Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [3][5]. Core Views - Kuaishou's revenue and net profit both achieved double-digit year-on-year growth in Q2 2025, with revenue reaching 35 billion CNY, a 13.1% increase [1]. - The e-commerce segment showed significant growth, with GMV increasing by 17.6% to 358.9 billion CNY, driven by the expansion of short video e-commerce and the optimization of the platform's marketplace [1][2]. - The report highlights the continuous enhancement of Kuaishou's AI capabilities, with revenue from Kuaishou AI exceeding 250 million CNY in Q2 2025, and expectations for revenue to double compared to the beginning of the year [3]. Financial Performance - For the fiscal year 2023, Kuaishou reported a revenue of 113.47 billion CNY, with a projected growth rate of 20% [4]. - The adjusted net profit for 2025 is expected to be 20.31 billion CNY, reflecting a year-on-year growth of 15% [4]. - The report forecasts revenues of 143 billion CNY, 158.5 billion CNY, and 170.5 billion CNY for 2025, 2026, and 2027 respectively, with corresponding adjusted net profits of 20.31 billion CNY, 25.05 billion CNY, and 28.52 billion CNY [3][4]. Business Segments - The online marketing services, live streaming, and other services generated revenues of 198 billion CNY, 100 billion CNY, and 52 billion CNY respectively, with growth rates of 12.8%, 8.0%, and 25.9% [1]. - The advertising revenue from the general merchandise e-commerce segment saw rapid growth, supported by the platform's targeted marketing strategies [2]. Future Outlook - The management anticipates that Kuaishou's revenue will continue to grow at a compound annual growth rate (CAGR) of approximately 13% from 2025 to 2027 [3]. - The target price for Kuaishou is set at 94 HKD based on a 15x P/E ratio for 2026 estimates [3].

研究员：罗凡环/李京霖 营收及利润数据亮眼，全面超预期：公司25Q2 实现收入350.46 亿元(YoY+13.1%)，系因用户活跃、内 容生态繁荣以及AI 赋能业务。毛利达195.04 亿元(YoY+13.8%)，毛利率为55.7% ， 同比略增； 经营利 润52.89 亿元(YoY+35.4%) ， 经营利润率15.1%(YoY+2.5pct)；经调整净利润达56.18 亿元，同比增长 20.1%，经调整净利率达到16%(YoY+0.9pct)。25Q2 快手DAU 达4.09 亿(YoY+3.44%)，同比稳健增长， 其平均线上营销服务收入为48.3 元(YoY+9.03%)。在资金面，3 月31 日，公司现金及现金等价物为123 亿元，可利用资金总额为1019 亿元。此外，公司宣派派发自上市以来的首次特别股息每股0.46 港元， 合共约20 亿港元。 以AI 模型撬动更多行业营销预算：线上营销服务收入达198 亿元（YoY+12.8%），系因积极的客户拓 展以及AI 技术优化方案对于营销转化率的提升。外循环层面，内容消费持续发力，IAP 及IAA 提升用 户付费意愿；本地生活与汽车需求强劲；UAX 渗 ...

该行看好快手泛货架等多场域营运提升跨场景电商复购，可灵维持影片生成领域图生影片技术能力及商 业化变现领先，关注长期多场景渗透进展及AI对平台生态及商业化赋能。该行预计快手第三季的电商 总交易额(GMV)同比增15%，基于多场域的频次提升为主要驱动，达人分销及营销托管或带动佣金收入 增速快于GMV增速。广告收入料增13%，可灵持续释放商业化增量，公司上调全年收入指引至1.25亿美 元，仍有进一步超预期机会。 智通财经APP获悉，交银国际发布研报称，快手-W(01024)今年第二季总收入同比增13%，基本符合该 行预期，经调整净利润56亿元人民币，同比增速20%，超过该行预期10%，主要因毛利率及营销费用率 持续优化。交银国际小幅上调快手今明两年的经调整净利润预期，并将估值切换至2026年，基于15倍市 盈率，上调目标价至90港元，维持"买入"评级。 （原标题：交银国际：升快手-W(01024)目标价至90港元 关注可灵提升长期变现潜力） ...

Core Viewpoint - Kuaishou-W (01024) reported a 13% year-on-year increase in total revenue for Q2 this year, aligning with expectations, while adjusted net profit reached 5.6 billion RMB, a 20% increase, exceeding expectations by 10% due to improved gross margin and marketing expense ratio [1] Financial Performance - Adjusted net profit for Kuaishou in Q2 was 5.6 billion RMB, reflecting a 20% year-on-year growth [1] - The company has slightly raised its adjusted net profit forecasts for the next two years and switched its valuation to 2026, setting a target price of 90 HKD based on a 15x price-to-earnings ratio [1] Business Outlook - The company is optimistic about the enhancement of cross-scenario e-commerce repurchase through its various operational fields, particularly in the area of video generation technology and commercialization [1] - Kuaishou's total e-commerce gross merchandise volume (GMV) is expected to grow by 15% year-on-year in Q3, driven mainly by increased frequency across multiple scenarios [1] - Advertising revenue is projected to increase by 13%, indicating continued commercial growth potential [1] - The company has raised its full-year revenue guidance to 1.25 billion USD, suggesting further opportunities for exceeding expectations [1]

摩根大通发布研报称，快手-W(01024)核心业务发展稳固，加上可灵AI的增长，预期可推动公司下半年 股价提升，重申为行业首选，将目标价由88港元微升至89港元。小摩继续视快手为全球最被低估的AI 股份之一，目前预测可灵AI收入第三季及第四季将录得按季增长，同时公司对可灵AI的资本开支增 加，亦可视作需求增长的正面信号。小摩又指，快手电商变现能力增强，将支持核心业务收入于下半年 录得双位数同比升幅，对广告变现感乐观，予"增持"评级。 ...

