受益于流量侧稳健增长，公司线上营销服务收入同比增长8%至180 亿元，其中（1）外循环广告维持强 劲表现，25Q1 内容消费行业以及短剧行业的营销消耗同比高速增长，原生链路价值持续体现；智能化 广告投放工具UAX 总营销消耗占外循环总消耗的比例提升至60.0%以上；（2）内循环广告方面，公司 积极探索通过内循环营销解决方案助力电商商家在快手做全域智能化经营，平台GMV 同比增长15.4% 至3323 亿元；升级的全站推广智能体4.0 使得商家在全域投放更稳定，其总消耗占内循环总消耗的比例 达到60.0%。向后展望，我们预计在618 购物节等因素带动下，我们预计公司电商GMV 有望维持中双位 数同比增长，广告业务收入增速有望恢复至低双位数水平。 通过有效控制海外业务的成本费用，海外整体层面首次实现了季度经营利润转正，达约0.28 亿元。公司 在海外获客渠道效率上持续优化，聚焦高价值人群的定向投放，海外核心市场之一巴西的DAU 稳步增 长。变现方面，公司以深耕本土化内容为核心优势，助力广告主构建起多产品矩阵的内容营销新范式， 精准触达目标用户人群。同时巴西的电商业务在严控ROI 的同时，订单规模实现同比健康增长。 ...

运营：25Q1 总流量同比+8%。25Q1，快手全站MAU 7.11 亿，同比+1%，环比-3%。DAU 4.08 亿，同 比+4%，环比+1.7%。本季度快手人均日时长为134 分钟，同比+3%。 商业化：电商GMV 增长稳健。1）直播电商：25Q1GMV 同比增长15%，收入同比增长14%。25Q1，其 他业务（主要为直播电商）收入48 亿元，同比+15%，环比-2%。GMV3323 亿元，同比+15%。货币化 率为1.41%，同比基本持平。当前公司电商业务核心驱动为付费用户数的提升，电商月活跃买家数达到 1.35 亿，月活跃用户渗透率达到19.0%。公司近一年来，持续推动快手电商生态中特别是中小商家繁 荣，我们预计在此策略下25Q2公司电商GMV 增长14%。2）广告：25Q1 广告收入179.8 亿元，同比 +8%，环比-13%。拆分类型来看，我们测算25Q1 内循环广告增长中个位数，是拉低广告增速主要原 因，公司今年持续让利中小商家。外循环广告增长较好。根据业绩会，短剧、小游戏和小说等内容消费 外循环广告发展良好，除此以外本地生活广告持续贡献增量。随着一季度外循环基数效应消除，我们预 计25Q2 广 ...

证券研究报告 | 2025年05月31日 快手-W（01024.HK） 优于大市 电商业务稳健增长，可灵商业化进展顺利 业绩概览：收入同比增长 11%，经调整利润率同比下降 0.9pct。25Q1，公 司营业收入 326 亿元，同比+11%，环比-8%。毛利率 54.6%，同比-0.3pct， 环比-0.6pct。拆分来看，毛利率环比下降主要系低毛利率直播收入占 比提升。25Q1 收入分成占收入比例为 30.5%，同比+2.1pct。费用侧来 看，25Q1 公司销售费率 30%，同比下降 2pct，用户获客成本持续下降。 25Q1 研发费用 33 亿，同比+16%，研发费率同比+0.4pct，主要系 AI 相 关人员开支增加。25Q1 公司经调整净利润为 45.8 亿元，经调整利润率 14.0%，同比下降 0.9pct，环比提升 0.7pct。 海外业务扭亏。1）国内收入 313 亿元，同比增长 10%；国内经营利润 43.5 亿元，经营利润率 13.9%；2）海外收入 13.2 亿元，同比增长 33%，海 外经营利润 0.3 亿元，实现扭亏为盈，经营利润率 2.1%，同比提升 29pct。 运营：25Q1 ...

证券研究报告 | 2025年05月31日 快手-W（01024.HK） 优于大市 电商业务稳健增长，可灵商业化进展顺利 业绩概览：收入同比增长 11%，经调整利润率同比下降 0.9pct。25Q1，公 司营业收入 326 亿元，同比+11%，环比-8%。毛利率 54.6%，同比-0.3pct， 环比-0.6pct。拆分来看，毛利率环比下降主要系低毛利率直播收入占 比提升。25Q1 收入分成占收入比例为 30.5%，同比+2.1pct。费用侧来 看，25Q1 公司销售费率 30%，同比下降 2pct，用户获客成本持续下降。 25Q1 研发费用 33 亿，同比+16%，研发费率同比+0.4pct，主要系 AI 相 关人员开支增加。25Q1 公司经调整净利润为 45.8 亿元，经调整利润率 14.0%，同比下降 0.9pct，环比提升 0.7pct。 海外业务扭亏。1）国内收入 313 亿元，同比增长 10%；国内经营利润 43.5 亿元，经营利润率 13.9%；2）海外收入 13.2 亿元，同比增长 33%，海 外经营利润 0.3 亿元，实现扭亏为盈，经营利润率 2.1%，同比提升 29pct。 运营：25Q1 ...

