Core Viewpoint - The article discusses the challenges and failures associated with the co-CEO model in the Chinese internet industry, highlighting the case of Himalaya and other companies that have adopted this structure, ultimately questioning its effectiveness in a fast-paced and competitive environment [1][2][3]. Group 1: Co-CEO Model Challenges - The co-CEO model can lead to inefficiencies, decision-making delays, and internal conflicts due to shared responsibilities and differing strategic visions [1][2][3]. - Companies like Himalaya, Bitmain, and Kuaishou have experienced significant struggles under co-CEO leadership, often resulting in strategic misalignment and operational chaos [3][5][6]. - The co-CEO structure may initially provide stability during transitions, but it often fails to deliver long-term success in the rapidly evolving tech landscape [1][2][3]. Group 2: Case Studies - Himalaya, despite having a strong market position with approximately 300 million MAU and 60% of mobile audio listening time in China, faced four failed IPO attempts and struggled with monetization [2][3]. - Bitmain's co-CEO model led to internal strife and a decline in market position, with the company failing to adapt to competitive pressures and ultimately stalling its IPO process [5][6][8]. - Kuaishou's dual leadership initially thrived but later faced challenges as the need for decisive action increased, leading to a restructuring of its management [22][25]. Group 3: Conditions for Success - Successful co-CEO arrangements are rare and typically require clear division of responsibilities, mutual respect, and a higher authority to make final decisions [17][29][30]. - In stable industries or during transitional phases, co-CEO structures may provide temporary benefits, but they are less effective in the dynamic and competitive environment of the internet sector [28][30][31]. - The article suggests that co-CEO models may work better in companies with distinct, independent business lines or where one leader has ultimate decision-making authority [29][32].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【医药】全链条赋能创新药，开启创新产业链新周期——医药行业政策点评（20250701） 2025年7月1日，国家医保局 国家卫生健康委印发《支持创新药高质量发展的若干措施》。该政策通过研发 端、准入与支付、临床应用多个层次的组合拳，构建了支持创新药高质量发展的闭环体系，有望推动中国从 "仿制药大国" 向 "创新药强国" 跨越，推动包括创新药龙头企业、细分领域特色biotech、CXO产业链的全面繁 荣。 （王明瑞）2025-07-01 （刘凯/林仕霄） 2025-07-01 您可点击今日推送内容的第3条查看 【快手-W（1024.HK）】泛货架商业化&推荐系统OneRec推动，25H2广告增长有望加速——跟踪研究报告 6 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点评： 快手618期间泛货架增长较快，为广告商业化提供流量基础 1）电商整体GMV符合预期，泛货架增速快于大盘。根据快手披露，618期间商品卡GMV同比增长超53%，搜 索GMV同比增长超143%，挂车短视频GMV同比增长超29%。泛货架作为区别于直播间的内容消费场域，已逐 步成为用户浏览、发现与购买的重要通路，内容消费与商品转化之间的路径更加清晰。2）泛货架具备进一步 广告商业化潜力，有望在25H2带来新增量。快手早期重点在于通过流量分发、供应链扶持及智能化工具建 设，引导生态内商家提升投放效率。随着中小商家逐步成熟，平台有望推动部分流量位产品化，并通过智能化 工具引导商家开展自主投放，逐步建立面向泛货架场景的广告转化链路。 全新端到 ...

机器之心报道 机器之心编辑部 人人都绕不开的推荐系统，如今正被注入新的 AI 动能。 随着 AI 领域掀起一场由大型语言模型（LLM）引领的生成式革命，它们凭借着强大的端到端学习能力、海量数据理解能力以及前所未有的内容生成潜力，开始重 塑各领域的传统技术栈。 作为互联网流量的核心引擎，推荐系统面临着级联架构导致的算力碎片化、优化目标割裂等问题，并逐渐制约其创新发展。实现从碎片化拼装到一体化整合的范 式跃迁，是推荐系统重焕生机的必由之路，而利用 LLM 技术重构架构以实现效果提升、成本降低成为关键。 近日，快手技术团队交出了他们的答卷，最新提出的「OneRec」首次以端到端生成式架构重构推荐系统全链路。 在效果与成本这场看似零和的博弈中，OneRec 让「既要又要」成为可能 ： 目前，该系统已在快手 App / 快手极速版双端服务所有用户，承接约 25% 的QPS（ 每秒请求数量 ） ，带动 App 停留时长提升 0.54%/1.24%，关键指标 7 日用户生 命周期（LT7）显著增长，为推荐系统从传统 Pipeline 迈向端到端生成式架构提供了首个工业级可行方案。 下图（左）展示了快手 / 快手极速版中 O ...

