港股公司报告 | 公司点评 快手-W（01024） 证券研究报告 2025Q2 业绩点评：核心业务稳健增长，AI 商业化变现加速 25Q2 业绩要点：盈利再创新高 公司公布 25Q2 业绩。2025Q2 公司实现营业收入 350 亿元，同比增长 13.1%； 经调整净利润为 56.2 亿元，同比增长 20.1%，毛利为 195 亿元，同比增长 13.8%。 销售及营销开支同比增长 4.6%，达 105 亿元，占总收入的比例为 30%，占收入 比重下降主要系运营效率提升。研发开支同比增长 21.2%至 34 亿元，占总收入的 比例为 9.7%，其增长主要系 AI 相关投入增加。行政开支同比增长 13.3%至 9 亿 元，主要系雇员福利开支增加。我们认为公司核心业务收入增长稳健，盈利再创新 高，建议持续关注可灵 AI 带来的用户与收入增量。 流量端：用户流量创新高，DAU 及时长同比均小幅提升 2025Q2快手应用平均 DAU/MAU 分别为 4.09亿/7.15亿，同比增长 3.4%/3.3%； 每位 DAU 的日均使用时长为 126.8 分钟，用户总使用时长同比增长 7.5%。展望 未来，我们认为公司单用户获 ...

Group 1 - The Hong Kong technology sector is experiencing a rebound, driven by increased trading activity in the Hang Seng Tech ETF (513130), which has reached a scale of 34.1 billion yuan and a trading volume of 5.87 billion yuan as of the morning close on August 25 [1] - The strength in the Hong Kong tech sector is attributed to rising expectations for a Federal Reserve interest rate cut in September, following comments from the Fed Chair indicating increased downside risks to employment [1] - The Hang Seng Tech ETF focuses on companies with strong R&D capabilities in the tech sector, including software services, retail, automotive, and media, making it sensitive to changes in interest rates [1] Group 2 - Since July 28, the Hang Seng Tech ETF has seen continuous weekly net subscriptions, with inflows of 3.068 billion yuan, 618 million yuan, 856 million yuan, and 1.527 billion yuan, leading to a record high scale of 34.1 billion yuan [1] - The average daily trading volume of the Hang Seng Tech ETF reached 5.269 billion yuan in the week of August 18-22, significantly higher than the year-to-date average of 4.830 billion yuan [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.77, which is at a low percentile compared to the past five years, indicating potential upward momentum in a more accommodative liquidity environment [1]

Group 1 - The Hang Seng Index rose by 1.33% to close at 24,825.66 points on July 18 [1] - Jiading International Group (08153.HK) closed at HKD 0.1 per share, up 28.21%, with a trading volume of 25.57 million shares and a turnover of HKD 2.46 million, showing a volatility of 38.46% [1] - Over the past month, Jiading International Group has seen a cumulative decline of 44.29%, and a year-to-date decline of 46.58%, underperforming the Hang Seng Index by 22.13% [1] Group 2 - As of March 31, 2025, Jiading International Group reported total revenue of HKD 81.47 million, a year-on-year decrease of 21.64%, and a net profit attributable to the parent of -HKD 56.06 million, a year-on-year decrease of 187.96% [1] - The gross profit margin for Jiading International Group is 3.67%, with a debt-to-asset ratio of 35.45% [1] - Currently, there are no institutional investment ratings for Jiading International Group [1] Group 3 - The media and entertainment industry has an average price-to-earnings (P/E) ratio (TTM) of -16.67 times, with a median of -1.49 times [1] - Jiading International Group's P/E ratio is -0.47 times, ranking 106th in the industry [1] - Other companies in the industry include Huashi Group Holdings (01111.HK) with a P/E of 2.06 times, Yaoxing Technology Group (08446.HK) at 2.51 times, Weibo-SW (09898.HK) at 7.03 times, Aide Weixuan Group (09919.HK) at 8.01 times, and Xinhua Wenhui (00811.HK) at 8.15 times [1][2]

