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Kuaishou Technology (1024 HK) achieved sales of Rmb21.7bn (+13.4% yoy) and adjusted net loss of Rmb1.3bn (significantly narrowed both yoy and qoq) in 2Q22. The overall earning results beat market consensus. Despite ongoing industry headwinds, Kuaishou managed to deliver higher-than-expected revenue for its core business. Sales of online marketing services, live streaming, and other services reached Rmb11/8.6/2.1bn (+10.5%/+19.1%/+7.1% yoy), all of which are better than market consensus. GMV of e-commerce grew by 31.5% yoy to Rmb191.2bn, despite multiple challenges such as logistics. Number of Advertisers grew by >90% yoy and sales growth of brand ads exceeded the overall online marketing services. The company continues to release social ecological value based on short video and live streaming. Improved operating efficiency led to fast and healthy traffic growth even after the cost control. The company's overseas market expansion and more diversified monetization modes (such as shopping mall business and fast recruitment business) are favored for growth potential. The company continues to release social ecological value based on short video and live streaming.