快手二季度表现稳健，华尔街热议“可灵AI”：流水表现超过账面收入，全年指引有点低？

Core Viewpoint - Despite the seemingly modest revenue figures for Kuaishou's AI product "Keling," its actual cash flow performance may significantly exceed reported financial data, indicating that the company's full-year revenue guidance appears conservative [1][6]. Group 1: Keling's Revenue Performance - Keling's revenue for Q2 reached 250 million yuan, a 67% increase quarter-on-quarter, and the full-year revenue guidance for 2025 has been raised to 125 million USD, doubling previous expectations [3][5]. - Goldman Sachs projects Keling's total revenue to rapidly increase over the next two years, reaching 250 million USD and 365 million USD in the following years [4][7]. - JPMorgan notes that Keling's revenue recognition has a delay, estimating that actual cash receipts for Q2 could exceed 300 million yuan [5][6]. Group 2: Core Business Performance - Kuaishou's core business showed resilience, with online marketing service revenue growing 13% year-on-year, significantly up from 8% in the previous quarter [9]. - The e-commerce segment also performed well, with GMV increasing by 18% year-on-year, driven by over 40% growth in shelf e-commerce GMV and over 30% growth in short video e-commerce GMV [9][10]. - Barclays highlights that Kuaishou achieved growth above the industry average in both advertising and e-commerce sectors, benefiting from AI-optimized marketing solutions [9]. Group 3: AI Investment and Profitability Balance - Kuaishou has increased its annual capital expenditure to 12 billion yuan, primarily for Keling-related investments, while maintaining a commitment to limit the impact of AI investments on overall profitability to 1-2 percentage points [11]. - JPMorgan emphasizes Kuaishou's ability to maintain stable profit margins while investing in AI, reflecting strong execution capabilities [11]. - Despite Keling achieving gross profit profitability, Kuaishou anticipates that incremental investments in computing power will have a manageable impact on the profit and loss statement [11].