证券时报记者 李明珠 8月21日，快手科技举行2025年第二季度业绩电话会议，快手科技创始人兼首席执行官程一笑在回答分 析师关于线上营销收入增速以及AI赋能进展的提问时表示，第二季度快手线上营销服务收入达到198亿 元，同比增长12.8%，同比增长率较第一季度实现提升。 内循环营销服务方面，快手通过产品和流量策略的迭代，助力电商商家提升全域智能经营效率。本季 度，快手进一步升级了全站推广产品，迭代了智能出价、素材追投、全站多品等多个核心工具，保障商 家投放的极简操作，实现商家营销素材投放的稳定性。本季度全站推广产品的消耗占内循环总消耗的比 例进一步提升。 从场域来看，泛货架场域电商相关的营销服务收入实现高速增长。本季度快手重点优化了泛货架场域的 流量分发策略，加强和电商业务的协同及对用户兴趣的挖掘，并针对货架商城、买家首页、猜你喜欢等 场景单独建模，提升电商和商业化同向性，实现了商家的销售转化率和内循环ecpm的同向提升。 从行业机会来看，程一笑认为，以本地生活和汽车为代表的区域线索行业、以短剧和小游戏为代表的内 容消费行业将保持相对更高速的增长。内循环领域，今年上半年泛货架的内循环收入实现了同比高速增 长， ...

Company Overview - Yiren Digital is an established AI-powered financial service platform serving China and Southeast Asia, listed in 2015 [11] - The company has a robust financial foundation supported by steady cash flow from the core lending business [11] - Yiren Digital possesses a proprietary AI-powered platform, enhanced by proprietary LLM Zhiyu, commercially approved in April 2025 [11] - International expansion is underway, supported by cutting-edge technological expertise and strong local partnerships [11] Financial Performance - Loan facilitation reached RMB20.3 billion, a 57% year-over-year increase [16] - The company holds RMB4.1 billion in cash and equivalents [16] - Revenue in Q2 2025 was RMB1.5 billion, up 75% year-over-year [18] - Gross Written Premium (GWP) of digital insurance products increased by 103% quarter-over-quarter [18] Risk Management and Customer Acquisition - Delinquency rates remain stable at 1.7%/1.1%/1.0% for 1-30 days/31-60 days/61-90 days delinquent cases [16] - 77% of loans in Q2 2025 were from repeat borrowers [17, 21] - AI technologies are used for fraud detection, blocking over 30,000 high-risk identity documents daily [20] - 81% of Tier-1 debt collection is automated [20] AI and Technology - AIGC LLM "Zhiyu" was commercially approved in Q1 2025, driving business growth and reducing costs [16] - AI-generated marketing scaled 30x, from 20,000 to 600,000 daily user targets in Q2 2025 [35]

Financial Data and Key Metrics Changes - Total revenue increased by 13.1% year over year to RMB 35 billion in Q2 2025, with adjusted net profit rising by 20.1% to RMB 5.6 billion, achieving a margin of 16% [7][37][38] - Gross profit grew by 13.8% year over year to RMB 19.5 billion, with a gross profit margin of 55.7%, reflecting a 0.4 percentage point increase year over year [40][41] - Selling and marketing expenses rose by 4.6% year over year to RMB 10.5 billion, accounting for 30% of total revenue, down from 32.4% in the previous year [42] Business Line Data and Key Metrics Changes - Revenue from online marketing services reached RMB 19.8 billion, up 12.8% year over year, driven by enhanced AI capabilities [38][39] - E-commerce GMV rose by 17.6% year over year, with the number of average monthly paying users reaching 134 million [22][23] - Revenue from Clean AI surpassed RMB 250 million, indicating strong growth in AI-driven services [12][39] Market Data and Key Metrics Changes - Average DAUs on the Kuaishou app reached an all-time high of 409 million, with MAUs at 715 million, reflecting a year-over-year increase of 3.4% and 3.3% respectively [14][6] - Revenue from external marketing services continued to grow, driven by strong demand from content consumption, local services, and automotive industries [19][20] Company Strategy and Development Direction - The company is focused on integrating AI technology across its business, enhancing user experience, and optimizing marketing solutions [36][37] - The strategy includes expanding Clean AI's applications in gaming and professional film production, aiming to empower creators and enhance operational efficiency [51][53] - The company plans to discontinue separate GMV disclosures starting in 2026, focusing on a more nuanced combination of performance indicators [44][45] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth prospects, emphasizing the resilience of its business ecosystem amid macro uncertainties [7][8] - The company aims to maintain high-quality growth while exploring new commercialization opportunities through AI [35][46] - Future investments will continue to focus on AI technology to enhance operational efficiencies and drive sustainable growth [86][87] Other Important Information - A special dividend of HKD 0.46 per share was declared for the first time since delisting, totaling approximately HKD 2 billion [8] - The company has repurchased shares amounting to HKD 1.9 billion, representing about 0.9% of total shares outstanding [43] Q&A Session Summary Question: What are the major use cases for Clean AI users at the moment? - Clean AI's users include mass creators and professional creators, with applications in content creation, advertising, and film production [48][50] Question: What are the AI use cases in the overall business? - AI technology is integrated across various business scenarios, enhancing marketing material generation and improving user engagement [57][59] Question: What verticals are expected to have strong growth in the second half of the year? - Growth is anticipated in local services, automotive, and content consumption industries, with strategies to enhance client outreach and marketing efficiency [66][68] Question: How does Kuaishou maintain momentum in e-commerce amid competition? - The company leverages a synergized ecosystem and tailored initiatives for merchants, focusing on user acquisition and repeat purchases [74][76]

