Ge Long Hui·2025-08-24 18:52Group 1: Company Performance - The company's Q2 revenue reached 35.05 billion yuan, a year-on-year increase of 13.1%, while adjusted net profit was 5.618 billion yuan, up 20.1% year-on-year, with an adjusted net profit margin of 16.0%, an increase of 0.9 percentage points year-on-year [1] - The company declared its first special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD [1] - The revenue from the company's Keling AI exceeded 250 million yuan in Q2, up from 150 million yuan in Q1, with expectations to double the revenue by 2025 [1] Group 2: AI Model and Ecosystem - The company launched the OneRec end-to-end generative recommendation model in Q2, which improved user engagement metrics, with daily active users (DAU) increasing by 3.4% and average daily usage time rising by 3.9% year-on-year [2] - The company’s e-commerce GMV grew by 17.6% to 358.9 billion yuan, exceeding expectations, with live streaming revenue reaching 10 billion yuan, up 8% year-on-year [2] - The company is expected to maintain robust growth in its e-commerce business in the second half of the year, driven by AI technology optimizing marketing solutions [2] Group 3: Profit Forecast and Investment Rating - The company is expected to maintain a high growth trend for Keling AI, with non-IFRS net profit forecasts for 2025-2027 at 20 billion, 24.5 billion, and 29.6 billion yuan, respectively, corresponding to non-IFRS PE ratios of 15, 12, and 10 times [3] - The investment rating is maintained at "Buy" due to the positive outlook on the company's performance and AI-driven efficiency improvements [3]