1.前快手高管涉贪1.4亿被判刑 据《财经故事荟》8月25日报道，今年7月底有消息称，本应补贴给服务商和运营商的1.4亿元巨额奖励金， 被北京市海淀区某短视频平台公司冯某等人非法侵吞，又被后者通过比特币等方式洗白赃款。消息曝光之 后，不少传闻猜测，"冯某"是前快手磁力引擎副总裁冯超，他在今年3月从快手离职。报道称，冯超并非案 件主角。被中伤的冯超，特意更新了微信朋友圈，疑似回应上述谣传，"鄙人从来没有过比特币账号，所以 也从来没有买卖过比特币"。 2.罗永浩否认拉黑俞敏洪和王自如 8月26日，罗永浩发文称其播客节目《罗永浩的十字路口》第一期上线后，24小时全网视频+音频总播放量 超过2000万，取得了开门红的好成绩。评论区，有网友喊话罗永浩邀请俞敏洪、王自如上节目，罗永浩先 后回复："已拉黑""也已拉黑"。微博出现了"罗永浩拉黑俞敏洪王自如"的热搜话题。罗永浩发文回复称：你 们看看这个热搜词，我明明是拉黑了两个起哄的人，他们非要说成是拉黑了王自如和俞敏洪。 点评：个别媒体断章取义。 3.安踏回应收购彪马：不予置评；李宁回应收购彪马：未就交易进行实质谈判 近日有市场消息称，皮诺家族正考虑为德国运动品牌彪马（Pu ...

【追觅科技单月发近 4000 万元激励奖金，多名员工获6 位数奖励】 8 月 26 日消息， 8 月 26 日，追觅科技创始人兼 CEO 俞浩发布全员信，表示追觅科技今年以来已经发放数千万元的额外激 励，并希望在公司构建一套具有竞争力的 " 重奖激励 " 机制，在工资和基础奖金之外，提供创新和 突破的额外奖金支持，奖励金额从数万元到百万元不等。 据了解，针对表现优异的团队及个人，追觅 科技 6 月份发放额外奖金超过 2200 万元， 7 月份或近 4000 万元。过去三个月，至少有 3 个团队 拿到百万奖金，多名员工个人拿到了 6 位数奖金。（ 每日经济新闻 ） 完整早报音频，请点击标题下方小耳机收听 追觅家书《致每一位发光的追觅人》 亲爱的追觅人: 见字如面。 盛夏时节,总让人想起那些发光的日子、沸腾的时刻。今天依旧是充满能量的 天,与往常一样,用一份心意红包庆祝我们继续朝着梦想前进的日子。但比起这份心 意,这次我还想跟大家说些心里话。 我始终相信,一家企业的底色永远是人。追觅的一切,在于相信人、投资于, 这不是一句口号,而是我一路走来最真切的体会。无论是流水线上兢兢业业的身影, 还是实验室里反复验证的执着 ...

最近一段时间，短视频平台快手麻烦事不断。 近日，据多家媒体报道，快手因侵害《德云斗笑社》和《长相思》著作权，被两地法院判赔8910万元。 具体来看，快手因未经许可传播《德云斗笑社》第一季和第二季、《长相思》（第一季）侵权纠纷两案，分别由广东省高级人民法院、重庆市高级人 民法院作出终审判决。两家高级人民法院均认定该短视频平台存在大量侵权行为，判令其立即采取过滤、拦截等有效措施阻止侵权视频传播，并分别赔偿 权利人经济损失及合理开支6000万元和2910万元。 8月26日，记者向快手方面求证此事，截至发稿尚未得到回应。 短视频行业长期存在内容侵权乱象，"几分钟看完一部电影""几分钟看完一集电视剧"等大量侵权剪切版视频被广泛传播，电影、长剧集和热门综艺等 影视内容的版权方是重点被侵权对象。 在此过程中，短视频平台显然监管缺位。以《德云斗笑社》侵权案件为例，据报道，该短视频平台在节目热播阶段，通过自身官方账号直接发布了侵 权视频，此外，平台内未如实披露用户真实信息的侵权视频数量多达2000余条；侵权视频在快手平台上持续出现，有大量视频超过7个工作日仍未得到处 置，平台存在故意放任侵权行为泛滥的情况；在前后近三年的时间里 ...

