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2021-08-25

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Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote>

Kuaishou Technology announced the unaudited consolidated results of the Company for the three and si

Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote>

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Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.<blockquote>快手科技公布公司截至2021年6月30日止三个月及六个月未经审核综合业绩，快手科技营收超出预期。截至6月份的三个月销售额增至191亿元人民币（30亿美元），而平均预测为187亿元人民币。净亏损70.4亿元，预估亏损62.5亿元。</blockquote> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">Q2 2021 Kuaishou Technology Earnings Conference Call</a><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">2021年第二季度快手科技收益电话会议</a></blockquote> <img src=\"https://static.tigerbbs.com/4b509844047790d8e963e13fc790db37\" tg-width=\"1189\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c164ab8bf034ae0500759913e971e79\" tg-width=\"1186\" tg-height=\"518\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5c06cc6e67cb37fe31f2add56208fe29\" tg-width=\"1192\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ba8da541a6a01d31051ff7261e69f112\" tg-width=\"1188\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> BUSINESS REVIEW AND OUTLOOK <blockquote>业务回顾及展望</blockquote> As a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.<blockquote>作为拥有数亿日活跃用户的领先内容社区和社交平台，我们快手有能力继续培育充满活力、基于信任的生态系统，同时通过更好地管理我们的海量流量来增强我们的货币化能力，并进一步加强我们对用户和客户的价值主张。</blockquote> Amid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.<blockquote>我们不断提升用户体验以及广告主和商家的服务能力，并努力以我们独特的内容和生态系统赋能他们，于2021年第二季度实现总收入人民币191亿元，同比增长48.8%，超过2021年第一季度36.6%的同比增幅。2021年第二季度，在线营销服务收入同比增长156.2%至人民币100亿元，再次佔我们总收入的50%以上。2021年第二季度，包括电子商务在内的其他服务收入同比增长212.9%至人民币20亿元。</blockquote> Ecosystem <blockquote>生态系统</blockquote> Driven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.<blockquote>在我们不断迭代流量分发算法、增强社交信任和丰富内容生态的投资推动下，我们进一步提高了平台上的用户参与度和用户活跃度。这有助于推动每个DAU在快手应用上的平均每日花费时间在2021年第二季度达到106.9分钟，环比增长7.7%，同比增长25.2%。利用我们平台上不断增长的公域流量，我们通过加深对用户内容消费行为和偏好以及不断变化的用户需求的洞察和理解，不断优化我们的算法，这使我们能够不断改进我们的分发算法，从而进一步优化用户体验。</blockquote> Besides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.<blockquote>除了提高用户参与度外，我们在提升用户活跃度方面也取得了坚实的成果。通过传统用户获取渠道和留存措施的效率提高，以及强大的社交信任和多元化内容推动的有机增长，我们在快手应用上的DAU与MAU比率于2021年第二季度达到57.9%，环比扩大1.1个百分点。2021年第二季度，我们在快手应用程序上的平均DAU同比增长11.9%至2.932亿，而该季度的同比增长率每个月都在加快，显示出健康的势头。用户活跃度的提高亦得益于我们努力促进涵盖用户获取、用户留存和变现的全周期用户管理，以及提供优化的内容推荐和个性化服务，从而提高了用户留存率。这种协同用户管理也使我们能够不断改进产品，更及时有效地解决用户需求。</blockquote> The strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.<blockquote>强大的社会信任是我们生态系统的支柱，使我们有别于其他行业参与者。2021年第二季度，我们平台上的社交信任进一步加强，快手应用上的相互关注者对数不断增加，截至2021年第二季度末累计达到126亿对，同比增长60%。