快手-W：业绩增长

Core Viewpoint - Kuaishou-W is expected to report Q3 revenue between 35.2 billion to 35.53 billion RMB, representing a year-on-year growth of 13.1% to 14.1% [1] - The net profit for Q3 is projected to be between 4.171 billion to 4.195 billion RMB, with a year-on-year increase of 27.6% to 28.4% [1] - Adjusted net profit is forecasted to be between 4.706 billion to 4.940 billion RMB, showing a year-on-year growth of 19.2% to 25.1% [1] Revenue and Profit Forecast - Q3 revenue forecast: 35.2 billion to 35.53 billion RMB, with a growth rate of 13.1% to 14.1% [1][2] - Q3 net profit forecast: 4.171 billion to 4.195 billion RMB, with a growth rate of 27.6% to 28.4% [1][2] - Q3 adjusted net profit forecast: 4.706 billion to 4.940 billion RMB, with a growth rate of 19.2% to 25.1% [1][2] Business Performance Insights - In Q2 2025, Kuaishou-W achieved revenue of 35.046 billion RMB, a year-on-year increase of 13.1% [3][5] - The gross margin was reported at 55.7%, with a net profit of 4.922 billion RMB and a net profit margin of 14.0% [5] - E-commerce GMV grew by 17.6%, with short video e-commerce GMV increasing by over 30% [4][5] Marketing and AI Developments - Online marketing services revenue grew by 12.8%, driven by content consumption and local life demands [3][4] - The AI application, "Keling AI," has seen continuous upgrades, with commercial revenue exceeding 250 million RMB, and is expected to double in 2025 [4][5]