啊对公司的情况做一个啊更新啊然后后续呢我们就开放这个提问环节啊进行一个交流和回答啊那那那个我就把时间交给李总嗯好 各位投币人大家好我是一桶那我先简单的跟大家来介绍一下公司近期的AI的一些的相关的进展 其实昆仑我们是从去年定下了all in AIGC的长期战略现在在AI方面我们一共是布局了六个方向第一个是我们的基座大模型其实昆仑我们是从2020年就开始在做大模型了2021年的时候发布了第一个140亿参数量级的中文的AGBT的模型 那我们在23年的4月发布了第一个双千亿参数量级的天宫1.0版本的模型那在今年的2月跟4月分别进行了两次迭代发布了天宫2.0版本和3.0版本的模型那现在最新的版本天宫3.0版本的模型它是一个四千亿参数量级采取MOE架构同时开源的模型 同时在模型的数学跟推理能力方面我们的天宫3.0版本要比之前的版本提升30%以上这就是我们的大模型另外我们也推出了一款应用产品天宫AI搜索昆仑是国内第一家推出AI搜索引擎的公司我们在去年8月就正式的推出了天宫AI搜索它是将传统的搜索跟AIGC式的回答结合在一起 如果说 ...

Summary of Conference Call Records Company Overview - **Company**: Kunlun Wanwei - **Industry**: AI and Technology Key Points and Arguments Financial Performance - For the first three quarters of 2024, the company reported a revenue of **3.828 billion** yuan, representing a **4% year-over-year growth** [1] - The overseas business revenue share increased to **89.68%**, up by **5.62 percentage points** year-over-year [1] - Annual R&D investment reached **1.144 billion** yuan, marking an **84.47% increase** [1] AI Product Development - The company launched two new reward models in September 2024, ranking **first and third** globally on the authoritative reward model evaluation standard [1][17] - The Tian Gong AI underwent a comprehensive upgrade, introducing new AI search capabilities and a knowledge web feature that generates in-depth reading pages for user queries [2] - The SkyReels platform, launched in August 2024, integrates video and 3D models for AI short film production, allowing creators to generate scripts and scenes easily [2][3] AI Gaming and Music Innovations - The AI game Club Cora combines social simulation and party game elements, providing an immersive experience through AI-generated characters and environments [3] - The AI music model Sky Music 2.0 can generate songs based on specific styles and user inputs, with a new streaming platform, Melody, allowing users to create and share music [4] Strategic Partnerships and New Ventures - In October 2024, the company partnered with Facebook's subsidiary to establish an AI recruitment joint venture, aiming to enhance recruitment efficiency through AI technology [4] - The company is focusing on expanding its AI applications in various sectors, including recruitment and content creation [5][6] Market Trends and Future Outlook - The company believes that AICC (AI Content Creation) will be a significant growth area, with plans to enhance AI tools for content creators to improve efficiency and reduce costs [6][7] - There is a noted disparity in AI application financing between domestic and overseas markets, with the latter showing faster growth and investment [7][8] - The company anticipates a significant explosion in C-end applications globally within the next two to three years, driven by continuous advancements in foundational models [8] Product Development and Innovation - The company is committed to self-research and development of large models, with recent releases including Tian Gong 3.0, which surpassed GPT-4 in several evaluation metrics [9][10] - Innovations in model architecture, such as the MOE++ framework, have improved computational efficiency significantly [16] - The company is exploring new AI applications in various fields, including video generation and music, with expectations of substantial performance improvements [14][19] User Engagement and Market Penetration - The average usage time for the LinkedIn product is reported to be over **60 minutes**, indicating strong user engagement [17] - The company aims to expand its user base significantly, targeting a **10 million daily active users** for LinkedIn [17][19] Conclusion - Kunlun Wanwei is strategically positioned in the AI and technology sector, focusing on innovative product development, strategic partnerships, and expanding its market presence both domestically and internationally. The company is optimistic about future growth driven by advancements in AI technology and applications across various industries.

证券代码： 300418 证券简称：昆仑万维 编号：2024-004 昆仑万维科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|----------------------------------|-------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 | □特定对象调研 □分析师会议 | | | 动类别 | □媒体采访 √业绩说明会 | | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称 | | 来自东吴证券、海通证券、华泰证券、招商证券、山西证券、 | | 及人员姓名 | | 民生证券、国信证券、国投证券、国海证券、国盛证券、中 | | | | 信证券、中信建投、中金公司、西南证券、中泰证券、高盛、 大和日华、瑞银证券、摩根士丹利、西部利得、金鹰基金、 | | ...

证券研究报告·公司点评报告·游戏Ⅱ 昆仑万维（300418） 2024 年三季报点评：持续研发投入，多元 AI 应用相继落地 2024 年 11 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4736 | 4915 | 5391 | 5925 | 6407 | | 同比（ % ） | (2.35) | 3.78 | 9.69 | 9.90 | 8.13 | | 归母净利润（百万元） | 1,152.82 | 1,258.36 | (855.62) | 78.95 | 94.63 | | 同比（ % ） | (25.47) | 9.15 | (167.99) | - | 19.86 | | EPS- 最新摊薄（元 / 股） | 0.9 ...

证券研究报告 经营预测指标与估值 民仑万维 (300418 CH) Al 应用落地,短期 Al 投入拖累业绩 | --- | --- | |--------------------------------|----------| | 年泰研究 | 李报点评 | | 2024 年 10月 30 日 \| 中国内地 | 文化娱乐 | 公司 Q3 实现营收 13.27 亿元（yoy+5.62%，qoq+2.5%）,归母净利-2.37 亿元(23Q3 亏损 2983 万元,24Q2 亏损 2.02 亿元),符合此前我们的业绩 前瞻 (Q3 归母净亏损 1.5-3 亿)。Q1-Q3 营收 38.28 亿元（yoy+4%）,归 母净利-6.27 亿元（去年同期 3.28 亿),扣非后净利-6.48 亿元（去年同期 2.75 亿)。24Q1-Q3 公允价值变动亏损 2.7 亿元,主因公司投资组合中爱奇 艺等标的股价大幅下滑。我们看好公司在 Al 大模型及应用端的竞争优势, 应用端有望不断落地，维持"买入"评级。 Al 技术驱动多元化应用创新,持续强化 Al 布局 公司各项 Al 业务均有选代及进展:1)天工 Al 智能助手 ...

证券代码：300418 证券简称：昆仑万维 公告编号：2024-064 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1、昆仑万维科技股份有限公司（以下简称"公司"）第五届董事会第十八次会议通 知于 2024 年 10 月 24 日采取通讯方式通知了全体董事、监事。 2、公司第五届董事会第十八次会议于 2024 年 10 月 29 日以通讯方式召开。 3、本次会议应参加的董事 7 名，实际参加的董事 7 名。 4、会议由方汉董事长主持。公司部分监事、高级管理人员列席了本次会议。 5、董事会的举行和召开符合国家有关法律、法规及公司章程的规定。 昆仑万维科技股份有限公司 第五届董事会第十八次会议决议公告 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 内容详见刊登于中国证监会指定信息披露网站巨潮资讯网（www.cninfo.com.cn） 的公司《2024 年第三季度报告》。 本项议案已经公司董事会审计委员会审议通过，董事会对此项议题进行了讨论和表 决。 表决结果：赞成票 7 票，占出席会议有效表决票的 100%，反对票 0 ...