Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.94 [7][21]. Core Insights - The company's Q1 performance slightly exceeded expectations, with revenue growth of 10.9% year-on-year to RMB 32.6 billion, surpassing the consensus estimate by 1.2% [1]. - The gross margin improved by 0.3 percentage points to 54.6%, and adjusted net profit increased by 4.4% year-on-year to RMB 4.58 billion, exceeding expectations by 3% [1]. - The report highlights the acceleration of commercialization for the company's AI product, Keling, which is expected to generate over RMB 1 billion in revenue by 2025 [2]. - The e-commerce segment showed robust growth with a GMV increase of 15% year-on-year, supported by a significant rise in the number of new merchants and active buyers [3]. Financial Performance - The company forecasts a revenue increase of 12.5% for 2025, with live streaming expected to grow by 8%, and advertising revenue projected to rise by 13% [1][4]. - Adjusted net profit estimates for 2025 have been slightly revised down to RMB 17.775 billion, reflecting a lower contribution from live streaming revenue [4][18]. - The report provides a detailed financial forecast for 2023 to 2027, indicating a steady growth trajectory in both revenue and adjusted net profit [6][19]. Business Segments - The Keling AI product has seen strong growth in both user scale and ARPU, contributing approximately 70% of its total revenue from professional users [2][12]. - The advertising revenue for Q1 grew by 8% year-on-year, with significant contributions from external circulation advertising [3][14]. - The overseas business achieved operational profitability for the first time, with Brazil being a key market driving growth [16]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a target price of HKD 70.94, based on the expected acceleration in live streaming and Keling's future revenue contributions [4][21]. - The valuation reflects a discount compared to peers, primarily due to slower revenue growth relative to competitors [21][22].

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price of HKD 70, representing a potential upside of 44% from the current price of HKD 48.75 [3][10][18]. Core Views - The report highlights that Kuaishou's revenue for Q1 2025 reached RMB 32.6 billion, a year-on-year increase of 10.9%, slightly above market expectations. The gross margin was maintained at a high level of 54.6%, and the adjusted net profit was RMB 4.6 billion, with an adjusted net profit margin of 14.0% [8][9]. - The report anticipates a rebound in advertising growth, driven by an increase in daily active users (DAU) to 408 million, a 3.6% year-on-year growth, and a 5.9% increase in total user engagement time. Advertising revenue for Q1 2025 was RMB 18 billion, up 8% year-on-year, with expectations for double-digit growth in Q2 2025 [8][9]. - Kuaishou's AI commercialization is accelerating, with revenue from KuaLing AI exceeding RMB 150 million in Q1 2025, driven by a significant increase in paid professional consumers. The company plans to launch more cost-effective versions to attract a broader user base [8][9]. Financial Summary - Revenue projections for Kuaishou are adjusted to RMB 141.9 billion for FY25, with operating profit expected to reach RMB 19.1 billion and adjusted net profit projected at RMB 20 billion [2][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and profits over the next few years, with expected revenues of RMB 162.5 billion by FY27 [2][9]. - The adjusted target P/E ratios are projected at 14.0x for FY25 and 11.0x for FY26, reflecting the company's growth potential and market positioning [2][9].

长江商报奔腾新闻记者 沈右荣 领先的内容社区和社交平台快手（01024.HK）增收不增利。 5月27日晚，快手公布了未经审计的一季度业绩。前三个月，公司实现营业收入326.08亿元，同比增长 10.9%，超出市场预期；归母净利润39.79亿元，同比下降3.42%。这是公司归母净利润连续七个季度增 长后的首次下降。 不过，快手该季度经调整后归母净利润为45.80亿元，同比增长4.4%。 分业务看，今年一季度，快手线上营销服务收入180亿元，同比增长8%，增速低于此前20%左右的增 速；直播业务收入98亿，同比增长14.4%，扭转了此前连续4个季度下降趋势，表明精细化运营见成 效。 截至今年一季度末，公司签约公会机构数量同比提升超25%，签约主播数量同比增长超40%。 一季度，电商GMV同比增长15.4%至3323亿元，短视频GMV同比增长超40%，泛货架对快手电商总 GMV的贡献比例约达30%。 该季度快手的海外业务表现亮眼，海外整体收入同比增长32.7%，达到13亿元，其中线上营收同比保持 高速增长。海外业务经营利润2800万元，首次实现了扭亏为盈。 在线营销服务受日活用户数及单用户收入影响，从日活数据看，一 ...

快手可灵AI上线2.1系列模型 金十数据5月29日讯，近日，可灵AI推出全新2.1系列模型，展现了超高性价比和业内领先的生成速度， 同时进一步提升模型质量。 ...

