Ge Long Hui A P P·2025-08-22 18:20Core Viewpoint - Kuaishou's Q2 performance exceeded expectations, driven by strong advertising revenue and AI-related income, leading to an upgraded target price and a positive outlook on its AI ecosystem [1] Financial Performance - Kuaishou's Q2 revenue and non-IFRS net profit surpassed expectations, with advertising revenue increasing by 13% year-on-year [1] - AI-related income exceeded 250 million yuan, showing a 67% quarter-on-quarter growth, aligning with forecasts [1] Future Projections - The company anticipates a 12%-13% year-on-year growth in advertising business for Q3, with mainland China expected to grow by 14%-15% [1] - Other revenue growth is expected to accelerate, with e-commerce GMV projected to rise by 15% and diversified value-added services driving an increase in commission rates [1] - Kuaishou expects its AI-related income to double compared to initial forecasts for the year [1] Shareholder Returns - Kuaishou announced its first special dividend of 2 billion HKD, reflecting strong cash flow and commitment to shareholder returns [1] - The company repurchased approximately 1.9 billion HKD in shares in the first half of the year and will consider further buybacks and dividends as part of its shareholder return strategy [1] Strategic Focus - The company will continue to advance its AI strategy, focusing on enhancing value for creators, marketing clients, and merchants [1]