英文快手科技2025年第一季度业绩-略超预期；Kling收入指引上调

M UpdateKuaishou Technology | Asia Pacific1Q25 results – slight beat; Kling revenue guided up1Q25 profits beat our estimate slightly (2%). 2Q25 revenue and profit guidance are both in line with consensus, despite the mix of a slower recovery for ads and a big full-year raise for Kling. 1Q25 details: Kuaishou reported 1Q25 revenue up 10% YoY, to Rmb18bn, 1% above our estimate thanks to strong live streaming and Kling's contribution. Adjusted net profit was Rmb4.6bn, 2% above our estimate. Key operating metrics – including MAU, DAU, and time spent – are all in very healthy trends and in line with Kuaishou's target. By segment, live streaming was up 14% YoY, ad revenue was up 8% YoY, and other services was up 15% YoY (E-commerce GMV up 15% YoY and Kling revenue of Rmb150mn). Kuaishou's overseas business revenue grew 33% and OP turned profitable for the first time. 2Q guidance overall in line, with weaker ads and very strong Kling: 2Q25 revenue is set to grow 11.5%YoY (in line with co