向来低调的快手，这回捅了个窟窿。 12月22日晚间，有很多网友反映，快手直播间突然出现大量色情内容。随后，大量直播间被封禁，23日0点之后，有网友发现快手APP的"直播"板块已无 任何内容。 图源：网络 翌日午间，快手在港交所发布公告称，公司快手应用的直播功能于2025年12月22日22:00左右遭到攻击，公司已第一时间启动应急预案，经全力处置与系 统修复，快手应用的直播功能已逐步恢复正常服务。其他服务未受影响，公司始终严守合规底线。 图源：快手科技公告 这次快手的遭遇，实际上也从侧面反映出公司的经营问题，诸多发展困境值得分析。 01 用户增长缓慢，竞争力下降 2011年快手从GIF工具起步，上线3个月用户就破百万。十年后，2021年快手在港交所上市，经历两年亏损期后转为盈利，发展迅猛。苦心经营多年，快 手历经短视频社区、直播变现、多元化商业探索，最终成为中国第二大短视频平台和直播电商巨头。 然而老二的位置，快手坐的并不轻松。对于短视频平台而言，用户为王，用户在哪里，消费就在哪里，钱就在那里，发展的前途就在哪里。快手第一大困 境就是用户增长缓慢。 图源：网络 这几年，快手已从"高速扩张期"进入"低速徘徊期"， ...

Core Viewpoint - Kuaishou has faced significant operational challenges, highlighted by a recent incident involving a large-scale attack that led to the suspension of its live streaming feature, reflecting deeper issues within the company's growth and content quality [5][8]. Group 1: User Growth and Competitive Landscape - Kuaishou's user growth has slowed, with average daily active users (DAU) reaching 416.2 million, a mere 1.7% increase year-on-year, and monthly active users (MAU) at 731.1 million, up 2.2% [12][13]. - The company is experiencing intense competition from Douyin and WeChat's video accounts, which are significantly impacting Kuaishou's growth momentum [12][14]. - Kuaishou's DAU growth rate was 5.4% in 2024, while Douyin's was approximately 5%, and MAU for Douyin exceeded 1 billion, indicating a widening gap [13][14]. Group 2: Strategic and Operational Challenges - Kuaishou's strategic direction appears unclear, with a lack of focus compared to competitors like Douyin and WeChat, which have clearer strategies for user engagement and market penetration [16][17]. - The company's expansion into various sectors post-IPO has led to resource dilution, impacting its core strengths, particularly in the "Lao Tie" economy, which targets lower-tier markets [17][21]. - Kuaishou's investment in AI has not yielded proportional returns, with R&D expenses reaching 3.4 billion yuan against AI revenue of only 300 million yuan, resulting in a poor return on investment [18][21]. Group 3: Content Quality and Ecosystem Issues - The recent attack on Kuaishou's platform is indicative of a broader decline in content quality, with issues of vulgarity, infringement, and misinformation becoming prevalent [22][23]. - The platform has faced penalties for inadequate content moderation, with a notable incident in November where it was warned for failing to manage illegal content effectively [23][25]. - Kuaishou has also been involved in legal disputes over copyright infringement, with a compensation ruling exceeding 120 million yuan, highlighting ongoing challenges in maintaining content integrity [25].

快手-W是香港联交所上市公司（股票代码：1024.HK），作为中国领先的内容社区和社交平台，旗下拥 有快手主App和快手极速版两大产品。截至2023年三季度，快手应用平均日活跃用户达3.87亿，电商交 易总额同比增长30.4%至2902亿元。公司主营业务包含线上营销服务、直播打赏及电商业务三大板块， 2023年前三季度总收入达904亿元。值得注意的是，快手在2021年2月以"短视频第一股"身份登陆港股， 发行价115港元，目前股价处于历史低位区间。公司持续加码AI技术研发，2023年研发投入超百亿元， 其独特的"老铁经济"生态和下沉市场优势仍是核心竞争壁垒。 本文源自：市场资讯 12月18日，快手-W回购123.50万股股票，每股回购均价64.95港元，共耗资约8021.93万港元，本年累计 回购5131.10万股，占总股本1.18%。 截至当日港股收盘，快手-W上涨0.23%，报65.35港元/股。 快手-W近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1864.955123.50万8021.93万5131.10万 2025-12-1764.721128.30万8303.70 ...

Core Insights - Kuaishou's Q1 2025 revenue reached 32.61 billion yuan, a year-on-year increase of 10.9%, while profit decreased by 3.4% to 3.979 billion yuan, and adjusted net profit slightly declined by 2.6% to 4.58 billion yuan, with a profit margin of 14.0% [1][2] Revenue Breakdown - The three main business segments of Kuaishou, namely online marketing services, live streaming, and other services (including e-commerce), saw year-on-year growth rates of 8%, 14.4%, and 15.2% respectively [2][4] - Online marketing services experienced a slowdown, with growth rates declining from 27.4% in Q1 2024 to 13.3% in Q4 2024, leading to an annual growth of 20.1% for 2024 [2][4] Business Adjustments - Kuaishou's management expressed confidence in returning to double-digit growth for online marketing services in Q2, attributing Q1's performance to seasonal factors and highlighting the potential in content consumption and e-commerce [4][5] - The live streaming segment rebounded in Q1 with a growth rate of 14.4%, despite a 5.1% decline in annual revenue for 2024 [5][6] E-commerce Performance - Kuaishou's e-commerce GMV (Gross Merchandise Volume) grew by 15.4% year-on-year, reaching 332.3 billion yuan, with the general merchandise shelf contributing approximately 30% to total GMV [5][6] AI Strategy - Kuaishou's AI initiative, Keling AI, generated over 150 million yuan in revenue in Q1 and is being integrated into core business areas, particularly in e-commerce and advertising [9][10] - The company is investing heavily in AI, increasing R&D spending by 16% to 3.298 billion yuan, which now represents 10.1% of total revenue [10][11] User Engagement - Kuaishou's average active users reached 408 million, with a slight year-on-year growth of 3.6%, while monthly active users grew by 2.1% to 712 million, indicating a potential saturation in user growth [11][12] - Despite limited user growth, the revenue per user for online marketing services increased by 4.2% year-on-year to 44.1 yuan, reflecting strong user engagement and monetization potential [11][12] Competitive Landscape - Kuaishou faces significant competition in the AI space, with rapid advancements in AI models from competitors like Google, which recently launched the AI video model Veo 3 [12][13] - The company aims to leverage AI to enhance efficiency and drive growth in its online marketing and e-commerce sectors, although it still relies heavily on traditional revenue streams [13]