</blockquote> Continuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet&nbsp;delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.<blockquote>我们领先内容类别的持续扩张以及内容生态系统的规模和多样性也有助于我们不断提高用户参与度和用户活跃度。我们不断努力提供差异化和精细化的内容，以满足不同用户的需求。截至2021年6月30日，我们的特色快手剧集取得了优异的成绩，贡献了超过800集短剧，每部短剧的视频播放量累计超过1亿次，其中包括40部由我们自己的Project Astral制作的独家剧集。在新内容垂直领域，我们很自豪能够成为体育类别的行业标杆。除了我们丰富多彩的专业生成和用户生成的体育内容库外，我们最近还成为东京2020年夏季奥运会和北京2022年冬季奥运会的官方转播商，通过短视频和直播为用户带来更具创新性的体育观看体验和更具互动性的体育内容创作体验。</blockquote> To encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.<blockquote>为鼓励内容创作及优化内容分发，我们通过针对公域流量的精细化算法，向用户分发的不仅仅是短视频，而是越来越多的优质直播及电商内容。通过这样做，我们使用户能够发现更多更有趣、更有意义和更有用的内容，以满足他们的新需求。这也使我们的平台对内容创作者越来越有吸引力和友好，2021年第二季度高质量内容创作者的数量每月持续健康增长就证明了这一点。这些因素进一步强化了我们在内容创作和内容消费方面的强大飞轮效应。</blockquote> Online marketing services <blockquote>在线营销服务</blockquote> We achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.<blockquote>我们在2021年第二季度实现了强劲的在线营销服务增长，收入同比增长156.2%至人民币100亿元。其中，品牌广告收入保持高增长，再次超过网络营销服务收入同比增速，平台品牌广告主数量较去年同期增长近4倍。该等业绩得益于我们持续努力提升品牌形象、营销效率及服务能力，通过私域运营帮助品牌吸引及发展用户群、提高知名度，进一步提升用户粘性及忠诚度。</blockquote> Brand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.<blockquote>品牌广告已成为我们的战略重点之一。随着我们继续投资于基础设施和工具，以释放我们庞大流量的价值并提高广告主的效率，我们努力建立一个闭环解决方案，为品牌广告主提供端到端的在线营销服务。这些营销服务包括制作定制短视频广告、直播营销支持、粉丝群和私人流量管理以及电子商务变现。通过这个服务工具箱，我们的品牌合作伙伴可以在我们的平台内执行他们在品牌发现、推广和产品销售方面的策略。这反过来改善了我们的内容创作者从他们的才华中获得回报的环境，并建立了一个一体化的目的地，我们的用户可以在这里发现值得信赖的品牌和来源，甚至社交和从他们那里购买。</blockquote> To bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade<blockquote>为将我们的解决方案及全平台效益带给更多品牌，我们亦扩大品牌广告销售团队，与品牌广告代理一起覆盖更多行业，进一步扩大我们的市场影响力。我们关注的主要行业包括快速消费品、美妆和电子。针对每个行业，我们根据行业特点提供定制化的流量转化模型，并不断完善和升级</blockquote> On feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.<blockquote>在feeds广告方面，为了提升我们的价值主张并为我们的广告合作伙伴带来强劲的投资回报，我们一直在投资基础设施，其中包括迭代智能竞价系统，全面提高广告效果和效率。该系统以优化算法为基础，可在广告内容和目标受众之间提供更好的匹配。借助基于人工智能的工具，我们能够评估不同广告内容的有效性，并协助制作创意内容，不仅为广告商带来更高的回报，还能保持用户体验，从而增加广告负载的空间。这些努力帮助我们在2021年第二季度以更好的效率和更强的定价能力推动我们的在线营销服务。</blockquote> On the product side, we launched the Magnetic Taurus&nbsp;platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.<blockquote>在产品端，我们于2021年第二季度推出磁金牛平台，提供连接公域和私域流量的综合闭环电商营销解决方案。该平台提供了多种定制选项，以及数据可视化和数据监控，可以为商家提供更精准的营销服务。Magnetic Taurus的推出有助于提高我们算法的效率和流量变现能力，扩大我们平台上广告主的多样性以及增强他们的参与度。继磁金牛推出后，磁金牛服务的广告主数量不断增加。</blockquote> Live streaming <blockquote>直播</blockquote> Our live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.<blockquote>我们的直播生态系统保持活跃和健康，为我们提供了一个蓬勃发展的平台。我们的直播用户参与度提升至更高水平，2021年第二季度快手应用的DAU渗透率超过70%证明了这一点。</blockquote> With respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.<blockquote>在内容创作方面，我们在活跃流媒体数量以及满足不同用户兴趣的不同类别内容提供的深度和广度方面保持领先地位，使我们有别于其他平台。