港股公司报告 | 公司点评 2025Q1 业绩点评：核心业务稳健增长，AI 商业化变现加速 25Q1 业绩要点：收入利润稳健增长 快手-W（01024） 证券研究报告 公司公布 25Q1 业绩。2025Q1 公司实现营业收入 326 亿元，同比增长 10.9%； 经调整净利润为 45.8 亿元，同比增长 4.4%，毛利为 178 亿元，同比增长 10.4%。 销售及营销开支同比增长 5.5%，达 99 亿元，占总收入的比例为 30.4%，占收入 比重下降主要系运营效率提升。研发开支同比增长 16%达 33 亿元，占总收入的 比例的 10.1%，其增长主要系雇员福利开支的增加。行政开支同比增长 79.2%， 主要由于雇员福利开支增加。我们认为公司核心业务收入增长稳健，建议持续关注 可灵带来的用户及收入增量。 流量端：用户流量创新高，DAU 及时长同比均小幅提升 2025Q1 快手应用平均 DAU/MAU 分别为 4.08 亿 /7.12 亿，同比增长 3.6%/2.1%；每位 DAU 的日均使用时长为 133.8 分钟，用户总使用时长同比增 长 5.9%，展望未来，我们认为公司单用户获取及留存成本或持续优化，用 ...

25Q1 业绩要点：收入利润稳健增长 公司公布 25Q1 业绩。2025Q1 公司实现营业收入 326 亿元，同比增长 10.9%； 经调整净利润为 45.8 亿元，同比增长 4.4%，毛利为 178 亿元，同比增长 10.4%。 销售及营销开支同比增长 5.5%，达 99 亿元，占总收入的比例为 30.4%，占收入 比重下降主要系运营效率提升。研发开支同比增长 16%达 33 亿元，占总收入的 比例的 10.1%，其增长主要系雇员福利开支的增加。行政开支同比增长 79.2%， 主要由于雇员福利开支增加。我们认为公司核心业务收入增长稳健，建议持续关注 可灵带来的用户及收入增量。 流量端：用户流量创新高，DAU 及时长同比均小幅提升 2025Q1 快手应用平均 DAU/MAU 分别为 4.08 亿 /7.12 亿，同比增长 3.6%/2.1%；每位 DAU 的日均使用时长为 133.8 分钟，用户总使用时长同比增 长 5.9%，展望未来，我们认为公司单用户获取及留存成本或持续优化，用户获取 ROI 有望进一步提升。 AI：商业化变现加速 可灵：2025 年 4 月，公司视频大模型可灵推出 2.0 版本，在动态质 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [16]. Core Insights - The company reported Q1 2025 revenue of 32.608 billion yuan, a year-on-year increase of 10.9%, with adjusted EBITDA of 6.434 billion yuan, up 7.6%, and adjusted net profit of 4.580 billion yuan, up 4.4% [1]. - The average daily active users (DAU) reached a historical high of 408 million, with a DAU/MAU ratio of 57.3%, indicating strong user engagement [2]. - The company’s AI technology, Keling AI, has shown significant commercial progress, generating over 150 million yuan in revenue in Q1 2025, with a user base exceeding 22 million [3]. - The overseas business has achieved a revenue growth of 32.7% year-on-year, reaching 1.3 billion yuan, and has turned operationally profitable for the first time in a single quarter [4][8]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 141.783 billion yuan, 155.508 billion yuan, and 168.430 billion yuan respectively, with corresponding adjusted net profits of 17.248 billion yuan, 21.693 billion yuan, and 26.199 billion yuan [1][8]. - The company’s return on equity (ROE) is expected to be 24.73% in 2024, decreasing slightly to 20.61% by 2027 [1]. - The price-to-earnings (P/E) ratio is projected to decline from 33.40 in 2023 to 8.15 by 2027, indicating potential undervaluation as earnings grow [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance met expectations, with significant progress in AI commercialization [1][9] - The advertising revenue from short videos and new content consumption continues to contribute positively, with e-commerce GMV showing steady growth [3][9] - The company expects a return to double-digit growth in online marketing services revenue starting Q2 2025 [3] Financial Performance Summary - Total revenue for 2023 is projected at 113.525 billion RMB, with a year-on-year growth of 20.51% [1] - Net profit attributable to shareholders is expected to reach 6.396 billion RMB in 2023, reflecting a substantial year-on-year increase of 146.72% [1] - Non-IFRS net profit is forecasted at 10.271 billion RMB for 2023, with a year-on-year growth of 72.49% [1] - The company anticipates continued growth in e-commerce, with GMV expected to reach 3,323 billion RMB, a year-on-year increase of 15.4% [3] User Engagement Metrics - Daily Active Users (DAU) reached 408 million, while Monthly Active Users (MAU) stood at 712 million, showing year-on-year growth of 3.6% and 2.1% respectively [9] - The DAU/MAU ratio is stable at 57.3%, indicating strong user engagement [9] AI Business Development - The company's AI revenue exceeded expectations, with Q1 revenue reaching 150 million RMB, driven primarily by paid memberships [9] - The AI business is rapidly advancing, providing services to over 10,000 enterprise clients [9] Earnings Forecast - The adjusted net profit forecast for 2025 is 17.335 billion RMB, corresponding to a PE ratio of 12.34x [1][10] - The report projects continued growth in adjusted net profit for 2026 and 2027, with estimates of 22.202 billion RMB and 27.276 billion RMB respectively [1][10]

