电商业务方面，快手第二季度电商业务GMV达到3589亿元，同比增长17.6%快手电商月均买家数达1.34 亿，同比持续增长。第二季度快手泛货架电商GMV占比总电商GMV超过32%。 直播业务方面，快手第二季度营收100亿元，同比增长8%。第二季度末，签约的公会机构数量同比提升 超20%，签约主播数量同比增长超30%。 快聘业务日均简历投递用户数同比增长超40%，双向匹配规模同比增长超150%，理想家业务日均线索 规模同比增长超60%。本地生活业务GMV同比稳步增长，收入同比增长近120%。 8月21日，快手科技发布2025年第二季度业绩，报告期内，快手营收350亿元，同比增长13.1%。经调整 净利润56亿元，同比增长20.1%。毛利率和经调整净利润率分别为55.7%和16.0%。 营收结构方面，线上营销服务、直播及其他服务(含电商及可灵)作为核心收入来源，对收入的贡献占比 分别为56.4%、28.7%和14.9%。此外，海外业务第二季度收入达13亿元，同比增长20.5%。 快手第二季度线上营销服务营收达198亿元，同比增长12.8%，同比增长率较第一季度实现提升。得益 于快手通过积极的客户拓展，挖掘各行业营 ...

Investment Rating - The report assigns a positive investment rating to Kuaishou (1024 HK), indicating an optimistic outlook for its advertising business and overall performance [1]. Core Viewpoints - Kuaishou's Q1 2025 results met expectations, with revenue growth of 11% year-on-year to RMB 32.6 billion, and gross profit increased by 10.4% to RMB 17.8 billion. Net profit reached RMB 4 billion, a slight decline of 3.4% year-on-year, primarily due to increased employee benefits [1][2]. - The domestic market remains the main growth driver, contributing 96% of total revenue, while the overseas market turned profitable with a profit of RMB 28 million [1]. - The online marketing service revenue growth slowed to 8% year-on-year, but management observed a significant rebound in advertising volume starting in April, expecting double-digit growth in Q2 [1]. - Kuaishou continues to expand into traditional industries, such as job recruitment and real estate transactions, contributing to a diversified revenue stream [1]. - The average daily active users (DAU) reached 408 million, and monthly active users (MAU) reached 712 million, with respective year-on-year growth of 3.6% and 2.1% [2]. - The e-commerce gross merchandise volume (GMV) grew by 15.4% year-on-year to RMB 332 billion, supported by a robust business model combining live streaming, shopping, and short videos [2]. - The forecasted price-to-earnings ratio for Kuaishou in 2025 is 12.9 times, reflecting its potential for further monetization through content expansion and precise matching capabilities [2].