8月21日，快手与B站发布的2025年二季度业绩双双创下新高。其中，快手二季度实现总营收同比增长 13.1%至350亿元；经调整净利润达56亿元，同比增长20.1%，超过市场预期。B站二季度总营收达73.4 亿元，同比增长20%；净利润和调整后净利润均创下历史新高，分别为2.2亿元和5.6亿元。 作为内容平台，两家公司的用户数量在二季度均再创新高。快手财报披露，二季度，快手平均日活跃用 户达4.09亿，同比增长3.4%；平均月活跃用户达7.15亿，同比增长3.3%；用户总使用时长同比增长 7.5%。二季度，B站日均活跃用户数达1.09亿，同比增长7%，创历史新高；月均活跃用户数达3.63亿， 同比增长8%；月均付费用户达3100万，同比增长9%。 周恒 制图 ◎记者 罗茂林 数据显示，截至今年7月，可灵AI已累计生产超2亿个视频和4亿张图片，服务超2万家企业客户。目前 已形成App、Web端（中、英文版）、快手站内小程序等多端跨平台产品矩阵，成为一站式AI生产力引 擎，为内容产业带来了创意生产力的解放。 B站董事长兼首席执行官陈睿表示："我们相信，在任何时代，好内容都是稀缺品，它拥有带我们穿越 历史周期的力量 ...

Core Viewpoint - The article discusses the remarkable valuation surge of Xiaohongshu, which has increased from $26 billion to $35 billion in just three months, amidst a strategic pivot towards collaboration with major e-commerce platforms like Alibaba and JD.com [3][12][17]. Group 1: Valuation Surge - Xiaohongshu's valuation skyrocketed by $9 billion (approximately 65 billion RMB) within three months, surpassing industry expectations [13]. - The current valuation of $35 billion reflects a significant liquidity scarcity in the market, with shareholders reluctant to sell their stakes [14][15]. - The valuation rebound is particularly notable against the backdrop of generally declining valuations in the internet sector [16]. Group 2: Strategic Shift - Xiaohongshu has reversed its previous strategy of building a closed e-commerce ecosystem by allowing links to third-party platforms like Taobao and JD.com [4][22]. - The new strategy, termed "Red Cat Plan" and "Red Jing Plan," enables users to directly access products on these platforms from Xiaohongshu content [27][30]. - This shift is seen as a response to the need for improved efficiency in monetization, as the platform aims to enhance its advertising revenue, which currently constitutes 80% of its income [18][35]. Group 3: Market Dynamics - The article highlights the competitive landscape, noting that Xiaohongshu's e-commerce GMV is projected to reach 400 billion RMB, while competitors like Douyin and Kuaishou have significantly higher figures [20]. - The platform's international expansion remains in its early stages, lacking substantial market presence or brand influence [21]. - The collaboration with established e-commerce giants is viewed as a temporary compromise to stabilize revenue streams ahead of a potential IPO [40][42]. Group 4: Future Outlook - Xiaohongshu is expected to initiate its IPO process in the near future, with market anticipation surrounding its ability to deliver stable financial performance [17][36]. - The article suggests that the platform's current strategy may lead to a dilution of its content ecosystem, as users may be drawn away to third-party sites [41]. - The introduction of the "Friendly Market" initiative indicates Xiaohongshu's intent to balance leveraging external e-commerce infrastructure while maintaining its core business model [45][48].