公司公布3Q25 业绩：收入76.9 亿元，同增5%，超我们预期（76.1 亿元）；Non-GAAP 净利润7.87 亿 元，超我们预期（5.63亿元），我们判断主要因广告收入增速高，毛利率好于此前预期。 发展趋势 利润率提升趋势向好，广告业务增势驱动明显。公司3Q25 广告收入同增23%至25.7 亿元；毛利率环增 0.2ppt 至36.7%；经调整净利率环增2.6ppt 至10.2%。我们认为：1）公司3Q25 广告收入高增速助力驱动 毛利率提升，主要得益于效果广告eCPM 的持续提升和品牌广告的快速增长；2）伴随商业化成熟，公 司中长期利润率提升趋势整体向好，营收增长、营收结构改善和经营杠杆释放或共同助力。我们判断， 公司4Q25 广告收入或同增23%至29.3 亿元，2026 年增速有望保持行业领先，后续重点关注多屏多终端 广告场景释放潜力；4Q25 公司毛利率有望达37%，调整后营业利润率有望达9%。公司于业绩会表示， 中期毛利率目标为40~45%，调整后经营利润率目标为15~20%。 机构：中金公司 研究员：张雪晴/白洋/焦杉/肖俨衍/魏萌 业绩回顾 3Q25 Non-GAAP 净利润高于我们预期 ...

Core Insights - The article emphasizes the importance of leveraging Douyin's ecosystem to drive brand growth during the upcoming 618 shopping festival through a comprehensive marketing strategy that integrates brand advertising, influencer marketing, and data insights [1][21]. Group 1: Marketing Strategy - The "品星云" marketing capability integrates brand advertising, 巨量星图, and 巨量云图 to enhance brand performance during the 618 event [1]. - Brand advertising focuses on "inventory preemption + exposure assurance" to create a reliable flow of traffic, ensuring brands can achieve both volume and sales growth [1][10]. - The "短直联动" feature connects short videos with Douyin's e-commerce live streams, significantly improving conversion rates by enhancing user engagement [8][9]. Group 2: Content and Consumer Insights - 巨量云图 provides deep consumer insights by identifying distinct consumer segments based on behavior and preferences, allowing brands to target their marketing efforts more effectively [3][15]. - The platform has upgraded its industry-specific consumer groups to help brands create and discover high-quality content that resonates with their target audience [3]. Group 3: Influencer Marketing - 巨量星图 enables brands to collaborate with a large number of mid-tier influencers efficiently, enhancing content creation and marketing effectiveness [5]. - The platform offers various influencer groups tailored to specific marketing needs, such as product reviews and promotional events, ensuring a comprehensive approach to influencer marketing [5]. Group 4: Policy and Incentives - The "品星云" initiative introduces a multi-faceted support system, including resource incentives and data empowerment, to help brands maximize their growth potential during the 618 event [17]. - Specific incentives include a "million incentive pool" for brand advertising, with potential rewards reaching up to 200,000 for individual clients, aimed at encouraging increased investment in advertising [17][19]. Group 5: Performance Tracking and Optimization - 巨量云图 offers a real-time operational dashboard for brands to monitor their performance throughout the different phases of the 618 event, allowing for targeted adjustments and strategy optimization [13][15]. - The platform's SPU5A capability tracks new product performance, providing insights into consumer engagement and sales effectiveness, thereby increasing the likelihood of successful product launches [15].