惊艳可灵,治不了快手的增长焦虑

海豚投研
May 27, 2025

$快手-W(01024.HK)一季报于北京时间 5 月 27 日港股盘后放出。当期业绩基本在预期之内,但部分指标的短期变化,侧面印证了公司的一些中长期问题,以及经营战略的短期调整。一起来看:1. 用户增长停滞、粘性保持:一季度月活 7.12 亿,环比流失比往年要略多。再一看推广费用,增速有所放缓。因此基本可以得出,快手的纯自然流量已经没有多少优势了。公司关注的日活指标,一季度 4.08 亿,算下来...

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