Group 1 - The Hang Seng Index closed at 24,517.76 points, down 0.29% on July 16 [1] - Tenfang Holdings (01831.HK) closed at HKD 0.145 per share, up 19.83%, with a trading volume of 1.7125 million shares and a turnover of HKD 234,300, showing a volatility of 42.15% [1] - Over the past month, Tenfang Holdings has seen a cumulative increase of 5.22%, and a year-to-date increase of 89.06%, outperforming the Hang Seng Index by 22.58% [1] Group 2 - As of December 31, 2024, Tenfang Holdings reported total revenue of HKD 54.404 million, a year-on-year increase of 137.01%, and a net profit attributable to shareholders of -HKD 4.293 million, a year-on-year increase of 84.99% [1] - The gross profit margin stands at 6.28%, with a debt-to-asset ratio of 82.97% [1] - Currently, there are no institutional investment ratings for Tenfang Holdings [1] Group 3 - The media and entertainment industry has an average price-to-earnings (P/E) ratio (TTM) of -16.69 times, with a median of -1.5 times [1] - Tenfang Holdings has a P/E ratio of -27.77 times, ranking 55th in the industry [1] - Other companies in the industry include Huashi Group Holdings (01111.HK) with a P/E ratio of 2.12 times, Yaoxing Technology Group (08446.HK) at 2.55 times, Weibo-SW (09898.HK) at 6.93 times, Aide Weixuan Group (09919.HK) at 7.57 times, and Xinhua Wencuan (00811.HK) at 8.37 times [1] Group 4 - Tenfang Holdings provides a comprehensive suite of printing and digital media services to advertisers through a network of newspaper partners across more than seven second- and third-tier cities in six provinces in China [2] - The company believes its multi-city business model is unique in China, allowing it to offer exclusive rights to sell newspaper advertising space through contracts with newspaper partners [2] - This model enables the company to provide a one-stop solution for advertising clients, integrating advertising space with value-added services such as design, layout, content planning, and event organization [2]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Youju Holdings, which has seen a year-to-date increase of 209.35%, outperforming the Hang Seng Index by 20.34% [1] - As of December 31, 2024, Youju Holdings reported total revenue of 9.153 billion yuan, a year-on-year growth of 29.36%, and a net profit attributable to shareholders of 93.873 million yuan, reflecting a growth of 3.66% [1] - The company's gross profit margin stands at 3.14%, with a debt-to-asset ratio of 68.31% [1] Group 2 - Youju Holdings is recognized as a leading provider of online short video marketing solutions in China, serving over a thousand large clients across the entire marketing chain [2] - The company has the capability to produce over 10,000 short videos monthly and operates short video shooting bases in major cities including Beijing, Shanghai, Guangzhou, and Chongqing [2] - Youju Holdings has developed its proprietary technology system, Youliang Engine, which empowers clients in both operational and creative aspects [2]

Group 1 - The core viewpoint of the article highlights the significant stock performance of China National Cultural Industry, with a recent increase of 25.0% and a cumulative rise of 202.33% over the past month, outperforming the Hang Seng Index by 19.78% [1] - As of March 31, 2025, China National Cultural Industry reported total revenue of 40.3351 million yuan, a year-on-year increase of 56.76%, and a net profit attributable to shareholders of -4.413 million yuan, reflecting a year-on-year growth of 89.05% [1] - The company's gross profit margin stands at 9.03%, with a debt-to-asset ratio of 14.07% [1] Group 2 - Currently, there are no institutional investment ratings for China National Cultural Industry [2] - In terms of industry valuation, the media and entertainment sector has an average price-to-earnings (P/E) ratio of -15.24 times, while China National Cultural Industry has a P/E ratio of -25.49 times, ranking 54th in the industry [2] - The company primarily engages in providing advertising media services and film production and distribution [2]

Company Overview - HMVOD Video Limited is an internet technology supplier engaged in designing, developing, and producing internet software solutions, as well as providing IT consulting and e-business innovation services to commercial and government entities [2] - The company has recently announced the acquisition of a 40% stake in Beijing Zhongguang Honglian Network Technology Co., Ltd., which focuses on research, development, and provision of information on-demand systems and telecommunications solutions [2] Financial Performance - As of March 31, 2025, HMVOD Video reported total revenue of 16.1966 million yuan, a year-on-year decrease of 20.62% [1] - The company recorded a net profit attributable to shareholders of -13.728 million yuan, representing a year-on-year decline of 119.96% [1] - The gross profit margin stood at 24.56%, while the debt-to-asset ratio was extremely high at 2079.88% [1] Stock Performance - On July 10, the stock price of HMVOD Video closed at 0.255 HKD per share, marking an increase of 59.38% with a trading volume of 106,500 shares and a turnover of 27,300 HKD, reflecting a volatility of 125.0% [1] - Over the past month, the stock has experienced a cumulative decline of 9.09%, and since the beginning of the year, it has dropped by 65.59%, underperforming the Hang Seng Index, which has risen by 19.1% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the media and entertainment industry is -13.72 times, with a median of -1.47 times [1] - HMVOD Video's P/E ratio is -1.39 times, ranking 96th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Huashi Group Holdings at 2.04 times, Yaoxing Technology Group at 2.55 times, and Weibo-SW at 6.77 times [1]