2021年第二季度，我们平台上的每日活跃流媒体数量保持在约190万，吸引了不同的用户群体，为丰富健康的直播生态系统做出了贡献。</blockquote> We have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean&nbsp;with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.<blockquote>我们已开始采取措施深化公共领域直播的货币化。通过与达人机构的广泛合作进行直播，我们在公共领域提供了更高的优质内容曝光率，并拥有更系统化的运营。于2021年第二季度，我们启动了蓝海计划，旨在与全国范围内的人才机构建立长期合作伙伴关系，以协同促进我们直播生态系统的健康发展，并利用我们庞大的公域流量推广优质直播内容。与更多人才机构合作的努力带来了显著的成果。截至2021年6月30日，我们合作名册上的人才机构数量较2020年6月30日同比增长近400%，帮助我们实现了16.9%的季度环比增长和18.2%快手应用上直播服务的月度ARPPU同比增长。</blockquote> Besides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.<blockquote>除了利用公域流量推广直播外，我们还致力于加强私域直播的治理，这可以激发我们用户更多的信任和互动。我们相信这将有助于我们为优秀的内容创作者创造更多的机会。随着治理能力、流量效率和内容提供的不断提高，我们致力于维持我们的直播生态系统的健康增长和活力。这使得拥有更强追随者基础的内容创作者能够进一步发展，从而提高我们平台的整体用户粘性和货币化潜力。</blockquote> Other services including e-commerce <blockquote>其他服务，包括电子商务</blockquote> Our other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.<blockquote>我们的其他服务于2021年第二季度保持强劲增长势头，收入同比增长212.9%至人民币20亿元，主要受电子商务推动，产生GMV人民币1,454亿元，较去年同期的GMV翻了一番。就我们的电商业务闭环模式葵店而言，其对电商GMV总额的贡献由2020年同期的66.4%增至2021年第二季度的90.7%。我们持续提升电子商务基础设施，包括推出工具，让商户更容易办理开户及管理手续、经营店铺及利用多维数据分析产品表现及用户行为，方便及优化商户的产品选择。我们的电商生态闭环也得到了进一步的拓展和不断的强化。</blockquote> We further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.<blockquote>我们进一步升级电商策略，通过私域强化优势信任型电商模式，更适合推广长尾或非标准化产品，同时通过公域引入更多老牌产品。具体而言，我们采取了双管齐下的电子商务战略：首先，通过利用我们内容的沉浸式性质以及我们的商家和流媒体通过其私域运营培养的信任，巩固我们在基于信任的电子商务中的竞争优势；第二，通过增加更多品牌产品，逐步建立用户对我们产品和我们平台的信任和信心，努力充分释放电商公共领域的价值。</blockquote> Private domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.<blockquote>私域是我们平台的面包和黄油。它贡献了我们2021年第二季度电子商务GMV总额的大部分。随着我们不断完善以内容和信任为核心的独特商业模式，这将进一步推动平均重复购买率以及电子商务买家的转化率。</blockquote> In the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.<blockquote>在公共领域，我们致力于全方位的商业解决方案来支持品牌自营电商直播，包括精英分销、公共流量扶持、私人流量转化及运营等品牌扶持政策。这些努力不仅扩大了我们的商户基础和商品供应，还扩大了用户从流媒体到产品和我们平台本身的信任圈，这有助于激励更多的电子商务交易，并巩固了我们作为高度信任的一站式电子商务平台的地位。</blockquote> In addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.<blockquote>除支持商家外，于二零二一年第二季度，我们亦不遗余力地丰富商品供应、加强消费者平台治理及提升用户体验，旨在进一步优化我们的电商生态。</blockquote> Our efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.<blockquote>我们在品牌产品上的努力也有效地促进了商品供应的改善，以及电商DAU渗透率和快手应用上电商的平均订单价值。于二零二一年第二季度，我们已将商品供应扩展至女装、珠宝及玉石、美容及化妆品等最畅销类别以外。于二零二一年第二季度，男装及运动服、家电及数码产品以及家居用品等新兴产品类别的电商GMV均实现高增长，佔电商GMV总额的比例逐季上升。展望未来，我们将继续探索更多具有足够规模和高电商兼容性的品类，以进一步推动我们的电商GMV增长。</blockquote> Becoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.<blockquote>成为用户安全可信的平台一直是我们的核心价值主张。因此，我们继续专注于质量控制和生态系统治理，以维护充满活力和健康的生态系统。于二零二一年第二季度，我们继续加强电商选品官方平台快手选品，提升了用户的电商体验以及网红和商家的效率。首先，我们在2021年第二季度向快手精选引入了更多品牌产品。通过提供及推广官方精选品牌商品，我们提升了市场上的整体产品质量，让消费者的购物体验更加畅快。此外，通过深化与品牌的合作夥伴关系，我们大大拓宽了客户的产品选择。快手精选亦降低了电商主播在我们平台上推广商品的准入门槛，提高了其活跃度及参与度。在这些因素的推动下，2021年第二季度快手精选的电商GMV总额环比增长近90%。