Bocom international has released a report, lowering the target price for Kuaishou (01024.HK) to HKD 55 and maintaining a "buy" investment rating. Bocom international maintains Kuaishou's second quarter revenue / adjusted net profit expectations of CNY 30.5 billion / 4.4 billion yuan (same below), with an annual increase of 10% / 63%. However, it lowered the expected growth rate of second quarter / full year GMV of e-commerce commodities to 19% / 21%, mainly due to the following considerations: 1) The growth of physical e-commerce large cap in May and June was +5.1%, and the promotional effect was insufficient under the high base. 2) Traditional shelf e-commerce platforms optimize strategies to attract some users to return. The bank expects that the second quarter e-commerce commission rate is about 1.22%, the same as the same period last year.