29 March 2025 | 1:09AM HKT Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Kuaishou Technology (1024.HK) Internet Trip Takeaways: AI strategy and tangible Kling monetization potential; Ads to accelerate from 2Q25; Buy | | | We hosted Kuaishou CFO and the IR team with investors in Beijing on Mar 26 as part of our China Internet Trip, where investors' key focus and our takeaways centered around: 1) AI strategy and potential. Management believes Kuaishou's technology advantag ...

4月1日，快手-W（01024）早盘高开高走，盘中涨幅一度超4%，截至午盘收盘，报56.5港元，涨幅达 3.96%。 消息面上，3月31日，快手2025磁力大会在长沙召开，本次大会以"生成新商业"为主题， 快手高级副总 裁、电商事业部负责人兼商业化事业部负责人王剑伟在会上表示，基于平台繁荣的内容生态和商业生 态、AI能力的全面布局，快手能够在AIGC内容生产、投放Agent、营销推荐大模型、出价推理大模型等 全流程上对商业营销领域进行重塑。 在AIGC内容生产方面， 2024年Q4，快手AIGC短视频营销素材和虚拟数字人直播解决方案的日均消耗 突破3000万。 电商经营方面，大会透露，过去一年，快手电商泛货架场交易额同比增长61.3%、日均买家数增长 65.7%、日均商家数增长119%。货架场的持续繁荣，也正在为平台和商家带来新的商业增量。 本地线索方面，依托智能客服π的即时互动、深度转化私信能力，本地线索行业商业意图用户增长超过 10%、线索大盘转化成本降低11%。2024年Q4本地生活服务月均支付用户数同比增长52%， 与此同时， 快手通过引入DeepSeek调优和行业调优，让智能客服π在私信对话相关性、 ...

文娱商业观察 文/矮子巨人 快手财报业绩出炉后，最为激动的无疑是AI领域的众多玩家们。 2024年，快手总收入同比增长11.8%至1269亿元，经调整净利润同比增长72.5%至177亿元。其中AI业务尤为吸引眼球，视频大模型可灵AI自商业化以来至 今年2月累计营业收入已超1亿元，服务用户超500万，商业化单月流水超千万，明年预计还会大幅增长。 财报电话会上，快手科技创始人兼首席执行官程一笑表示："可灵AI目前是国内商业化变现规模第一的视频生成AI应用。" 同时，程一笑也毫不掩饰他的雄心壮志——计划在未来3年甚至更长时间进行更大规模的资本性支出（capex）和研发投入，未来10年，会尝试将快手建设 成为AI时代普惠的数字家园。 快手撬动了新的估值想象空间，同时也给其他玩家们带来了一份确定性的安全感，包括"老冤家"字节跳动。 事实上，字节跳动拥抱AI早已板上钉钉。 去年，为了深耕AI技术的应用，字节跳动毅然从游戏赛道撤退。到了今年从成立"Seed Edge"研究项目到内测抖音接入豆包，再到即梦AI联合抖音启 动"AIGC短剧联合招募计划"等，字节跳动更是动作不断、步步大招。 而且，字节的即梦AI也具备抗衡可灵AI ...

