机构：西部证券 研究员：郑宏达/李想 公司持续推进AI 业务商业化：公司于2025 年9 月底推出了可灵2.5 Turbo模型，登顶Artificial Analysis 全 球文生视频模型和图生视频模型榜单第一名。 可灵AI 在25Q3 单季度收入超过3 亿元。公司持续优化OneRec 端到端生成式推荐大模型，将应用场景从 短视频内容推进扩展至线上营销、电商商城等场景。此外，公司还推出了生成式强化学习出价模型 G4RL，让广告投放在整段周期内自动实现预算与ROI双最优。OneRec 等大模型技术已在25Q3为公司国 内线上营销收入带来4%–5%的提升。 公司主营业务稳健增长：公司核心商业收入（线上营销服务和以电商为主的其他服务）同比增长 19.2%。公司线上营销服务25Q3 单季度收入为201 亿元（YoY+14%），直播服务25Q3 单季度收入为96 亿元（YoY+2.5%）。 我们认为：在生成式AI 应用加速落地的背景下，公司基于多模态大模型技术积极迭代软硬件，或将进 一步促进公司主营业务持续增长，同时，公司生成式AI 应用不断推进技术落地和商业化也有望为公司 带来新的增量空间。 投资建议：我们预计公司 ...

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024.HK) [5][3][10] Core Insights - Kuaishou-W's Q3 2025 performance shows steady improvement in profitability, with revenue reaching 35.554 billion yuan (YoY +14%), operating profit at 4.676 billion yuan (YoY +76%), and net profit at 4.488 billion yuan (YoY +37%) [1][5] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million (YoY +2.1%), and the average monthly active users (MAU) reached 731 million (YoY +2.4%) [1] - The company has launched the Keling 2.5 Turbo model, which ranked first in global generative video models, contributing over 300 million yuan in revenue in Q3 2025 [2] - Kuaishou's core business revenue, primarily from online marketing services and e-commerce, grew by 19.2% YoY, with online marketing service revenue at 20.1 billion yuan (YoY +14%) [2] Financial Projections - Revenue projections for Kuaishou from 2025 to 2027 are 143.103 billion yuan, 157.436 billion yuan, and 171.330 billion yuan, reflecting growth rates of 12.8%, 10.0%, and 8.8% respectively [3][4] - Adjusted net profit estimates for the same period are 17.720 billion yuan, 20.869 billion yuan, and 23.616 billion yuan, with growth rates of 15.6%, 17.8%, and 13.2% respectively [4][3] - The report indicates an expected EPS of 4.10 yuan in 2025, with a P/E ratio of 15.2 [4][3]

11月19日，快手科技发布公告，第三季度营收355.5亿元，同比增长14.2%，预估353.2亿元；第三 季度调整后净利润49.9亿元，同比增长26.3%，预估48.3亿元。 2025年第三季度，快手电商业务GMV同比增长15.2%，至3850亿元。 快手的直播业务收入由2024年同期的93亿元增加2.5%至2025年第三季度的96亿元。2025年第三季 度，快手应用的平均日活跃用户超4.16亿。 ...

Core Insights - Kuaishou is advancing its AI strategy, achieving both growth quality and profitability improvements while maintaining continuous investment [2] - The company reported a total revenue of 35.6 billion yuan, a year-on-year increase of 14.2%, with core business revenue growing by 19.2% [2] - Operating profit increased by 69.9% to 5.3 billion yuan, and adjusted net profit rose by 26.3% to 5 billion yuan, with an adjusted net profit margin of 14% [2] User Metrics - Average daily active users reached 416 million, marking a historical high for three consecutive quarters, while average monthly active users reached 731 million [2] - User engagement improved, with daily private message penetration among dual-active users increasing by over 3% year-on-year [2] AI Integration in Business - Kuaishou is deepening the application of AI technology across content and commercial scenarios, enhancing efficiency in key areas such as content understanding and marketing optimization [2][3] - The OneRec generative recommendation model and G4RL bidding model contributed approximately 4-5% incremental revenue to online marketing services [3] E-commerce Performance - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, supported by various policies and tools that enhance user retention and trust [5] - The introduction of OneSearch improved product matching and user understanding, leading to a nearly 5% increase in search order volume [5] Video Production Capabilities - Kuaishou's AI video model, Keling 2.5 Turbo, has significantly improved video generation capabilities, reducing costs by approximately 30% [6][7] - The Keling AI platform has surpassed 45 million global users, generating over 200 million videos and 400 million images [7] Financial Outlook - The CFO indicated that Kuaishou's AI-related revenue is expected to exceed 1.4 billion USD for the year, more than doubling the initial target [8] Community and Content Engagement - The community interaction has strengthened, with daily private message penetration among dual-active users increasing by over 3% year-on-year [10] - Kuaishou's live streaming revenue reached 9.6 billion yuan, with a healthy growth in the number of signed agencies and streamers [11] International Expansion - Kuaishou is focusing on high-quality growth in international markets, particularly in Brazil, while optimizing customer acquisition and maintaining steady development [11]

