Guan Cha Zhe Wang·2025-08-21 11:57Core Insights - Kuaishou Technology reported record highs in both traffic and profitability for Q2 2025, driven by AI and ecosystem strategies [1][2] Traffic Performance - Average daily active users reached 409 million, a year-on-year increase of 3.4% - Average monthly active users reached 715 million, a year-on-year increase of 3.3% - Total user engagement time increased by 7.5% year-on-year [1] Financial Performance - Revenue for Q2 2025 grew by 13.1% year-on-year to 35 billion yuan - Adjusted net profit increased by 20.1% year-on-year to 5.6 billion yuan - Gross margin and adjusted net profit margin both reached historical peaks at 55.7% and 16.0% respectively [1] Revenue Structure - Online marketing services, live streaming, and other services contributed 56.4%, 28.7%, and 14.9% to total revenue respectively - Revenue from online marketing services in Q2 reached 19.8 billion yuan, a year-on-year increase of 12.8% - The penetration rate of smart advertising clients continues to rise, with UAX consumption accounting for 65% of total external circulation consumption in Q2 [1] E-commerce Performance - Gross Merchandise Volume (GMV) for Kuaishou's e-commerce business grew by 17.6% year-on-year to 358.9 billion yuan - Monthly average number of buyers reached 134 million, showing continuous growth year-on-year - The repurchase frequency of active e-commerce users also increased year-on-year [1] New Growth Engines - The pan-shelf domain has emerged as a new growth engine, with its GMV accounting for over 32% of total e-commerce GMV in Q2 - During the 618 shopping festival, GMV for pan-shelf products grew by over 50%, while search GMV increased by over 140% [2] AI Commercialization - Revenue from Kuaishou's AI product, Keling AI, exceeded 250 million yuan in Q2 2025 - Keling AI has been rapidly iterating its product features, with new functionalities launched to enhance creator experience [2] Future Outlook - The CEO of Kuaishou emphasized the rapid growth of AI commercialization and the company's commitment to exploring AI technology's transformative impact on business scenarios for high-quality growth [2]