快手-W：Shelf-based ecommerce outperformed in 618

Kuaishou (1024 HK) Shelf-based ecommerce outperformed in 618 During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period. Pan shelf-based ecommerce performed well, with orders/paying users +65%/57% YoY. We estimate its GMV share from pan shelf-based ecommerce to be >25%, and 2Q24E ecommerce growth would be intact (forecasting GMV/other services revenue +25%/24% YoY). Despite mixed third party industrial data, we are positive on Kuaishou ...