Ge Long Hui·2025-09-03 18:57Group 1: Financial Performance - Company reported Q2 2025 revenue of 35.046 billion yuan, a year-on-year increase of 13.1% [1] - Adjusted EBITDA for Q2 2025 was 7.715 billion yuan, up 21.6% year-on-year [1] - Adjusted net profit attributable to shareholders for Q2 2025 reached 5.618 billion yuan, reflecting a 20.1% year-on-year growth [1] - Company announced its first special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD, indicating confidence in long-term growth prospects and robust financial health [1] Group 2: AI and Commercialization - Company continues to iterate on its Keling AI, launching the Keling AI 2.1 series model in May 2025, enhancing model quality and performance [2] - New feature "Ling Animation Canvas" launched in July 2025, providing a comprehensive creative experience for creators [2] - Keling AI generated over 250 million yuan in revenue for Q2 2025, with 45 million creators on the C-end and over 20,000 enterprises and developers on the B-end [2] - The launch of Ling Animation Canvas and 2B subscription services in H2 2025 is expected to accelerate Keling AI's commercialization [2] Group 3: Advertising and User Engagement - AI continues to empower the company's content and commercial ecosystem, with the introduction of the OneRec end-to-end generative recommendation model [3] - Q2 2025 daily active users (DAU) grew by 3.4% year-on-year to 409 million, reaching a historical high [3] - Daily usage time per DAU increased by 7.5% year-on-year to 126.8 minutes [3] - Online marketing service revenue for Q2 2025 rose by 12.8% year-on-year to 19.8 billion yuan, significantly up from 8.0% growth in Q1 2025 [3] Group 4: E-commerce Performance - E-commerce GMV for Q2 2025 increased by 17.6% year-on-year to 358.9 billion yuan, exceeding market expectations [4] - The growth was primarily driven by an increase in per capita spending [4] - AI technologies have enhanced product information extraction and improved matching efficiency between products and users [4] - The company has significantly reduced operational costs for merchants through AIGC content production and intelligent customer service [4] Group 5: Investment Outlook - Company’s Keling AI commercialization progress exceeds expectations, with AI fully empowering core business areas [4] - Revenue projections for 2025-2027 are 143.255 billion yuan, 159.085 billion yuan, and 173.482 billion yuan respectively [4] - Adjusted net profit forecasts for the same period are 19.99 billion yuan, 25.23 billion yuan, and 28.97 billion yuan respectively [4] - Corresponding PE ratios are projected at 16.2, 12.9, and 11.1 times [4]