快手科技 - 第二季度业绩稳健超预期；下半年国内业务进展因海外一次性因素受拖累

ab 22 August 2025 Global Research Kuaishou's Q225 was a beat on both revenue and bottom line, mainly driven by better than expected e-commerce revenue and operating leverage (see our quick take). We largely maintain our 2025E forecasts post results. Key takeaways 1. AI: Kling's Q2 revenue of Rmb250+m, up 67+% QoQ, was a c30+% beat to UBSe/ consensus. We lift 2025E Kling revenue to Rmb1bn (cUS$140m). Mgmt. noted Kling revenue growth will mainly be driven by new version launches and expect more upsides in use ...