MVL Framework Unlocks Broad Commercial Potential. Kuaishou's newly launched MVL (multi-modal visual language) framework enables richer expression by integrating various input formats—text, images, videos, sounds, and motion data—into the creative workflow. This approach better captures and realizes creative intent compared to text alone. Kling AI 2.0 adopts this framework to support more precise and expressive content creation. Commercial applications span advertising, professional content creation, film an ...

值得关注的是，在营销推荐环节，快手将大模型深度融合了世界知识和广告领域专业知识，能推理用户自然行为 和广告行为之间的关联，并完成端到端的生成广告，提升营销推荐的精准度和转化效率。 华夏时报（www.chinatimes.net.cn）记者 于玉金 北京报道 用AI"改造"原有业务成为各大厂商的常规操作，快手也是如此。从内容理解、生产与推荐到中后台的代码编写和 内容审核，AI正在与快手现有的业务深度融合，尤其在线上营销与电商领域，技术红利正成为快手业务收入增长 的动力。 5月27日晚间，快手发布2025年Q1业绩显示，其总营收同比增长10.9%至326亿元。经调整净利润达46亿元，同比 增长4.4%。值得关注的是，从去年6月上线的可灵AI在今年Q1实现了超1.5亿元的收入，虽然该收入对总收入的贡 献仍微乎其微，但这成为快手可挖掘第二增长空间。 快手科技创始人兼首席执行官程一笑在27日晚间的财报电话会议上表示，可灵AI的成功使快手执行聚焦战略的信 心更加坚定，包括在组织协同、算力、算法提升和数据积累等方面的投入以保持可灵AI的行业优势，并在商业化 变现方面实现高速增长。 拉动主营业务增长 快手的三大业务分别为线上 ...

从一季度财报和财报后电话会的内容都可以看出快手对AI技术在平台生态中的运用极为重视。财报显 示，可灵AI商业化变现加速，2025年第一季度可灵AI收入超过1.5亿元。 快手科技创始人兼首席执行官程一笑在财报后的电话会上透露，从收入构成来看，目前P（Prosumer） 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端用户的传播属性和B端用户的付费能力，是目前视频生成大模型的核 心受众群体。目前，快手P端付费订阅会员数量和ARPU值均呈现较高的增速，双轮驱动可灵P端付费订 阅收入增长。 就线上营销服务板块，快手方面透露，他们借助AI技术对线上营销服务解决方案进行全流程赋能，包 括AIGC营销素材生产、营销投放智能体和营销推荐大模型等，提升了客户的营销转化效率。2025年第 一季度，AIGC营销素材的日均广告消耗约为3000万元。他们还上线了数字人直播间实时互动功能，提 升了直播间的转化率。 海外业务首次实现季度经营利润转正 电商业务也在与AI深度融合。程一笑表示，电商场景中，AIGC内容生产、精准匹配、智能客服等技术 有效降低了商家的经 ...

Group 1 - The core focus of Kuaishou's Q1 financial report is on AI, with the notable achievement of its overseas business turning profitable for the first time [1] - Kuaishou's CEO announced that the revenue from Keling AI has reached 150 million yuan, showing a positive growth trend since its commercialization began in Q4 2024 [1][5] - Kuaishou's stock price reacted positively to the earnings report, opening at 51.90 HKD, a 5.03% increase from the previous closing price [1] Group 2 - Kuaishou's e-commerce GMV for Q1 reached 332.3 billion yuan, a year-on-year growth of 15.4%, indicating a stabilization in growth rates [2] - The contribution of Kuaishou's shelf e-commerce GMV to total e-commerce GMV remains around 30%, showing slow improvement over the past quarters [2] - Kuaishou struggles to compete with Douyin in attracting high GMV merchants, limiting its growth potential in the e-commerce sector [2] Group 3 - Kuaishou's online marketing service revenue grew by 8% year-on-year in Q1 2025, down from 13% in Q4 2024, indicating a slowdown in growth [3] - The competition in the advertising sector, particularly from party games and local life services, has impacted Kuaishou's revenue base [3] - Kuaishou's short drama strategy has not matched Douyin's success, contributing to its overall revenue challenges [3] Group 4 - Keling AI's revenue is primarily driven by P-end users, who contribute nearly 70% of its income, and it also serves B-end businesses through API services [6][7] - Kuaishou has established a dedicated Keling AI division, highlighting its growing importance within the company's structure [7] - Keling AI's technology has been recognized as a leader in the image-to-video model category, surpassing competitors [7][10] Group 5 - Kuaishou's overall marketing revenue reached 18 billion yuan in Q1, with AI contributing significantly to this growth [9] - The Universal Auto X solution's marketing consumption has increased to over 60% of total external consumption, indicating a strong reliance on AI [10] - Kuaishou is exploring collaborations with brands to enhance its marketing effectiveness, showcasing its commitment to integrating AI into its business model [10] Group 6 - Kuaishou's R&D expenditure in Q1 2025 was 3.3 billion yuan, a 16% increase, but still significantly lower than Tencent's R&D spending [13] - The competitive landscape in the video generation field is intensifying, with Kuaishou facing challenges from ByteDance and Tencent [12][13] - Despite the competitive pressures, Kuaishou's stock market performance has been favorable, reflecting investor optimism [13]

