以下文章来源于深水财经社 ，作者韩峻 深水财经社 . 挖掘资本市场价值，揭开资本市场内幕。 导语：疯狂侵吞补贴资金1.4亿元，并通过比特币等手段洗白赃款。 快手前电商服务商运营中心总经理冯典恐怕从未想到，自己会以这样一种方式创下纪录——伙同外部供应商团伙，疯狂侵吞补贴资金1.4亿元，并 通过比特币等手段洗白赃款！ 据《财经故事荟》8 月 25 日报道，经过多番调查获悉，冯典创下互联网大厂贪腐纪录。 这位快手前电商服务商运营中心总经理虽然算不上公司核心高管，但权力闭环给了他作案的机会。 冯典的主要负责服务商的入驻审批、奖励政策制定及执行等工作。在补贴政策制定环节，冯典 故意"预留"漏洞 ，而后将本应严格保密的内部运营 数据，持续泄露给相熟的供应商。 在内部数据的指引下，外部供应商会"按需定制"，提交符合补贴条件的虚假申请材料，从而将本应属于其他商家的流量补贴，挪移到自己名下。 同时，冯典团伙指使下属迅速注册多家专门接收快手奖励金的 "空壳公司" ，并且利用8个不同的境外虚拟货币交易平台，将骗取的巨额资金分批 兑换成 比特币等虚拟货币。 不到一年时间，以冯典为核心的小团伙就非法侵吞了1.4亿补贴资金。 最终，冯典 ...

21.1/16.4/13.9 倍，维持"买入"评级。 DAU 延续增长，平台流量变现能力持续提升 2025Q2，快手App DAU 达4.09 亿（同比+3.4%），MAU 达7.15 亿（同比+3.3%）。 机构：开源证券 研究员：方光照 Q2 经调整净利润增长加速，维持"买入"评级 2025H1 公司实现营收677 亿元（同比+12%），经调整净利润102 亿元（同比+12.5%），其中Q2 实现营 收350 亿元（同比+13.1%），经调整净利润56 亿元（同比+20.1%），经调整净利率16%（同比 +0.9pct），毛利率55.7%（同比+0.4pct）。 我们看好公司主营业务稳健增长及可灵AI 商业价值加速释放，维持盈利预测，预计公司2025-2027 年归 母净利润为188.18/226.85/254.52 亿元，对应EPS 分别为3.1/4.0/4.8 元，当前股价对应PE 分别为 Q2 可灵AI 营收超2.5 亿元，5 月可灵推出2.1 模型，该模型在动态表现、物理模拟等方面表现优异，截 至7 月，可灵全球用户规模突破4500 万，企业客户超2 万家，累计生成超2 亿个视频和4 亿张图片。此 ...

传媒/数字媒体 快手-W（01024.HK） 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 71.750 | | 一年最高最低(港元) | 81.650/37.550 | | 总市值(亿港元) | 3,096.75 | | 流通市值(亿港元) | 3,096.75 | | 总股本(亿股) | 43.16 | | 流通港股(亿股) | 43.16 | | 近 3 个月换手率(%) | 69.87 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 快手-W 恒生指数 相关研究报告 《AI 赋能成效显著，可灵 AI 商业化 变现加速—港股公司信息更新报告》 -2025.5.30 《盈利能力提升，可灵AI商业化提速， 共同驱动增长—港股公司信息更新报 告》-2025.3.27 《毛利率同比提升显著，短剧、AI、 出海持续发力 —港股公司信息更新 报告》-2024.11.23 Q2 经调整净利润大增，可灵 AI 商业价值加速释放 ——港股公司信息 ...

