程一笑，还不能笑太早

Core Insights - Kuaishou reported a 13.1% year-on-year revenue growth to 35 billion RMB in Q2 2025, with adjusted net profit increasing by 20.1% to 5.6 billion RMB, both achieving double-digit growth [2][3] - The company announced a special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD, marking the first dividend distribution since its IPO, signaling confidence in profitability [2] - Kuaishou's AI business, Keling AI, generated over 250 million RMB in revenue in Q2, up from 150 million RMB in Q1, indicating accelerated commercialization [2][12] Revenue and Profit Performance - Kuaishou's average daily active users reached 409 million, a 3.4% increase year-on-year, while monthly active users grew by 3.3% to 715 million [3] - The revenue structure shows online marketing services contributed 19.8 billion RMB, live streaming 10 billion RMB, and other services (including e-commerce and Keling) 5.2 billion RMB, with respective shares of 56.4%, 28.7%, and 14.9% [6] - Live streaming revenue grew by 8.0% year-on-year to 10 billion RMB, but the growth rate slowed from 14.4% in Q1 [6][10] E-commerce Insights - Kuaishou's e-commerce GMV reached 358.9 billion RMB in Q2, a 17.6% year-on-year increase, up from 15.4% in Q1 [6][9] - The average monthly buyers in e-commerce were 134 million, showing a slight decline from 135 million in Q1 [9] - Kuaishou faces intense competition from rivals like Douyin and Alibaba, with significant gaps in GMV compared to competitors [9] AI Business Development - Keling AI's revenue in Q2 exceeded 250 million RMB, with user growth doubling from 22 million in April to 45 million by July [12][14] - The AI technology is being integrated into Kuaishou's ecosystem, enhancing operational efficiency for merchants and creators [13] - Despite the promising growth of Keling AI, its contribution to overall revenue remains minimal at 0.7%, highlighting the need for a clearer path to monetization [14] Future Outlook - Kuaishou's transition from a traffic-driven model to a technology and efficiency-driven approach is evident, with AI opening new monetization avenues [14][15] - The company's ability to enhance efficiency in its core business while scaling AI monetization will be crucial for sustainable growth [15]