"2025年将是生成式AI技术走向深度应用的关键元年"，快手高级副总裁、可灵AI负责人兼社区科学线负 责人盖坤在致辞中定调。他认为，生成式AI不仅仅是技术的革新，更是生产关系的重塑。 可灵AI的目 标是成为AI时代的视频创作新基础设施，让"每个人用AI讲出好故事"。未来，技术趋势将聚焦于生成效 果和可控性的持续突破，技术的精进也将为产业应用带来更多可能性。 在2025世界人工智能大会（WAIC）上，快手（01024）旗下可灵AI以"生成式AI应用元年"为主题召开 生态论坛，披露多项突破性数据，据介绍，可灵AI目前已在全球拥有超过4500万创作者，产品自发布 以来迭代升级30余次，累计生成超2亿个视频和4亿张图片，服务超过2万家企业客户。中金公司 （601995）最新研报指出，可灵AI一年时间内完成多版本升级，表达能力持续提升，正从赋能工具升 级为生态构建者，维持快手"跑赢行业"评级及80港元目标价。 据介绍，可灵AI自上线以来，截至目前已完成 30余次迭代 ，如今已经初步建设成为一站式AI生产力引 擎，服务的B端商家数量迎来爆发式增长，截至目前，全球范围内已有超过2万家企业客户，成为大模 型产业落地的标杆产品 ...

可灵AI产品及运营负责人李杨表示，团队一直致力于通过基础模型的提升解决时长、连贯性、一致性 等问题。同时，为应对专业化的创作需求，可灵还在会上发布了全新创意工作台"灵动画布"。该功能集 无限可视化空间、AI创作辅助与多人实时协作为一体，可帮助用户将零散想法转化为文本图像或视频 节点，并高效串联成完整的视觉作品，提供流畅直观的创作体验。 此外，可灵 AI 视频的多图参考模型及功能重磅升级，经过盲测，新模型的效果比之前提升了整整 102%，尤其是在角色、主体和场景一致性、动态质量、画风保持等方面显著提升。今年 1 月，可灵 AI 正式发布了"多图参考"功能，可理解和整合多个图片中的不同角色/主体/场景，并依据用户提示词，创 作更符合需求的融合视频，解决 AI 视频生成中的一致性难题。 推出灵动画布 可灵AI自上线以来，不断迭代，自上线以来已经迭代升级30余次。在本次WAIC上，可灵AI还重磅发布 了全新的多图参考、灵动画布等功能。其中，升级后的多图参考，在角色、主体和场景一致性、动态质 量、画风保持等方面显著提升；灵动画布功能则于7月27日正式开启邀测，作为全新的创意工作台，集 无限可视化空间、智能创作辅助与多人 ...

Core Insights - Kuaishou has made significant progress in improving its revenue structure, with marketing services now accounting for over 50% of total revenue, marking a shift away from reliance on live streaming [1][2][3] - The company's total revenue for Q1 2021 reached 170.2 billion yuan, representing a year-on-year growth of 36.6% [1] - Kuaishou's gross margin increased from 34.2% in the same period last year to 41.1% in Q1 2021, driven by a reduction in the proportion of sales costs relative to total revenue [1][3] Revenue Breakdown - Marketing services revenue for Q1 2021 was 85.6 billion yuan, a year-on-year increase of 161.5%, with its share of total revenue rising from 26.3% to 50.3% [1][2] - Live streaming revenue decreased to 72.5 billion yuan, down 19.5% year-on-year, with its share of total revenue dropping from 72.3% to 42.6% [2][3] - Other services revenue saw a significant increase to 12.1 billion yuan, up 589.1% year-on-year, although it still accounted for only 7.1% of total revenue [2] Cost Structure - Kuaishou's sales costs for 2021 were 100.3 billion yuan, representing 58.9% of total revenue, down from 65.8% in the previous year [4] - The reduction in sales costs as a percentage of total revenue is attributed to the expansion of user base and business growth, leading to increased operational efficiencies [3][4] User Engagement and Market Expansion - Kuaishou reported over 1.5 billion monthly active users (MAU) in overseas markets as of April 2021, with a significant focus on international expansion [5] - In the domestic market, the average daily active users reached 379.2 million, a year-on-year increase of 26.4%, with each user spending an average of 99.3 minutes daily on the app [5]