Core Viewpoint - Kuaishou is accelerating its AI strategy, leading to significant improvements in both revenue growth and profitability in Q3 2025, with a focus on integrating AI capabilities into its content and commercial ecosystems [5][6][9]. Group 1: Financial Performance - Kuaishou's total revenue for Q3 2025 reached 356 billion yuan, a year-on-year increase of 14.2% [5][6]. - Adjusted net profit for the same period was 50 billion yuan, reflecting a year-on-year growth of 26.3% and an adjusted net profit margin of 14% [5][6]. - The core commercial revenue, which includes online marketing services and e-commerce, grew by 19.2% year-on-year [5][7]. Group 2: User Engagement - The average daily active users of the Kuaishou app reached 416 million, marking a historical high for three consecutive quarters [5][7]. - The average monthly active users increased to 731 million, with user engagement metrics showing a more than 3% year-on-year increase in daily private message penetration among dual users [5][7]. Group 3: AI Integration and Marketing - Kuaishou is enhancing its AI capabilities across various business scenarios, achieving efficiency improvements in content understanding, recommendation distribution, and marketing decision optimization [9][10]. - The online marketing service revenue reached 201 billion yuan, with a year-on-year growth of 14%, driven by AI technologies like the OneRec recommendation model and G4RL bidding model, contributing approximately 4-5% incremental revenue [10][11]. Group 4: E-commerce Growth - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, supported by various merchant support policies and intelligent tools [11][12]. - The platform's search and recommendation capabilities, particularly the OneSearch architecture, improved product matching and user understanding, leading to nearly a 5% increase in search order volume [11][12]. Group 5: AI Video Production - Kuaishou's AI video model, Keling 2.5 Turbo, has shown significant advancements in video generation capabilities, reducing production costs by approximately 30% [13][14]. - The global user base for Keling AI has surpassed 45 million, generating over 200 million videos and 400 million images, with revenue exceeding 3 billion yuan in Q3 2025 [13][14]. Group 6: Community and Live Streaming - Kuaishou's community interaction has strengthened, with daily private message penetration among dual users increasing by over 3% year-on-year [18][20]. - Live streaming revenue reached 96 billion yuan, with a healthy growth in the number of signed agencies and streamers [20].

Core Viewpoint - Kuaishou's Q3 2025 financial report shows strong growth in revenue and profit, driven by AI integration across its business operations [1][2][7] Financial Performance - Total revenue for Q3 2025 reached RMB 35.55 billion, a year-on-year increase of 14.2% [2] - Operating profit was RMB 5.3 billion, up 69.9% year-on-year [2] - Adjusted net profit stood at RMB 4.99 billion, reflecting a 26.3% increase [2] - Adjusted net profit margin reached 14% [1] User Metrics - Average daily active users (DAUs) for Kuaishou reached 416 million, marking a historical high for three consecutive quarters [1] - Average monthly active users (MAUs) reached 731 million [1] Revenue Breakdown - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year [1][3] - Online marketing services accounted for RMB 20.1 billion, representing 56.5% of total revenue, with a 14% year-on-year growth [3][4] - E-commerce GMV increased by 15.2% to RMB 385 billion [4][5] AI Integration - AI technologies, such as the OneRec recommendation model and G4RL bidding model, contributed approximately 4%-5% incremental revenue to online marketing services [3] - Kuaishou's AI-driven tools significantly reduced marketing material production costs, with over RMB 3 billion spent on AIGC marketing materials in Q3 [3] Live Streaming and Community Engagement - Live streaming revenue reached RMB 9.6 billion, a 2.5% increase year-on-year [5] - The number of signed agencies and streamers increased by over 17% and 20% respectively [5] - Community interaction metrics improved, with daily private message penetration among dual users increasing by over 3% [5] International Business - Kuaishou's international operations recorded a loss of RMB 64 million, a significant reduction from RMB 153 million in the same period last year [6] Future Outlook - The company plans to continue leveraging AI to enhance operational efficiency and user experience, aiming for long-term value creation for shareholders [1][7][10]

