证券时报记者 李明珠 8月21日，快手科技举行2025年第二季度业绩电话会议，快手科技创始人兼首席执行官程一笑在回答分 析师关于线上营销收入增速以及AI赋能进展的提问时表示，第二季度快手线上营销服务收入达到198亿 元，同比增长12.8%，同比增长率较第一季度实现提升。 内循环营销服务方面，快手通过产品和流量策略的迭代，助力电商商家提升全域智能经营效率。本季 度，快手进一步升级了全站推广产品，迭代了智能出价、素材追投、全站多品等多个核心工具，保障商 家投放的极简操作，实现商家营销素材投放的稳定性。本季度全站推广产品的消耗占内循环总消耗的比 例进一步提升。 从场域来看，泛货架场域电商相关的营销服务收入实现高速增长。本季度快手重点优化了泛货架场域的 流量分发策略，加强和电商业务的协同及对用户兴趣的挖掘，并针对货架商城、买家首页、猜你喜欢等 场景单独建模，提升电商和商业化同向性，实现了商家的销售转化率和内循环ecpm的同向提升。 从行业机会来看，程一笑认为，以本地生活和汽车为代表的区域线索行业、以短剧和小游戏为代表的内 容消费行业将保持相对更高速的增长。内循环领域，今年上半年泛货架的内循环收入实现了同比高速增 长， ...

Group 1: Financial Performance - Xinhua Department Store reported a net profit of 86.0081 million yuan for the first half of the year, a year-on-year decrease of 2.52% [1] - The company achieved operating revenue of 3.254 billion yuan, down 0.99% year-on-year [1] - Bilibili's Q2 revenue reached 7.34 billion yuan, a year-on-year increase of 20%, with adjusted net profit hitting 560 million yuan, also a record high [4] - Kuaishou's Q2 revenue was 35 billion yuan, up 13.1% year-on-year, with adjusted net profit of 5.6 billion yuan, marking a 20.1% increase [5] Group 2: Business Developments - Walmart raised its adjusted earnings per share forecast for FY2026 to between $2.52 and $2.62, with expected net sales growth of 3.75% to 4.75% for Q3 [2] - MINISO plans to expand its MINISO LAND stores overseas, leveraging its own IP alongside global IP collaborations [2] - Renhe Pharmaceutical's subsidiary ULook's brain-machine interaction smart glasses have not yet generated sales revenue, currently only in testing phases [3] Group 3: Market Trends and Innovations - Tencent Games showcased its full-chain AI creative solution VISVISE at the Gamescom 2025, covering various aspects of game production [3] - DeepSeek announced the release of DeepSeek-V3.1, designed for the next generation of domestic chips [7] - AliExpress launched a new marketing AI Agent to enhance product sales, significantly increasing the number of new products sold [8] Group 4: Investment and Financing - The autonomous vehicle company "White Rhino" completed nearly 500 million yuan in B+ round financing, focusing on product development and AI technology [8]

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

Group 1: Financial Performance - Xinhua Department Store reported a net profit of 86.0081 million yuan for the first half of the year, a year-on-year decrease of 2.52% [1] - The company achieved an operating income of 3.254 billion yuan, down 0.99% year-on-year [1] - Bilibili's Q2 revenue reached 7.34 billion yuan, a year-on-year increase of 20%, with adjusted net profit hitting 560 million yuan, also a record high [4] - Kuaishou's Q2 revenue was 35 billion yuan, up 13.1% year-on-year, with adjusted net profit of 5.6 billion yuan, reflecting a 20.1% increase [5] Group 2: Business Developments - Walmart raised its adjusted earnings per share forecast for fiscal 2026 to between $2.52 and $2.62, with expected net sales growth of 3.75% to 4.75% for Q3 [2] - MINISO's founder announced plans to expand MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [2] - Renhe Pharmaceutical's subsidiary ULook's brain-machine interaction smart glasses have not yet generated sales revenue, with only samples produced for testing [3] Group 3: Market Trends and Innovations - Tencent Games showcased its full-chain AI creative solution VISVISE at the Gamescom 2025, covering various aspects of game creation [3] - DeepSeek announced the release of DeepSeek-V3.1, which utilizes UE8M0 FP8 parameters designed for the next generation of domestic chips [7] - AliExpress launched a new marketing AI Agent called "New Product Lightning Push," which has doubled the number of new products achieving sales within seven days since July [9] Group 4: Investment and Financing - The autonomous vehicle company "White Rhino" completed nearly 500 million yuan in B+ round financing, with funds directed towards product development and AI technology [8]

