机器之心报道 编辑：Panda、张倩 前段时间，谷歌母公司 Alphabet 市值突破 3 万亿美元，成为第四家市值达到这一门槛的公司。 如果时间倒回到两年半以前，谷歌自己可能都没有想到这一结果。当时，ChatGPT 带来的冲击让外界开始质疑谷歌能否守住营收，尤其是广告营收。甚至还有人 发出灵魂追问：谷歌会成为下一个诺基亚吗？ 然而，事实的发展出乎许多人意料 —— 谷歌不仅稳住了广告基本盘，还通过将生成式 AI 融入搜索和广告投放，提升了用户意图理解和广告匹配效率，让广告价 值进一步放大。 在国内，我们也看到了这种趋势。上个月，快手发布了 Q2 财报。财报显示，这一季度， 快手线上营销服务收入 198 亿元，同比增长 12.8% 。财报明确指出，大 模型在投放出价、营销推荐方面的应用取得显著进展。在营销出价方面，快手优化了生成式出价算法，运用强化学习和长期价值策略，提升了广告转化效果。在 营销推荐环节，快手利用大语言模型的内容理解和推理能力，采用生成式方法筛选广告，深入挖掘用户行为与广告转化的关联性，生成符合用户兴趣的广告内 容，经过排序优化后显著提高点击率，推动营销服务收入实现两位数增长。 这些信号表明，A ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance met expectations, with significant progress in AI commercialization [1][9] - The advertising revenue from short videos and new content consumption continues to contribute positively, with e-commerce GMV showing steady growth [3][9] - The company expects a return to double-digit growth in online marketing services revenue starting Q2 2025 [3] Financial Performance Summary - Total revenue for 2023 is projected at 113.525 billion RMB, with a year-on-year growth of 20.51% [1] - Net profit attributable to shareholders is expected to reach 6.396 billion RMB in 2023, reflecting a substantial year-on-year increase of 146.72% [1] - Non-IFRS net profit is forecasted at 10.271 billion RMB for 2023, with a year-on-year growth of 72.49% [1] - The company anticipates continued growth in e-commerce, with GMV expected to reach 3,323 billion RMB, a year-on-year increase of 15.4% [3] User Engagement Metrics - Daily Active Users (DAU) reached 408 million, while Monthly Active Users (MAU) stood at 712 million, showing year-on-year growth of 3.6% and 2.1% respectively [9] - The DAU/MAU ratio is stable at 57.3%, indicating strong user engagement [9] AI Business Development - The company's AI revenue exceeded expectations, with Q1 revenue reaching 150 million RMB, driven primarily by paid memberships [9] - The AI business is rapidly advancing, providing services to over 10,000 enterprise clients [9] Earnings Forecast - The adjusted net profit forecast for 2025 is 17.335 billion RMB, corresponding to a PE ratio of 12.34x [1][10] - The report projects continued growth in adjusted net profit for 2026 and 2027, with estimates of 22.202 billion RMB and 27.276 billion RMB respectively [1][10]

Core Insights - Kuaishou's Q1 2025 revenue reached 32.608 billion yuan, a year-on-year increase of 10.9%, while profit decreased by 3.4% to 3.979 billion yuan [1][2] - The company expressed confidence in returning to double-digit growth in online marketing services in Q2, driven by the growth potential in content consumption, e-commerce, and local life sectors [1][6] - Kuaishou's AI revenue reached 150 million yuan in Q1, marking a significant step in its commercialization efforts [1][8] Revenue Breakdown - In Q1 2025, Kuaishou's revenue from online marketing services was approximately 18 billion yuan, growing by 8% year-on-year; live streaming revenue was about 9.8 billion yuan, up 14.4%; and other services, including e-commerce, generated around 4.8 billion yuan, increasing by 15.2% [2][6] - The online marketing services segment's growth has slowed compared to previous quarters, where it had seen year-on-year increases of 27.4%, 22.1%, 20.0%, and 13.3% in 2024 [6] AI and Overseas Business - Kuaishou's AI segment, Keling AI, has shown rapid growth, with revenue surpassing 150 million yuan in Q1, and the company has established a dedicated Keling AI division to enhance its operations [8][9] - The overseas business achieved a quarterly operating profit of 28 million yuan for the first time, compared to a loss of 268 million yuan in the same period last year, attributed to increased online marketing revenue and effective cost control [10] User Engagement - As of March 31, Kuaishou reported an average daily active user count of 408 million and an average monthly active user count of approximately 712 million [7] - The company has integrated content monetization efforts, focusing on short dramas, games, and novels, which have shown a consumption increase of over 30% in Q1 [6][9]

Core Viewpoint - 2024 is a bustling year for China's internet industry, with a significant shift towards AI applications, overshadowing previous trends like the metaverse [3][4]. Financial Performance - Major internet companies reported their revenue and profit for 2024, showcasing varied growth rates across the board: - JD: Revenue of 115.88 billion, up 7%; Net profit of 41.4 billion, up 71% [5] - Alibaba: Revenue of 98.18 billion, up 6%; Net profit of 120.4 billion, up 20% [5] - Tencent: Revenue of 66.03 billion, up 8%; Net profit of 194.1 billion, up 68% [5] - Pinduoduo: Revenue of 39.38 billion, up 59%; Net profit of 112.4 billion, up 87% [5] - Xiaomi: Revenue of 36.59 billion, up 35%; Net profit of 2.45 billion, up 23% [5] - Baidu: Revenue of 13.31 billion, down 1%; Net profit of 2.38 billion, up 17% [5] - Kuaishou: Revenue of 12.69 billion, up 12%; Net profit of 1.53 billion, up 140% [5] - Bilibili: Revenue of 2.68 billion, up 19%; Net loss of 0.14 billion, up 72% [5] Gaming Sector - Tencent remains the leader in the gaming sector with revenue of 197.7 billion, up 10% [7]. - Bilibili's gaming revenue reached 5.6 billion, with a significant growth of 40% [8]. Video Sector - Tencent Video's subscription revenue grew by 3%, with 113 million subscribers [10]. - Bilibili's diverse monetization strategies led to a 500% increase in creator income [10]. E-commerce Sector - Alibaba's Taotian Group reported revenue of 136.1 billion, up 5% [12]. - JD's retail revenue reached 307.1 billion, up 14.7% [12]. - Pinduoduo's revenue for the quarter was 110.1 billion, with a profit of 108.4 billion, up 85% [12]. Smart Hardware - Xiaomi's smartphone revenue was 191.8 billion, up 23%, with a strong focus on high-end models [14]. - Revenue from electric vehicles reached 32.8 billion, contributing 9% to overall revenue [14]. Advertising Revenue - Kuaishou's online marketing services accounted for 57% of total revenue, reaching 72.4 billion, up 20% [16]. - Bilibili's advertising revenue grew by 28%, reaching 8.2 billion [16]. International Expansion - Tencent's international gaming revenue was 58 billion, up 9% [18]. - Xiaomi's overseas revenue reached 153.3 billion, accounting for 41.9% of total revenue [18]. AI Development - Baidu's non-online marketing revenue was 31.7 billion, up 12%, driven by AI cloud services [23]. - Tencent and Alibaba are also heavily investing in AI, with significant revenue growth in their respective AI services [24].