广告&电商略超预期，可灵收入超 3 亿元 2025 年 11 月 20 日 公司研究 分业务来看：1）线上营销服务业务略超预期：3Q25 实现收入 201 亿元，同 比+14%（vs 一致预期 198.7 亿元）。端到端生成式推荐大模型 OneRec 与 生成式强化学习出价模型 G4RL 协同提效，为国内线上营销服务收入带来约 4–5%增量；AIGC 营销素材推动消耗金额突破 30 亿元。UAX 全自动投放解 决方案在外循环的消耗渗透率达 70%以上；全站推产品的营销消耗占内循环 消耗比例提升至 65%以上。行业端，除生活服务行业外，以短剧为代表的内 容消费行业也是驱动外循环营销服务收入持续增长的主要动力。2）其他服务 （含电商）超预期：3Q25 实现收入 59 亿元，同比+41.3%（vs 一致预期 56.6 亿元）。电商 GMV 基本符合预期：电商 GMV 达 3850 亿元，同比+15.2%（vs 一致预期 3839 亿元），泛货架电商 GMV 占比超 32%。平台通过智能工具、 AIGC 素材生成能力、KOL 赋能以及多元场景运营，持续推动商家自然增长、 提升复购率并增强流量与销售转化；端到端生成式检 ...

Core Insights - Kuaishou Technology reported a revenue of 103.21 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 12.8%, with an adjusted net profit of 15.18 billion yuan, up 16.7% [2] - In Q3 2025, Kuaishou achieved a revenue of 35.55 billion yuan, a 14.2% increase year-on-year, and an adjusted net profit of 4.99 billion yuan, reflecting a 26.3% growth [2] - The CEO emphasized the integration of AI capabilities across various business scenarios, aiming for higher operational efficiency and long-term value creation for shareholders [2] Business Performance - Online marketing services, Kuaishou's main business, generated 20.1 billion yuan in Q3 2025, a 14% year-on-year increase [3] - The UniversalAuto X (UAX) solution achieved over 70% penetration in external marketing, while internal marketing consumption from site-wide promotion products exceeded 65% [3] - Average daily active users reached 416 million, and monthly active users were 731 million, with daily usage time averaging 134.1 minutes, a 3.6% increase year-on-year [3] Live Streaming and E-commerce - Live streaming revenue grew by 2.5% year-on-year to 9.6 billion yuan in Q3 2025, with a significant increase in signed guilds and streamers [3] - E-commerce GMV reached 385 billion yuan, up 15.2% year-on-year, with over 32% of GMV coming from general merchandise e-commerce [4] AI Business Development - Kuaishou launched the Keling AI 2.5 Turbo model, enhancing text response and dynamic effects, with over 45 million global users and more than 2 billion videos generated [6] - The AI model reduced video generation costs by nearly 30%, contributing over 300 million yuan in revenue for Q3 2025 [6] - The application of OneRec in online marketing services improved revenue by approximately 4% to 5% in Q3 2025 [6][7] Strategic Outlook - Kuaishou's AI business is positioned as a key variable in transforming its commercial engine, with a focus on reducing inference costs and expanding enterprise services [7] - The integration of AI into marketing and e-commerce is expected to drive future growth, establishing a second growth curve for the company [7]

人民财讯11月19日电，快手于2025年11月19日公布第三季度业绩。财报显示，本季度快手总营收同比增 长14.2%至356亿元，其中包含线上营销服务和以电商为主的其他服务在内的核心商业收入同比增长 19.2%。在保持对AI战略的持续投入下，快手第三季度经营利润同比增长69.9%至53亿元，经调整净利 润同比增长26.3%至50亿元。 ...

快手于2025年11月19日公布第三季度业绩。财报显示，本季度快手总营收同比增长14.2%至356亿元， 其中包含线上营销服务和以电商为主的其他服务在内的核心商业收入同比增长19.2%。在保持对AI战略 的持续投入下，快手第三季度经营利润同比增长69.9%至53亿元，经调整净利润同比增长26.3%至50亿 元。 ...

Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Financial Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of online marketing service revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou's AI capabilities, including the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL, have significantly enhanced efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% of the incremental revenue for Kuaishou's domestic online marketing services in this quarter [1] - The penetration rate of AI-generated content in marketing scenarios has significantly increased, with over 3 billion yuan in online marketing service consumption attributed to AIGC marketing materials in Q3 [1]

Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Revenue Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou leveraged AI capabilities such as the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL to significantly enhance efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% incremental revenue to Kuaishou's domestic online marketing service income this quarter [1] Group 3: AIGC Marketing Material - The penetration rate of AI-generated content (AIGC) in marketing scenarios has significantly increased, with online marketing service expenditures from AIGC marketing materials exceeding 3 billion yuan in Q3 [1]

