2 1 Shi Ji Jing Ji Bao Dao·2025-08-21 15:25Core Insights - Kuaishou's revenue for Q2 2025 increased by 13.1% year-on-year to RMB 35 billion, with adjusted net profit rising by 20.1% to RMB 5.6 billion, achieving record high gross margin of 55.7% and adjusted net profit margin of 16.0% [1] - The company is significantly investing in AI, with R&D spending rising by 21.2% year-on-year to RMB 3.4 billion in Q2 2025, driven by AI initiatives [2] - Kuaishou's e-commerce GMV for Q2 2025 grew by 17.6% year-on-year to RMB 358.9 billion, but the company will no longer disclose GMV figures moving forward [4][5] Business Segments - The core revenue sources for Kuaishou are online marketing services (56.4%), live streaming (28.7%), and other services including e-commerce (14.9%) [1] - Kuaishou's AI business is prioritized in its financial reporting, indicating its strategic importance, with AI-related products like Keling AI generating over RMB 250 million in revenue in Q2 2025 [2] - The company plans to enhance Keling AI's capabilities for industrial applications in gaming and professional film production [2] Financial Outlook - Kuaishou's CFO indicated that Keling AI's revenue is expected to double compared to initial targets for 2025, with significant capital expenditure planned for AI-related infrastructure [3] - The decision to stop disclosing GMV is aimed at shifting focus to more relevant long-term value indicators, aligning with industry practices [5]