Financial Data and Key Metrics Changes - Total revenue increased by 13.1% year over year to RMB 35 billion in Q2 2025, with adjusted net profit reaching RMB 5.6 billion and an adjusted margin of 16% [5][34][40] - Gross profit grew by 13.8% year over year to RMB 19.5 billion, with a gross profit margin of 55.7%, reflecting a 0.4 percentage point increase year over year [38] - Selling and marketing expenses rose by 4.6% year over year to RMB 10.5 billion, accounting for 30% of total revenue, down from 32.4% in Q2 last year [39] Business Line Data and Key Metrics Changes - Revenue from online marketing services increased by 12.8% year over year to RMB 19.8 billion, driven by enhanced AI capabilities [35][56] - E-commerce GMV rose by 17.6% year over year, with the number of monthly average paying users reaching 134 million [19][74] - Revenue from Clean AI surpassed RMB 250 million in Q2, indicating strong growth in AI-driven services [9][36] Market Data and Key Metrics Changes - Average DAUs on the Kuaishou app reached an all-time high of 409 million, with MAUs at 715 million, reflecting a year-over-year increase of 3.4% and 3.3% respectively [11][12] - Revenue from local services grew by 20% year over year to RMB 1.3 billion, with DAUs in Brazil showing stable growth [28][29] Company Strategy and Development Direction - The company is focused on leveraging AI technology to enhance user experience and operational efficiency across its business lines [4][34] - Clean AI is positioned as a one-stop creative engine, with plans to expand its applications in gaming and professional film production [8][49] - The company aims to maintain high-quality growth while exploring synergies between content and business ecosystems [32][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth prospects, highlighting the resilience of its business ecosystem amid macro uncertainties [5][6] - The company plans to continue investing in AI technologies to drive efficiency and discover new commercialization opportunities [32][84] Other Important Information - A special dividend of HKD 0.46 per share was declared for the first time since delisting, amounting to approximately HKD 2 billion in total [5][6] - The company will no longer disclose quarterly GMV figures separately starting in 2026, focusing instead on a more comprehensive set of indicators [41][42] Q&A Session Summary Question: What are the major use cases for Clean AI users at the moment? - Clean AI's users include mass creators and professional creators, with applications in content creation, advertising, and film production [46][47] Question: What are the AI use cases in the overall business? - AI technology is integrated across various business scenarios, enhancing marketing material generation and improving user engagement [54][56] Question: What verticals are expected to have strong growth in the second half of the year? - Strong growth is anticipated in local services, automotive, and content consumption industries, with strategies to enhance client outreach and operational results [62][64] Question: How does Kuaishou maintain momentum in e-commerce amid competition? - The company focuses on synergizing supply and demand, enhancing merchant capabilities, and improving user engagement to drive e-commerce growth [72][74] Question: What updates are there on AI CapEx and net profit margin? - AI-related CapEx is expected to double, with the impact on overall profitability projected to remain around 1% to 2% [82][84]

