昆仑万维AI商业化快速增长，AI版Netflix和AI版Spotify驱动，25年营收同比增长44.78%至81.98亿_老虎社区_美港股上老虎

昆仑万维AI商业化快速增长，AI版Netflix和AI版Spotify驱动，25年营收同比增长44.78%至81.98亿

蓝鲸财经04-23

4月23日，昆仑万维发布2025年度财报，公司实现营业总收入81.98亿元，同比增长44.78%。依托强大的技术创新能力与完善的产品矩阵，公司海外市场开拓取得积极进展，海外收入持续大幅增长，整体海外业务收入规模提升至77.23亿元，同比增长49.91%。本报告期，公司继续坚定践行“All in AGI与AIGC”战略，加大研发支出，得益于持续的战略投入，公司AGI与AIGC相关业务实现关键技术突破...

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Native平台经济体。我们相信，AGI不再是哲学命题，而是经济学命题，随着个人与组织生产效率的提升，AGI目标实现了史诗级收敛。目前，公司已构建全模态的模型底座，通过四大SOTA模型重塑内容创作的生产与消费关系，支撑三大AI原生娱乐经济体，打造AI Native平台经济新范式。在面临“一人公司”全面到来的时代趋势时，公司坚持自创立起始终如一的使命“让每个人更好地塑造和表达自我”。当AGI时代全面开启，创作者经济爆发式增长，昆仑万维数十年如一日的坚持，与AGI时代实现了强力共鸣。面向未来，公司将持续突破四大模型的技术上限，释放创作者经济的无限潜能，助力每位创作者获得媲美专业公司的全栈智能生产力，并构建起全球范围的AI Native平台经济体。昆仑万维将在确定性的AGI时代与千万超级个体携手共建繁荣生态。01 天工AI：模型领跑全球，商业化快速突破公司稳步推进人工智能全产业链布局，技术研发与产品创新成果显著。同时构建起短剧和AI短剧平台、AI音乐、AI游戏、AI SuperAgent、AI社交五大核心应用产品矩阵。模型研发方面，公司围绕视频模型、音乐音频模型、世界模型、基座文本与多模态模型四大核心方向，持续打造SOTA模型体系，各赛道均实现关键技术突破与全球领跑。四大模型全球领跑视频模型方向，SkyReels-V4在Artificial Analysis的多项评测中登顶全球第一，超越Google Veo 3.1、Sora 2、Kling 3.0等国际领先模型。SkyReels-V4发布时在Artificial Analysis 文生视频 Text-to-Video（With Audio）中的排名表现SkyReels-V4发布时在Artificial Analysis 图生视频 Image-to-Video（With Audio）中的排名表现音乐模型方向，Mureka V8在国际权威第三方评测Artificial Analysis榜单中，同时登顶Vocals（人声）与Instrumental（乐器）双项全球第一，综合实力超越Suno V5、Google Lyria 3 Pro、imax Music 2.5+等国际主流模型，彰显技术的全球领先水平。Mureka V8在Artificial Analysis Vocals（人声）中的排名表现Mureka V8在Artificial Analysis Instrumental（乐器）中的排名表现世界模型方向，Matrix-Game 2.0获得了顶级学术团队的高度认可，DiT（Diffusion Transformer）作者、纽约大学助理教授谢赛宁团队基于Matrix-Game 2.0开源底座，发布了全球首个多人视频世界模型Solaris，充分彰显了Matrix-Game 2.0在基础模型领域的技术影响力与开源生态价值；Matrix-Game 3.0实现长时序记忆、高分辨率与实时交互，模型能力与Google Genie 3齐头并进，整体技术水平跻身全球第一梯队。Matrix-Game 3.0数据—模型—推理 示意图基座文本与多模态方向，Skywork系列模型在数学推理、代码生成及多模态领域持续突破，多项评测成绩跻身第一梯队。公司于2025年7月发布Skywork-Reward-V2系列奖励模型。自发布以来，Reward Model系列在全球最权威奖励模型榜单RewardBench上长期位居榜首。2025年11月，公司推出Skywork R1V4模型，在8项多模态理解基准评测中整体优于Gemini 2.5 Flash，并在其中5项任务上实现对Gemini 2.5 Pro的超越，综合竞争力突出。