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大行评级|交银国际:上调快手目标价至90港元 关注可灵提升长期变现能力
Ge Long Hui· 2025-08-26 04:02
交银国际发表研报指,快手第二季总收入按年增13%,基本符合该行预期;经调整净利润56亿元,按年 增速20%,超过该行预期,主要因毛利率及营销费用率持续优化。该行预计快手第三季的电商总交易额 (GMV)按年增15%,基于多场域的频次提升为主要驱动,达人分销及营销托管或带动佣金收入增速快于 GMV增速。可灵持续释放商业化增量,公司上调全年收入指引至1.25亿美元,仍有进一步超预期机 会。 该行小幅上调快手今明两年的经调整净利润预期,上调目标价至90港元,维持"买入"评级。该行看好快 手泛货架等多场域营运提升跨场景电商复购,可灵维持影片生成领域图生影片技术能力及商业化变现领 先,关注长期多场景渗透进展及AI对平台生态及商业化赋能。 ...
干货满满!青州市邵庄镇这场新媒体培训为乡村振兴注入新活力
Sou Hu Cai Jing· 2025-08-24 12:29
为深入贯彻落实乡村振兴战略,提升农村党员干部对新媒体及电商的认知与应用能力,8月23日,借助农村党员干部稷下学堂契机,邀请到潍坊工程职业学 院乡村电商学院院长张宝堂开展"新媒体赋能乡村振兴"专题培训,为全镇农村党员干部带来了一堂兼具理论深度与实践价值的"知识盛宴"。 此次培训的成功举办,让邵庄镇农村党员干部对新媒体赋能乡村振兴有了更清晰的认识和更深刻的理解,也切实提升了大家运用新媒体工具的信心与能力。 大家纷纷表示,将把培训所学运用到实际工作中,以新媒体为抓手,积极探索适合本村发展的新路径,为邵庄镇乡村振兴工作注入强劲的动力。 培训中,张宝堂结合自身丰富的乡村电商实践经验,以通俗易懂的语言、生动鲜活的案例展开讲解。他从新媒体与电商的发展历程娓娓道来,沿着时间脉络 梳理不同阶段的特点与机遇,让在场党员干部清晰知晓了新媒体电商的 "来龙去脉";随后,他围绕抖音、快手、淘宝、拼多多等主流平台,细致拆解各平 台的运营逻辑与适用场景,深入剖析了新媒体电商平台在拓宽农产品销路、提升乡村知名度、带动农民增收等方面的重要作用,大家听得入神,不时点头称 赞。 "以前总觉得新媒体离咱们农村远,听了张院长的课才发现,手机就是'新农 ...
快手,上市后首次派息
证券时报· 2025-08-21 15:19
8月21日,快手科技(简称"快手")发布2025年第二季度业绩。 报告期内,营收同比增长13.1%至350亿元,经调整净利润同比增长20.1%至56亿元。毛利率和经调整净利润率双双突破历史峰值,分别达到55.7%和16.0%。 | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至6月30日止三個月 | | | | | | 2025年 | | 2024年 | | | | 人民幣 | % | 人民幣 | 96 | | | (以百萬元計,百分比除外) | | | | | 收入 | 35.046 | 100.0 | 30.975 | 100.0 | | 銷售成本 | (15,542) | (44.3) | (13,840) | (44.7) | | 毛利 | 19,504 | 55.7 | 17.135 | ર્ટર્ડ 3 | | 銷售及營銷開支 | (10.503) | (30.0) | (10,040) | (32.4) | | 行政開支 | (897) | (2.6) | (792) | (2.6) | | 研發開支 | (3,400) | (9.7) ...
快手 上市后首次派息
Zheng Quan Shi Bao· 2025-08-21 15:08
8月21日,快手科技(简称"快手")发布2025年第二季度业绩。 报告期内,营收同比增长13.1%至350亿元,经调整净利润同比增长20.1%至56亿元。毛利率和经调整净利润率双双突 破历史峰值,分别达到55.7%和16.0%。 | | | 截至6月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | 人民幣 | % | 人民幣 | 96 | | | | (以百萬元計,百分比除外) | | | | 收入 | 35,046 | 100.0 | 30.975 | 100.0 | | 銷售成本 | (15,542) | (44.3) | (13,840) | (44.7) | | 毛利 | 19.504 | 55.7 | 17.135 | 55.3 | | 銷售及營銷開支 | (10,503) | (30.0) | (10,040) | (32.4) | | 行政開支 | (897) | (2.6) | (792) | (2.6) | | 研發開支 | (3,400) | (9.7) | (2,805) | (9.1) | ...