智通财经APP获悉，摩根大通发布研报称，快手-W(01024)核心业务发展稳固，加上可灵AI的增长，预 期可推动公司下半年股价提升，重申为行业首选，将目标价由88港元微升至89港元。小摩继续视快手为 全球最被低估的AI股份之一，目前预测可灵AI收入第三季及第四季将录得按季增长，同时公司对可灵 AI的资本开支增加，亦可视作需求增长的正面信号。小摩又指，快手电商变现能力增强，将支持核心 业务收入于下半年录得双位数同比升幅，对广告变现感乐观，予"增持"评级。 ...

Core Viewpoint - Kuaishou's Q2 total revenue increased by 13% year-on-year, aligning with expectations, while adjusted net profit reached 5.6 billion yuan, a 20% year-on-year growth, exceeding expectations due to improved gross margin and marketing expense ratio [1] Group 1: Financial Performance - Kuaishou's adjusted net profit for Q2 was 5.6 billion yuan, reflecting a 20% year-on-year increase, surpassing expectations [1] - The company has raised its full-year revenue guidance to 1.25 billion USD, indicating potential for further upside [1] Group 2: E-commerce and Growth Drivers - The company anticipates a 15% year-on-year growth in e-commerce gross merchandise value (GMV) for Q3, driven primarily by increased frequency across multiple scenarios [1] - Influencer distribution and marketing management are expected to drive commission revenue growth at a rate faster than GMV growth [1] Group 3: Future Outlook - The company has slightly raised its adjusted net profit expectations for the next two years and increased the target price to 90 HKD, maintaining a "Buy" rating [1] - Kuaishou's operational improvements in multi-scenario e-commerce are expected to enhance repeat purchases across different contexts [1] - The company continues to lead in the commercialization of video generation technology, with a focus on long-term multi-scenario penetration and AI's role in enhancing platform ecology and commercialization [1]

Core Viewpoint - The news highlights the turmoil surrounding XinXuan Group and its founder XinBa, including significant layoffs and potential withdrawal from the live-streaming platform, raising concerns about the company's future and its impact on the industry [1][4]. Group 1: Company Developments - XinXuan Group is reportedly planning to conduct large-scale layoffs, with rumors suggesting a 50% reduction in workforce, although the company has not confirmed this [1]. - XinBa announced his intention to "retire from the internet" due to health issues, marking the fifth time since 2020 he has made such claims, which raises questions about the sincerity of his statements [1]. - On August 22, XinBa changed his account name and cleared all content from his Kuaishou account, signaling a potential departure from the platform [4]. Group 2: Industry Context - The Chinese government, through the State Administration for Market Regulation, is intensifying efforts to regulate the live-streaming e-commerce sector, which may affect companies like XinXuan Group [4]. - Kuaishou is facing challenges such as slowing user growth and declining GMV, making XinBa's presence crucial for the platform's stability [4]. - XinBa's previous sales achievements, such as generating 4 billion in sales during the 2025 Kuaishou 618 event, underscore his significant influence in the live-streaming industry [4].

该行继续视快手为全球最被低估的AI股份之一，目前预测可灵AI收入第三季及第四季将录得按季增 长，同时公司对可灵AI的资本开支增加，亦可视作需求增长的正面信号。该行又指，快手电商变现能 力增强，将支持核心业务收入于下半年录得双位数按年升幅，对广告变现感到乐观。 摩根大通发表研报指，快手核心业务发展稳固，加上可灵AI的增长，预期可推动公司下半年股价提 升，重申为行业首选，将目标价由88港元微升至89港元，予"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [8]. Core Insights - The company's revenue for Q2 2025 reached 35 billion RMB, representing a year-on-year growth of 13.1%, while adjusted net profit increased by 20.1% to 5.62 billion RMB [1]. - The core business shows steady growth, with significant contributions from AI commercialization and operational efficiency improvements [1][3]. - The company has declared its first special dividend since its listing, amounting to 0.46 HKD per share, reflecting confidence in long-term growth prospects [7]. Revenue Breakdown - **Core Business Performance**: The company achieved a gross profit of 19.5 billion RMB, with sales and marketing expenses growing by 4.6% to 10.5 billion RMB, accounting for 30% of total revenue [1]. - **User Engagement**: The average Daily Active Users (DAU) reached 409 million, with a slight year-on-year increase of 3.4%, and the average daily usage time per DAU was 126.8 minutes, up 7.5% [2]. - **AI Revenue**: The AI segment, particularly the 可灵 AI model, generated over 250 million RMB in revenue during Q2 2025, showing rapid growth [3]. - **Online Marketing Services**: Revenue from online marketing services reached 19.8 billion RMB, marking a 12.8% year-on-year increase, driven by strong performance in external advertising sectors [4]. - **E-commerce Growth**: Other service revenues, including e-commerce, grew by 25.9% to 5.2 billion RMB, with e-commerce GMV reaching 358.9 billion RMB, a 17.6% increase [5]. - **Live Streaming Revenue**: Live streaming revenue was 10 billion RMB, reflecting an 8.0% year-on-year growth, supported by an increase in signed agencies and streamers [6]. - **International Business**: Overseas revenue grew by 20.5% to 1.3 billion RMB, with stable performance in the Brazilian market [7].