Reward Model系列在RewardBench榜单排名2025年至今，公司先后开源多款SOTA级视频模型，SkyReels系列在Hugging Face累计下载约30万次、GitHub Stars超1万。2025年7月，昆仑万维入选Hugging Face“中国AI开源16强”，与阿里、腾讯并列。构建五大核心应用产品矩阵应用层面，基于自研大模型底座，公司构建了短剧和AI短剧平台、AI音乐、AI游戏、AI SuperAgent、AI社交五大应用，形成全球覆盖的生态体系。短剧和AI短剧平台方面，海外付费平台DramaWave与免费平台FreeReels双轮驱动。合计MAU稳居海外短剧全球第一。DramaWave率先布局AI漫剧与AI真人剧，依托自研AI创作工具实现全流程自动化创作，人均观看时长超30分钟。2026年Q1新剧中AI短剧占比快速提升，Q2预计持续提高，全面迈向专业化AI短剧平台。FreeReels主打免费看剧，用户规模快速增长，下载量居海外免费短剧首位，人均单日使用超1小时。2026年3月推出天工短剧工作台SkyProduction，面向专业团队开放。截至2025年底，公司短剧和AI短剧平台业务单月流水近3600万美元，ARR（年度经常性收入）超4亿美元。未来将打造“AI版Netflix”。DramaWave界面图FreeReels界面图AI音乐方面，Mureka面向全球用户，兼顾大众与专业音乐人。大众用户可使用Easy Mode，1分钟内生成完整歌曲；专业音乐人可使用Studio工具，支持分轨编辑、编曲混音等。Mureka正加速向“AI版Spotify”演进，以免费流式播放和个性化推荐冲击传统付费订阅模式。专业级音频编辑示意图：裁剪、调速、调音色、分轨导出AI游戏方面，公司自研AI游戏《猫森小镇》研发测试工作进展顺利，围绕个性化、AI NPC互动与玩家社交三大方向进行了迭代。AI SuperAgent方面，以天工超级智能体Skywork Super Agents为核心，打造适配“一人公司”的AI原生操作系统。2026年1月发布Skywork Super Agents Video v1.0；2月发布天工桌面版（Skywork Desktop）及基于OpenClaw重构的SkyClaw云端智能体（集成70余项技能）；3月上线六大官方技能模块（PPT、文档、表格、设计、搜索、AI音乐创作），持续拓宽AI生产力边界。AI社交方面，依托公司核心大模型技术，Linky持续迭代产品功能、优化用户体验，进一步提升文字对话、剧情演绎与角色人设一致性，强化互动真实感与代入感，为用户带来更细腻、更具专属感的陪伴式互动体验。02 AI算力芯片研发稳步推进AI算力方面，报告期内，公司持续加大AI算力芯片研发投入，项目整体进展顺利，关键模块设计与验证工作按计划推进，为后续产品落地筑牢技术基础。同时，公司与产业链合作伙伴保持密切协同，保障项目顺利推进与高效落地。2026年4月，子公司艾捷科芯完成新一轮增资扩股，合计募资5.5亿元（外部机构4.5亿元，核心管理层跟投1亿元），投后估值超40亿元。本轮引入了包括长鑫芯聚、启航恒鑫、合肥石溪、余姚石溪、嘉兴算捷、彩讯股份、高榕资本等一线机构投资者。增资后公司持股48.6451%，艾捷科芯不再并表，但仍作为“All in AGI”战略关键载体，借助产业资本加速研发与商业化，为独立上市奠定基础。03 StarMaker社区：AI创作与数字人直播双轮驱动StarMaker作为海外知名音乐社交娱乐社区，涵盖在线K歌、语音房、音乐创作、直播互动及休闲游戏等多元娱乐场景。报告期内，StarMaker持续深化AI技术应用，先后上线AI歌曲创作与AI视频创作功能，大幅降低用户创作门槛，提升用户体验；同时，依托生成式AI推出数字人直播解决方案，通过真人级智能互动，进一步丰富音乐社交场景。04 海外AI Agent浏览器平台Opera：AI功能全面落地2025年Opera营收6.15亿美元，同比增长27.92%；经调整后EBITDA1.43亿美元，同比增长23.61%。2025年Q4月活超2.84亿，年化ARPU同比提升26.12%至2.49美元；Opera GX游戏浏览器月活达3400万。2025年5月推出AI Agent浏览器Opera Neon，2026年1月AI功能全面落地三大产品线，标志“浏览器即AI接口”战略迈出关键一步。Opera Neon功能展示展望未来，公司将继续坚守“让每个人更好地塑造和表达自我”的使命，依托四大SOTA模型底座，与全球千万超级个体携手，在“一人公司”的时代浪潮中，共同构建AI 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