Kuaishou Technology Earnings Call Summary Company Overview - **Company**: Kuaishou Technology - **Industry**: Internet Services, specifically focused on short-form video and e-commerce platforms in China Key Points and Arguments Financial Performance - Kuaishou's Q424 results were in line with expectations for both revenue and net profit, indicating stability in performance [1][4] - The company reiterated its revenue forecasts for 2025, projecting a revenue of Rmb141.972 billion, which reflects a growth trajectory [4][11] - Adjusted net profit (NP) estimates were slightly trimmed due to anticipated additional AI costs, but overall expectations remain conservative compared to sell-side consensus [4][6] Growth Drivers 1. **AI Monetization**: - Management highlighted significant growth in AI monetization, with projected revenue from Kling expected to reach Rmb450 million by 2025, up from Rmb100 million by February 2025 [3] - AI is anticipated to contribute to high-single-digit improvements in effective cost per mille (eCPM) and is expected to account for approximately 13% of Kuaishou's ad revenue in Q4 [3][4] 2. **E-commerce Expansion**: - Expected gross merchandise volume (GMV) growth of 13-15% in 2025, likely outperforming the overall online retail sector [3] - Improvements in the e-commerce supply chain and recommendation systems are seen as sustainable growth drivers [3] 3. **Advertising Revenue**: - Projected ad revenue growth of 14% in 2025, driven by high-single-digit eCPM growth and stable internal ad monetization rates [3] - Q1 is expected to be a seasonal low for ad growth, with a return to mid-teens growth rates from Q2 onwards [3] Margin and Profitability - Kuaishou's margin expansion levers remain intact, but management noted that investments in AI could result in a 1-2 percentage point drag on margins [3] - A modest adjusted net profit margin expansion of 84 basis points is modeled for 2025 [3] Valuation and Market Position - The company maintains a "Buy" rating with a price target raised from HK$76.40 to HK$83.40, reflecting a DCF-derived valuation [5][9] - Kuaishou's market cap is approximately HK$247 billion (US$31.8 billion), with a current share price of HK$56.80 [5] Additional Insights - Kuaishou's management is known for conservative outlooks at the beginning of the year, with a history of beating and raising bottom-line expectations [4] - The company is positioned as the second-largest short-form video platform in China, with ambitions to expand its global footprint in video content creation [1][3] Important but Overlooked Content - The effective tax rate is projected to increase, which could impact net income [3] - The company has a free float of 81%, indicating a significant portion of shares available for trading [5] - Average daily trading volume is approximately 62,349,000 shares, suggesting active market participation [5] This summary encapsulates the key insights from Kuaishou Technology's earnings call, highlighting its financial performance, growth strategies, and market positioning.

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Kuaishou-W (01024) with a 12-month target price of HKD 62, based on a price-to-earnings valuation of 12 times the average expected earnings per share for 2025-2026 [1] Group 1: Artificial Intelligence Strategy - Kuaishou's management believes it has a technological advantage in its AI strategy, particularly in Kuaishou's AI video generation capabilities, supported by a large dataset of labeled videos and a strong talent pool of algorithm engineers [2][3] - The company expects Kuaishou's AI business revenue to reach USD 60 million by 2025, with 70% of revenue coming from consumer subscriptions and 30% from B2B clients [3] - Management aims to capture a significant share of the total addressable market in the video production industry, including films, TV shows, and advertisements [3] Group 2: Advertising Business - Management anticipates a 7-8% year-over-year growth in advertising revenue for Q1 2025, with a target of 14-15% growth for the entire year [2][5] - The company has observed sequential improvement in advertising performance and expects a return to normal seasonal growth starting in Q2 2025 [5] - Key drivers for advertising growth include contributions from new mini-game verticals and monetization of e-commerce traffic [5] Group 3: E-commerce Business - Kuaishou expects a 13% year-over-year growth in gross merchandise value (GMV) for 2025, primarily driven by general e-commerce, while live e-commerce is projected to grow in single digits [2][7] - The company views monthly active customers as a key growth driver, with an increase in average order value due to product mix optimization [7] - Kuaishou plans to maintain stable commission rates in 2025 to support small and medium enterprises, offset by monetization from general e-commerce traffic [7] Group 4: Capital Expenditure - Kuaishou's total capital expenditure is projected to be between RMB 10-15 billion in 2025, with a significant portion allocated to AI-related investments [4] - The company has achieved breakeven at the gross profit level for its AI video generation business [4]

来源：光明网 "数字时代，算法既是技术创新的引擎，也是社会治理的课题。"在3月30日举行的2025中国网络媒体论 坛"坚持主流价值导向 推动算法向上向善"主题分享会上，快手科技联合创始人杨远熙系统阐述了快手 在算法治理领域的实践与思考。他表示，算法作为数字时代的技术核心，必须坚持公平性、透明性和向 善性，以科技之力守护用户权益，共建清朗网络生态。 算法的发展必须以用户为中心，保障其知情权、选择权和隐私权。杨远熙介绍，快手公开热搜排序规 则，并通过趣味视频、智能客服等渠道向用户普及算法逻辑，确保透明可监督；平台上线"个性化推荐 管理面板"，用户可自主调节内容偏好，并通过实时反馈机制帮助算法优化，赋予用户选择权。 算法的良性发展需凝聚多方力量。快手通过用户共治、技术共治和行业共治，推动形成治理合力。 杨远熙表示，快手将秉持"算法向上向善"的理念，加大以AI为代表的技术研发力度，持续优化算法推荐 内容池，保障内容推荐的公平性、透明性和多样性。（记者 宋雅娟） 杨远熙表示，在短视频直播领域，算法不仅是内容分发的中枢神经，也是平台生态的构建者。快手通 过"规则+技术+人工"的三维治理体系，确保算法服务于健康生态。引入社 ...

