Ge Long Hui·2025-08-26 04:02Core Viewpoint - Kuaishou's Q2 total revenue increased by 13% year-on-year, aligning with expectations, while adjusted net profit reached 5.6 billion yuan, a 20% year-on-year growth, exceeding expectations due to improved gross margin and marketing expense ratio [1] Group 1: Financial Performance - Kuaishou's adjusted net profit for Q2 was 5.6 billion yuan, reflecting a 20% year-on-year increase, surpassing expectations [1] - The company has raised its full-year revenue guidance to 1.25 billion USD, indicating potential for further upside [1] Group 2: E-commerce and Growth Drivers - The company anticipates a 15% year-on-year growth in e-commerce gross merchandise value (GMV) for Q3, driven primarily by increased frequency across multiple scenarios [1] - Influencer distribution and marketing management are expected to drive commission revenue growth at a rate faster than GMV growth [1] Group 3: Future Outlook - The company has slightly raised its adjusted net profit expectations for the next two years and increased the target price to 90 HKD, maintaining a "Buy" rating [1] - Kuaishou's operational improvements in multi-scenario e-commerce are expected to enhance repeat purchases across different contexts [1] - The company continues to lead in the commercialization of video generation technology, with a focus on long-term multi-scenario penetration and AI's role in enhancing platform ecology and commercialization [1]