</blockquote> We also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.<blockquote>我们亦积极加强生态系统治理及消费者权益保护。2021年第二季度，我们推出了“信任卡”，提供商家向消费者提供的一系列保障，如退款不退货、假货赔偿、7天无条件退货等。我们将继续加强平台治理，以更好地保护用户和业务合作伙伴的权利，并改善整体客户体验。</blockquote> Overseas <blockquote>海外的</blockquote> Overseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.<blockquote>鉴于海外市场的时间窗口和高增长潜力，海外扩张已成为我们的主要战略努力之一。海外短视频和直播行业成熟度要低得多，仍处于早期发展和商业化阶段。它的用户渗透率较低，未来增长和发展充满机会，用户需求尚未得到充分满足，代表着巨大且多样化的货币化潜力。</blockquote> Underpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.<blockquote>凭借我们作为短视频和直播行业的先行者和领导者的经验，凭借十多年深耕行业积累的深刻见解、成熟产品和强大技术能力，以及在建立和完善内容生态系统方面的突出优势，我们已准备好抓住当前海外市场的机会窗口，通过建立互动内容社区和社交平台，鼓励更多人通过创作、交流和互动创造价值。</blockquote> We strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.<blockquote>我们战略性地将海外发展重点放在人口密度高、短视频文化接受度强、盈利潜力好的国家和地区。2021年上半年，我们主要关注南美、东南亚和中东市场。我们一直积极投入用户获取和用户活跃度提升。同时，我们一直致力于丰富和深化我们的内容生态系统，鼓励本地化内容创作和发展不同类别的内容，以提高用户参与度和留存率，并快速建立一个在内容社区和用户社区之间建立自我强化良性循环的生态系统。除鼓励用户生成内容外，我们亦积极探索优质本地化专业生成内容。于二零二一年六月，我们成为在巴西举行的CONMEBOL Copa America 2021的官方赞助商及官方社交媒体平台，拥有该赛事的短视频制作权。我们成功运营CONMEBOL Copa America 2021赛事，有效提升了南美市场的用户参与度和活跃度。</blockquote> During our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.<blockquote>在海外市场的初步探索中，我们取得了远超预期的令人鼓舞的业绩，进一步坚定了我们拓展海外业务的决心。2021年6月，我们在海外市场的月活跃用户数超过1.8亿。海外市场不断增长的用户群有助于我们利用我们的技术和数据分析能力更好地洞察我们的用户，使我们能够提供优化的推荐算法，并不断完善我们的产品和用户体验。所有这些投资、努力和积累的经验将是我们在广阔的海外市场长期发展的宝贵资产。</blockquote>","collect":0,"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>Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nKuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-08-25 16:32\n</div>\n</a>\n</h4>\n</header>\n<article>\nKuaishou Technology&nbsp;announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2021.Kuaishou Technology’s revenue beat estimates.Sales rose to 19.1 billion yuan ($3 billion) for the three months ended June, versus the 18.7 billion yuan average forecast. Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.<blockquote>快手科技公布公司截至2021年6月30日止三个月及六个月未经审核综合业绩，快手科技营收超出预期。截至6月份的三个月销售额增至191亿元人民币（30亿美元），而平均预测为187亿元人民币。净亏损70.4亿元，预估亏损62.5亿元。</blockquote> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">Q2 2021 Kuaishou Technology Earnings Conference Call</a><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">2021年第二季度快手科技收益电话会议</a></blockquote> <img src=\"https://static.tigerbbs.com/4b509844047790d8e963e13fc790db37\" tg-width=\"1189\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c164ab8bf034ae0500759913e971e79\" tg-width=\"1186\" tg-height=\"518\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5c06cc6e67cb37fe31f2add56208fe29\" tg-width=\"1192\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ba8da541a6a01d31051ff7261e69f112\" tg-width=\"1188\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> BUSINESS REVIEW AND OUTLOOK <blockquote>业务回顾及展望</blockquote> As a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.