Group 1 - The article discusses the new policy issued by the National Healthcare Security Administration and the National Health Commission on July 1, 2025, aimed at supporting the high-quality development of innovative drugs in China, which is expected to transform China from a "generic drug powerhouse" to an "innovative drug stronghold" [4] - The policy includes a comprehensive support system covering research and development, market access, payment, and clinical application, which is anticipated to benefit leading innovative drug companies, specialized biotech firms, and the CXO industry chain [4] Group 2 - Akole's COC project has passed safety facility acceptance review and has officially entered the stable production phase, with successful product output, indicating resolution of previous batch stability issues [5] - Xingsen Technology reported a revenue of 5.817 billion yuan for 2024, a year-on-year increase of 8.53%, but faced a net loss of 198 million yuan [6] - Kuaishou's general merchandise sales maintained high growth during the 618 shopping festival, with the launch of a new recommendation system, OneRec, expected to accelerate advertising growth in the second half of 2025 [7] - Bosideng achieved a revenue of 25.9 billion yuan for the fiscal year ending March 2025, a year-on-year increase of 11.6%, with a net profit of 3.51 billion yuan, reflecting a solid performance despite weak demand [7] - New Dairy's strategy focuses on leveraging raw milk cost advantages and improving product structure to enhance profitability, with expectations of continued raw milk benefits and increased revenue from low-temperature products [8] - Health元's respiratory product sales declined to 1.097 billion yuan in 2024, a decrease of 36.98%, but is expected to recover in 2025 as negative factors dissipate and key products gradually ramp up [9]

Core Viewpoint - Kuaishou's performance during the 618 shopping festival indicates strong growth in its general merchandise volume (GMV), highlighting the platform's potential for commercial monetization through innovative advertising strategies and enhanced user engagement via new technologies [2][3][4]. Group 1: E-commerce Performance - During the 618 period, Kuaishou's general merchandise card GMV increased by over 53% year-on-year, search GMV surged by over 143%, and short video GMV rose by over 29%, indicating a robust growth trajectory that outpaces the overall market [3]. - The general merchandise sector is becoming a crucial channel for users to browse, discover, and purchase products, with clearer pathways between content consumption and product conversion [3]. Group 2: Advertising Commercialization Potential - Kuaishou's general merchandise sector has significant potential for further advertising commercialization, expected to contribute additional revenue in the second half of 2025 [3]. - The platform is focusing on enhancing advertising efficiency for small and medium-sized merchants through traffic distribution, supply chain support, and intelligent tools, aiming to establish a conversion chain for advertising in the general merchandise context [3]. Group 3: Technological Advancements - The newly launched end-to-end generative recommendation system, OneRec, is anticipated to improve user engagement metrics such as time spent on the platform and user retention [4]. - OneRec utilizes a multi-modal AI model framework to enhance content understanding and recommendation accuracy, achieving a tenfold increase in effective computational capacity and reducing operational costs to 10.6% of traditional solutions [4]. - After its implementation, Kuaishou App and its Lite version saw an increase in user stay duration by 0.54% and 1.24%, respectively, with a significant growth in the 7-day user lifecycle [4]. Group 4: Content Innovation - Kuaishou collaborated with its self-developed AI model, Keling, to produce the AIGC series "New World Loading," which features all scenes generated by AI and includes various styles such as realism, science fiction, and animation [5]. - The first episode, released on June 26, 2025, achieved over 55 million views on Kuaishou Lite by June 30, showcasing the platform's capability in content generation through advanced technology [5]. - The segment "Martin Syndrome" from the series won the "Best Technology Award" at the 15th Beijing International Film Festival, reflecting Keling's technical prowess in AIGC production [5].

Core Viewpoint - The article discusses the transformation of recommendation systems through the integration of large language models (LLMs), highlighting the introduction of the "OneRec" system by Kuaishou, which aims to enhance efficiency and effectiveness in recommendation processes [2][35]. Group 1: Challenges in Traditional Recommendation Systems - Traditional recommendation systems face significant challenges, including low computational efficiency, conflicting optimization objectives, and an inability to leverage the latest AI advancements [5]. - For instance, Kuaishou's SIM model shows a Model FLOPs Utilization (MFU) of only 4.6%/11.2%, which is significantly lower than LLMs that achieve 40%-50% [5][28]. Group 2: Introduction of OneRec - OneRec is an end-to-end generative recommendation system that utilizes an Encoder-Decoder architecture to model user behavior and enhance recommendation accuracy [6][11]. - The system has demonstrated a tenfold increase in effective computational capacity and improved MFU to 23.7%/28.8%, significantly reducing operational costs to just 10.6% of traditional methods [8][31]. Group 3: Performance Improvements - OneRec has shown substantial performance improvements in user engagement metrics, achieving a 0.54%/1.24% increase in app usage duration and a 0.05%/0.08% growth in the 7-day user lifecycle (LT7) [33]. - In local life service scenarios, OneRec has driven a 21.01% increase in GMV and an 18.58% rise in the number of purchasing users [34]. Group 4: Technical Innovations - The system employs a multi-modal fusion approach, integrating various data types such as video titles, tags, and user behavior to enhance recommendation quality [14]. - OneRec's architecture allows for significant computational optimizations, including a 92% reduction in the number of key operators, which enhances overall efficiency [27][28]. Group 5: Future Directions - Kuaishou's technical team identifies areas for further improvement, including enhancing inference capabilities, developing a more integrated multi-modal architecture, and refining the reward system to better align with user preferences [38].

