According to the CITIC Construction Investment Research Report, Kunlun Wanwei (300418.SZ)'s revenue performance in 23 years was steady, and overseas Opera's search and advertising business contributed the main revenue; the return on the investment business was considerable. The company's self-developed Tiangong University model continues to iterate, and AI applications have been implemented in multiple scenarios. Tiangong's big model has been iterated to version 3.0, and AI applications have launched major products in search, music, and gaming scenarios. Looking ahead to 24 years, the company is expected to continue to make efforts on the AI model and application side. While maintaining leading domestic technology, it has great potential for commercial monetization.