文 | 唐辰同学 可灵AI再次成为快手的"门面"。 5月27日，快手发布2025年第一季度业绩。财报显示，一季度，快手营收为326.1亿元，同比增长10.9%；期内利润39.79 亿元，同比减少3.4%；经调整净利润达45.8亿元，同比小幅下滑2.6%，但利润率提升至14.0%。 有喜有忧，程一笑稳住了局面 分业务板块看，快手线上营销服务、直播和其他服务（含电商），也就是"三驾马车"分别同比增长8%、14.4%、 15.2%。 虽然都是增长，线上营销服务跑慢了，没有能维持住过去几个季度的双位数增长。2024年第一季度到第四季度，快手线 上营销服务收入同比增速分别为27.4%、22.1%、20.0%和13.3%，2024全年该业务收入同比增长20.1%。 这或是快手营收连续四个季度增速徘徊在10%左右的最大诱因。两个月前，快手发布2024年第四季度及全年业绩财报， 重点提到两组数据：营收构成方面，线上营销服务和其他服务收入年同比增长率均超过20%。 对此，程一笑在随后的电话会上解释，鉴于内容消费、电商、本地生活等重点行业的增长潜力正在逐步释放，对二季度 快手线上营销服务收入同比增速回到双位数保持信心。 这可以理 ...

就像考试不会的都选C，在当下，选AI总不会出错。 快手的焦虑快要"溢出屏幕"了。 前几日，社交媒体上有快手员工爆料称，快手要求其商业化、产品、运营等多个部门员工每日使用快手App刷满1小时短视频，并需将使用记录抄送主 管。 快手内部人士后向媒体回应时否认三连，"不属实""并未强制要求商业化等部门，更没有强制要求全员刷视频"。 爆料称强制刷视频是为了让员工"深入一线"，弥补对用户真实体验的感知偏差。这并非近期快手第一次从组织上着手整顿，想要"大力出奇迹"。在快手 2025磁力大会上，快手宣布整合短剧、游戏和小说等内容型业务，成立内容消费业务中心，强调要将AI赋能到平台的内容生态和商业生态中，并通过大 模型能力对商业营销领域进行全面重塑。 组织结构是商业战略的投影，快手的这面"镜子"正在发生明显变化。之前快手对外发布的全域经营年度策略中，AI降本也是关键词之一。 面对流量红利见顶后的增长瓶颈，以及抖音10亿月活的竞争压力，快手不得不向市场讲出一个新的具有说服力和想象力的商业故事。 就像考试不会的都选C，在当下，选AI总不会出错，于是"生于老铁"的快手"被迫"要开始一场技术突围。 "AI上位"，快手的增长焦虑 这几 ...

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 5 月 27 日港股盘后，快手向市场递上 2025Q1 财报，可灵再次被拎出来充当这轮传播的"牌面"—— 除此之外，大家似乎对这家公司的业务发展乃至近况兴致寥寥。 明面上，可灵 AI 2.0 上线后，2025Q1 拉动收入超 1.5 亿元，无论模型优势还是盈利能力都跑在这 波 Al 浪潮的前列——可灵的逆袭，似乎正为快手创造出"二次发育"的契机。 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 实际上，快手 2025Q1 营收仅同比增长 10.9% 达 326 亿元， 连续四个季度在 10% 关口上下徘徊， 环比减少了 28 亿 ；净利润同比降低 3.4% 至 39.8 亿元，调整后净利润仅同比增长 4.5% 为 46 亿 元，环比减少了 1 亿元， 较前两年利润增速明显放缓 。 须知，营收、净利润作为一切财报数据的根基，足以窥一斑而知全豹——况且，快手巅峰期市值一度 飙涨至 1.738 万亿港元，市值仅次于腾讯、阿里、美团、拼多多；如今，快手股价"脚踝斩"，市值蒸 发 87% 不足 2300亿（截至发稿， ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenue increased by 10.9% year on year to RMB 32.6 billion, with adjusted net profit reaching RMB 4.6 billion, representing an adjusted net margin of 14% [7][38][44] - Gross profit margin approached 55%, with a gross profit of RMB 17.8 billion, reflecting a 10.4% year on year growth [8][41] - Cost of revenue rose by 11.5% year on year to RMB 14.8 billion, accounting for 45.4% of total revenue [41] Business Line Data and Key Metrics Changes - Revenue from online marketing services grew by 8% year on year to RMB 18 billion, driven by AI technology integration [17][39] - E-commerce GMV increased by 15.4% year on year, with the number of monthly average active paying users reaching 135 million [22][40] - Live streaming revenue returned to positive growth, increasing by 14.4% year on year to RMB 9.8 billion [28][40] Market Data and Key Metrics Changes - The overseas business achieved a revenue increase of 32.7% to RMB 1.32 billion, marking its first quarter of operating profit [31][38] - Local services GMV saw rapid growth, with over 65% of growth coming from lower-tier cities [33][36] Company Strategy and Development Direction - The company is focusing on AI technology integration across its business lines to enhance user experience and operational efficiency [7][12] - Strategic initiatives for the 618 shopping festival include significant traffic resources and subsidies to boost merchant sales [69][72] - The company aims to maintain its leading position in AI technology while expanding its user base and enhancing monetization strategies [49][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth in online marketing services in the second quarter, driven by improved client placements [62] - The company anticipates that AI investments will contribute positively to profitability in the medium to long term, with expectations of narrowing losses in AI-related areas [78] Other Important Information - The average daily time spent per DAU on the Kuaishou app was 133.8 minutes, with total user time spent rising by 5.9% year on year [14] - The company repurchased approximately HKD 1.42 billion worth of shares, accounting for about 0.68% of total shares outstanding [44] Q&A Session Summary Question: Update on Clean AI's commercialization and growth strategy - Clean AI's revenue reached RMB 150 million in Q1, with paid subscriptions accounting for nearly 70% of revenue, and plans for further product iterations and global expansion [48][49][52] Question: How AI is empowering existing businesses - AI has enhanced marketing material production and customer service, leading to increased conversion rates and operational efficiencies [56][58] Question: Recent trends in online marketing services and key growth strategies - The company expects a return to double-digit growth in online marketing services, with strong performance in content consumption and local services sectors [62][66] Question: Strategy for the 618 shopping festival - The company will provide substantial traffic resources and subsidies, focusing on user engagement and tailored support for merchants [69][72] Question: Investment plan on AI and its impact on profitability - AI investments are expected to increase, particularly in R&D, but the overall impact on profit margins is projected to be manageable, with AI seen as a future growth driver [78]