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (1024.HK) with a target price of HKD 68.8, compared to the current price of HKD 54.20 [4]. Core Views - Kuaishou's Q1 2025 performance slightly exceeded expectations, with total revenue of RMB 32.6 billion, a year-on-year increase of 10.9%, and adjusted net profit of RMB 4.58 billion, up 4.4% year-on-year [1][2]. - The growth in revenue is driven by the online marketing segment, which generated RMB 18 billion, reflecting an 8% year-on-year increase, and e-commerce GMV of RMB 332.3 billion, up 15.4% year-on-year [2]. - The report highlights the acceleration of commercialization for Kuaishou's AI capabilities, contributing to revenue growth and potential valuation increments [2]. Summary by Sections Financial Performance - Kuaishou's Q1 2025 gross margin was 54.6%, with operating profit at RMB 4.26 billion, a 6.6% year-on-year increase [1]. - Sales expenses rose to RMB 9.9 billion, a 5.5% increase year-on-year, attributed to increased subsidies for growth businesses [1]. - R&D expenses reached RMB 3.3 billion, a 16% increase year-on-year, reflecting investments in AI-related personnel [1]. Business Segments - Online marketing revenue was RMB 18 billion, slightly above expectations, driven by AI model improvements [2]. - E-commerce GMV was RMB 332.3 billion, with a 15.4% year-on-year growth, supported by a 30% increase in new merchants [2]. - Live streaming rewards reached RMB 9.8 billion, a 14.4% increase year-on-year, with significant growth in contracted agencies and streamers [2]. Growth Drivers - The commercialization of Kuaishou's AI, particularly the Keling AI, is expected to drive revenue growth, with Q1 2025 revenue from Keling AI exceeding RMB 150 million [2]. - Local life services revenue doubled year-on-year, and overseas revenue reached RMB 1.3 billion, a 33% increase year-on-year [2]. - User engagement metrics showed a 6% year-on-year increase in total usage time, with daily active users (DAU) at 410 million [2]. Profit Forecast and Valuation - The report slightly raises the adjusted net profit forecasts for 2025-2027 to RMB 20.13 billion, RMB 24.18 billion, and RMB 27.70 billion, respectively [2][3]. - The report emphasizes the potential valuation increment from Kuaishou's AI developments, with a target price of HKD 68.8 based on robust fundamentals [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.0, representing a potential upside of 36% from the current price of HKD 51.6 [2][4]. Core Insights - The company has demonstrated significant growth in both revenue and profit, driven by its AI capabilities and overseas business expansion. In Q1 2025, the company achieved revenue of RMB 32.6 billion, a year-on-year increase of 10.9%, and an adjusted net profit of RMB 4.6 billion, up 4.4% year-on-year [4]. - The company's daily active users (DAU) reached a record high of 408 million, with monthly active users (MAU) at 712 million, indicating increased user engagement [4]. - The report highlights the successful monetization of AI technology, with the AI segment generating over RMB 150 million in revenue and a global user base exceeding 22 million [4]. Financial Summary - Total revenue projections for the fiscal years are as follows: RMB 113.47 billion for 2023, RMB 126.90 billion for 2024, and RMB 141.35 billion for 2025, reflecting growth rates of 20.5%, 11.8%, and 11.4% respectively [3]. - Net profit estimates are projected to rise from RMB 6.40 billion in 2023 to RMB 17.55 billion in 2025, with a significant increase of 139.8% in 2024 [3]. - The adjusted net profit is expected to grow from RMB 10.27 billion in 2023 to RMB 20.56 billion in 2025, with a year-on-year growth of 72.5% in 2024 [3]. User Engagement and Market Performance - The company reported a gross merchandise volume (GMV) increase, with live streaming revenue reaching RMB 9.8 billion in Q1 2025, a year-on-year growth of 14.4% [4]. - The overseas business segment achieved revenue of RMB 1.3 billion in Q1 2025, marking a year-on-year increase of 32.7% and achieving positive operating profit for the first time [4]. - The report emphasizes the company's strong cash position, with cash and cash equivalents amounting to RMB 11.6 billion and total available funds of RMB 94 billion as of March 31 [4].