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [10] Core Insights - The media internet industry continues its recovery trend, with revenue growth of 4.17% year-on-year in the first half of 2025, reaching 265.8 billion yuan [5][20] - The performance of different segments within the industry is accelerating in divergence, with significant improvements in profitability observed [5][20] - The gaming sector is experiencing a sustained recovery driven by new game releases and advancements in AI technology [6][38] - The internet sector shows steady growth in overall traffic, but performance varies significantly among companies [53] - The advertising market is showing signs of weak recovery, with certain segments like elevator advertising demonstrating resilience [7] - The film industry is under pressure, with box office performance declining significantly in the second quarter of 2025 [7] - The publishing sector maintains stable profitability despite a decline in the overall retail book market [8] Summary by Sections Overall Industry - The media internet industry achieved a revenue of 265.8 billion yuan in the first half of 2025, marking a 4.17% increase year-on-year [5][20] - The net profit attributable to shareholders reached 25.2 billion yuan, up 20.3% year-on-year [5][22] Gaming Sector - The gaming sector's revenue in Q2 2025 was 24.4 billion yuan, reflecting a year-on-year increase of 27.1% [6][38] - The net profit for the gaming sector in Q2 2025 was 3.8 billion yuan, showing a remarkable growth of 108.8% year-on-year [6][38] - The sector has seen nine consecutive quarters of year-on-year revenue growth since Q2 2023 [38] Internet Sector - The internet sector's revenue in Q2 2025 was 8.9 billion yuan, down 2.9% year-on-year, with a net profit of 0.83 billion yuan, a decline of 20.1% [53] - The overall mobile internet user base reached 1.267 billion by June 2025, with average monthly usage time exceeding 171 hours [47][50] Marketing Sector - The advertising market saw a slight increase of 0.6% year-on-year in overall spending, with elevator LCD and poster advertising growing by 11.0% and 9.2%, respectively [7] - The marketing sector's revenue in Q2 2025 was 49 billion yuan, up 9.0% year-on-year [7] Film Industry - The film box office in Q2 2025 was 4.82 billion yuan, a decrease of 34.7% year-on-year, leading to overall pressure on the film industry [7] Publishing Sector - The publishing sector's revenue in Q2 2025 was 34.33 billion yuan, down 11.9% year-on-year, while net profit was 5.03 billion yuan, up 7.1% [8]

Investment Rating - The report assigns a "Buy" rating for Pinduoduo (PDD US) with a target price raised from $135 to $150, indicating a potential upside of 17.0% [2][11][13]. Core Insights - The second quarter profits exceeded expectations primarily due to better-than-expected interest income and marketing expenses. Advertising revenue grew by 13% year-on-year, aligning with expectations, while commission income slowed due to the contraction of the full-service business and a decrease in merchant support program growth [2][6]. - The report anticipates marginal improvement in performance for the second half of the year compared to the first half, despite ongoing support for merchants and user investments. The impact of merchant support plans and national subsidies is expected to improve marginally, and disruptions to overseas business are anticipated to be less severe than in the second quarter [2][6]. Financial Projections - Revenue projections for 2025 are set at RMB 436,926 million, a decrease of 2.9% from previous estimates. For 2026, revenue is projected at RMB 522,532 million, down 6.0% from earlier forecasts, and for 2027, it is expected to be RMB 590,022 million, also a 6.4% reduction [5][14]. - Adjusted net profit for 2025 is forecasted at RMB 109,073 million, reflecting a 4.1% increase from previous estimates, while adjusted net profit margins are expected to improve to 25.0% [5][14]. Market Performance - The stock has shown a year-to-date change of +32.19%, with a market capitalization of approximately $178.05 billion. The 52-week high and low for the stock are $154.27 and $88.35, respectively [4][14]. Earnings Overview - For Q2 2025, the company reported revenue of RMB 104 billion, with a year-on-year growth rate slowing to 7%. Adjusted net profit for the quarter was RMB 32.7 billion, which was 20% higher than consensus estimates due to better-than-expected interest income and lower marketing expenses [6][7].

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]

Core Viewpoint - Kuaishou's Q2 financial performance exceeded expectations, driven by rapid growth in its AI business and the empowerment of traditional operations through AI, opening new growth opportunities for the company [3][4]. Financial Performance - Total revenue for Q2 reached 35.05 billion yuan, a year-on-year increase of 13.1%, and a quarter-on-quarter increase of 7.5%, surpassing market expectations of 34.45 billion yuan [4][5]. - Adjusted net profit was 5.62 billion yuan, reflecting a year-on-year growth of 20.1%, with a net profit margin of 16.0%, marking a new quarterly high [4][5]. - Gross margin stood at 55.7%, a slight increase of 0.4 percentage points year-on-year [4]. - R&D expenditure was 3.4 billion yuan, slightly below the forecast of 3.45 billion yuan [4]. - As of the end of Q2, the company had total available funds of 101.9 billion yuan [4]. Business Highlights - Online marketing services generated revenue of 19.77 billion yuan, a year-on-year increase of 12.8%, indicating a recovery trend [6][8]. - Live streaming revenue reached 10.04 billion yuan, exceeding expectations [6]. - E-commerce GMV grew by 17.6% to 358.9 billion yuan, with daily active users increasing by 3.4% to 409 million, both reaching historical highs [6][10]. - Kuaishou's AI business, Keling, generated over 250 million yuan in revenue, significantly up from 150 million yuan in Q1 [6][12]. AI Business Development - Keling's revenue is expected to double compared to initial targets for the full year of 2025, indicating strong confidence in long-term investments in AI [6][12]. - The introduction of Keling AI 2.1 series models has shown significant improvements in dynamic performance and semantic response, transitioning from technical showcases to practical commercial applications [12]. Dividend Announcement - The company declared its first special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD, marking a significant milestone since its listing [13]. Cost Structure and Efficiency - The cost of sales as a percentage of revenue decreased from 44.7% in the previous year to 44.3%, while sales and marketing expenses also declined from 32.4% to 30.0%, reflecting improved operational efficiency [14]. - R&D spending increased by 21.2% year-on-year to 3.4 billion yuan, accounting for 9.7% of revenue [15].