雷军说小米YU7不可能19.9万 英伟达中国份额从95%降到50% 5月22日，在小米发布会上，@雷军 提到Model Y 定价26.35万，自己觉得YU7这些配置至少应该贵个六 七万，并称小米YU7不可能19.9万，这个配置啊，以Model Y定价，没有三十几万绝对下不了台的。 高合汽车新公司成立 天眼查App显示，5月22日，江苏高合汽车有限公司成立，法定代表人为Jihad Mohammad，注册资本约 1.43亿美元，经营范围包括道路机动车辆生产、汽车零部件研发、工程和技术研究和试验发展等，由 EV Electra Ltd.和华人运通（江苏）技术有限公司共同持股。 快手内部人士回应带薪刷视频 近日，社交媒体上有快手员工称，快手要求其商业化、产品、运营等多个部门员工每日使用快手App刷 满1小时短视频，还需要将使用记录抄送主管 引发舆论热议，被网友戏称为"带薪刷视频"。有媒体从快 手内部人士获悉，此事并不属实，快手一直倡导员工多使用和体验产品，但并未强制要求商业化等部 门，更没有强制要求全员刷视频。另外，也没有强制有一小时的时长要求，更没有与绩效挂钩。 "美国针对中国的AI出口管制是失败的。"据路透社、法 ...

Group 1: Xiaomi's New Product Launches - Xiaomi officially launched the Xuanjie series chips, with the Xuanjie O1 chip achieving a benchmark score exceeding 3 million on AnTuTu, aiming to compete with Apple's chips [1] - The Xuanjie O1 chip features 19 billion transistors, a second-generation 3nm process, a ten-core quad-cluster CPU architecture, and a 16-core GPU, outperforming Apple's A18 Pro in multi-core and GPU performance [1] - The Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 will all be equipped with the Xuanjie chip [1] Group 2: Xiaomi Yu7 Electric Vehicle - The Xiaomi Yu7 electric vehicle was launched, featuring the Xiaomi Super Motor V6s Plus with a maximum power of 690 PS, 0-100 km/h acceleration in 3.23 seconds, and a top speed of 253 km/h [2] - The Yu7 has three versions: single-motor rear-wheel drive, dual-motor all-wheel drive, and the high-performance Yu7 Max, with a standard version range of 835 kilometers [2] - The official price for the Yu7 has not been disclosed, but it is expected to be around 300,000 yuan, targeting the Model Y configuration [2] Group 3: Huawei's New Product and Apple's Future Plans - Huawei's HarmonyOS foldable computer has seen nearly 140,000 reservations, with over 100,000 for the model starting at 23,999 yuan [3] - Apple plans to release smart glasses by the end of 2026 to capture the AI device market, while shelving plans for a smart watch with built-in camera capabilities [3] - Apple has updated its product support page, listing the iPhone 7 Plus and certain iPhone 8 models as "vintage" products [3] Group 4: OpenAI's International Project - OpenAI announced the "Stargate UAE" project, which will establish a 1GW data center cluster in Abu Dhabi, expected to be operational by 2026 [4] - This project will enable the UAE to become the first country to implement ChatGPT nationwide, in collaboration with partners like G42, Oracle, NVIDIA, Cisco, and SoftBank [4] Group 5: OpenAI's AI Companion Devices - OpenAI's CEO Sam Altman revealed plans to develop 100 million AI companion devices that will seamlessly integrate into daily life [5] - These devices are designed to be unobtrusive and can be placed in pockets or on desks, aiming to become a third core device alongside MacBook Pro and iPhone [5] Group 6: EV Electra's Investment in High合汽车 - Canadian electric vehicle company EV Electra plans to invest $1 billion in the restructuring of Chinese automaker High合汽车, seeking a controlling stake [6] - High合汽车's new company was established with a registered capital of approximately $143 million, focusing on vehicle production and automotive parts R&D [6] Group 7: Kuaishou's Employee Engagement Strategy - Kuaishou reportedly requires employees in various departments to use the app for at least one hour daily, with usage records submitted to supervisors [7] - This initiative has been humorously referred to as "paid video watching" by netizens [7]