具体来看，快手因未经许可传播《德云斗笑社》第一季和第二季、《长相思》（第一季）侵权纠纷两案，分别由广东省高级人民法院、重庆市高级人民法 院作出终审判决。两家高级人民法院均认定该短视频平台存在大量侵权行为，判令其立即采取过滤、拦截等有效措施阻止侵权视频传播，并分别赔偿权利 人经济损失及合理开支6000万元和2910万元。 最近一段时间，短视频平台快手麻烦事不断。 近日，据多家媒体报道，快手因侵害《德云斗笑社》和《长相思》著作权，被两地法院判赔8910万元。 8月26日，记者向快手方面求证此事，截至发稿尚未得到回应。 短视频行业长期存在内容侵权乱象，"几分钟看完一部电影""几分钟看完一集电视剧"等大量侵权剪切版视频被广泛传播，电影、长剧集和热门综艺等影视 内容的版权方是重点被侵权对象。 在此过程中，短视频平台显然监管缺位。以《德云斗笑社》侵权案件为例，据报道，该短视频平台在节目热播阶段，通过自身官方账号直接发布了侵权视 频，此外，平台内未如实披露用户真实信息的侵权视频数量多达2000余条；侵权视频在快手平台上持续出现，有大量视频超过7个工作日仍未得到处置， 平台存在故意放任侵权行为泛滥的情况；在前后近三年的时间里 ...

【侵权《德云斗笑社》《长相思》，#快手被判赔8910万#】近日，广东省高级人民法院、重庆市高级人 民法院就快手侵害热播节目《德云斗笑社》（第一、二季）和《长相思》（第一季）著作权两案，分别 作出终审判决。两地高级人民法院均认为快手存在明显的过错，侵权情节严重，适用1 倍惩罚性赔偿， 分别判决赔偿《德云斗笑社》和《长相思》独家信网权权利人6000万元和2910万元，并支持将过滤和拦 截等措施纳入必要措施，要求短视频平台有效防控侵权传播。 #快手被判侵权# ...

Core Viewpoint - The "Beijing Style" short video competition has successfully engaged the public, showcasing the cultural richness and modern vibrancy of Beijing through over 70,000 submissions, highlighting the potential of "short video + economy" and "event economy" [1][2][5] Group 1: Public Participation and Content Creation - The competition has attracted significant participation, with nearly half of the submissions coming from ordinary netizens, reflecting a diverse representation of Beijing's culture, tourism, and lifestyle [2][5] - The videos capture various aspects of Beijing, including traditional culture, local cuisine, and community interactions, emphasizing the city's unique cultural symbols and the warmth of its residents [2][3] Group 2: Multi-Platform Engagement - The short videos have been widely disseminated across major platforms such as Douyin, Kuaishou, Weibo, and Baidu, achieving over 4 billion total views and generating nearly 400 viral videos with over a million views each [5][8] - Different platforms focus on distinct content types, with Douyin and Kuaishou emphasizing everyday life, while Weibo and Baidu concentrate on cultural heritage, enhancing the recognition of Beijing's cultural identity [4][5] Group 3: Economic Impact and Consumer Engagement - The competition has spurred offline activities and increased foot traffic and sales in various commercial areas, with some locations reporting up to 85% increase in daily foot traffic and 57% increase in daily sales [7][8] - Initiatives like the "Night Beijing" campaign and various promotional activities have further stimulated consumer spending, with significant sales reported for cultural products and event tickets [8] Group 4: Future Developments - The upcoming second season of the competition will introduce a "Fashion Vitality" theme, aiming to further engage the public and promote the cultural development of Beijing in a more dynamic and inclusive manner [9]

Core Insights - Kuaishou's Q2 FY2025 financial report highlights significant growth in its AI business, particularly the Keling AI platform, indicating a strategic shift towards becoming an AI-driven enterprise [1] - The overall revenue for Kuaishou reached 35 billion RMB, marking a 13.1% year-on-year increase, with adjusted net profit rising by 20.1% to 5.6 billion RMB [2] - Keling AI's revenue surged to 250 million RMB, a 67% increase from the previous quarter, with expectations to exceed initial annual targets [1][2] Financial Performance - Kuaishou's total revenue for Q2 FY2025 was 35 billion RMB, reflecting a 13.1% year-on-year growth [2] - Adjusted net profit reached 5.6 billion RMB, up 20.1% year-on-year, with historical highs in gross margin at 55.7% and adjusted net profit margin at 16.0% [2] - Daily active users reached 409 million, a 3.4% increase, while monthly active users grew to 715 million, up 3.3% [2] AI Business Development - Keling AI's revenue growth is attributed to efficient algorithm models and customized inference solutions, which have significantly reduced inference costs while maintaining effectiveness [1][4] - The platform has established itself as a preferred tool for professional creators, with over 45 million users generating more than 200 million videos and 400 million images [4][5] - Keling AI's application scenarios are expanding across various industries, including film production, advertising, and gaming, indicating substantial commercial potential [5] Strategic Initiatives - Kuaishou's CEO emphasized the value of AI in enhancing the content and commercial ecosystems, particularly in online marketing and e-commerce [5] - The company has adopted a "dual-engine" strategy, with Keling AI serving as an independent growth driver while also integrating AI tools across its platform to benefit all merchants [5]

