证券研究报告 | 季报点评 gszqdatemark 2025 08 26 年 月 日 快手-W（01024.HK） 可灵 AI 商业化落地能力持续强化，在 2025 年第二季度已实现收入超 2.5 亿元。管理层在业绩会透露，2025 年可灵收入预计比年初目标翻倍。公司 也会继续加大可灵 AI 在推理算力的投入，预计可灵 AI 相关的 2025 年 Capex 上的投入较年初预算也会实现翻倍。 电商场域优化，可灵商业化升级 二季度收入与归母净利均实现同比双位数增长。快手 2025Q2 录得收入 350 亿元，同比增长 13.1%。从业务类型角度，线上营销服务/直播/其他 服务各录得收入 198/100/52 亿元，同比增长 12.8%/8.0%/25.9%。本季 度公司录得经营利润总额 53 亿元，经营利润率约 15.1%。公司录得 non- GAAP 归母净利 56 亿元，同比上升 20.1%，non-GAAP 净利润率约 16.0%。 电商：GMV 增长可观，场域建设优化。本季快手电商 GMV 同比增长 17.6% 至 3589 亿元。其中，泛货架电商持续超大盘增长，其 GMV 占比超过 32%。 另一方 ...

点击按钮▲立即报名 美国Markit制造业PMI创三年新高 8月22日消息，多地土地市场已涌现出一批"调规再出让"的地块，调整规划后的地块市场表现显著提升。据悉，地块"调规"主要通过降低容积 率、降低商业比例、放宽计容规则等方式，增加项目开发价值与市场吸引力。以深圳宝安区一宗宅地为例，该地块原起始价为86.27亿元，地块 住宅部分占比49%，但无房企报名。今年7月，该地块重新挂牌，地块不仅大幅降低商业用地配比，还提高居住用地面积占比，并将起始价定为 64.09亿元。 据不完全统计，2024年以来，包括上海、深圳、广州、武汉、宁波、长沙等多个一线、二线城市已有地块通过调整规划重新入市。据悉，目前 土地"调规再出让"主要分为两类：一类地块是通过调规增加地块吸引力，使其顺利出让，另一类则主要是收储地块。（澎湃新闻） ｜点评｜ 近几年土拍市场持续遇冷，多地政府不仅拿出优质地块吸引房企，还在地块建筑规划上放松了限制。例如深圳宝安区的地块，地理位 置优质，只是原先地块商业规划占比过多。现在写字楼、购物中心等商业地产市场供大于求，地块上开发过多商业建筑，房企的最终盈利将面 临较大不确定。提高居住用地面积占比，降低容积率，房 ...

Core Viewpoint - Daiwa's report indicates that Kuaishou-W (01024) second-quarter revenue roughly met expectations, while profit exceeded market expectations by nearly 11% [1] Group 1: Financial Performance - Kuaishou's revenue from Keling AI increased from 150 million RMB in the first quarter to over 250 million RMB in the second quarter, with accelerated commercialization progress [1] - Daiwa forecasts a 14% year-on-year revenue growth for Kuaishou in the third quarter, with GMV expected to grow by 15% [1] - The full-year earnings per share forecast has been adjusted down by 2% due to increased investment in Keling AI, while the earnings per share forecasts for 2026 to 2027 have been raised by 1% to 2% [1] Group 2: Investment Outlook - Daiwa maintains a "Buy" rating on Kuaishou, raising the target price from 70 HKD to 85 HKD [1] - The acceleration of Keling AI monetization and growth in Kuaishou's e-commerce GMV are expected to be key drivers for the stock price this year [1] - The full-year revenue forecast for Keling AI has been increased to over 1 billion RMB, with expectations that the impact of increased investments on this year's profits will be minimal, stabilizing the adjusted net profit margin at around 15% [1]

