快手-W25Q1财报点评:可灵商业化目标再上调,海外运营利润转正

中信建投
09 Jul

核心观点快手发布25Q1业绩公告,整体营收符合预期,海外业务运营层面转正。Q1快手实现营收326亿元(yoy+11%),与彭博预期基本一致。Q1公司IFRS净利润为39.8亿元,NPM为12.2%;No n-IFRS净利润为46亿,NPM为14.0%。可灵A I商业化变现提速,2025年4月,公司推出可灵A I2.0视频生成大模型,性能全球领先,标志着其在生成式A I领域的技术壁垒再度提升,1Q...

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