每当提到那些划时代的新技术时，大多数人脑海中，总会浮现出摧枯拉朽般的颠覆景象：蒸汽机一响，工业革命就迅速推倒农业文明；互联网 诞生，信息时代便席卷全球，颠覆传统生活方式。 但实际上，真正能扎根壮大、改变世界的颠覆性技术，鲜少是靠纯粹的"替代"一蹴而就，往往是在提升效率、降低成本的过程中，与传统模式 共生共长，最终悄然重塑格局。 今年中报期的谷歌与Meta就是最好的例证，在纯AI产品商业化有限的情况下，依旧双双大幅beat了市场预期，依靠的正是AI加持下， Advantage+、Reel、Pmax等广告业务突飞猛进。 聚焦到国内市场，当前的AI发展与应用主逻辑亦是如此——就在昨日，中国视频大模型领先者快手发布了2025年中报：营业收入录得350.46 亿，同比增长13.1%，经调整利润56.18亿，同比增长21.6%，营收利润双双大幅beat了预期。 并且在未来预期层面，快手也展现出对AI发展及整体业务发展相对乐观的信号，业绩会中CFO金秉透露，可灵AI 2025年全年收入预计比今年 初目标翻倍，这使快手坚定了在可灵AI上进行长期投入的决心，预计可灵AI相关的2025年Capex上的投入较年初预算也将翻倍。 快 ...

[Table_Main] 公司研究|互联网行业|短视频行业 证券研究报告 快手(1024.HK)点评报告 2025 年 8 月 22 日 线上营销业务，25Q2 实现收入 197.65 亿元，同比+12.8%，借助 AI 大模 型技术优化智能营销产品解决方案，公司单 DAU 线上营销收入为 92.4 元。 公司借助大语言模型和模型序列建模，提升用户线索转化成功率，25Q2 UAX 解决方案渗透率持续提升，消耗占比外循环达 65%；内循环，公司迭 代智能出价等工具，商家投放素材稳定性提升。电商业务，25H1 GMV 为 6912.04 亿元，同比+16.5%，Q2 月活买家用户数达 1.34 亿，25Q2，含电 商在内的其他服务收入为 52.37 亿元，同比+26.0%，直播业务实现收入 100.44 亿元，同比+7.98%。25Q2，公司海外收入 13 亿元，同比+20.5%。 投资建议与盈利预测 公司为行业领先的内容社区和社交平台，持续推进 AI 战略，可灵商业化进 展超预期，利润有望持续释放。我们预计公司 2025-2027 年经调整净利润 200.77/246.20/287.21 亿元，维持公司"买入" ...

Core Viewpoint - The article discusses the challenges faced by leading short video platforms like Kuaishou and Douyin in the context of user growth limitations and competition, particularly in the food delivery and e-commerce sectors. It highlights Kuaishou's attempts to diversify its business through food delivery, financial services, and AI initiatives as a means to overcome these challenges [4][16][24]. Group 1: Industry Challenges - The food delivery sector has become a critical battleground for major e-commerce and short video platforms, with intense competition following JD's entry into the market [5][6]. - The competition in the food delivery market has intensified, leading to a resurgence of subsidy wars among Meituan, Ele.me, and Kuaishou [6][8]. - Both Kuaishou and Douyin are facing a user growth ceiling, making commercialization a top priority for both platforms [16][18]. Group 2: Kuaishou's Business Performance - Kuaishou's Q1 revenue growth slowed to 10.9% year-on-year, down from previous years, with a net profit of 39.78 billion yuan, a decrease from 41.19 billion yuan year-on-year [17][18]. - Kuaishou's e-commerce GMV growth has been declining, with figures from 2021 to 2024 showing a drop from 78% to 17% [22]. - In contrast, Douyin's 2024 GMV reached approximately 3.43 trillion yuan, growing by 35% year-on-year, indicating a stronger market position [23]. Group 3: Kuaishou's Strategic Moves - Kuaishou has entered the food delivery market, viewing it as a means to acquire new users and enhance GMV growth, rather than directly competing in the delivery sector [20][21]. - The company is also venturing into the financial services sector with its self-operated lending platform "Shengxin Jie," which is currently in the testing phase [24][25]. - Kuaishou has established an AI division focused on developing large model businesses, indicating a strategic pivot towards AI as a potential growth driver [30][31]. Group 4: Market Response and Future Outlook - Kuaishou's stock has risen over 81% this year, with its market capitalization surpassing 320 billion HKD, reflecting positive market sentiment towards its strategic initiatives [35][36]. - UBS has highlighted the potential of Kuaishou's AI model, estimating a global market size of 11 to 23 billion USD, suggesting a promising second growth curve for the company [36][37]. - The article concludes that while food delivery and lending may serve as supplementary avenues, the core future growth for Kuaishou lies in AI development [37].