Core Insights - Kuaishou's Q1 2025 revenue reached 32.61 billion yuan, a year-on-year increase of 10.9%, while profit decreased by 3.4% to 3.979 billion yuan, and adjusted net profit slightly declined by 2.6% to 4.58 billion yuan, with a profit margin of 14.0% [1][2] Revenue Breakdown - The three main business segments of Kuaishou, namely online marketing services, live streaming, and other services (including e-commerce), saw year-on-year growth rates of 8%, 14.4%, and 15.2% respectively [2][4] - Online marketing services experienced a slowdown, with growth rates declining from 27.4% in Q1 2024 to 13.3% in Q4 2024, leading to an annual growth of 20.1% for 2024 [2][4] Business Adjustments - Kuaishou's management expressed confidence in returning to double-digit growth for online marketing services in Q2, attributing Q1's performance to seasonal factors and highlighting the potential in content consumption and e-commerce [4][5] - The live streaming segment rebounded in Q1 with a growth rate of 14.4%, despite a 5.1% decline in annual revenue for 2024 [5][6] E-commerce Performance - Kuaishou's e-commerce GMV (Gross Merchandise Volume) grew by 15.4% year-on-year, reaching 332.3 billion yuan, with the general merchandise shelf contributing approximately 30% to total GMV [5][6] AI Strategy - Kuaishou's AI initiative, Keling AI, generated over 150 million yuan in revenue in Q1 and is being integrated into core business areas, particularly in e-commerce and advertising [9][10] - The company is investing heavily in AI, increasing R&D spending by 16% to 3.298 billion yuan, which now represents 10.1% of total revenue [10][11] User Engagement - Kuaishou's average active users reached 408 million, with a slight year-on-year growth of 3.6%, while monthly active users grew by 2.1% to 712 million, indicating a potential saturation in user growth [11][12] - Despite limited user growth, the revenue per user for online marketing services increased by 4.2% year-on-year to 44.1 yuan, reflecting strong user engagement and monetization potential [11][12] Competitive Landscape - Kuaishou faces significant competition in the AI space, with rapid advancements in AI models from competitors like Google, which recently launched the AI video model Veo 3 [12][13] - The company aims to leverage AI to enhance efficiency and drive growth in its online marketing and e-commerce sectors, although it still relies heavily on traditional revenue streams [13]

Core Viewpoint - Kuaishou is facing significant growth anxiety and is compelled to pivot towards AI as a strategic focus to address competitive pressures and stagnating user growth [2][21][22] Group 1: Company Strategy and Organizational Changes - Kuaishou has implemented internal measures, such as requiring employees to use the app for one hour daily, to enhance their understanding of user experience [1] - The company announced the establishment of a content consumption business center to integrate various content types and emphasize AI's role in its ecosystem [1][19] - Kuaishou's organizational structure is evolving to reflect its strategic shift towards AI, with the formation of the Keling AI division to prioritize AI initiatives [8][19] Group 2: Financial Performance and Market Position - Kuaishou's latest financial report shows total revenue of 32.608 billion RMB, a year-on-year increase of 10.9%, but net profit has declined by 3.42% to 3.979 billion RMB [3][10] - The company reported a monthly active user count of 712 million, a growth of only 2.1%, indicating a plateau in user growth compared to competitors like Douyin and WeChat [5][10] - Kuaishou's advertising revenue growth has slowed, with a year-on-year increase of only 8% in the latest quarter, down from previous higher growth rates [10] Group 3: Competitive Landscape and Challenges - Kuaishou is under pressure from competitors, with Douyin reaching over 1 billion monthly active users, highlighting the competitive challenges it faces [5][22] - The company is struggling with a weak technical foundation and a lack of innovation, which hampers its ability to compete effectively in the AI space [11][14] - Kuaishou's AI initiatives are seen as reactive rather than proactive, raising concerns about its ability to establish a competitive edge in the rapidly evolving AI landscape [21][22] Group 4: Future Outlook and Strategic Focus - Kuaishou aims to enhance its AI capabilities and has committed to significant investments in AI technology, with a goal to become a leading player in AI video generation [11][17] - The company is focusing on application-level improvements rather than foundational technology breakthroughs, which may limit its long-term competitive advantage [19][20] - Kuaishou's success in AI will depend on its ability to optimize its content ecosystem and create a sustainable growth narrative amidst increasing competition [22]