快手晒二季度成绩单:日活4.09亿、营收350亿、净利润56亿
Guan Cha Zhe Wang· 2025-08-21 11:57
Core Insights - Kuaishou Technology reported record highs in both traffic and profitability for Q2 2025, driven by AI and ecosystem strategies [1][2] Traffic Performance - Average daily active users reached 409 million, a year-on-year increase of 3.4% - Average monthly active users reached 715 million, a year-on-year increase of 3.3% - Total user engagement time increased by 7.5% year-on-year [1] Financial Performance - Revenue for Q2 2025 grew by 13.1% year-on-year to 35 billion yuan - Adjusted net profit increased by 20.1% year-on-year to 5.6 billion yuan - Gross margin and adjusted net profit margin both reached historical peaks at 55.7% and 16.0% respectively [1] Revenue Structure - Online marketing services, live streaming, and other services contributed 56.4%, 28.7%, and 14.9% to total revenue respectively - Revenue from online marketing services in Q2 reached 19.8 billion yuan, a year-on-year increase of 12.8% - The penetration rate of smart advertising clients continues to rise, with UAX consumption accounting for 65% of total external circulation consumption in Q2 [1] E-commerce Performance - Gross Merchandise Volume (GMV) for Kuaishou's e-commerce business grew by 17.6% year-on-year to 358.9 billion yuan - Monthly average number of buyers reached 134 million, showing continuous growth year-on-year - The repurchase frequency of active e-commerce users also increased year-on-year [1] New Growth Engines - The pan-shelf domain has emerged as a new growth engine, with its GMV accounting for over 32% of total e-commerce GMV in Q2 - During the 618 shopping festival, GMV for pan-shelf products grew by over 50%, while search GMV increased by over 140% [2] AI Commercialization - Revenue from Kuaishou's AI product, Keling AI, exceeded 250 million yuan in Q2 2025 - Keling AI has been rapidly iterating its product features, with new functionalities launched to enhance creator experience [2] Future Outlook - The CEO of Kuaishou emphasized the rapid growth of AI commercialization and the company's commitment to exploring AI technology's transformative impact on business scenarios for high-quality growth [2]
24款热门APP未成年模式测评:“过度禁止”不容忽视
Hu Xiu· 2025-08-18 02:36
Core Viewpoint - The article discusses the implementation and effectiveness of minor protection modes in various popular apps, highlighting the balance between protection and meeting the needs of minors in the digital space [1][4][41]. Group 1: Implementation of Minor Protection Modes - Since the trial launch of the youth anti-addiction system in 2019, the protection of minors online has gradually been incorporated into platform regulations and national supervision [1]. - In 2024, the "Guidelines for the Construction of Minor Modes in Mobile Internet" were released, introducing age-based recommendation standards, prompting major apps to launch dedicated modes for minors [2][41]. - A total of 24 popular apps across seven categories (social, gaming, short video, etc.) have implemented minor modes, but the effectiveness of these modes is questioned [13][41]. Group 2: Challenges and Issues - Despite the establishment of minor modes, issues such as lack of age-appropriate content and insufficient resources have been reported [3][41]. - The entry points for accessing minor modes in apps are often deeply nested, making it difficult for users to find and activate them easily [14][41]. - In gaming apps, only one app allows switching to minor mode from within the game, while others require parental intervention through third-party platforms, complicating the monitoring process [17][41]. Group 3: Content Supply and Age Appropriateness - Among the 24 apps tested, only 58% have age-based features that allow parents to set content according to their child's age [23][41]. - The content provided in minor modes often lacks diversity and fails to meet the developmental needs of different age groups, with some apps repeating the same content across various age ranges [24][34][41]. - In music apps, the minor modes tend to restrict genres, focusing on educational content while neglecting the musical preferences of minors [39][41]. Group 4: Global Context and Legislative Measures - The issue of minors' internet usage is becoming a significant topic in global digital governance, with many countries implementing legislative measures to define platform obligations and parental responsibilities [5][7]. - Various countries have established age-based restrictions and parental consent requirements for minors using online services, with penalties for non-compliance [8][10][41]. - The EU's GDPR mandates that platforms obtain parental consent for processing data of minors under 16, while Australia has enacted strict measures prohibiting minors under 16 from using most social media platforms [9][10][41].
2024银发人群洞察报告
Sou Hu Cai Jing· 2025-08-14 14:04
Core Insights - The report highlights the development of the silver economy and the increasing importance of elderly care services in response to the aging population in China, with significant policy support from the government [1][9]. Group 1: Policy and Economic Insights - The Central Committee and State Council issued opinions on deepening elderly care service reforms, aiming for a basic elderly care service network by 2029 and a mature system by 2035 [1]. - The recent government document outlines 26 measures to enhance the silver economy, focusing on improving elderly services, expanding product supply, and fostering innovation in elderly care [1][9]. Group 2: Demographic and Digital Engagement - The active user base of the silver population (aged 50 and above) has reached 329 million, showing a year-on-year growth of 1.5% [7][11]. - Short video applications dominate the engagement of the silver population, accounting for 35.1% of their total usage time, which is 5.2% higher than the overall user base [13]. Group 3: Consumption and Technology Trends - There is a notable increase in the penetration rates of digital reading, mobile shopping, and financial management apps among the silver population, with growth rates of 4.6%, 3.0%, and 2.3% respectively [18]. - The preference for mid-to-high-end smartphones (priced above 2000 yuan) is rising among the silver population, indicating a trend towards technology upgrades [7]. Group 4: Industry Engagement and Brand Awareness - The silver population shows significant engagement in mobile banking, with major banks like ICBC and CCB leading in active user numbers, reflecting a growing trend in digital financial services [29]. - Brand awareness among the silver population is high for categories such as beauty care and home appliances, with notable interest in brands like Lenovo and Haier [30].
