智通财经网·2025-09-10 01:39Core Viewpoint - Company maintains a "buy" rating for Kuaishou (01024) based on its steady growth and the ongoing development of Keling AI, which has a significant amount of cleaned and labeled video data, alongside a strong internal engineering culture focused on AI [1] Group 1: Financial Performance - In Q2 2025, Kuaishou achieved revenue of 35.046 billion yuan, a year-on-year increase of 13.1%, and adjusted net profit of 5.618 billion yuan, up 20.1%, with a profit margin of 16.0%, marking a new high for quarterly adjusted net profit margin, exceeding market expectations [1] - Kuaishou declared its first special dividend since listing, distributing 0.46 HKD per share, totaling approximately 2 billion HKD [1] Group 2: User Engagement and Growth - In Q2 2025, Kuaishou's daily active users (DAU) reached 409 million, a year-on-year increase of 3.4%, and monthly active users (MAU) reached 715 million, up 3.3%, with user stickiness at 57.2% [1] - Daily average usage time per active user was 126.8 minutes, with total user usage time increasing by 7.5% year-on-year, attributed to high-quality user growth strategies, optimized traffic distribution, enhanced community interaction, and differentiated content operation strategies [1] Group 3: Commercialization and E-commerce Performance - In Q2 2025, Kuaishou's online marketing revenue was 19.8 billion yuan, a year-on-year increase of 12.8%, with marginal improvement quarter-on-quarter [2] - E-commerce gross merchandise volume (GMV) reached 358.9 billion yuan, a year-on-year increase of 17.6%, outperforming the market [2] - Monthly average number of buyers in e-commerce was 134 million, with an increase in repurchase frequency [2] Group 4: Keling AI Development - Keling AI generated revenue of 250 million yuan in Q2 2025, exceeding expectations [3] - The launch of Keling 2.1 series models in May 2025 improved model quality, dynamic performance, physical simulation, and semantic understanding [3] - Keling AI's new features, such as the Ling Animation Canvas, support creators and enterprises in various application scenarios, including advertising, short films, interactive gaming, and smart hardware [3]