????:1?????????????:???????

2???????

3?????????

4???????????

5??????????

8?????23??,?????(300418.SZ)(????????“?????”)??????????????2024?????????2024?,?????25?????????,????????78.2%,?????22????,?????????????9 %,??????88.2%???????????????????7.6????,?115.7%????????????AI??????????????????????

???????????,???????“??????AI???????”????,????????????????AI???????????AI????????????????AI??????????????AI???AI ?????AI?????AI???

?????,??????,???????????3D????????????????,????????????????????

AI?????????,???????????????????????,??????AI????(DAU)????100???????????????????????????,AI??Linky???(DAU)?????50?,??????AI?????«Club Koala»??Alpha?????????????, ????2024??10???????Beta??????,????AI????????,??AI??????????UGC???????RPG?«Project G7»?AI??????,?????????4????C??,???;????????????,???AI????Melodio??????AI??Mureka?AI????,AI?SkyReels???????????8??????????????????19????,????????????????SkyScript?????StoryboardGen???????3D???????????????????????Sky3DGen???????AI 3D??????WorldEngine,????“????”,???????????AI????

Melodio?? Mureka???? AI????Linky????????

??????,???????????????????????????????????????,??;??C??AI??????,????????????????

???AI???????????,????????????????

??,??AI????????,??,????????????Vitron??;????Skywork-MoE,??????4090???????????????MoE???????????;?????????????????????????????????????,??????Cradle;????Diffusion????Dimba,?????,?????????????AI??,????338???17??????AI???

???,???????Opera 2024???,2024?,Opera????????????????????2??,?????17%;????EBITDA 5,152????,???22%??????2024?,Opera????3??????????????,??????????ARPU?,2024???????????????????Opera?????ARPU????1.5????,????????????????????25%??,Opera????AI??????,???????“AI Feature Drops”?????????,????????,?????“Ask Aria”?“Aria Voice”; Aria?????,?????????????????

2024?????????,?AI??????“???????????????”???,????,?,???????AI????,???;???????,????????????,??????????,??

??????????:?????