Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (1024.HK) with a target price of HKD 68.8, compared to the current price of HKD 54.20 [4]. Core Views - Kuaishou's Q1 2025 performance slightly exceeded expectations, with total revenue of RMB 32.6 billion, a year-on-year increase of 10.9%, and adjusted net profit of RMB 4.58 billion, up 4.4% year-on-year [1][2]. - The growth in revenue is driven by the online marketing segment, which generated RMB 18 billion, reflecting an 8% year-on-year increase, and e-commerce GMV of RMB 332.3 billion, up 15.4% year-on-year [2]. - The report highlights the acceleration of commercialization for Kuaishou's AI capabilities, contributing to revenue growth and potential valuation increments [2]. Summary by Sections Financial Performance - Kuaishou's Q1 2025 gross margin was 54.6%, with operating profit at RMB 4.26 billion, a 6.6% year-on-year increase [1]. - Sales expenses rose to RMB 9.9 billion, a 5.5% increase year-on-year, attributed to increased subsidies for growth businesses [1]. - R&D expenses reached RMB 3.3 billion, a 16% increase year-on-year, reflecting investments in AI-related personnel [1]. Business Segments - Online marketing revenue was RMB 18 billion, slightly above expectations, driven by AI model improvements [2]. - E-commerce GMV was RMB 332.3 billion, with a 15.4% year-on-year growth, supported by a 30% increase in new merchants [2]. - Live streaming rewards reached RMB 9.8 billion, a 14.4% increase year-on-year, with significant growth in contracted agencies and streamers [2]. Growth Drivers - The commercialization of Kuaishou's AI, particularly the Keling AI, is expected to drive revenue growth, with Q1 2025 revenue from Keling AI exceeding RMB 150 million [2]. - Local life services revenue doubled year-on-year, and overseas revenue reached RMB 1.3 billion, a 33% increase year-on-year [2]. - User engagement metrics showed a 6% year-on-year increase in total usage time, with daily active users (DAU) at 410 million [2]. Profit Forecast and Valuation - The report slightly raises the adjusted net profit forecasts for 2025-2027 to RMB 20.13 billion, RMB 24.18 billion, and RMB 27.70 billion, respectively [2][3]. - The report emphasizes the potential valuation increment from Kuaishou's AI developments, with a target price of HKD 68.8 based on robust fundamentals [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70, representing a potential upside of 36% from the current price of HKD 51.6 [1][3]. Core Insights - The company has demonstrated significant revenue and profit growth driven by its AI capabilities and overseas business commercialization, achieving a revenue of RMB 32.6 billion in Q1 2025, a year-on-year increase of 10.9% [3]. - The adjusted net profit for Q1 2025 reached RMB 4.6 billion, reflecting a year-on-year growth of 4.4%, with an adjusted net profit margin of 14.0% [3]. - The company’s DAU (Daily Active Users) and MAU (Monthly Active Users) reached historical highs of 408 million and 712 million, respectively, indicating enhanced user engagement [3]. Financial Performance Summary - Total revenue projections for the fiscal years 2023 to 2027 are as follows: - 2023: RMB 113.47 billion - 2024: RMB 126.90 billion - 2025: RMB 141.35 billion - 2026: RMB 153.97 billion - 2027: RMB 165.08 billion - The revenue growth rates are projected at 20.5% for 2023, 11.8% for 2024, and gradually declining to 7.2% by 2027 [2][15]. - Net profit is expected to grow from RMB 6.40 billion in 2023 to RMB 24.69 billion by 2027, with a notable increase of 139.8% in 2024 [2][15]. Business Segments - Online marketing services generated RMB 18 billion in Q1 2025, accounting for 55.1% of total revenue, with significant growth driven by content consumption and local life services [3]. - Live streaming revenue in Q1 2025 was RMB 9.8 billion, showing a year-on-year increase of 14.4%, while overseas business revenue reached RMB 1.3 billion, marking a 32.7% increase [3]. - The company’s AI solutions, particularly the "可靈 AI" platform, generated over RMB 150 million in revenue in Q1 2025, with a global user base exceeding 22 million [3]. Shareholder Returns - The company has repurchased approximately HKD 14.2 billion worth of shares in Q1 2025, representing about 0.68% of the total share capital, as part of its commitment to enhancing shareholder returns [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.0, representing a potential upside of 36% from the current price of HKD 51.6 [2][4]. Core Insights - The company has demonstrated significant growth in both revenue and profit, driven by its AI capabilities and overseas business expansion. In Q1 2025, the company achieved revenue of RMB 32.6 billion, a year-on-year increase of 10.9%, and an adjusted net profit of RMB 4.6 billion, up 4.4% year-on-year [4]. - The company's daily active users (DAU) reached a record high of 408 million, with monthly active users (MAU) at 712 million, indicating increased user engagement [4]. - The report highlights the successful monetization of AI technology, with the AI segment generating over RMB 150 million in revenue and a global user base exceeding 22 million [4]. Financial Summary - Total revenue projections for the fiscal years are as follows: RMB 113.47 billion for 2023, RMB 126.90 billion for 2024, and RMB 141.35 billion for 2025, reflecting growth rates of 20.5%, 11.8%, and 11.4% respectively [3]. - Net profit estimates are projected to rise from RMB 6.40 billion in 2023 to RMB 17.55 billion in 2025, with a significant increase of 139.8% in 2024 [3]. - The adjusted net profit is expected to grow from RMB 10.27 billion in 2023 to RMB 20.56 billion in 2025, with a year-on-year growth of 72.5% in 2024 [3]. User Engagement and Market Performance - The company reported a gross merchandise volume (GMV) increase, with live streaming revenue reaching RMB 9.8 billion in Q1 2025, a year-on-year growth of 14.4% [4]. - The overseas business segment achieved revenue of RMB 1.3 billion in Q1 2025, marking a year-on-year increase of 32.7% and achieving positive operating profit for the first time [4]. - The report emphasizes the company's strong cash position, with cash and cash equivalents amounting to RMB 11.6 billion and total available funds of RMB 94 billion as of March 31 [4].