<blockquote>作为拥有数亿日活跃用户的领先内容社区和社交平台，我们快手有能力继续培育充满活力、基于信任的生态系统，同时通过更好地管理我们的海量流量来增强我们的货币化能力，并进一步加强我们对用户和客户的价值主张。</blockquote> Amid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.<blockquote>我们不断提升用户体验以及广告主和商家的服务能力，并努力以我们独特的内容和生态系统赋能他们，于2021年第二季度实现总收入人民币191亿元，同比增长48.8%，超过2021年第一季度36.6%的同比增幅。2021年第二季度，在线营销服务收入同比增长156.2%至人民币100亿元，再次佔我们总收入的50%以上。2021年第二季度，包括电子商务在内的其他服务收入同比增长212.9%至人民币20亿元。</blockquote> Ecosystem <blockquote>生态系统</blockquote> Driven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.<blockquote>在我们不断迭代流量分发算法、增强社交信任和丰富内容生态的投资推动下，我们进一步提高了平台上的用户参与度和用户活跃度。这有助于推动每个DAU在快手应用上的平均每日花费时间在2021年第二季度达到106.9分钟，环比增长7.7%，同比增长25.2%。利用我们平台上不断增长的公域流量，我们通过加深对用户内容消费行为和偏好以及不断变化的用户需求的洞察和理解，不断优化我们的算法，这使我们能够不断改进我们的分发算法，从而进一步优化用户体验。</blockquote> Besides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.<blockquote>除了提高用户参与度外，我们在提升用户活跃度方面也取得了坚实的成果。通过传统用户获取渠道和留存措施的效率提高，以及强大的社交信任和多元化内容推动的有机增长，我们在快手应用上的DAU与MAU比率于2021年第二季度达到57.9%，环比扩大1.1个百分点。2021年第二季度，我们在快手应用程序上的平均DAU同比增长11.9%至2.932亿，而该季度的同比增长率每个月都在加快，显示出健康的势头。用户活跃度的提高亦得益于我们努力促进涵盖用户获取、用户留存和变现的全周期用户管理，以及提供优化的内容推荐和个性化服务，从而提高了用户留存率。这种协同用户管理也使我们能够不断改进产品，更及时有效地解决用户需求。</blockquote> The strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.<blockquote>强大的社会信任是我们生态系统的支柱，使我们有别于其他行业参与者。2021年第二季度，我们平台上的社交信任进一步加强，快手应用上的相互关注者对数不断增加，截至2021年第二季度末累计达到126亿对，同比增长60%。</blockquote> Continuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet&nbsp;delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.<blockquote>我们领先内容类别的持续扩张以及内容生态系统的规模和多样性也有助于我们不断提高用户参与度和用户活跃度。我们不断努力提供差异化和精细化的内容，以满足不同用户的需求。截至2021年6月30日，我们的特色快手剧集取得了优异的成绩，贡献了超过800集短剧，每部短剧的视频播放量累计超过1亿次，其中包括40部由我们自己的Project Astral制作的独家剧集。在新内容垂直领域，我们很自豪能够成为体育类别的行业标杆。除了我们丰富多彩的专业生成和用户生成的体育内容库外，我们最近还成为东京2020年夏季奥运会和北京2022年冬季奥运会的官方转播商，通过短视频和直播为用户带来更具创新性的体育观看体验和更具互动性的体育内容创作体验。</blockquote> To encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.<blockquote>为鼓励内容创作及优化内容分发，我们通过针对公域流量的精细化算法，向用户分发的不仅仅是短视频，而是越来越多的优质直播及电商内容。通过这样做，我们使用户能够发现更多更有趣、更有意义和更有用的内容，以满足他们的新需求。这也使我们的平台对内容创作者越来越有吸引力和友好，2021年第二季度高质量内容创作者的数量每月持续健康增长就证明了这一点。这些因素进一步强化了我们在内容创作和内容消费方面的强大飞轮效应。</blockquote> Online marketing services <blockquote>在线营销服务</blockquote> We achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.<blockquote>我们在2021年第二季度实现了强劲的在线营销服务增长，收入同比增长156.2%至人民币100亿元。其中，品牌广告收入保持高增长，再次超过网络营销服务收入同比增速，平台品牌广告主数量较去年同期增长近4倍。该等业绩得益于我们持续努力提升品牌形象、营销效率及服务能力，通过私域运营帮助品牌吸引及发展用户群、提高知名度，进一步提升用户粘性及忠诚度。</blockquote> Brand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.