"Heavy investment poured into AI R&D, Kunlun Wanwei expects a loss of 1.35 to 1.95 billion yuan in 2025 | Financial Report Insights"

```

Due to continued heavy investment in AI large models, market promotion, and R&D, Kunlun Wanwei is expected to remain unprofitable in 2025.

On January 30, Kunlun Wanwei released its 2025 performance forecast. Key points are as follows:

Net loss for 2025 is expected to be between 1.35 billion and 1.95 billion yuan, compared with a loss of 1.59 billion yuan in the previous year.Excluding non-recurring gains and losses, the company expects a net loss of 1.448 billion to 2.048 billion yuan, compared with a loss of 1.64 billion yuan in the previous year.Revenue for the reporting period increased by more than 40% year-on-year, and the proportion of overseas income further increased.

The report shows that the company, relying on its full-chain layout from "computing power - large model - application," has achieved breakthroughs in core areas such as AI large models, Skywork Super Agent, AI music, and short drama platforms, but the sustained increase in investment in market promotion and R&D has had some impact on this period’s results.

Kunlun Wanwei's business covers AGI and AIGC, Opera's overseas information distribution, short drama platforms, social entertainment and other domains, covering more than 100 countries and regions worldwide, building a diversified commercial monetization system including user recharges, membership subscriptions, API calls, advertising, search, virtual goods payments, and more.

AI Product Matrix Achieves Technological Breakthroughs

During the reporting period, Kunlun Wanwei continued to push forward the productization of AI technology. In the field of AI large models, the company intensively released a series of outcomes, including the Skywork-Reward-V2 series reward models, multimodal reasoning model Skywork-R1V4.0, autoregressive multimodal unified model Skywork UniPic, and 3D world generation model Matrix-3D, and is continuously iterating and upgrading its existing models.

The commercial flagship, Skywork Super Agent, deeply integrates AI Agent architecture and Deep Research technology, focusing primarily on office efficiency and multimodal content creation. This product can generate documents, PPTs, Excels, webpages, as well as podcasts and audio-visual content in a one-stop manner. In November 2025, the lightweight multimodal agent Skywork R1V4-Lite was released. The newly added visual editing feature precisely addresses the usability pain points of AI coding, enabling a "what you see is what you get" website-building experience. After launch, the product has received positive market feedback, with strong user stickiness, and has become a key product for the company’s closed-loop commercialization of AI technologies.

In the AI music track, its product Mureka has been iterated to version V8, achieving synchronous improvements in musicality, arrangement completion, vocal expression, and overall sound quality, advancing AI music from technically “generatable” to commercially “publishable.” Its Agent Studio feature aims to enable “everyone can write songs,” providing global users with a natural and smooth real-time music creation experience.

Short Drama Platform Remains in the Top Tier Overseas

The short drama business has become a significant highlight of Kunlun Wanwei’s performance growth. Its core platform, DramaWave, centers around high-quality original short drama content, deeply applies advanced AI technology in content recommendation and user interaction, and aims to provide users with a more intelligent and immersive viewing experience. Currently, DramaWave’s global monthly active users have surpassed 28 million, ranking in the leading position in North America, Southeast Asia, and Latin America, holding steady in the top tier of overseas short drama platforms.

Another important product, FreeReels, is pursuing a differentiated market strategy. This global free short drama app takes “free viewing” as its core entry point, quickly opening up new markets in the fiercely competitive overseas track, achieving massive user growth in Southeast Asia, Latin America, and Europe and America. Currently, FreeReels has more than 40 million global monthly active users, and, with strong product capabilities and precise positioning, has established a solid market share in many emerging markets.

Opera Launches AI Agent Browser

Key progress has been made in technological innovation and product iteration across Kunlun Wanwei's business lines. Its platform Opera has launched the AI-era Agent browser Opera Neon, which breaks through the limitations of traditional browsers, can work with users to complete tasks, and utilizes AI technology to automatically handle web browsing, task execution, content creation, and other operations.

In January 2026, the Opera AI function officially launched, and was fully opened up to users of its flagship desktop browser Opera One, game browser Opera GX, and the mindfulness-centric Opera Air. Through deep system integration, this function supports voice and multi-format file analysis, aiming to create a smooth multimodal AI experience for users.

In the field of social entertainment, StarMaker has deeply integrated AI technology to launch AI song and AI video creation features. These not only can automatically generate songs and provide intelligent lyric-filling services, but can also intelligently generate AI animated MVs based on lyrics, style, and timbre, significantly boosting user growth. The AI social product Linky continues to iterate around its core model technology, further optimizing text conversation, plot interaction, and role consistency, providing users with a more realistic and personalized interactive experience.

The company stated that in the future, it will continue to deepen the industrial application of AI technology, strengthen global market layout and business model innovation, and steadily enhance core competitiveness to solidify AI as the company's core engine for medium- and long-term growth.

Risk Warning and DisclaimerThe market involves risks, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it consider the investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investments based on this are at your own risk.

```