Chinese AI Technology Corporation Kunlun Tech emerges as China's fastest-growing AI company in overseas revenue for 2024
On April 25, Artificial Intelligence technology company Kunlun Tech released its FY2024 financial results, in which the company achieved total operating revenue of CNY 5.662 billion, up 15.2% year-on-year. The overall gross profit margin reached 73.6%, continuing to remain at a high level. For the year, the company's R&D expenses amounted to CNY 1.54 billion, up 59.5% year-on-year. The company made significant progress in the commercialization of its AGI and AIGC businesses, with annualized revenue of USD 140 million(CNY 1.02 billion) from its AI business, making it the fastest growing Chinese AI company in terms of overseas revenue.
Kunlun Tech's overseas business made remarkable achievements in FY2024. Among them, Opera, an overseas information distribution and meta-universe platform, realized operating revenues of $480 million, a year-on-year increase of 21.1%, while the overseas social networking and short drama platform business realized operating revenues of USD 1.25 billion, a year-on-year increase of 28.5%. The strong performance of these businesses together drove the revenue scale of the Company's overseas business to CNY 5.15 billion, up 21.9% year-on-year, accounting for 91.0% of the Company's total revenue. During the reporting period, AI Social's highest revenue in a single month exceeded USD 1 million, making it one of the Chinese AI applications with the fastest growth rate in overseas revenue.
In the AI field, as of the end of March 2025, the annualized streaming revenue ARR of AI Music reached approximately USD 12 million (monthly streaming revenue of approximately USD 1 million), and the annualized streaming revenue ARR of DramaWave, a short drama platform, reached approximately USD 120 million (monthly streaming revenue of approximately USD 10 million), further accelerating the process of AI commercialization. The revenue scale of the Company's overseas business to CNY 5.15 billion, an increase of 21.9% year-on-year, accounting for 91.0% of total revenue.