Core Insights - Kuaishou reported a 13.1% year-on-year revenue growth to 35 billion yuan for Q2 2025, with adjusted net profit increasing by 20.1% to 5.6 billion yuan [1] - The company announced its first special dividend since going public, amounting to approximately 2 billion HKD, reflecting confidence in long-term growth and commitment to shareholder returns [1] - Average daily active users reached 409 million, a 3.4% increase year-on-year, while average monthly active users grew by 3.3% to 715 million [1] Revenue Structure - The revenue contributions from online marketing services, live streaming, and other services (including e-commerce) were 56.4%, 28.7%, and 14.9% respectively [1] - Kuaishou's overseas business showed robust performance, with Q2 revenue reaching 1.3 billion yuan, a 20.5% year-on-year increase [1] E-commerce Performance - Kuaishou's e-commerce GMV grew by 17.6% year-on-year to 358.9 billion yuan in Q2 2025, with an average monthly buyer count of 134 million [2] - The share of general merchandise e-commerce GMV exceeded 32%, with significant growth during the 618 shopping festival [2] - Short video e-commerce GMV increased by over 30% year-on-year, driven by enhanced supply quality and effective matching of target audiences [2] AI and Technology Developments - Kuaishou launched the OneRec end-to-end generative recommendation model to predict user-preferred video content [3] - The revenue from Kuaishou's AI business exceeded 250 million yuan, with ongoing acceleration in commercialization [3] - The company introduced several new features for its AI models, enhancing video generation capabilities [3]

每经北京8月21日电（记者 王郁彪）快手（01024.HK）今日公布了2025年第二季度财报。第二季度，可 灵AI营收超过2.5亿元。此外，快手第二季度总营收同比增长13.1%至350亿元，经调整净利润达56亿 元，同比增长20.1%。电商业务方面，第二季度，快手GMV（商品交易总额）同比增长17.6%至3589亿 元。 ...

Core Insights - Kuaishou Technology reported record highs in both traffic and profitability for Q2 2025, with revenue increasing by 13.1% year-on-year to 35 billion yuan and adjusted net profit rising by 20.1% to 5.6 billion yuan [1] - The company achieved historical peaks in gross margin and adjusted net profit margin, reaching 55.7% and 16.0% respectively [1] - Average daily active users reached 409 million, a year-on-year increase of 3.4%, while average monthly active users reached 715 million, up 3.3% [1] Revenue Structure - The revenue contributions from online marketing services, live streaming, and other services (including e-commerce and Kuaishou's AI tools) were 56.4%, 28.7%, and 14.9% respectively [1] - Kuaishou's overseas business showed robust performance, with Q2 revenue reaching 1.3 billion yuan, a year-on-year increase of 20.5% [1] AI and Technology Advancements - Kuaishou's CEO highlighted the application of AI models across various ecological scenarios, enhancing operational efficiency for merchants and creators [2] - The company introduced the OneRec end-to-end generative recommendation model, which significantly improves recommendation efficiency and user engagement [4] - Kuaishou's Keling AI has undergone rapid iterations, with the latest models enhancing video generation capabilities and achieving industry-leading performance [5] E-commerce Growth - Kuaishou's e-commerce GMV grew by 17.6% year-on-year to 358.9 billion yuan in Q2 2025, with an average of 134 million monthly buyers [8] - The platform's new merchant support system has led to a 50% year-on-year increase in new merchant registrations [9] - Short video e-commerce also performed well, with GMV increasing by over 30% due to improved supply quality [9] Marketing Services - Online marketing services revenue reached 19.8 billion yuan, reflecting a year-on-year growth of 12.8% [10] - The content consumption, local life, and automotive sectors were key growth drivers for external marketing services [11] Local Life Services - Kuaishou's local life business saw GMV grow steadily, with revenue increasing by nearly 120% year-on-year in Q2 2025 [14] - The company is focused on enhancing user experience through intelligent subsidies and refined city operations [14]

格隆汇8月21日｜快手科技于8月21日发布2025年第二季度业绩，数据显示，本季度，快手电商GMV同 比增长17.6%至3589亿元，其中，泛货架电商GMV占比超过32%，短视频电商GMV同比增长超30%。新 商与中小商家加速成长，二季度新商入驻规模同比提升50%。 ...