快手开了一场可灵AI发布会？ 图源：官网截图 这是快手2024年第四季度及全年业绩财报电话会给不少人的感觉。其联合创始人、董事长兼CEO程一笑简单介绍完财务数据，就直接把重点放在可灵AI 上，几乎所有券商分析师的提问也落在快手AI业务上。 三个关键细节 单从账面的业绩数据看，快手的收入、利润水平都很漂亮，全年营收再次突破千亿元，达1269亿元；经调整净利润同比增长至177亿元，连续两年实现规 模化盈利，"70%+"的增幅也很耐看。 快手还着重提到两组数据：营收构成方面，线上营销服务和其他服务收入年同比增长率均超过20%； 用户规模方面，2024年第四季度，快手App平均月活用户数同比增长5.0%，达7.36亿；平均日活跃用户数同比增长4.8%，达4.01亿。同时，Q4用户总使用 时长同比增长5.8%。 这些都成为快手归因"AI大模型为核心，驱动内容和商业生态持续升级，再次交出高质量增长答卷"的重要支撑。 但官方红榜之外，有三个关键细节值得注意： 首先是快手收入、利润的增速放缓。快手在Q4的收入同比增长仅有 8.7%，非国际会计准则净利润同比增长7.77%，均为个位数。拉长时间线，按季度 看，从2021年Q1开 ...

包括科技大佬华为，其常务董事汪涛也公开表示，为了迎接加速到来的通用人工智能时代，公司将全面 推进全面智能化（AllIntelligence）战略。 文 | 港股研究社 一年之前，互联网新势力还在努力重构行业格局，成功实现逆市大增的拼多多、字节跳动一度风靡全球 市场，彼时老玩家腾讯、阿里还在奋力寻求新增量市场。 一年之后，AI正式成为众多互联网科技企业竞技的新阵地，一切从零开始。日前，以阿里、腾讯为首 的中国互联网巨头在公布最新年度业绩报时，都有一个共同点，也是市场翘首以盼的核心点：重金投入 AI领域。 而继它们之后，作为新一代头部内容社区与社交平台，快手日前公布的年度财务报表里，也用了很大一 部分篇幅来介绍其AI布局以及实力，以此着重强调快手未来的成长方向。对此，甚至有自媒体戏称"这 不是财报会，这是可灵AI发布会。" 显然，AI将是互联网赛道，乃至科技圈格局重塑、规则重制的核心，这一点已然初步形成了产业共 识。 产业达成共识的背后，不少资本势力也在寻寻觅觅，挖掘投资新机遇。兴业证券首席经济学家张忆 东"随着AI技术逐步落地，以互联网为代表的民企龙头公司的成长性将会恢复；他们的估值也会从过去 四年的向下崩塌转 ...

路快手·Cś磁力引擎 3月31日，快手2025磁力大会将于湖南长沙举行。本次大会以"生成新商业"为主题，将围绕AI技术赋能营销经营的各个环节，全面解读下一代AI智能商业引 擎。与此同时，大会还将聚焦"线索经营"、"电商经营"、"内容消费"、"品牌营销"四大议题，携手品牌、代理等共同探讨商业新格局与经营新范式。 ED KHIT STUL 2 ⁄ 0 ⁄ 2 ⁄ 5 ⁄ 磁 ⁄ 快手搜索 磁力ブ 上快手搜索磁力大会,了解 State 在"科技为本，用户为先"的理念下，快手正以AI赋能平台商业生态。快手高级副总裁、电商事业部兼商业化事业部负责人王剑伟将率先解读《生成新商业》 战略布局，探讨基于快手的商业生态，AI如何催生各行业营销新机遇，并带来下一代AI智能商业引擎。 AI基建升级重塑商业营销链路，快手商业化算法负责人江鹏将通过《科技智变AI引领智慧营销新范式》主题分享，解读大模型基础技术及算力优化的不断 革新，如何持续推动商业营销升级与变现效率提升。 AI产品提供的智能营销解决方案正在大幅提升营销效果，快手磁力引擎内容与线索广告产品、基础产品与联盟业务负责人刘逍将带来《从数字广告到智能 经营2.0》主题分享，从内 ...