Zhi Tong Cai Jing·2025-08-26 09:15Core Viewpoint - Kuaishou-W (01024) reported a 13% year-on-year increase in total revenue for Q2 this year, aligning with expectations, while adjusted net profit reached 5.6 billion RMB, a 20% increase, exceeding expectations by 10% due to improved gross margin and marketing expense ratio [1] Financial Performance - Adjusted net profit for Kuaishou in Q2 was 5.6 billion RMB, reflecting a 20% year-on-year growth [1] - The company has slightly raised its adjusted net profit forecasts for the next two years and switched its valuation to 2026, setting a target price of 90 HKD based on a 15x price-to-earnings ratio [1] Business Outlook - The company is optimistic about the enhancement of cross-scenario e-commerce repurchase through its various operational fields, particularly in the area of video generation technology and commercialization [1] - Kuaishou's total e-commerce gross merchandise volume (GMV) is expected to grow by 15% year-on-year in Q3, driven mainly by increased frequency across multiple scenarios [1] - Advertising revenue is projected to increase by 13%, indicating continued commercial growth potential [1] - The company has raised its full-year revenue guidance to 1.25 billion USD, suggesting further opportunities for exceeding expectations [1]