快手二季报于北京时间 8 月 21 日港股盘后放出。近期快手股价表现可谓是港股前排的当红炸子鸡，大功臣自然是 Kling。 尽管 Kling 对集团利润贡献不多，但情绪转换下，已经带动快手从 10x 的电商估值正在慢慢向 15x 的 "平台&科技" 估值靠近。 那么可灵之外的传统主业表现如何？具体来看二季度交卷情况： 具体来看： 1. 用户生态稳定：二季度月活 7.15 亿，环比净增 300 万人。再看推广费用，增长继续保持低速。结合第三方平台的数据，整体上看快手目前流量就是一 个相对稳定的状态，不怎么增长，也没有出现急剧的流失。 公司重点考核的日活指标，二季度 4.09 亿，算下来用户粘性（DAU/MAU）保持稳定在 57%。 2. 电商小超预期：二季度虽然 618 行业不咋地，快手原先指引也不高，但实际表现还可以。GMV 同比增长近 18%，高于原先低双位数指引和市场预期， 电商交易主要由人均付费驱动，经计算同比增长约 15%。 其中 618 期间配合特定活动下，泛货架电商占比提升至 32%，其中商城场景的日均动销商家同比增长 30%。 7. 首次惊喜派息：二季度快手回购规模同比略微提升，但环比也还是有进 ...

Core Insights - The report by Huatai Securities highlights the rapid development of multimodal large models (MLLM) and their applications, indicating that the field is approaching a critical turning point [1][4][15] Development Dynamics - MLLM is seen as an inevitable trend in the evolution of large language models (LLM), integrating capabilities from various modalities to expand application scenarios [1][6] - MLLM can be categorized into modular architecture and native architecture, with the latter showing significant advantages in performance and efficiency, albeit with higher computational and technical requirements [1][6] Commercialization Trends - Global progress in multimodal applications is faster overseas than domestically, with first-tier companies advancing more rapidly than second-tier companies, and multimodal products outpacing text-based products in commercialization [1][7] - Overseas chatbot products, such as those from OpenAI and Anthropic, have achieved annual recurring revenue (ARR) exceeding $1 billion, while domestic chatbot commercialization remains in its early stages [1][7] Video Generation Sector - Domestic companies excel in the video generation field, with products like ByteDance's Seedance 1.0 and Kuaishou's Kling achieving significant market presence [2][8] - Kuaishou's Kling reached an ARR of over $100 million within approximately 10 months of launch, marking a significant milestone in the domestic video generation sector [2][8] Future Outlook - The report anticipates that the singularity of multimodal large models and applications is approaching, driven by technological advancements and accelerated commercialization [5][15] - The integration of multimodal data processing will greatly expand AI's application scenarios, facilitating large-scale applications across various fields [4][15] Investment Opportunities - The report suggests potential investment opportunities in both computational power and application sectors, highlighting the demand for computational resources in native multimodal models and the growing AI needs in advertising, retail, and creative industries [9]

Core Insights - Morgan Stanley reported that Kuaishou's Q1 revenue slightly exceeded expectations, growing 10% year-on-year to 18 billion RMB, which is 1% higher than the bank's forecast [1] - Adjusted net profit reached 4.6 billion RMB, surpassing expectations by 2% [1] - Key user metrics such as monthly active users (MAU), daily active users (DAU), and user engagement time showed healthy trends, aligning with Kuaishou's targets [1] Revenue Breakdown - Live streaming revenue grew 14% year-on-year in Q1 [1] - Advertising revenue increased by 8% year-on-year [1] - Other service revenue rose by 15% year-on-year, with e-commerce gross merchandise volume (GMV) also up by 15% [1] - Kuaishou's overseas business revenue surged by 33%, achieving operational profitability for the first time [1] Future Guidance - Management remains confident that advertising growth will rebound to a range of 17% to 19% in the second half of 2025 [1] - Gross profit margin (GPM) is expected to remain stable year-on-year in Q2 2025, with adjusted net profit projected at 5.1 billion RMB, consistent with market consensus [1] - Kuaishou raised its annual revenue guidance for Kling from 60 million USD to 100 million USD, indicating potential upside risks [1]