Guosen Securities Research Report pointed out that Kunlun Wanwei's revenue continued to grow in 2024 and Q1 of 2025, and investment income and R&D investment suppressed profit performance. By the end of March 2025, AI Music's annualized revenue ARR reached approximately US$12 million (monthly revenue of approximately US$1 million), and the short drama platform Dramawave's annualized revenue ARR reached approximately US$120 million (monthly revenue of approximately US$10 million). From technology to products, commercialization has begun to show results. The overseas market maintains a high growth rate. In 2024, the company's overseas business revenue will reach 5.15 billion yuan, a year-on-year increase of 21.9%, accounting for 91.0% of total revenue; among them, overseas information distribution and metaverse platform Opera continued to maintain rapid growth. From large models to AI applications, the company has a comprehensive layout and is expected to become a platform company of large models + application ecology in the AIGC era; operating performance is expected to gradually improve under the continuous implementation of commercialization, and continue to maintain an "outperform" rating.