Summary of Kuaishou Technology Conference Call Company Overview - **Company**: Kuaishou Technology (1024.HK) - **Industry**: Generative AI and E-commerce Key Highlights 1. **Kling AI Upgrades**: Kuaishou showcased its latest Kling AI upgrades at the World Artificial Intelligence Conference (WAIC) in Shanghai, enhancing video generation capabilities with new features like automated audio integration and expanded use cases in advertising, marketing, animation, game publishing, eCommerce, and tourism [1][4] 2. **Revenue Projections**: Kling AI is projected to generate over US$140 million in revenue for 2025 and exceed US$200 million in annual recurring revenue (ARR) by the end of the year [1] 3. **Smart Canvas Feature**: The new 'smart canvas' feature allows for real-time collaboration among multiple users, improving the efficiency of content creation [4] 4. **Corporate Client Growth**: Kling AI has attracted over 45 million creators globally and serves more than 20,000 corporate users since the launch of Kling 2.0 [4] Advertising Policy Impact 1. **New Advertising Guidelines**: The State Administration for Market Regulation (SAMR) has introduced new advertising guidelines that classify traffic costs as advertising expenses, limiting pre-tax deductions to 15% of annual revenue for e-commerce businesses [1][5] 2. **Potential Effects on Kuaishou**: The new policy may impact merchants heavily reliant on traffic acquisition, potentially limiting their advertising budgets, especially in the livestreaming e-commerce sector [5] 3. **Monetization Rate**: Kuaishou has a lower-than-peer monetization rate of 3.5% (ads + commission as a percentage of GMV) but is expected to grow faster in the second half of the year, particularly in non-e-commerce ads [5][14] Financial Forecasts 1. **Revenue Growth**: Kuaishou's ad revenue is expected to grow significantly, with projections of RMB 126.9 billion in 2025, increasing to RMB 165.9 billion by 2027 [17] 2. **Earnings Per Share (EPS)**: Forecasted EPS is expected to rise from RMB 4.02 in 2025 to RMB 5.88 by 2027 [17] 3. **Valuation**: Kuaishou is rated as a "Buy" with a 12-month target price of HK$68, indicating a downside potential of 6.2% from the current price of HK$72.50 [15][17] Competitive Positioning 1. **Kling AI vs. Competitors**: The latest Kling 2.1 model has achieved cost reductions while maintaining performance, positioning it competitively against peers like ByteDance [13] 2. **Market Share**: Kuaishou is expected to remain one of the faster-growing advertising platforms, with a focus on increasing monetization from shelf-based e-commerce and improving ad load/conversion rates for non-e-commerce ads [14] Risks and Considerations 1. **Key Risks**: Potential risks include slower-than-expected recovery in ad budgets, weaker monetization, and slower growth in user engagement [15] 2. **Regulatory Environment**: The impact of new advertising regulations and their implementation will be closely monitored, particularly in Q4 [5] Conclusion Kuaishou Technology is positioned for growth in the generative AI space with its Kling AI platform, while navigating new advertising regulations that may impact its e-commerce operations. The company is expected to achieve significant revenue growth and maintain a competitive edge in the advertising market.

Summary of Kuaishou's Earnings Call Company Overview - Kuaishou is a leading short video platform in China, focusing on content creation and e-commerce integration. Key Points Financial Performance - Kuaishou expects a 2% year-over-year increase in total revenue for Q2, driven by GMV growth and recovery in external circulation, with significant contributions from short dramas and mini-games [2][3] - E-commerce and other service revenues are projected to grow by 20% year-over-year, while live streaming revenue is expected to increase by approximately 5% due to improved paid penetration rates [2][3] - Gross margin is anticipated to remain flat year-over-year, influenced by the recovery of low-margin live streaming business and increased AI computing investments [2][3] - The adjusted net profit margin is expected to be around 51%, with a full-year adjusted net profit forecast of approximately 20 billion RMB, accounting for changes in tax base [2][3] AI and Technology Advancements - Kuaishou has made significant progress in AI applications, particularly in smart advertising agents, enhancing e-commerce ad monetization efficiency [5] - The proportion of fully automated solutions in external circulation consumption has increased to 60% as of Q1 2025 [5] - The launch of the independent product "Keling" has shown strong performance globally, with Keling AI revenue reaching 150 million RMB and over 10,000 enterprise clients by Q1 2025 [6] User Growth and Market Demand - Keling's monthly active users have shown high growth from January to July, particularly in the first quarter, indicating strong market demand for AI video generation tools [4][6] - Kuaishou's unique content ecosystem and product system in lower-tier cities provide increased opportunities for white-label merchants, avoiding excessive price competition [4][7] Future Outlook - The future development prospects for Kuaishou are widely regarded as optimistic, with strong potential in both its core business and emerging sectors like Keling [7] - The company is strategically investing resources into Keling, positioning it for rapid growth and faster commercialization compared to peers [7] Additional Insights - Kuaishou has launched a series of AI sci-fi single-story collections, enhancing user engagement and content diversity [6] - The company’s overall performance in Q2 2025 is expected to maintain healthy growth, with daily active users (DAU) showing low single-digit year-over-year growth [3]

