快手-W收入利润均超预期，回购分红提升股东回报（繁体版）

第一上海12-03 13:13

营收及利润均beat一致预期：2025Q3，公司实现收入355.54亿元(YoY+14.2%)，主要由线上行销收入和电商收入增长贡献。毛利为194.34亿元(YoY+14.9%)，毛利率54.7%(YoY+0.4pct)；经营利润44.89亿元(YoY+12.6%)，经调整利润49.86亿元(YoY+14.0%)，beat一致预期3.1%。第三季度，快手DAU达4.2亿(YoY+2.1%)，MAU...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2588725092?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-03 13:13","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2588725092","market":"hk","top_or_hot":-1,"title":"快手-W收入利润均超预期，回购分红提升股东回报（繁体版）","media":"第一上海","content":"<div>\n<p>营收及利润均beat一致预期：2025Q3，公司实现收入355.54亿元(YoY+14.2%)，主要由线上行销收入和电商收入增长贡献。毛利为194.34亿元(YoY+14.9%)，毛利率54.7%(YoY+0.4pct)；经营利润44.89亿元(YoY+12.6%)，经调整利润49.86亿元(YoY+14.0%)，beat一致预期3.1%。第三季度，快手DAU达4.2亿(YoY+2.1%)，MAU...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203133055a4c99598&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>快手-W收入利润均超预期，回购分红提升股东回报（繁体版）</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n快手-W收入利润均超预期，回购分红提升股东回报（繁体版）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-03 13:13 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203133055a4c99598&s=b><strong>第一上海</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>营收及利润均beat一致预期：2025Q3，公司实现收入355.54亿元(YoY+14.2%)，主要由线上行销收入和电商收入增长贡献。毛利为194.34亿元(YoY+14.9%)，毛利率54.7%(YoY+0.4pct)；经营利润44.89亿元(YoY+12.6%)，经调整利润49.86亿元(YoY+14.0%)，beat一致预期3.1%。第三季度，快手DAU达4.2亿(YoY+2.1%)，MAU...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203133055a4c99598&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01024","symbol_name":"快手-W","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203133055a4c99598&s=b","article_id":"2588725092","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203133055a4c99598&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2588725092","pubTimestamp":1764738814,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"截至目前，公司2025年回购金额约22.8亿港元，并派发特别股息20亿港元，持续提升股东回报。第三季度，快手电商业务GMV同比增长15.2%，至3,850亿元，泛货架电商占总GMV比例超32%。需求端，快手电商月均买家结构趋向健康发展，电商活跃用户的复购频次同比持续提高；供给端，月均动销商家数持续增长，三级商品类目数同比提升近30.0%。目标价82.4港元，维持买入评级：快手净利润增速大幅跑赢营收，盈利品质持续优化：用户基本盘稳固，为业务增长筑牢根基。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81024":"快手-WR","01024":"快手-W","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","BK1610":"ETF&股票定投概念","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","BK1615":"港股-互联网","BK1575":"同股不同权","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","BK1591":"就地过年概念","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1590":"短视频概念股","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC"},"translate_title":"Kuaishou-W's revenue and profit exceeded expectations, and repurchase dividends increased shareholder returns (traditional Chinese version)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"01024":1.5,"KSTmain":0.6},"content_text":"营收及利润均beat一致预期：2025Q3，公司实现收入355.54亿元(YoY+14.2%)，主要由线上行销收入和电商收入增长贡献。毛利为194.34亿元(YoY+14.9%)，毛利率54.7%(YoY+0.4pct)；经营利润44.89亿元(YoY+12.6%)，经调整利润49.86亿元(YoY+14.0%)，beat一致预期3.1%。第三季度，快手DAU达4.2亿(YoY+2.1%)，MAU为7.3亿(YoY+2.4%)，双关用户日均私信渗透率同比提升超3%，用户粘性强。三季度末现金及等价物为129亿元，广义现金储备超1066亿元，现金头寸充足。截至目前，公司2025年回购金额约22.8亿港元，并派发特别股息20亿港元，持续提升股东回报。广告业务持续加速，直播收入稳健增长：2025Q3，公司线上行销服务收入201亿元(YoY+14.0%)，占比56.5%，行销链路转化效率得到提升。外回圈广告层面，生活服务行业、短剧为主的内容消费拉动增长，全自动投放UAX渗透率达到70%。在内回圈层面，全站推广产品的总行销消耗占内回圈总消耗比例超65.0%。基于AI能力，快手优化高品质商家的流量配置与泛货架场的人货匹配，优化经营环境。直播业务于本季度实现收入96亿元(YoY+2.5%)，主要关注内容与生态可持续性发展。电商业务再超预期，海外亏损收窄：其他服务收入59亿元(YoY+41.3%)，主要是由于电商业务及可灵AI业务的增长。第三季度，快手电商业务GMV同比增长15.2%，至3,850亿元，泛货架电商占总GMV比例超32%。需求端，快手电商月均买家结构趋向健康发展，电商活跃用户的复购频次同比持续提高；供给端，月均动销商家数持续增长，三级商品类目数同比提升近30.0%。此外，尽管巴西支付政策存在一定影响，海外业务亏损进一步从去年的1.53亿元缩窄至0.64亿元。可灵AI收入稳步增长，生成式技术赋能主业：第三季度，可灵2.5Turbo推出后持续霸榜Artificial Analysis，可灵AI的收入单季度超过3亿元。可灵还赋能带动行销素材消耗超30亿元，AI定制特效赋能直播场景。同时，端到端生成式推荐大模型OneRec覆盖更多场景，联动生成式强化学习出价模型G4RL，带来线上行销服务收入约4%-5%的提升，并拉动电商商城的资讯流场景GMV高单位数的提升。此外，端到端生成式检索架构OneSearch驱动商城搜索订单量效果提升近5.0%。目标价82.4港元，维持买入评级：快手净利润增速大幅跑赢营收，盈利品质持续优化：用户基本盘稳固，为业务增长筑牢根基。电商板块成为核心增长引擎，25Q3电商GMV同比增长15.2%至3850亿元，AI技术全面赋能业务升级，OneRec等大模型持续广告、电商业务赋能：可灵AI商业化提速，在广告需求端应用空间广阔，成为全新增长曲线。此外，快手财务结构持续优化，资产负债率下降、现金流充裕，为技术投入与业务扩张提供坚实保障，短期业绩落地明确，长期增长基本面稳固。综合考虑公司于25年积极回购22.8亿港元，且特别派息20亿港元，给予公司25年18倍PE估值，目标价至82.4港币，维持“买入”评级。风险提示：经济下行消费疲弱、业务竞争加剧、海外业务减亏不及预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2588725092","isCrawlerRequest":true}