快手科技 (01024.HK) AI 驅動全鏈路效率提升 July 21, 2025 13

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD73.00

公司簡介
快手為中國乃至全球領先的內容社區及社交平台。作為一家以人工智慧為核心驅動和
技術依託的科技公司,快手專注於通過持續的技術創新和產品升級,不斷豐富服務和
應用場景,為客戶創造價值。在快手,用戶通過短視頻和直播來記錄和分享他們的生
活,發現所需,發揮所長。透過與內容創作者和企業緊密合作,快手提供的技術、產
品和服務可滿足用戶的多元化的需求,包括娛樂、線上營銷服務、電商、本地生活、
遊戲等。
財務點評
2025 年第一季度,公司實現總營收 326 億元(人民幣,下同),同比增長 10.9%;
盈利能力方面,經營利潤為 43 億元,同比增長 6.6%,經調整淨利潤為 46 億元,同
比增長 4.4%。分部收入方面,1Q25 線上營銷服務收入 180 億元,同比增長 8.0%,
主要由於智能產品投放解決方案應用推動營銷客戶投放消耗增加;直播收入 98 億元,
同比增長 14.4%,主要由於運營精細化及內容多元化;其他服務收入 48 億元,同比
增長 15.2%,主要由於電商業務增長。費用方面,該季度公司銷售及營銷開支佔總收
入由去年同期的 31.9%減至 2025 年第一季度的 30.4%,主要是由於運營效率提升。
運營資料方面,2025 年第一季度,快手應用的平均日活躍用戶和平均月活躍用戶分別
達 4.08 億及 7.12 億,分別同比增長 3.6%和 2.1%,快手應用的平均日活躍用戶創歷
史新高,並且連續第三個季度超過 4 億。通過精細化用戶增長策略,新增用戶的平均
獲客成本降低,並通過豐富的優質內容供給、持續反覆運算的流量分發機制和多元的
社區互動玩法提升用戶的內容消費體驗,新增用戶留存率不斷提升。
線上營銷服務:外迴圈業務為核心增長引擎,AI 驅動全鏈路效率提升
2025 年第一季度,外循環營銷服務為主要驅動力,AI 技術深度驅動全鏈路效率提
升。內容消費行業中,短劇營銷消耗同比高速增長。營銷客戶以原生鏈路為基礎,提
升內容價值並增強用戶粘性,加深平臺對用戶喜好的理解深度。本地生活行業中,原
生私信、線索表單搜集等解決方案提升轉化率,營銷消耗同比增長超 50.0%。同時,
AI 技術全流程賦能線上營銷服務解決方案,提供高效品牌營銷和效果轉化。根據管理
層,預計第二季度線上營銷服務收入同比增速將重返雙位數,同時泛貨架場域的廣告
消耗增長將有一定提速。

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Megan Tao

Megan Tao
Analyst
Research

She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!