Financial Performance - In the first half of 2025, the company achieved total operating revenue of 1.844 billion yuan and a net profit attributable to shareholders of 36 million yuan [1] - The company's gross margin increased by 1.56 percentage points year-on-year, reaching 19.14% [1] - In Q2 2025, the company reported operating revenue of 947 million yuan, a quarter-on-quarter increase of 5.6%, and a net profit of 23 million yuan, a quarter-on-quarter increase of 73% [1] Business Growth and Strategy - The company, as the first red economy platform enterprise in A-shares, continues to see growth in its core business, the WEIQ influencer marketing platform, validating its "super connector" strategy [1] - By the end of the first half of 2025, the cumulative number of registered merchant clients reached 219,000, an increase of 11,118 from the end of 2024 [1] - The number of registered influencer accounts reached 3.545 million, with 2.156 million being professional influencer accounts [1] - The number of MCN institutions on the WEIQ platform reached 19,902, an increase of 741 from the end of 2024 [1] Technological Innovation and Global Expansion - The company focuses on the "AI + Going Global" strategy, driving innovation in technology-driven business models [2] - The AIGC content creation and intelligent marketing platform "Inspiration Island" has evolved into a smart marketing ecosystem, launching six major Agent intelligences covering the entire link from creative content production to data intelligence analysis [2] - The company has established offices in Hong Kong, Tokyo, Singapore, and Kuala Lumpur, forming a one-stop overseas service team [2] - In May, the first overseas AI innovation incubation center of Inspiration Island was established in Tokyo, marking a substantial step in the company's technology going global [2] - The "technology + ecosystem" dual-driven strategy has shown significant results, creating greater value for global clients and creators [2]