Company Overview - CMC (柠萌影视) is a leading content production company in China, focusing on high-quality drama series based on a strong copyright IP reserve [2] - Since its establishment in 2014, CMC has produced and released 13 high-quality drama series, achieving a high quality rate of approximately 71.4% [2] - The company has explored new growth channels such as content marketing, derivative licensing, and overseas distribution to maximize the commercial value of its proprietary IP [2] Financial Performance - As of December 31, 2024, CMC reported total revenue of 657 million yuan, a year-on-year decrease of 46.22% [1] - The company recorded a net loss attributable to shareholders of 189 million yuan, a year-on-year decrease of 188.54% [1] - CMC's gross profit margin stands at 16.52%, with a debt-to-asset ratio of 28.09% [1] Market Position - CMC's current price-to-earnings (P/E) ratio is -5.56, ranking 79th in the media and entertainment industry, which has an average P/E ratio of -13.52 [1] - The company has underperformed the Hang Seng Index, with a year-to-date increase of 12.14%, compared to the index's increase of 20.38% [1] - No investment ratings have been issued by institutions for CMC at this time [1]

Company Overview - Yisou Technology (02550.HK) reported a closing price of 4.81 HKD per share, with a significant increase of 38.22% and a trading volume of 907 million shares, amounting to a turnover of 5.335 billion HKD, with a volatility of 87.07% [1] - The company has experienced a cumulative decline of 1.69% over the past month and a total decline of 32.3% year-to-date, underperforming the Hang Seng Index which has increased by 21.06% [2] Financial Performance - As of December 31, 2024, Yisou Technology achieved total revenue of 604 million RMB, reflecting a year-on-year growth of 8.07% - The company reported a net profit attributable to shareholders of -2.085 million RMB, a decrease of 108.35% year-on-year - The gross profit margin stood at 42.34%, while the debt-to-asset ratio was 34.53% [2] Industry Valuation - Currently, there are no institutional investment ratings for Yisou Technology - The average price-to-earnings (P/E) ratio for the media and entertainment industry (TTM) is -6.71 times, with a median of -1.46 times - Yisou Technology's P/E ratio is -508.41 times, ranking 40th in the industry, compared to other companies such as Huashi Group Holdings (01111.HK) at 2.13 times and Weibo-SW (09898.HK) at 6.7 times [3] Company Background - Yisou Technology Holdings Limited was established in 2005 and focuses on the development of the Yisou recommendation engine, applying it across various scenarios - The company is one of the earliest in China to engage in the research and application of artificial intelligence recommendation technology - Its business encompasses digital reading platform services, digital marketing services, online game distribution services, and other digital content services, with plans to further expand the application of the Yisou recommendation engine and explore cutting-edge technologies [3] Major Shareholder Activity - On June 24, 2025, shareholder Wang Xi reduced his holdings by 57.33 million shares at an average price of 3.2 HKD per share, leaving him with 49.85 million shares, representing a 15.16% ownership stake [4]

Group 1 - The core point of the article highlights the performance of China National Cultural Industry (00745.HK), which saw a significant increase in its stock price by 34.27% to HKD 0.239 per share, with a trading volume of 2.1087 million shares and a turnover of HKD 431,800, reflecting a volatility of 30.9% [1] - Over the past month, China National Cultural Industry has achieved a cumulative increase of 1.71%, and since the beginning of the year, it has risen by 60.79%, outperforming the Hang Seng Index by 22.01% [1] - Financial data shows that as of September 30, 2024, the company reported total operating revenue of HKD 23.5097 million, a year-on-year growth of 4.33%, while the net profit attributable to the parent company was a loss of HKD 1.1552 million, with a year-on-year increase of 82.51%. The gross profit margin stood at 13.67%, and the debt-to-asset ratio was 47.6% [1] Group 2 - Currently, there are no institutional investment ratings for China National Cultural Industry [2] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the media and entertainment sector (TTM) is -6.98 times, with a median of -1.49 times. China National Cultural Industry has a P/E ratio of -1.11 times, ranking 99th in the industry [2] - The company primarily engages in providing advertising media services and film production and distribution [2]