Ge Long Hui·2025-09-10 11:02Core Insights - Kuaishou achieved a revenue of 35.046 billion yuan in Q2 2025, representing a year-on-year growth of 13.1%, with adjusted net profit reaching 5.618 billion yuan, up 20.1%, marking a record high profit margin of 16.0% [1] - The company declared its first special dividend since listing, distributing 0.46 HKD per share, totaling approximately 2 billion HKD [1] User Growth and Engagement - Kuaishou's daily active users (DAU) reached 409 million in Q2 2025, a year-on-year increase of 3.4%, while monthly active users (MAU) hit 715 million, up 3.3%, with user stickiness at 57.2% [1] - The average daily usage time per user was 126.8 minutes, with total user engagement time increasing by 7.5% year-on-year, driven by high-quality user growth strategies and optimized traffic distribution [1] Commercial Performance - Online marketing revenue for Q2 2025 was 19.8 billion yuan, growing 12.8% year-on-year, with significant contributions from short dramas, local life services, and the automotive sector [2] - E-commerce gross merchandise volume (GMV) reached 358.9 billion yuan, up 17.6% year-on-year, outperforming the market, with an average of 134 million monthly buyers and increased repurchase frequency [2] - Live streaming revenue was 10 billion yuan, reflecting an 8% year-on-year growth, supported by the OneRec model enhancing click-through and conversion rates [2] AI Development - Kuaishou's Keling technology generated 250 million yuan in revenue in Q2 2025, exceeding expectations, with the launch of the Keling 2.1 model improving quality and performance [3] - The Keling AI's new features, such as the intelligent canvas, support various applications including advertising, short films, and interactive gaming [3] Financial Forecast Adjustments - The company adjusted its revenue forecasts for 2025-2027 to 142.7 billion, 156.5 billion, and 171 billion yuan, respectively, and lowered adjusted net profit expectations to 20.2 billion, 22.9 billion, and 26.7 billion yuan [3] - Despite macroeconomic pressures, the company maintains a positive outlook on its core business and the ongoing development of Keling AI, reaffirming a buy rating [3]