KUAISHOU(HK:01024) 美股IPO·2025-08-21 15:15Core Viewpoint - Kuaishou's Q2 financial performance exceeded expectations, driven by rapid growth in its AI business and the empowerment of traditional operations through AI, opening new growth opportunities for the company [3][4]. Financial Performance - Total revenue for Q2 reached 35.05 billion yuan, a year-on-year increase of 13.1%, and a quarter-on-quarter increase of 7.5%, surpassing market expectations of 34.45 billion yuan [4][5]. - Adjusted net profit was 5.62 billion yuan, reflecting a year-on-year growth of 20.1%, with a net profit margin of 16.0%, marking a new quarterly high [4][5]. - Gross margin stood at 55.7%, a slight increase of 0.4 percentage points year-on-year [4]. - R&D expenditure was 3.4 billion yuan, slightly below the forecast of 3.45 billion yuan [4]. - As of the end of Q2, the company had total available funds of 101.9 billion yuan [4]. Business Highlights - Online marketing services generated revenue of 19.77 billion yuan, a year-on-year increase of 12.8%, indicating a recovery trend [6][8]. - Live streaming revenue reached 10.04 billion yuan, exceeding expectations [6]. - E-commerce GMV grew by 17.6% to 358.9 billion yuan, with daily active users increasing by 3.4% to 409 million, both reaching historical highs [6][10]. - Kuaishou's AI business, Keling, generated over 250 million yuan in revenue, significantly up from 150 million yuan in Q1 [6][12]. AI Business Development - Keling's revenue is expected to double compared to initial targets for the full year of 2025, indicating strong confidence in long-term investments in AI [6][12]. - The introduction of Keling AI 2.1 series models has shown significant improvements in dynamic performance and semantic response, transitioning from technical showcases to practical commercial applications [12]. Dividend Announcement - The company declared its first special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD, marking a significant milestone since its listing [13]. Cost Structure and Efficiency - The cost of sales as a percentage of revenue decreased from 44.7% in the previous year to 44.3%, while sales and marketing expenses also declined from 32.4% to 30.0%, reflecting improved operational efficiency [14]. - R&D spending increased by 21.2% year-on-year to 3.4 billion yuan, accounting for 9.7% of revenue [15].