Core Insights - The article discusses how AI is becoming a crucial driver for advertising revenue in major internet companies, particularly Baidu and Kuaishou, as they seek to counteract declines in traditional advertising revenue [2][3][4][5]. Group 1: AI's Impact on Advertising Revenue - Baidu's AI native marketing service revenue reached 2.8 billion yuan, a year-on-year increase of 262%, contributing significantly to its core online marketing revenue [5]. - Kuaishou reported online marketing service revenue of 20.1 billion yuan, a 14% year-on-year growth, with AI-driven initiatives like OneRec contributing approximately 4%-5% to Q3 revenue [5][7]. - Meta also benefits from AI, with a 26% year-on-year increase in advertising revenue, highlighting the trend of AI enhancing advertising efficiency across platforms [8]. Group 2: AI as a Growth Engine - Baidu's core online marketing services account for 53% of total revenue, making AI a vital narrative for growth as traditional search advertising declines [3][4]. - Kuaishou's AI initiatives are seen as a means to generate new revenue streams, with a significant portion of its revenue coming from online marketing services [7]. - The integration of AI in advertising is viewed as a transformative force, allowing for dynamic content generation and improved targeting [10][12]. Group 3: Broader Industry Trends - AI is reshaping the marketing landscape, with companies like Meta and Kuaishou leveraging AI to enhance user engagement and advertising effectiveness [10][15]. - The global advertising market is experiencing a shift towards AI-driven solutions, with projections indicating substantial growth in AI advertising spending [18]. - Despite the promising outlook, challenges remain, including consumer skepticism towards AI-generated content and the need for a balance between investment and return [20][21].

从一季度财报和财报后电话会的内容都可以看出快手对AI技术在平台生态中的运用极为重视。财报显 示，可灵AI商业化变现加速，2025年第一季度可灵AI收入超过1.5亿元。 快手科技创始人兼首席执行官程一笑在财报后的电话会上透露，从收入构成来看，目前P（Prosumer） 端付费订阅会员贡献了可灵AI将近70%的营业收入，P端付费订阅会员指自媒体视频创作者和广告营销 从业者等专业用户，他们兼具C端用户的传播属性和B端用户的付费能力，是目前视频生成大模型的核 心受众群体。目前，快手P端付费订阅会员数量和ARPU值均呈现较高的增速，双轮驱动可灵P端付费订 阅收入增长。 就线上营销服务板块，快手方面透露，他们借助AI技术对线上营销服务解决方案进行全流程赋能，包 括AIGC营销素材生产、营销投放智能体和营销推荐大模型等，提升了客户的营销转化效率。2025年第 一季度，AIGC营销素材的日均广告消耗约为3000万元。他们还上线了数字人直播间实时互动功能，提 升了直播间的转化率。 海外业务首次实现季度经营利润转正 电商业务也在与AI深度融合。程一笑表示，电商场景中，AIGC内容生产、精准匹配、智能客服等技术 有效降低了商家的经 ...

Core Insights - Kuaishou reported a total revenue of 126.9 billion RMB for the year 2024, marking an 11.8% year-on-year growth, with adjusted net profit increasing by 72.5% to 17.7 billion RMB [1] - The focus of investor inquiries during the earnings call shifted towards Kuaishou's advancements in AI, particularly the commercialization and investment in AI technologies [1] Group 1: AI Strategy and Developments - Kuaishou's AI model, Keling AI, is positioned as a new foundational infrastructure for video creation in the AI era, aimed at empowering both professional and amateur creators [2] - The AI model is expected to reduce the cost of producing short video marketing materials by 60%-70% or more, with plans to upgrade the existing commercial engine to an AI-driven model [2] - The company plans to significantly increase capital expenditures (Capex) and R&D investments over the next three years, which may impact profit margins in the short term but is seen as a long-term investment in reshaping the video production and consumption industry [2] Group 2: Future Investment Plans - Kuaishou's AI-related capital expenditures are expected to continue growing in 2025, although the scale of growth will be manageable [3] - The company has already procured training computing power in advance for 2023 and 2024, with plans to continue this in 2025 to ensure Keling's technological leadership [3] - Adjustments will be made to AI-related capital expenditures based on the commercialization progress of Keling, with a projected impact of 1%-2% on adjusted net profit margins in 2025 [4] Group 3: Keling AI Progress - Keling AI was launched in June 2024, attracting over one million users within a month, with updates released approximately every two weeks [5] - The latest version, Keling 1.6, shows significant improvements in video quality and responsiveness to textual descriptions, ranking among the top video generation models globally [5] - Keling AI has generated over 100 million RMB in cumulative revenue as of February 2025, with partnerships established with thousands of domestic and international companies, including Xiaomi and Amazon Web Services [5]