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (1024.HK) with a target price of HKD 68.8, compared to the current price of HKD 54.20 [4]. Core Insights - Kuaishou's Q1 2025 performance slightly exceeded expectations, with total revenue of RMB 32.6 billion, a year-on-year increase of 10.9%, and adjusted net profit of RMB 4.58 billion, up 4.4% year-on-year [1][2]. - The company's gross margin was 54.6%, in line with expectations, while operating profit reached RMB 4.26 billion, reflecting a year-on-year growth of 6.6% [1]. - The report highlights the acceleration of AI commercialization as a potential valuation increment, particularly through the application of Kuaishou's AI capabilities across various sectors [2]. Revenue Breakdown - Online marketing revenue was RMB 18 billion, growing 8% year-on-year, driven by improved marketing material conversion efficiency from AI models [2]. - E-commerce GMV reached RMB 332.3 billion, a year-on-year increase of 15.4%, with active buyers growing by 7.1% to 135 million [2]. - Live streaming rewards amounted to RMB 9.8 billion, up 14.4% year-on-year, with significant growth in the number of contracted agencies and streamers [2]. Growth Drivers - The report notes that Kuaishou's AI, particularly the Keling AI, has been widely applied, generating over RMB 150 million in revenue in Q1 2025, contributing to a 15.2% increase in other revenues [2]. - Local life services revenue doubled year-on-year, with a 73% increase in monthly paying users, while overseas revenue grew by 33% to RMB 1.3 billion [2]. - User engagement metrics showed a 6% year-on-year increase in total usage time, with daily active users (DAU) and monthly active users (MAU) at 410 million and 710 million, respectively [2]. Financial Forecasts - The adjusted net profit forecasts for 2025-2027 have been slightly raised to RMB 20.13 billion, RMB 24.18 billion, and RMB 27.70 billion, reflecting a modest increase from previous estimates [2][3]. - Revenue projections for 2025 are set at RMB 142.6 billion, with a growth rate of 12.4% [3]. - The report indicates a stable fundamental outlook, with potential valuation increments driven by advancements in AI applications [2].

