Group 1 - Southbound funds recorded a net purchase of 51.66 billion HKD today [1] - The top three net purchases were Kuaishou-W, SMIC, and Meituan-W, with net purchases of 11.73 billion HKD, 10.93 billion HKD, and 10.09 billion HKD respectively [1] - In terms of net selling, Xpeng Motors-W, Xiaomi Group-W, and Hua Hong Semiconductor experienced net sales of 13.09 billion HKD, 9.03 billion HKD, and 7.5 billion HKD respectively [1]

Core Viewpoint - Southbound funds recorded a net purchase of HKD 51.66 billion, indicating strong investor interest in specific stocks [1] Group 1: Net Purchases - Kuaishou-W received a net purchase of HKD 11.73 billion, leading the gains among southbound funds [1] - Semiconductor Manufacturing International Corporation (SMIC) saw a net purchase of HKD 10.93 billion, reflecting positive sentiment in the semiconductor sector [1] - Meituan-W had a net purchase of HKD 10.09 billion, highlighting its attractiveness to investors [1] Group 2: Net Sales - Xpeng Motors-W experienced a net sale of HKD 13.09 billion, indicating a decline in investor confidence [1] - Xiaomi Group-W faced a net sale of HKD 9.03 billion, suggesting potential concerns regarding its market performance [1] - Hua Hong Semiconductor recorded a net sale of HKD 7.5 billion, reflecting a negative outlook from investors [1]

Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is expected to achieve a 13% year-on-year revenue growth in Q3, driven by strong performance in e-commerce and steady growth in online marketing [1] - The target price for Kuaishou has been raised from HKD 80 to HKD 84, maintaining a "Buy" rating [1] - The company reported a 13% year-on-year revenue increase to RMB 35 billion in Q2, with adjusted net profit rising 20% to RMB 5.6 billion, exceeding market expectations by 2% and 11% respectively [1] Group 2 - The positive performance is attributed to the strong e-commerce business and better-than-expected progress in AI monetization [1] - The report highlights Kuaishou's advancements in AI, considering its industry-leading video generation model, strong product capabilities, and diverse application scenarios [1] - Profit forecasts for the fiscal years 2025-2027 have been slightly adjusted upward by 0-1%, reflecting the company's positive developments in AI [1]

Core Viewpoint - Daiwa's report indicates that Kuaishou-W (01024) second-quarter revenue roughly met expectations, while profit exceeded market expectations by nearly 11% [1] Group 1: Financial Performance - Kuaishou's revenue from Keling AI increased from 150 million RMB in the first quarter to over 250 million RMB in the second quarter, with accelerated commercialization progress [1] - Daiwa forecasts a 14% year-on-year revenue growth for Kuaishou in the third quarter, with GMV expected to grow by 15% [1] - The full-year earnings per share forecast has been adjusted down by 2% due to increased investment in Keling AI, while the earnings per share forecasts for 2026 to 2027 have been raised by 1% to 2% [1] Group 2: Investment Outlook - Daiwa maintains a "Buy" rating on Kuaishou, raising the target price from 70 HKD to 85 HKD [1] - The acceleration of Keling AI monetization and growth in Kuaishou's e-commerce GMV are expected to be key drivers for the stock price this year [1] - The full-year revenue forecast for Keling AI has been increased to over 1 billion RMB, with expectations that the impact of increased investments on this year's profits will be minimal, stabilizing the adjusted net profit margin at around 15% [1]

大和认为，可灵AI的变现加速及快手电商GMV增长将继续成为今年股价关键驱动因素，将可灵AI今年 全年收入预测上调至超过10亿元人民币，虽然预期公司对AI的投资将增加，但相信营运杠杆下投资对 今年盈利影响仅占低单位数百分比，预测经调整净利润率可稳定在约15%水平。 智通财经APP获悉，大和发布研报称，快手-W(01024)第二季收入大致符合预期，盈利则较市场预期高 出近11%，可灵AI收入由首季的1.5亿元人民币增至超过2.5亿元人民币，其商业化进展亦加快。现时大 和预测快手第三季收入将同比增长14%，GMV料增长15%，因应可灵AI投资额较年初预算翻倍，将今 年全年每股盈利预测下调2%，但亦将2026至2027年每股盈利预测上调1%至2%，重申"买入"评级，目标 价从70港元上调至85港元。 ...

公司公布第二季业绩，总营收同比增长13%至350亿元人民币(下同)，经调整净利润同比增长20%至56亿 元，分别较市场预期高2%和11%，主要得益于电商业务的良好表现及AI变现进展好于预期。该行看好 快手在AI方面的进展及商业化，主要考虑其行业领先的视频生成模型、良好的产品能力以及丰富的应 用场景。 招银国际发布研报称，展望第三季，预计快手-W(01024)总营收同比增长13%，主要受电商业务强劲表 现及在线营销业务的稳健增长所推动。该行略微上调2025-2027财年利润预测0-1%，主要反映公司在AI 方面的积极进展。目标价由80港元上调至84港元，维持"买入"评级。 ...

