快手-W25Q2业绩前瞻:25Q2广告改善预计驱动业绩平稳向上,关注可灵AI估值弹性

光大证券
Aug 06, 2025

一、用户增长与内容优化快手在2025年第二季度通过内容供给与推荐系统迭代,提升了用户活跃度和留存表现。预计快手DAU将达到4.09亿,同比增长3.5%,MAU为7.1亿,同比增长3.2%。每DAU日均使用时长预计达到123.8分钟,同比增长1.5%。新一代推荐系统OneRec的全面上线,显著延长了用户的生命周期。二、商业化进展与AI技术应用快手的广告、电商业务双轮驱动,线上营销收入预计达196.9...

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