快手“投资者日”：焦点都在AI

Core Insights - The focus of Kuaishou's recent Creator Conference was on AI business, indicating a strategic shift towards AI as a growth engine and valuation driver [1][2] - Kuaishou's management reported that since the launch of the Keling 2.0 version in April, monthly paid revenue has stabilized above 100 million RMB, with overseas users contributing 70% of this revenue [1][2] - The global video production market is valued at 140 billion USD, with management estimating that AI could capture 20%-30% of this market share in the long term, potentially reaching 50% [1][2] Capital Expenditure and Keling Business - Kuaishou raised its capital expenditure forecast for 2025 from 10 billion RMB to 12 billion RMB, primarily driven by the rapid development of the Keling business, which will see its capital expenditure double [2] - The company aims to enhance user engagement through workflow integration and end-to-end solutions, while also focusing on video personalization as a key improvement area [2] AI Empowerment in Core Business - Kuaishou launched a new AI-based end-to-end recommendation model, OneRec, in the first half of 2025, with 25% of traffic currently running on this system [3] - The implementation of AI has led to a 1% increase in total usage time, a 5% increase in local service search click-through rates, and a 4.5% increase in e-commerce search GMV [3] - In advertising, AI-driven content understanding improved recommendation effectiveness by 8 percentage points, while customer complaint rates decreased by 20% [3] Stability in Core Business: E-commerce and Advertising - Kuaishou maintains a strong position in the short video industry, particularly among younger and older demographics, with expectations of a decrease in sales and marketing expenses as a percentage of revenue [4] - The advertising business continues to grow robustly across various sectors, despite budget cuts from food delivery platforms [4] - Kuaishou's strategy includes using subsidies and commission incentives to drive growth in e-commerce, with a focus on integrating shelf e-commerce and live-streaming advertising platforms for future growth opportunities [4] Technical Infrastructure Optimization - The company is continuously optimizing its technical infrastructure, reducing the proportion of data center and bandwidth costs relative to revenue without compromising user experience [5]