Financial Data and Key Metrics Changes - Total revenue increased by 13.1% year over year to RMB 35 billion in Q2 2025, with adjusted net profit rising by 20.1% to RMB 5.6 billion, achieving a margin of 16% [7][37][38] - Gross profit grew by 13.8% year over year to RMB 19.5 billion, with a gross profit margin of 55.7%, reflecting a 0.4 percentage point increase year over year [40][41] - Selling and marketing expenses rose by 4.6% year over year to RMB 10.5 billion, accounting for 30% of total revenue, down from 32.4% in the previous year [42] Business Line Data and Key Metrics Changes - Revenue from online marketing services reached RMB 19.8 billion, up 12.8% year over year, driven by enhanced AI capabilities [38][39] - E-commerce GMV rose by 17.6% year over year, with the number of average monthly paying users reaching 134 million [22][23] - Revenue from Clean AI surpassed RMB 250 million, indicating strong growth in AI-driven services [12][39] Market Data and Key Metrics Changes - Average DAUs on the Kuaishou app reached an all-time high of 409 million, with MAUs at 715 million, reflecting a year-over-year increase of 3.4% and 3.3% respectively [14][6] - Revenue from external marketing services continued to grow, driven by strong demand from content consumption, local services, and automotive industries [19][20] Company Strategy and Development Direction - The company is focused on integrating AI technology across its business, enhancing user experience, and optimizing marketing solutions [36][37] - The strategy includes expanding Clean AI's applications in gaming and professional film production, aiming to empower creators and enhance operational efficiency [51][53] - The company plans to discontinue separate GMV disclosures starting in 2026, focusing on a more nuanced combination of performance indicators [44][45] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth prospects, emphasizing the resilience of its business ecosystem amid macro uncertainties [7][8] - The company aims to maintain high-quality growth while exploring new commercialization opportunities through AI [35][46] - Future investments will continue to focus on AI technology to enhance operational efficiencies and drive sustainable growth [86][87] Other Important Information - A special dividend of HKD 0.46 per share was declared for the first time since delisting, totaling approximately HKD 2 billion [8] - The company has repurchased shares amounting to HKD 1.9 billion, representing about 0.9% of total shares outstanding [43] Q&A Session Summary Question: What are the major use cases for Clean AI users at the moment? - Clean AI's users include mass creators and professional creators, with applications in content creation, advertising, and film production [48][50] Question: What are the AI use cases in the overall business? - AI technology is integrated across various business scenarios, enhancing marketing material generation and improving user engagement [57][59] Question: What verticals are expected to have strong growth in the second half of the year? - Growth is anticipated in local services, automotive, and content consumption industries, with strategies to enhance client outreach and marketing efficiency [66][68] Question: How does Kuaishou maintain momentum in e-commerce amid competition? - The company leverages a synergized ecosystem and tailored initiatives for merchants, focusing on user acquisition and repeat purchases [74][76]

Core Insights - Kuaishou Technology reported record highs in both traffic and profitability for Q2 2025, driven by AI and ecosystem strategies [1][2] Traffic Performance - Average daily active users reached 409 million, a year-on-year increase of 3.4% - Average monthly active users reached 715 million, a year-on-year increase of 3.3% - Total user engagement time increased by 7.5% year-on-year [1] Financial Performance - Revenue for Q2 2025 grew by 13.1% year-on-year to 35 billion yuan - Adjusted net profit increased by 20.1% year-on-year to 5.6 billion yuan - Gross margin and adjusted net profit margin both reached historical peaks at 55.7% and 16.0% respectively [1] Revenue Structure - Online marketing services, live streaming, and other services contributed 56.4%, 28.7%, and 14.9% to total revenue respectively - Revenue from online marketing services in Q2 reached 19.8 billion yuan, a year-on-year increase of 12.8% - The penetration rate of smart advertising clients continues to rise, with UAX consumption accounting for 65% of total external circulation consumption in Q2 [1] E-commerce Performance - Gross Merchandise Volume (GMV) for Kuaishou's e-commerce business grew by 17.6% year-on-year to 358.9 billion yuan - Monthly average number of buyers reached 134 million, showing continuous growth year-on-year - The repurchase frequency of active e-commerce users also increased year-on-year [1] New Growth Engines - The pan-shelf domain has emerged as a new growth engine, with its GMV accounting for over 32% of total e-commerce GMV in Q2 - During the 618 shopping festival, GMV for pan-shelf products grew by over 50%, while search GMV increased by over 140% [2] AI Commercialization - Revenue from Kuaishou's AI product, Keling AI, exceeded 250 million yuan in Q2 2025 - Keling AI has been rapidly iterating its product features, with new functionalities launched to enhance creator experience [2] Future Outlook - The CEO of Kuaishou emphasized the rapid growth of AI commercialization and the company's commitment to exploring AI technology's transformative impact on business scenarios for high-quality growth [2]