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and profit figures meeting expectations, indicating a stable growth trajectory in its advertising and e-commerce segments [1][2]. Group 1: Q1 2025 Performance - Revenue increased by 11% year-on-year to 32.6 billion yuan, while Non-GAAP net profit rose by 3% to 4.58 billion yuan, aligning with market expectations [1]. - Monthly Active Users (MAU) grew by 2% to 712 million, and Daily Active Users (DAU) increased by 3.6% to 408 million, with average daily usage time per DAU up by 3.3% to 134 minutes [1]. Group 2: Development Trends - The company anticipates a return to double-digit year-on-year growth in advertising revenue in Q2 2025, with a projected 12% increase, driven by opportunities in content consumption and local life advertising [1]. - E-commerce Gross Merchandise Volume (GMV) is expected to grow by 13-14% year-on-year in Q2 2025, maintaining a stable performance, particularly during the 618 shopping festival [1]. Group 3: AI Commercialization and Overseas Business - The AI segment, Keling, achieved revenue of 150 million yuan in Q1 2025, exceeding expectations, with a global user base surpassing 22 million and over 10,000 enterprise clients [2]. - The overseas business saw a 32.7% year-on-year revenue increase to 1.32 billion yuan, achieving an operating profit of approximately 28 million yuan, with steady growth in key markets like Brazil [2]. Group 4: Profit Forecast and Valuation - The company maintains its Non-IFRS net profit forecast, with the current stock price corresponding to a 10/8 times Non-IFRS P/E ratio for 2025/2026, and a target price of 66 HKD, indicating a potential upside of 35% [2].

每经记者｜陈婷 每经实习编辑｜余婷婷 5月29日，《每日经济新闻》记者了解到，截至5月26日，天猫"618"第一阶段参加国补的家电家装、手 机数码等品类成交总额较去年双11增长283%。其中，美的、海尔、科沃斯、源氏木语等40个品牌成交 破亿元，带动家电、家居、家装、3C数码等行业整体成交同比双位数增长，超3000个品牌同比成交翻 倍。 点评：家电、家装、3C数码等行业作为消费升级的重点领域，借助国补政策降低了消费者的购买成 本，激发了购买欲望。 NO.2 快手可灵AI上线2.1系列模型 5月29日，快手可灵AI（人工智能）推出全新2.1系列模型，5s视频低至20灵感值（可灵消费虚拟道 具），1080P高清画质，具有更强的语音响应，展现了超高性价比和业内领先的生成速度。 NO.1 天猫"618"国补品类成交同比增长283% 点评：对于内容创作者和相关企业来说，更高效、更低成本的AI工具意味着能够更快地产出高质量内 容，提高创作效率和内容产出量，进而有助于推动短视频行业内容生态的进一步繁荣。不过，随着类似 产品不断涌现，可灵AI也面临着持续优化技术、提升用户体验以及拓展应用场景等方面的竞争压力。 | 2025年 ...

每经记者｜王郁彪 每经实习编辑｜余婷婷 单季度收入1.5亿元的喜讯没过多久，快手可灵又升级了。 快手一季度财报显示，可灵AI营业收入超过人民币1.5亿元。此外，快手还首次公布了可灵的收入结构。目前P端付费订阅会员贡献了可灵AI将近70% 的营业收入。P端付费订阅会员指自媒体视频创作者和广告营销从业者等专业用户，他们兼具C端（消费者）用户的传播属性和B端（企业）用户的付 费能力，是目前视频生成大模型的核心受众群体。 作为业绩提速的组织"配套"，可灵AI也在快手内部被"提级"。4月30日，快手发布组织架构调整公告，宣布正式成立可灵AI事业部，下设产品部、运 营部和技术部，负责可灵、可图等系列大模型业务。快手高级副总裁盖坤担任可灵AI事业部负责人，向快手科技创始人兼首席执行官程一笑汇报。 程一笑在一季度财报电话会上说："后续可灵AI会持续开展相关运营活动，特别是海外区域的运营，实现用户增长。" 2025年，生成式大模型的市场竞争无疑将更加激烈，特别是字节跳动在生成式大模型及其相关AI产品的布局也在明显提速。虽然大家几乎都站在同一 起跑线上，但开枪发令后，谁先跑到前面谁才最有机会。 虽然在整体视频生成效果等方面，可灵 ...