<blockquote>品牌广告已成为我们的战略重点之一。随着我们继续投资于基础设施和工具，以释放我们庞大流量的价值并提高广告主的效率，我们努力建立一个闭环解决方案，为品牌广告主提供端到端的在线营销服务。这些营销服务包括制作定制短视频广告、直播营销支持、粉丝群和私人流量管理以及电子商务变现。通过这个服务工具箱，我们的品牌合作伙伴可以在我们的平台内执行他们在品牌发现、推广和产品销售方面的策略。这反过来改善了我们的内容创作者从他们的才华中获得回报的环境，并建立了一个一体化的目的地，我们的用户可以在这里发现值得信赖的品牌和来源，甚至社交和从他们那里购买。</blockquote> To bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade<blockquote>为将我们的解决方案及全平台效益带给更多品牌，我们亦扩大品牌广告销售团队，与品牌广告代理一起覆盖更多行业，进一步扩大我们的市场影响力。我们关注的主要行业包括快速消费品、美妆和电子。针对每个行业，我们根据行业特点提供定制化的流量转化模型，并不断完善和升级</blockquote> On feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.<blockquote>在feeds广告方面，为了提升我们的价值主张并为我们的广告合作伙伴带来强劲的投资回报，我们一直在投资基础设施，其中包括迭代智能竞价系统，全面提高广告效果和效率。该系统以优化算法为基础，可在广告内容和目标受众之间提供更好的匹配。借助基于人工智能的工具，我们能够评估不同广告内容的有效性，并协助制作创意内容，不仅为广告商带来更高的回报，还能保持用户体验，从而增加广告负载的空间。这些努力帮助我们在2021年第二季度以更好的效率和更强的定价能力推动我们的在线营销服务。</blockquote> On the product side, we launched the Magnetic Taurus&nbsp;platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.<blockquote>在产品端，我们于2021年第二季度推出磁金牛平台，提供连接公域和私域流量的综合闭环电商营销解决方案。该平台提供了多种定制选项，以及数据可视化和数据监控，可以为商家提供更精准的营销服务。Magnetic Taurus的推出有助于提高我们算法的效率和流量变现能力，扩大我们平台上广告主的多样性以及增强他们的参与度。继磁金牛推出后，磁金牛服务的广告主数量不断增加。</blockquote> Live streaming <blockquote>直播</blockquote> Our live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.<blockquote>我们的直播生态系统保持活跃和健康，为我们提供了一个蓬勃发展的平台。我们的直播用户参与度提升至更高水平，2021年第二季度快手应用的DAU渗透率超过70%证明了这一点。</blockquote> With respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.<blockquote>在内容创作方面，我们在活跃流媒体数量以及满足不同用户兴趣的不同类别内容提供的深度和广度方面保持领先地位，使我们有别于其他平台。2021年第二季度，我们平台上的每日活跃流媒体数量保持在约190万，吸引了不同的用户群体，为丰富健康的直播生态系统做出了贡献。</blockquote> We have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean&nbsp;with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.<blockquote>我们已开始采取措施深化公共领域直播的货币化。通过与达人机构的广泛合作进行直播，我们在公共领域提供了更高的优质内容曝光率，并拥有更系统化的运营。于2021年第二季度，我们启动了蓝海计划，旨在与全国范围内的人才机构建立长期合作伙伴关系，以协同促进我们直播生态系统的健康发展，并利用我们庞大的公域流量推广优质直播内容。与更多人才机构合作的努力带来了显著的成果。截至2021年6月30日，我们合作名册上的人才机构数量较2020年6月30日同比增长近400%，帮助我们实现了16.9%的季度环比增长和18.2%快手应用上直播服务的月度ARPPU同比增长。</blockquote> Besides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.<blockquote>除了利用公域流量推广直播外，我们还致力于加强私域直播的治理，这可以激发我们用户更多的信任和互动。我们相信这将有助于我们为优秀的内容创作者创造更多的机会。随着治理能力、流量效率和内容提供的不断提高，我们致力于维持我们的直播生态系统的健康增长和活力。这使得拥有更强追随者基础的内容创作者能够进一步发展，从而提高我们平台的整体用户粘性和货币化潜力。</blockquote> Other services including e-commerce <blockquote>其他服务，包括电子商务</blockquote> Our other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.<blockquote>我们的其他服务于2021年第二季度保持强劲增长势头，收入同比增长212.9%至人民币20亿元，主要受电子商务推动，产生GMV人民币1,454亿元，较去年同期的GMV翻了一番。就我们的电商业务闭环模式葵店而言，其对电商GMV总额的贡献由2020年同期的66.4%增至2021年第二季度的90.7%。我们持续提升电子商务基础设施，包括推出工具，让商户更容易办理开户及管理手续、经营店铺及利用多维数据分析产品表现及用户行为，方便及优化商户的产品选择。我们的电商生态闭环也得到了进一步的拓展和不断的强化。