Core Insights - Kuaishou reported a 13.1% year-on-year revenue growth to 35 billion yuan for Q2 2025, with adjusted net profit increasing by 20.1% to 5.6 billion yuan [1] - The company announced its first special dividend since going public, amounting to approximately 2 billion HKD, reflecting confidence in long-term growth and commitment to shareholder returns [1] - Average daily active users reached 409 million, a 3.4% increase year-on-year, while average monthly active users grew by 3.3% to 715 million [1] Revenue Structure - The revenue contributions from online marketing services, live streaming, and other services (including e-commerce) were 56.4%, 28.7%, and 14.9% respectively [1] - Kuaishou's overseas business showed robust performance, with Q2 revenue reaching 1.3 billion yuan, a 20.5% year-on-year increase [1] E-commerce Performance - Kuaishou's e-commerce GMV grew by 17.6% year-on-year to 358.9 billion yuan in Q2 2025, with an average monthly buyer count of 134 million [2] - The share of general merchandise e-commerce GMV exceeded 32%, with significant growth during the 618 shopping festival [2] - Short video e-commerce GMV increased by over 30% year-on-year, driven by enhanced supply quality and effective matching of target audiences [2] AI and Technology Developments - Kuaishou launched the OneRec end-to-end generative recommendation model to predict user-preferred video content [3] - The revenue from Kuaishou's AI business exceeded 250 million yuan, with ongoing acceleration in commercialization [3] - The company introduced several new features for its AI models, enhancing video generation capabilities [3]

周四下午，快手公布2025年二季度业绩报告。核心要点如下： 财务表现 核心业务进展 盈利能力创新高，但增长动力面临考验 从财务数据看，快手Q2表现确实可圈可点。总收入350.5亿元的同比13.1%增长，在当前环境下已属不 易。更值得关注的是盈利质量的提升——经调整净利润率16.0%创下单季历史新高，这反映出公司运营 效率的持续优化。 不过，增长动力的可持续性仍需观察。从用户增长看，4.09亿日活同比仅增长3.4%的数据显示，快手在 用户规模扩张上已进入相对成熟阶段。好在用户粘性保持稳定，日均使用时长126.8分钟，总使用时长 同比增长7.5%，说明平台对存量用户的吸引力并未减弱。 可灵AI成最大亮点，商业化进程超预期 可灵AI无疑是本季度最大的惊喜。Q2收入超2.5亿元的表现，远超市场预期。从技术层面看，5月推出 的可灵AI 2.1系列模型在动态表现、物理模拟和语义响应方面均有显著提升，7月发布的"灵动画布"功能 进一步完善了产品矩阵。 更重要的是，可灵AI已经从单纯的技术展示转向实际的商业应用。与快手星芒短劇联合出品的《新世 界加载中》全球累计播放量近2亿，为AI影视内容创作树立了新标杆。这种从技术突破到内 ...

每经北京8月21日电（记者 王郁彪）快手（01024.HK）今日公布了2025年第二季度财报。第二季度，可 灵AI营收超过2.5亿元。此外，快手第二季度总营收同比增长13.1%至350亿元，经调整净利润达56亿 元，同比增长20.1%。电商业务方面，第二季度，快手GMV（商品交易总额）同比增长17.6%至3589亿 元。 ...