Core Viewpoint - The rise of AI-generated eating broadcasts (AI Mukbang) is not just a novelty but represents a new wealth opportunity, showcasing strong addictive qualities and becoming a significant source of income for content creators [6][7][8]. Group 1: AI Mukbang Phenomenon - AI Mukbang videos have gained immense popularity, with some accounts rapidly amassing hundreds of thousands of followers within days, creating significant traffic miracles [7][11]. - The hashtag AI ASMR on platforms like Xiaohongshu has over 5,000 notes, with related topics exceeding 1 million views, indicating high engagement levels [11]. - Creators are leveraging AI tools to produce content that transcends traditional eating broadcasts, allowing for imaginative scenarios that captivate viewers [24][25]. Group 2: Monetization Strategies - Content creators are monetizing their AI Mukbang videos through platform incentives and by selling AI prompt templates, which have become a valuable commodity in the ecosystem [17][21]. - A TikTok creator has reportedly earned their first income by selling a four-sentence prompt for $9.9, demonstrating the lucrative nature of prompt selling [17]. - Companies like PromptBase are emerging, allowing users to purchase prompts for $1.99, with the platform taking a 20% commission on transactions [21]. Group 3: Market Dynamics - The current landscape shows that companies creating AI tools are not profiting as much as those selling the tools, indicating a shift in the monetization model within the AI content creation space [28]. - For instance, Kuaishou reported over 150 million yuan in revenue from its AI tool, Keling, highlighting the financial potential of AI-generated content [28]. - The user base for Keling has surpassed 45 million, with a significant portion of revenue coming from professional users who are willing to pay for advanced features [29].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the advertising market while also highlighting opportunities in the influencer economy and digital marketing [16][18]. Financial Performance - The company's operating income for the first half of 2025 was approximately 1.84 billion RMB, a decrease of 8.01% compared to the same period last year [3]. - The total profit for the period was approximately 42.34 million RMB, down 14.30% year-on-year [3]. - The net profit attributable to shareholders was approximately 36.38 million RMB, reflecting a 19.28% decline compared to the previous year [3]. - The net cash flow from operating activities was negative at approximately -185.11 million RMB, a 6.70% increase in outflow compared to the same period last year [3]. - The company's total assets decreased by 3.47% to approximately 5.23 billion RMB compared to the end of the previous year [3]. Industry Context - The digital economy sector is receiving increasing support from government policies aimed at promoting healthy industry development and digital transformation [16]. - The advertising industry is encouraged to innovate with new technologies and business models, particularly in digital advertising and influencer marketing [16]. - The rise of the influencer economy is seen as a significant opportunity, with the market for influencer marketing expanding as brands increasingly leverage social media platforms for advertising [16][18]. Business Model and Strategy - The company operates a platform-based business model focused on the influencer economy, connecting content creators (influencers) with brands and businesses [6][7]. - The WEIQ platform serves as a marketing service that utilizes big data to match brands with suitable influencers, enhancing marketing efficiency and reducing costs for businesses [7][19]. - The company is actively exploring international markets, establishing offices in locations such as Hong Kong, Tokyo, and Singapore to support global marketing efforts [17][18]. Technological Innovation - The company has integrated AI technology into its services, enhancing the efficiency of influencer marketing and data services [16][19]. - The WEIQ platform has launched an AI version that improves the matching process between brands and influencers, allowing for a more streamlined marketing experience [18][19]. - The company is also developing innovative products in the AIGC space, focusing on AI-driven marketing solutions that enhance content creation and distribution [13][14]. Market Expansion - The number of registered merchants on the WEIQ platform has grown to over 219,000, indicating a strong demand for influencer marketing services [18]. - The platform has also seen an increase in the number of registered influencers, reaching approximately 3.55 million, with a significant portion being professional influencers capable of fulfilling marketing tasks [19].

Core Insights - Kuaishou Technology reported Q2 2025 revenue of 35 billion RMB, a year-on-year increase of 13.1% [1] - Adjusted net profit for the same period was 5.6 billion RMB, reflecting a year-on-year growth of 20.1% [1] - Gross margin and adjusted net profit margin stood at 55.7% and 16.0%, respectively [1] Revenue Structure - Online marketing services, live streaming, and other services (including e-commerce and Keling) contributed 56.4%, 28.7%, and 14.9% to total revenue [1] - Overseas business revenue reached 1.3 billion RMB in Q2, marking a year-on-year increase of 20.5% [1] Online Marketing Services - Revenue from online marketing services was 19.8 billion RMB, up 12.8% year-on-year, with growth rate improving compared to Q1 [1] - The company expanded its customer base and optimized marketing solutions using AI technology, enhancing marketing efficiency [1] - AIGC solutions for marketing materials have improved conversion rates by adapting to industry characteristics and usage scenarios [1] E-commerce Performance - E-commerce GMV for Q2 reached 358.9 billion RMB, a year-on-year increase of 17.6% [1] - Monthly active buyers in the e-commerce segment reached 134 million, showing continuous growth [1] - The share of general merchandise e-commerce GMV exceeded 32% of total e-commerce GMV [1] Live Streaming Business - Revenue from the live streaming segment was 10 billion RMB, reflecting an 8% year-on-year growth [2] - The number of signed guilds increased by over 20% year-on-year, while the number of signed streamers grew by over 30% [2] Recruitment and Local Services - Daily resume submissions in the recruitment business grew by over 40%, with two-way matching scale increasing by over 150% [2] - The Ideal Home business saw daily lead generation grow by over 60% [2] - Local life services GMV experienced steady growth, with revenue increasing by nearly 120% year-on-year [2] Keling AI Business - Keling AI revenue exceeded 250 million RMB in Q2 2025, indicating accelerated commercialization [2]