</blockquote> We further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.<blockquote>我们进一步升级电商策略，通过私域强化优势信任型电商模式，更适合推广长尾或非标准化产品，同时通过公域引入更多老牌产品。具体而言，我们采取了双管齐下的电子商务战略：首先，通过利用我们内容的沉浸式性质以及我们的商家和流媒体通过其私域运营培养的信任，巩固我们在基于信任的电子商务中的竞争优势；第二，通过增加更多品牌产品，逐步建立用户对我们产品和我们平台的信任和信心，努力充分释放电商公共领域的价值。</blockquote> Private domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.<blockquote>私域是我们平台的面包和黄油。它贡献了我们2021年第二季度电子商务GMV总额的大部分。随着我们不断完善以内容和信任为核心的独特商业模式，这将进一步推动平均重复购买率以及电子商务买家的转化率。</blockquote> In the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.<blockquote>在公共领域，我们致力于全方位的商业解决方案来支持品牌自营电商直播，包括精英分销、公共流量扶持、私人流量转化及运营等品牌扶持政策。这些努力不仅扩大了我们的商户基础和商品供应，还扩大了用户从流媒体到产品和我们平台本身的信任圈，这有助于激励更多的电子商务交易，并巩固了我们作为高度信任的一站式电子商务平台的地位。</blockquote> In addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.<blockquote>除支持商家外，于二零二一年第二季度，我们亦不遗余力地丰富商品供应、加强消费者平台治理及提升用户体验，旨在进一步优化我们的电商生态。</blockquote> Our efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.<blockquote>我们在品牌产品上的努力也有效地促进了商品供应的改善，以及电商DAU渗透率和快手应用上电商的平均订单价值。于二零二一年第二季度，我们已将商品供应扩展至女装、珠宝及玉石、美容及化妆品等最畅销类别以外。于二零二一年第二季度，男装及运动服、家电及数码产品以及家居用品等新兴产品类别的电商GMV均实现高增长，佔电商GMV总额的比例逐季上升。展望未来，我们将继续探索更多具有足够规模和高电商兼容性的品类，以进一步推动我们的电商GMV增长。</blockquote> Becoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.<blockquote>成为用户安全可信的平台一直是我们的核心价值主张。因此，我们继续专注于质量控制和生态系统治理，以维护充满活力和健康的生态系统。于二零二一年第二季度，我们继续加强电商选品官方平台快手选品，提升了用户的电商体验以及网红和商家的效率。首先，我们在2021年第二季度向快手精选引入了更多品牌产品。通过提供及推广官方精选品牌商品，我们提升了市场上的整体产品质量，让消费者的购物体验更加畅快。此外，通过深化与品牌的合作夥伴关系，我们大大拓宽了客户的产品选择。快手精选亦降低了电商主播在我们平台上推广商品的准入门槛，提高了其活跃度及参与度。在这些因素的推动下，2021年第二季度快手精选的电商GMV总额环比增长近90%。</blockquote> We also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.<blockquote>我们亦积极加强生态系统治理及消费者权益保护。2021年第二季度，我们推出了“信任卡”，提供商家向消费者提供的一系列保障，如退款不退货、假货赔偿、7天无条件退货等。我们将继续加强平台治理，以更好地保护用户和业务合作伙伴的权利，并改善整体客户体验。</blockquote> Overseas <blockquote>海外的</blockquote> Overseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.<blockquote>鉴于海外市场的时间窗口和高增长潜力，海外扩张已成为我们的主要战略努力之一。海外短视频和直播行业成熟度要低得多，仍处于早期发展和商业化阶段。它的用户渗透率较低，未来增长和发展充满机会，用户需求尚未得到充分满足，代表着巨大且多样化的货币化潜力。</blockquote> Underpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.<blockquote>凭借我们作为短视频和直播行业的先行者和领导者的经验，凭借十多年深耕行业积累的深刻见解、成熟产品和强大技术能力，以及在建立和完善内容生态系统方面的突出优势，我们已准备好抓住当前海外市场的机会窗口，通过建立互动内容社区和社交平台，鼓励更多人通过创作、交流和互动创造价值。</blockquote> We strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.<blockquote>我们战略性地将海外发展重点放在人口密度高、短视频文化接受度强、盈利潜力好的国家和地区。2021年上半年，我们主要关注南美、东南亚和中东市场。我们一直积极投入用户获取和用户活跃度提升。同时，我们一直致力于丰富和深化我们的内容生态系统，鼓励本地化内容创作和发展不同类别的内容，以提高用户参与度和留存率，并快速建立一个在内容社区和用户社区之间建立自我强化良性循环的生态系统。除鼓励用户生成内容外，我们亦积极探索优质本地化专业生成内容。于二零二一年六月，我们成为在巴西举行的CONMEBOL Copa America 2021的官方赞助商及官方社交媒体平台，拥有该赛事的短视频制作权。我们成功运营CONMEBOL Copa America 2021赛事，有效提升了南美市场的用户参与度和活跃度。</blockquote> During our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.