Core Insights - Kuaishou reported a total revenue of 35.554 billion yuan for Q3, marking a year-on-year growth of 14.2% [1] - Operating profit increased by 69.9% year-on-year to 5.299 billion yuan, while adjusted net profit rose by 26.3% to 4.986 billion yuan [1] Revenue Breakdown - Revenue from other services, including e-commerce and Keling AI, grew by 41.3% to 5.9 billion yuan [1] - Online marketing service revenue increased by 14% to 20.1 billion yuan [1] - Live streaming revenue saw a modest growth of 2.5% to 9.6 billion yuan [1] - Keling AI generated over 300 million yuan in revenue during Q3, while e-commerce GMV grew by 15.2% to 385 billion yuan [1] User Engagement - The average daily active users reached 416 million, with monthly active users at 731 million [1] AI Integration and Market Position - Kuaishou's CEO attributed financial performance to the deep integration of AI capabilities across various business scenarios [2] - The video generation sector is experiencing rapid technological iteration and product exploration, with Keling AI positioned in the leading tier globally [2] - Keling AI launched the 2.5 Turbo model, enhancing multiple dimensions such as text response and aesthetic quality [2] Product Strategy and Future Outlook - Kuaishou aims to focus on AI film creation, enhancing technology and product capabilities [2] - The company is optimistic about the commercialization of video generation, particularly in consumer applications [3] - Kuaishou plans to explore consumer application scenarios while enhancing the experience for professional creators [3]

Core Insights - Kuaishou's Q3 2025 financial report shows a total revenue increase of 14.2% year-on-year to 35.6 billion yuan, with core business revenue growing by 19.2% [1] - The average daily active users (DAU) reached 416 million, marking a historical high for three consecutive quarters [1] - The integration of AI capabilities across various business scenarios has significantly enhanced operational efficiency and financial performance [1] Revenue Growth - Total revenue for Q3 2025 was 35.6 billion yuan, a 14.2% increase year-on-year [1] - Core business revenue, including online marketing services and e-commerce, grew by 19.2% [1] - Operating profit increased by 69.9% to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] User Engagement - Average DAU reached 416 million, with monthly active users at 731 million [1] - User engagement metrics improved, with daily private message penetration among dual users increasing by over 3% year-on-year [1] AI Integration - AI technologies, including the OneRec model, have been applied to enhance content understanding, recommendation distribution, and marketing decision optimization [2] - The OneRec model contributed approximately 4-5% incremental revenue growth in online marketing services [2] - Automation and intelligence upgrades in both external and internal marketing processes have improved efficiency for small and medium-sized clients [2] E-commerce Performance - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan [3] - The platform's initiatives have led to increased user repurchase frequency and enhanced user trust in the e-commerce ecosystem [3] - The introduction of the OneSearch model improved product matching and user understanding, resulting in a nearly 5% increase in search order volume [3] Video Production Capabilities - Kuaishou's AI video production platform, Keling, launched the 2.5Turbo model, significantly enhancing video generation capabilities [4] - The model reduces video generation costs by approximately 30%, improving creator efficiency [4] - Keling AI has served over 45 million global users, generating over 200 million videos and 400 million images [6] Content Ecosystem and Live Streaming - The community interaction on Kuaishou has strengthened, with daily private message penetration among dual users increasing by over 3% [7] - Live streaming revenue reached 9.6 billion yuan, with a healthy growth in signed agency institutions and streamers [8] - Kuaishou's overseas business continues to grow steadily, particularly in Brazil, with increased user engagement and marketing efficiency [8]

Core Insights - Kuaishou's Q3 2025 financial report shows a total revenue increase of 14.2% year-on-year to 35.6 billion yuan, with core business revenue growing by 19.2% [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, and adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] - The average daily active users reached 416 million, marking a historical high for three consecutive quarters, while monthly active users reached 731 million [1] Business Performance - The online marketing service revenue for Q3 2025 reached 20.1 billion yuan, a 14% year-on-year increase, with AI technologies contributing approximately 4-5% to this growth [3][4] - E-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, supported by various policies and tools that enhanced user engagement and retention [4][5] AI Integration - Kuaishou continues to deepen the integration of AI across its content and commercial scenarios, enhancing efficiency in key areas such as content understanding and marketing optimization [3][4] - The launch of the OneSearch generative search architecture improved product matching and user understanding, leading to a nearly 5% increase in search order volume [5] Content Ecosystem - The platform's community interaction improved, with daily private message penetration among dual users increasing by over 3% year-on-year [9] - Kuaishou's content ecosystem was enriched through various events and collaborations, including a live broadcast with Beijing TV that attracted over 5.4 million concurrent viewers [9] Live Streaming and International Growth - Live streaming revenue reached 9.6 billion yuan, with a healthy growth in the number of signed agencies and streamers [17] - Kuaishou's international business, particularly in Brazil, showed steady growth, with increased user engagement and successful marketing strategies [17]