Core Insights - The company reported a revenue of RMB 179 million for the six months ending June 30, 2025, representing a year-on-year increase of 10% [1] - Adjusted net loss was RMB 1.408 million, a decrease of 97.5% year-on-year, while the total loss for the period was RMB 2.898 million, down 99.5% year-on-year [1] AI Software Business - Revenue from the AI software segment was RMB 80.6 million, a decline of 21.7% year-on-year [1] - The AIGC business faced intensified global competition and rising customer acquisition costs, but the company managed to control these costs effectively [1] - The company aims to maintain profitability and sustainable development while closely monitoring market competition and adjusting strategies accordingly [1] AI Smart Hardware Business - Revenue from the AI smart hardware segment reached RMB 98.3 million, showing a significant year-on-year growth of 64.8% [1] - Increased strategic market investments and brand promotion for the new product "TicNote" led to temporary fluctuations in gross margin for this segment [1] - The company expects gross margin performance to stabilize as inventory structure adjustments are completed [1]

AI智能硬件业务于报告期内收入为9830万元，同比增长64.8%。本集团在上半年加大了战略性市场投入 和新产品"TicNote"的品牌投入，并同步优化了品类库存结构，短期内导致该板块业务毛利率有所波 动。随着库存结构逐步调整完成，预期毛利表现将趋于稳定。 期内，AI软件业务收入为8060万元，同比下降21.7%。AIGC业务作为纯软件业务板块，上半年面临全 球行业竞争加剧及获客成本不断攀升的环境。本集团秉持以盈利能力和可持续健康发展为核心导向的理 念，积极且主动地对市场投放策略与获客成本进行了合理控制，从而使得AIGC业务收入的下降幅度在 可控范围之内，并确保此板块毛利率的稳健提升。展望下半年，我们会继续密切留意市场竞争态势与业 务盈利表现，依据市场环境灵活调整策略，确保整体资源投入收穫最优回报，推动AIGC业务持续向好 发展。 智通财经APP讯，出门问问(02438)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 1.79亿元(单位下同)，同比增加10%;经调整亏损净额140.8万元，同比减少97.5%;期内亏损289.8万元，同 比减少99.5%。 ...

Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 35.046 billion RMB, a year-on-year increase of 13.1% [1] - Gross profit for Q2 2025 was 19.504 billion RMB, up 13.8% year-on-year [1] - Net profit attributable to equity holders was 4.922 billion RMB, reflecting a 23.7% increase year-on-year [1] - For the first half of 2025, total revenue reached 67.654 billion RMB, a 12.04% year-on-year increase [1] - Gross profit for the first half was 37.296 billion RMB, up 12.15% year-on-year [1] - Net profit attributable to equity holders for the first half was 8.9 billion RMB, a 9.9% increase year-on-year [1] - The company proposed a special dividend of 0.46 HKD per share [1] Group 2: AI and Product Development - The company launched the Keling AI 2.1 series model in May 2025, enhancing model quality and performance [1] - New features such as the Ling Canvas were introduced, providing a comprehensive creative experience for users [1] Group 3: Marketing and E-commerce - Online marketing service revenue reached 19.8 billion RMB in Q2 2025, a year-on-year increase of 12.8% [2] - The company utilized AI model technology to optimize marketing solutions, improving conversion rates [2] - E-commerce GMV grew by 17.6% year-on-year to 358.9 billion RMB in Q2 2025 [2] - Monthly active buyers in e-commerce reached 134 million, with increased repurchase frequency [2] Group 4: Live Streaming Business - Live streaming revenue increased by 8.0% year-on-year to 10 billion RMB in Q2 2025 [3] - The company focused on enhancing live content and operational efficiency, expanding its reach across various regions [3] - The number of signed guilds and streamers grew significantly, with over 20% and 30% increases respectively [3]