Core Insights - The automotive industry is undergoing a digital marketing transformation driven by AI technology, with new market segments becoming crucial for growth [1][6] - Kuaishou has positioned itself as a key platform for dealers to overcome growth bottlenecks, leveraging its ecosystem of over 200 million automotive interest users [1][3] Industry Changes and Kuaishou's Ecosystem - Domestic automotive demand growth is slowing, yet passenger car sales increased by 12.6% in the first half of the year, with new energy vehicles reaching a penetration rate of nearly 50% [1] - Dealers are encouraged to accelerate digital transformation to enhance efficiency and target customer engagement [1][6] User Ecosystem and Cost Efficiency - Kuaishou's automotive lead generation is projected to grow by 224.1% year-on-year by June 2025, with a significant portion of leads coming from high-frequency users [3] - The "short and direct dual opening" model has reduced customer acquisition costs by 13% and increased lead volume by 42% for participating dealers [3] Digital Tools and Live Streaming Efficiency - Private messaging can increase exposure by 30%, with an 88% conversion rate for automotive clients [5] - The "real person + digital person" live streaming model can boost lead volume by 30% while reducing costs by 10% [5] Support Policies and Operational Efficiency - Kuaishou has introduced comprehensive support policies, including training, cost reduction, and traffic expansion, to enhance dealer efficiency [6] - The platform has helped over 27,000 dealers build private domain territories through upgraded infrastructure [6] Practical Validation and Future Plans - Successful case studies demonstrate Kuaishou's value, with one dealer increasing exposure from 94 million to 620 million and maintaining lead costs around 60 yuan [6][7] - Kuaishou plans to increase resource allocation for new market segments, including traffic subsidies and free trials of digital tools, to achieve mutual growth in the new retail 2.0 era [7]

Core Viewpoint - During the WAIC, Kuaishou's generative AI launched significant upgrades to its Ling Animation Canvas and multi-image reference features, enhancing creative capabilities for users [1] Group 1 - The Ling Animation Canvas serves as a creative workspace, integrating unlimited visualization space, intelligent creative assistance, and real-time collaboration for creators [1]

Group 1 - Kuaishou concept stocks rose by 1.82%, ranking 9th in the concept sector, with 42 stocks increasing in value [1] - The top gainers in the Kuaishou concept include InSai Group, which surged by 20%, and other notable increases from Yidian Tianxia, Zhidema, and Shoudu Online, with respective rises of 6.38%, 6.02%, and 4.83% [1] - The top decliners in the sector were Lishang Guochao, ST Haofeng, and Haoxiangni, which fell by 5.95%, 0.89%, and 0.72% respectively [1] Group 2 - The Kuaishou concept sector saw a net inflow of 1.497 billion yuan, with 33 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows [2] - The leading stock in terms of net inflow was BlueFocus, with a net inflow of 243 million yuan, followed by InSai Group, Tom Cat, and Shoudu Online with net inflows of 211 million yuan, 202 million yuan, and 142 million yuan respectively [2][3] - The net inflow ratios for InSai Group, Sanwei Communication, and BlueFocus were 15.91%, 11.60%, and 10.58% respectively [3] Group 3 - The Kuaishou concept stocks with significant trading volumes included BlueFocus, InSai Group, Tom Cat, and Shoudu Online, with respective trading volumes of 243 million yuan, 211 million yuan, 201 million yuan, and 142 million yuan [3][4] - Notable performers in the Kuaishou concept also included Yidian Tianxia and Zhidema, with trading volumes of 93 million yuan and 51 million yuan respectively [4] - The overall market performance showed a mixed trend, with some stocks experiencing significant gains while others faced declines [5]

智通财经7月25日电，港股AI概念股多数下跌，美图跌超10%，哔哩哔哩、快手跌超5%，美团跌超 3%。 ...

Group 1 - The majority of AI concept stocks in the Hong Kong market experienced declines, with Meitu (01357.HK) falling over 10% [1] - Bilibili (09626.HK) saw a drop of more than 5% [1] - Kuaishou (01024.HK) decreased by over 4% [1] - Alibaba (09988.HK) and Meituan (03690.HK) both fell by more than 2% [1]