国泰海通|全球视野掘金科技牛市·海外市场研究
Core Viewpoint - The article emphasizes the significance of technology in the Hong Kong stock market for the second half of the year, suggesting that it will be a decisive factor in market performance [6]. Group 1: Market Insights - The Hong Kong stock market is identified as the main battleground for the current bull market, with specific focus on the importance of marginal factors and top picks [6]. - Historical trends indicate that the performance of the Hong Kong stock market is driven by various factors, including the impact of U.S.-China trade tensions and global industrial upgrades [6][7]. Group 2: Sector Analysis - The series of lectures includes discussions on the evolution of technology in the semiconductor industry, particularly the transition from 14nm to N2 processes, which is expected to drive innovation in Electronic Design Automation (EDA) [6][7]. - The analysis of the pricing power in the Hong Kong market highlights the influence of different types of capital and the restructuring of industries following significant mergers, such as Synopsys and Ansys [6][7]. Group 3: Investment Opportunities - The research series explores the growth potential of companies like Tencent Music Entertainment (TME) and NetEase Cloud Music, drawing parallels with Spotify's success [7]. - The focus on AI applications and new consumer trends in the Hong Kong market suggests that companies like Kuaishou and Bilibili are positioned for significant growth, driven by their unique content ecosystems [7].
大力布局本地生活 抖音意欲何为
Core Insights - Douyin is investing heavily in its local life services, with platform subsidies in the range of hundreds of millions from July 15 to the end of August, aiming to enhance user experience and attract more customers [1][2] - The initiative includes partnerships with major hotel groups to offer significant discounts and exclusive deals, catering to diverse consumer needs during the summer [2] - The strategic move is seen as a response to the saturation of user growth in Douyin's core business, seeking new revenue streams through local services [3][4] Group 1: Market Strategy - Douyin's entry into local life services is driven by the need to find new growth engines as its user growth approaches a ceiling, with local services representing a high-frequency consumption market [3] - The local life services market in China is vast, with potential for high profitability, especially in sectors like dining and travel, where online penetration is still growing [3] - Douyin aims to create a comprehensive ecosystem by integrating online content with offline experiences, enhancing user engagement and platform value [4] Group 2: Competitive Landscape - The move is also a strategic response to competitors like Meituan, which currently holds a dominant market share in local services, particularly in dining [4][7] - Douyin's strategy includes leveraging its algorithm and capital advantages to quickly adapt successful business models from other giants in the industry [8] - The company is expected to adopt a flexible approach, potentially utilizing both self-operated and third-party models to optimize its local services [8] Group 3: Challenges Ahead - Douyin faces challenges in ensuring service quality and user experience in the complex offline service environment, requiring robust operational capabilities [7] - Building a sustainable merchant ecosystem is crucial, as Douyin needs to attract and manage a large number of small and medium-sized businesses [7] - Cultivating user habits to shift from established platforms like Meituan will require time and consistent effort [7]
白头宫女话玄宗
乱翻书· 2025-07-21 08:45
Core Viewpoint - The podcast "乱翻书" has evolved from a book recommendation column to a platform for discussing industry developments, focusing on technology archaeology, industry observation, and innovative company research, aiming to provide valuable insights into the cycles of innovation, competition, and decline in companies [4][29]. Group 1: Podcast Development - "乱翻书" podcast was launched in September 2021 and has released 233 episodes, averaging 103 minutes each, totaling 400 hours of content [2]. - The podcast's origins trace back to a book recommendation column hosted in 2012, evolving through various formats including a personal WeChat account and live broadcasts before becoming a podcast [4]. Group 2: Industry Insights - The podcast draws parallels between historical events and modern entrepreneurial journeys, suggesting that significant shifts in the industry often stem from pivotal moments that can alter the course of companies [12][14]. - The transformation of communication tools, as exemplified by the "漂流瓶" feature from QQ, highlights the importance of understanding user psychology and the evolution of social interaction platforms [10]. Group 3: Cultural Shifts - The perception of Chinese creativity has shifted dramatically over the past decade, with the current landscape showcasing a vibrant culture of content creation and innovation, particularly in short video formats [17]. - The podcast emphasizes the role of technology and market conditions in shaping the success of companies, with a focus on the impact of mobile internet and AI on industry dynamics [18]. Group 4: Future Directions - The podcast intends to continue analyzing key turning points in industry development, aiming to prepare for future trends and shifts in the market [29].