Core Viewpoint - Kuaishou has successfully carved out a path for AI commercialization amidst slow progress in the broader AI model market, achieving a solid financial performance in Q1 2025 with a revenue of 32.6 billion yuan, a 10.9% year-on-year increase, and an adjusted net profit of 4.6 billion yuan, reflecting a 14% profit margin [1][3]. Financial Performance - Kuaishou's Q1 revenue reached 32.6 billion yuan, marking a 10.9% year-on-year growth, aligning with market expectations [1]. - Adjusted net profit for the quarter was 4.6 billion yuan, with a net profit margin of 14% [1]. - Online marketing services contributed significantly, generating 18 billion yuan in revenue, but the growth rate fell to single digits at 8% [3]. - E-commerce GMV was 332.3 billion yuan, showing a 15.4% year-on-year increase, but the growth rate has noticeably slowed compared to previous years [3]. Business Segments - Kuaishou's live streaming revenue was 9.8 billion yuan, reflecting a 14.4% year-on-year increase, marking a recovery after four consecutive quarters of decline [4]. - The company is focusing on enhancing its live streaming operations and expanding into various verticals such as gaming, recruitment, and real estate [4]. - The international business segment saw a revenue of 1.3 billion yuan, a 32.7% increase year-on-year, with the company achieving its first quarterly operating profit overseas [5]. AI Development - Kuaishou's AI initiative, Keling AI, generated over 150 million yuan in revenue in Q1, indicating a strong growth trajectory [5][6]. - The AI strategy is expected to contribute 1% to 2% to the overall profit margin in the long term, with a target of reaching 100 million USD in annual revenue from AI commercialization [6]. - Kuaishou has established a dedicated AI division, highlighting the importance of AI in its growth strategy [6]. Market Challenges - Despite the positive developments in AI and international markets, Kuaishou faces significant challenges in maintaining its core business amidst a competitive landscape [7]. - The company must balance its resources between sustaining its existing business and investing in new growth areas, which is a strategic approach to navigate current market conditions [7].

Core Viewpoint - Kuaishou's Q1 2025 performance report highlights strong revenue growth and profitability, driven by AI integration and a diversified business model [2][6][9] Financial Performance - Total revenue reached 32.608 billion yuan, a year-on-year increase of 10.9%, exceeding market expectations of 32.28 billion yuan [6][7] - Adjusted net profit was 4.58 billion yuan, up 4.4% year-on-year, also surpassing market estimates of 4.5 billion yuan [6][7] - Online marketing services revenue was 17.977 billion yuan, growing 8.0% and accounting for 55.1% of total revenue [6][8] - Live streaming revenue increased by 14.4% to 9.814 billion yuan, representing 30.1% of total revenue [6][8] - Other services revenue, primarily from e-commerce, grew 15.2% to 4.817 billion yuan, making up 14.8% of total revenue [6][8] User Engagement - Average daily active users reached a record high of 408 million, maintaining over 400 million for three consecutive quarters [2][6] - Kuaishou's overseas business achieved a significant milestone by turning profitable for the first time in a single quarter, with revenue of 1.315 billion yuan, a 32.7% increase year-on-year [9] AI Integration - Kuaishou's Keling AI generated revenue of over 150 million yuan in Q1, with more than 10,000 B-end clients across various industries [2][10] - The Keling AI user base surpassed 22 million globally, with a 25-fold increase in monthly active users since its launch [10][12] - Keling AI's rapid commercialization is evident, with expectations for revenue growth to 800 million yuan in 2025, up from a previous estimate of 450 million yuan [13] Market Response - Following the earnings report, Kuaishou's stock price rose by 5.54% despite a general decline in the Hang Seng Index [2] - Analysts from major firms have issued positive reports, highlighting Kuaishou's strong AI capabilities and anticipated growth in advertising and e-commerce [13]