Shanxi Securities: Maintains Kunlun Wanwei "buy-A" rating will form a strong competitive advantage with AI.

Shanxi Securities research report pointed out that Kunlun Wanwei achieved rapid revenue growth in the 24th year and the first quarter of 25th year, mainly due to the maintenance of rapid growth in the short drama and Opera business. The company's profit margin is under pressure. In terms of AI intelligent assistants, the company is expected to release the world's first productivity scenario universal Agent platform Skywork.ai overseas in mid-May 2025; in terms of AI games, the company's self-developed AI game "Cat Forest Academy" research and development testing work is progressing smoothly, and the self-developed AI native game engine "Spark AI" is expected to be officially launched in early July 2025. Considering that the company is a leading enterprise in the domestic AI industry, the company may have a strong competitive advantage in AI and maintain a "buy-A" rating.