Tianfeng Securities·2025-08-26 02:17Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [8]. Core Insights - The company's revenue for Q2 2025 reached 35 billion RMB, representing a year-on-year growth of 13.1%, while adjusted net profit increased by 20.1% to 5.62 billion RMB [1]. - The core business shows steady growth, with significant contributions from AI commercialization and operational efficiency improvements [1][3]. - The company has declared its first special dividend since its listing, amounting to 0.46 HKD per share, reflecting confidence in long-term growth prospects [7]. Revenue Breakdown - Core Business Performance: The company achieved a gross profit of 19.5 billion RMB, with sales and marketing expenses growing by 4.6% to 10.5 billion RMB, accounting for 30% of total revenue [1]. - User Engagement: The average Daily Active Users (DAU) reached 409 million, with a slight year-on-year increase of 3.4%, and the average daily usage time per DAU was 126.8 minutes, up 7.5% [2]. - AI Revenue: The AI segment, particularly the 可灵 AI model, generated over 250 million RMB in revenue during Q2 2025, showing rapid growth [3]. - Online Marketing Services: Revenue from online marketing services reached 19.8 billion RMB, marking a 12.8% year-on-year increase, driven by strong performance in external advertising sectors [4]. - E-commerce Growth: Other service revenues, including e-commerce, grew by 25.9% to 5.2 billion RMB, with e-commerce GMV reaching 358.9 billion RMB, a 17.6% increase [5]. - Live Streaming Revenue: Live streaming revenue was 10 billion RMB, reflecting an 8.0% year-on-year growth, supported by an increase in signed agencies and streamers [6]. - International Business: Overseas revenue grew by 20.5% to 1.3 billion RMB, with stable performance in the Brazilian market [7].