news flash·2025-05-28 08:11Core Insights - Morgan Stanley reported that Kuaishou's Q1 revenue slightly exceeded expectations, growing 10% year-on-year to 18 billion RMB, which is 1% higher than the bank's forecast [1] - Adjusted net profit reached 4.6 billion RMB, surpassing expectations by 2% [1] - Key user metrics such as monthly active users (MAU), daily active users (DAU), and user engagement time showed healthy trends, aligning with Kuaishou's targets [1] Revenue Breakdown - Live streaming revenue grew 14% year-on-year in Q1 [1] - Advertising revenue increased by 8% year-on-year [1] - Other service revenue rose by 15% year-on-year, with e-commerce gross merchandise volume (GMV) also up by 15% [1] - Kuaishou's overseas business revenue surged by 33%, achieving operational profitability for the first time [1] Future Guidance - Management remains confident that advertising growth will rebound to a range of 17% to 19% in the second half of 2025 [1] - Gross profit margin (GPM) is expected to remain stable year-on-year in Q2 2025, with adjusted net profit projected at 5.1 billion RMB, consistent with market consensus [1] - Kuaishou raised its annual revenue guidance for Kling from 60 million USD to 100 million USD, indicating potential upside risks [1]