Group 1 - Investment Rating: Buy with a target price of HK$70.00 [2][3][23] - Core Viewpoint: The company expects advertising revenue to recover to double-digit growth in the second half of 2025, driven mainly by external advertising [2][8][9] - Revenue and Profit Summary: In Q1 2025, revenue grew by 11% year-on-year to RMB 32.6 billion, and adjusted net profit was RMB 4.6 billion, both in line with expectations [2][3][20] Group 2 - Financial Forecasts: Revenue and adjusted net profit forecasts for 2025-2027 remain largely unchanged [21][23] - Shareholder Returns: The company announced a share buyback plan of HK$16 billion over the next 36 months, with a total of 29.2 million shares repurchased so far this year [3][21] - Key Financial Metrics: The projected revenue for 2025 is RMB 141.9 billion, with an adjusted net profit of RMB 20.4 billion, reflecting a year-on-year growth of 12% [5][21][27]

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024) with a target price of HKD 64, indicating a potential upside of 31% from the current price [1]. Core Insights - Kuaishou's Q1 performance met expectations with total revenue and adjusted net profit of RMB 32.6 billion and RMB 4.6 billion respectively, reflecting year-on-year growth of 11% and 4% [1]. - The report highlights the impact of increased AI computing power investments offsetting cost optimizations, maintaining the 2025 profit forecast at RMB 20.3 billion, with an adjusted net profit margin of 14%, stable compared to 2024 [1]. - The report emphasizes the commercial potential of Kuaishou's AI capabilities, particularly in video generation, warranting a valuation premium based on a 13x P/E ratio for 2025 [1]. Segment Overview - E-commerce GMV grew by 15% year-on-year, with MAU penetration at 19% and average spending per user also up by 7% [2]. - Online marketing revenue increased by 8% year-on-year, with content consumption and local life sectors showing strong growth [2]. - Live streaming revenue rebounded with a 14% year-on-year increase, alongside significant growth in the number of signed agencies and streamers [2]. - Local life services saw substantial growth in active merchants and product offerings, with monthly paid users increasing by 73% year-on-year [2]. - Internationally, revenue grew by 33% year-on-year, achieving positive operational profit for the first time [2]. - The report anticipates continued growth in Q2, with e-commerce GMV expected to rise by 14% and advertising revenue projected to recover with a double-digit growth rate [2].

【环球网科技综合报道】5月27日，快手科技发布2025年第一季度业绩报告。报告显示，在AI技术与平台生态深度融合的驱动下，快手实现总营收326亿 元，同比增长10.9%；经调整净利润46亿元，利润率14%；快手应用平均日活跃用户数（DAU）达4.08亿，创历史新高。本季度可灵AI商业化加速落地，营 业收入超1.5亿元；海外业务首次实现单季度整体经营利润转正，本地生活业务收入同比增长2倍。 商业化方面，2025年Q1可灵AI营业收入达1.5亿元，企业客户超1万家，P端付费用户高速增长。技术已渗透至广告营销、短剧、智能终端等领域：女娲数字 人直播提升转化率，AIGC营销素材日均广告消耗3000万元；短剧投放Agent实现广告创编、投放全流程自动化，全自动投放产品客户渗透率从30%提升至 60%；电商推出智能开播工具、AI试衣等功能，智能客服问题解决率达80%。 电商业务：全域经营与商家赋能 快手第一季度收入结构呈现多元化增长态势。线上营销服务收入180亿元，占总营收55.1%，内容消费、本地生活行业增长显著，其中短剧行业单日消耗峰 值突破3000万元，小游戏行业达1200万元，本地生活消耗同比增长超50%。直播业 ...