Group 1 - Lei Jun stated that the pricing of Xiaomi YU7 cannot be 199,000 yuan, suggesting it should be at least 30,000 yuan higher based on the configuration of Model Y priced at 263,500 yuan [2] - Jiangsu High合汽车有限公司 was established with a registered capital of approximately 143 million USD, focusing on vehicle production and automotive parts R&D [2] Group 2 - An internal source from Kuaishou clarified that the company does not mandate employees to use the app for one hour daily, despite encouraging product usage [3] - NVIDIA's market share in China has dropped from 95% to 50% due to U.S. AI export controls, as stated by CEO Jensen Huang [3] Group 3 - Xiaopeng Huitian has reportedly initiated plans for an IPO in the U.S., aiming to raise funds for smart flying car technology development and global expansion [4] - Elon Musk expressed Tesla's willingness to license its autonomous driving technology to other automakers [4] Group 4 - Xiaomi has applied for multiple trademarks related to "XIAOMI YU7" and "XIAOMI YU," with several currently in the preliminary examination stage [4] Group 5 - Apple plans to release smart glasses by the end of next year, aiming to capture the AI-enhanced device market, while halting the development of a camera-equipped smartwatch [5] - The FAA has approved SpaceX's ninth orbital test flight of the Starship after a 77-day safety review [5] Group 6 - The Ministry of Commerce of China reiterated its opposition to U.S. export controls on AI chips, emphasizing the negative impact on Chinese enterprises and development interests [7] Group 7 - The Central Cyberspace Affairs Commission of China has launched a two-month campaign to address issues related to malicious online activities affecting businesses [8] - The commission is also enhancing governance of information recommendation algorithms to tackle issues like the spread of low-quality content and information polarization [9]

Core Viewpoint - Recent rumors suggested that Kuaishou required employees in various departments to use the app for at least one hour daily, which was labeled as "paid video watching" by netizens. However, internal sources clarified that this was not true, and there was no mandatory requirement for employees to use the app for a specific duration or link it to performance evaluations [1][2]. Group 1: Company Performance - Kuaishou's 2024 financial report indicated a revenue of 126.9 billion yuan, representing a year-on-year growth of 11.8%. The adjusted net profit was 17.7 billion yuan, showing a significant increase of 72.5% [1]. - In 2024, Kuaishou's online marketing service revenue reached 72.4 billion yuan, up 20.1% year-on-year, accounting for 57.1% of total revenue (compared to 53.1% in the previous year) [1]. - Live streaming revenue was 37.1 billion yuan, down 5.1% year-on-year, making up 29.2% of total revenue (down from 34.4% in the previous year) [1]. Group 2: User Metrics - In the fourth quarter of the previous year, Kuaishou's average monthly active users reached 736 million, a year-on-year increase of 5.0%. The average daily active users were 401 million, growing by 4.8% [2]. - The average daily usage time per active user was 125.6 minutes, with total user usage time increasing by 5.8% year-on-year [2]. - In comparison, Douyin (including Douyin and Douyin Lite) had a monthly active user base of 1.001 billion as of March 2025, with an average user spending 46.54 hours per month on the app, which translates to over 1.55 hours daily [2].