<blockquote>在海外市场的初步探索中，我们取得了远超预期的令人鼓舞的业绩，进一步坚定了我们拓展海外业务的决心。2021年6月，我们在海外市场的月活跃用户数超过1.8亿。海外市场不断增长的用户群有助于我们利用我们的技术和数据分析能力更好地洞察我们的用户，使我们能够提供优化的推荐算法，并不断完善我们的产品和用户体验。所有这些投资、努力和积累的经验将是我们在广阔的海外市场长期发展的宝贵资产。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138197095","content_text":"Kuaishou Technology announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2021.Kuaishou Technology’s revenue beat estimates.Sales rose to 19.1 billion yuan ($3 billion) for the three months ended June, versus the 18.7 billion yuan average forecast. Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.\nQ2 2021 Kuaishou Technology Earnings Conference Call\n\nBUSINESS REVIEW AND OUTLOOK \nAs a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.\nAmid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.\nEcosystem \nDriven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.\nBesides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.\nThe strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.\nContinuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.\nTo encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.\nOnline marketing services \nWe achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.\nBrand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.\nTo bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade\nOn feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.\nOn the product side, we launched the Magnetic Taurus platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.\nLive streaming \nOur live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.\nWith respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.\nWe have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.\nBesides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.\nOther services including e-commerce \nOur other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.\nWe further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.\nPrivate domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.\nIn the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.\nIn addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.\nOur efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.\nBecoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.\nWe also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.\nOverseas \nOverseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.\nUnderpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.\nWe strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.\nDuring our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1406,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}