Core Viewpoint - Kuaishou's Q2 total revenue increased by 13% year-on-year to 35 billion yuan, with adjusted net profit rising by 20% year-on-year to 5.6 billion yuan, exceeding market expectations by 2% and 11% respectively, driven by strong e-commerce performance and better-than-expected AI monetization progress [1] Group 1 - The company is expected to achieve a 13% year-on-year revenue growth in Q3, primarily supported by robust e-commerce performance and steady growth in online marketing [1] - The profit forecast for the fiscal years 2025-2027 has been slightly raised by 0-1%, reflecting the company's positive advancements in AI [1] - The outlook on Kuaishou's progress and commercialization in AI is optimistic, considering its industry-leading video generation model, strong product capabilities, and diverse application scenarios [1] Group 2 - The target price for Kuaishou has been adjusted from 80 HKD to 84 HKD, maintaining a "Buy" rating [1]

Investment Rating - The investment rating for Kuaishou-W (01024.HK) is "Buy" (maintained) [5][12]. Core Insights - The report highlights significant growth in adjusted net profit and revenue, with Q2 adjusted net profit increasing by 20.1% year-on-year to 56 billion CNY, and revenue reaching 350 billion CNY, up 13.1% year-on-year [5]. - The company is expected to maintain robust growth in its main business and accelerate the commercialization of its AI capabilities, with projected net profits for 2025-2027 at 188.18 billion CNY, 226.85 billion CNY, and 254.52 billion CNY respectively [5][6]. Financial Performance Summary - For H1 2025, Kuaishou achieved revenue of 677 billion CNY (up 12% year-on-year) and adjusted net profit of 102 billion CNY (up 12.5% year-on-year) [5]. - Q2 2025 saw a gross margin of 55.7% (up 0.4 percentage points year-on-year) and an adjusted net profit margin of 16% (up 0.9 percentage points year-on-year) [5]. - The company's revenue from online marketing services reached 198 billion CNY (up 12.8% year-on-year), while live streaming revenue was 100 billion CNY (up 8% year-on-year) [6]. User Engagement and Monetization - In Q2 2025, Kuaishou's Daily Active Users (DAU) reached 409 million (up 3.4% year-on-year) and Monthly Active Users (MAU) reached 715 million (up 3.3% year-on-year) [6]. - The platform's ability to monetize traffic continues to improve, with significant growth in various service revenues, including a 17.6% increase in e-commerce Gross Merchandise Volume (GMV) to 358.9 billion CNY [6]. AI Commercialization - Kuaishou's AI, "Keling AI," generated over 2.5 billion CNY in revenue in Q2, with a global user base exceeding 45 million and over 20,000 enterprise clients [7]. - The AI capabilities are enhancing marketing and e-commerce operations, with a notable increase in efficiency and cost reduction in content production [7].

辛巴不是董宇辉，不像当初董宇辉离开东方甄选那般，后者股价跌至转型以来的最低点；辛巴的退场，还不至于令快 手伤筋动骨。 8月18日晚间，辛巴宣布退网。8月19日，快手股价微涨0.4%。8月21日，辛巴清空账号。当日，快手股价微跌0.21%。 8月22日，辛巴快手账号正式更名，变更为初瑞雪（辛巴818）。 当日午盘休市，快手股价上涨4%。 这最起码意味着，在资本市场上，现在的快手，不是非辛巴不可。 | 《聊聊于年次并升旧 8月18日 周一晚8点18分 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 9999万+ | | 186 | 3.4亿 | | 9999万+ | 185 | 3.4亿 | | 粉丝 | | 关注 | 获赞 | | 粉丝 | 关注 | 获赞 | | 辛有志 辛巴 818 | | | | 初瑞雪(辛巴818) 7 辛选集团创始人 | | | | | ○ 辛选集团创始人 | | | | 我的一个老朋友 | | | | | 我的一个老朋友 | | | | o2 摩羯座 IP:广东 Θ已实名 | | | | | o ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][31] Core Views - The company's e-commerce business is experiencing strong growth, with quarterly revenue exceeding 250 million RMB [3][30] - The adjusted net profit for Q2 2025 is 56.2 billion RMB, reflecting a year-on-year increase of 20% [9][31] - The company is expected to maintain a steady performance, with AI continuously empowering its main business [31] Summary by Sections Performance Overview - In Q2 2025, the company's revenue reached 35 billion RMB, a year-on-year increase of 13% and a quarter-on-quarter increase of 7% [9] - The gross profit margin was 55.7%, up 0.3% year-on-year and 1.1 percentage points quarter-on-quarter, primarily due to improved bandwidth server efficiency [9] - The sales expense ratio was 30%, down 2 percentage points year-on-year, indicating a continuous decline in customer acquisition costs [9] Commercialization - E-commerce GMV grew by 18% in Q2 2025, with live e-commerce revenue increasing by 26% [20] - The number of monthly active buyers in e-commerce reached 134 million, with a penetration rate of 19.0% [20] - Advertising revenue for Q2 2025 was 198 billion RMB, reflecting a year-on-year increase of 13% [26] AI Product Development - The AI product "Keling" generated over 250 million RMB in revenue in Q2 2025, with a focus on enhancing user interaction experience [30] - The company has raised its annual revenue forecast for Keling AI to 125 million USD due to its successful progress [30] Financial Forecasts - The company forecasts adjusted profits of 202 billion RMB, 238 billion RMB, and 281 billion RMB for the years 2025, 2026, and 2027 respectively [31] - The expected revenue for 2025 is approximately 143.08 billion RMB, with a growth rate of 12.8% [8]