Group 1: Market Overview - The Hang Seng Index rose by 386 points or 1.6%, closing at 24,590, marking a four-day cumulative increase of 697 points or 2.9% [4][5] - The trading volume for the day was 288.4 billion HKD, with a net inflow of 3.82 billion HKD from northbound trading [4] - Major blue-chip stocks such as HSBC and Tencent saw increases of 1.1% and 3.5% respectively, while Meituan surged by 4.4% [4] Group 2: Economic Indicators - Hong Kong's overall export volume increased by 13.4% year-on-year in May, while import volume rose by 16.5% [8] - The export prices and import prices rose by 1.8% and 1.9% respectively [8] - Exports to Taiwan, Vietnam, India, and mainland China showed significant year-on-year increases of 48%, 39.5%, 37.6%, and 15.9% respectively [8] Group 3: Company-Specific Developments - QiuTai Technology plans to sell 51% of its Indian subsidiary for approximately 4.61 billion RMB, with expected net proceeds of about 3.57 billion RMB for operational funding [13] - Longfor Group reported a 31.51% year-on-year decrease in total contract sales amounting to 35.01 billion RMB in the first half of the year [14] - Air China experienced a 3.9% year-on-year increase in passenger turnover for June, with an average seat occupancy rate of 81.1% [15] Group 4: Regulatory and Policy Updates - The Hong Kong Industrial Federation proposed seven policy initiatives to develop a new industrial strategy focusing on high-end manufacturing [9] - The State Administration for Market Regulation is intensifying efforts to regulate the live e-commerce sector, aiming to address prominent issues and protect consumer rights [10] - New regulations prohibit local asset management companies from creating new hidden debts for local governments [11]

Core Viewpoint - Kuaishou's Q1 2025 earnings report shows overall revenue in line with expectations, with overseas business operations turning profitable for the first time, achieving a revenue of 32.6 billion yuan, a year-on-year increase of 11% [1] Business Segments - E-commerce: Kuaishou's Q1 e-commerce GMV reached 332.3 billion yuan, up 15% year-on-year, with active buyers reaching 135 million and a penetration rate of 19.0%. The platform supports small and medium-sized businesses, with a 25% increase in active sellers year-on-year [2] - Advertising: Q1 advertising revenue grew by 8% year-on-year, with significant growth in content consumption and local life sectors. AI-driven advertising material generation reached an average of 30 million yuan daily, indicating potential acceleration in ad revenue growth in the second half of the year [2] - Live Streaming: Q1 live streaming revenue was 9.8 billion yuan, up 14% year-on-year. User growth and algorithm optimization contributed to a 7% increase in total traffic, with daily active users (DAU) at 408 million, up 4% year-on-year [2] Keling AI - Kuaishou's Keling AI 2.0 model, set to launch in April 2025, is positioned as a global leader in generative AI technology, achieving a score of 1201 in the Arena ELO benchmark test. The model supports multi-modal input for video generation, enhancing its competitive edge in the market [3]

Core Insights - The annual Luoyang Lobster Festival in Xuyi County has become a significant event since its inception in 2000, attracting over 30,000 visitors in its first year and evolving into a major local industry with an annual output value exceeding 30 billion yuan [1][3] - The rapid growth of live e-commerce has significantly boosted the sales of local lobsters, with the "Lobster Carnival Week" leading to over 10 million lobsters sold by mid-June, achieving a GMV increase of 930% year-on-year [1][2] Industry Overview - The Xuyi lobster industry encompasses various sectors including breeding, processing, catering, e-commerce, and tourism, with a total production area of 985,000 acres and an annual output exceeding 100,000 tons [3][4] - In 2023, the total output value of Xuyi lobsters is projected to be 30.6 billion yuan, with the tertiary industry accounting for over half of this figure [3] E-commerce and Marketing Strategies - Influencer Rui Nan, who has 4.77 million followers on Kuaishou, emphasizes the importance of sourcing products directly from origin to ensure quality and authenticity, having sold approximately 500,000 lobsters during the festival [2][4] - Kuaishou is actively supporting local businesses through targeted traffic incentives and cash rewards, aiming to enhance the visibility and sales of Xuyi lobsters on its platform [2][6] Supply Chain and Infrastructure Development - The lobster supply chain in Xuyi is comprehensive, covering breeding, processing, sales, and cold chain logistics, with ongoing investments in research and development to explore new processing methods and high-end products [3][4] - Kuaishou plans to establish various centers for e-commerce training, live streaming operations, and supply chain services to strengthen the local brand's influence in the e-commerce sector [6]