11月19日，快手科技（01024.HK，以下简称"快手"）发布了2025年第三季度财报。数据显示，该季度 快手总收入达356亿元，同比增长14.2%；经调整净利润50亿元，同比增长26.3%，整体经营保持稳健增 长态势。 业务收入构成方面，第三季度快手线上营销服务收入201亿元，同比增长14%；直播业务收入96亿元， 同比增长2.5%；其他服务（主要包括电商业务、可灵AI等）收入59亿元，同比增幅达41.3%，成为拉动 营收增长的重要动力之一。快手方面表示，目前已在各业务板块积极拓展场景化AI应用，实现技术对 业务场景的深度赋能，并对外披露，今年三季度可灵AI收入超过3亿元。 《中国经营报》记者注意到，快手CFO金秉在财报电话会议中透露："预计可灵AI在2025年的全年收入 将达到1.4亿美元（约10亿元人民币），较今年年初设定的6000万美元目标提升超100%。" 可灵AI收入增速放缓 根据此前披露的数据，可灵AI今年第一季度、第二季度的收入分别超过1.5亿元、2.5亿元，前三季度累 计营收超过7亿元。按照全年约10亿元的收入目标测算，第四季度仅需完成约3亿元收入，与第三季度收 入基本持平。 从收入增速来 ...

快手-W(1024.HK)发布公告，该公司于2025年11月20日斥资约5821.17万港元回购90万股B类普通股，回 购价格为每股64.4港元至64.95港元。 ...

于2025年11月20日，根据股份计划发行877股。 快手-W(01024)发布公告，于2025年11月20日斥资5821.17万港元回购90万股。 ...

智通财经APP讯，快手-W(01024)发布公告，于2025年11月20日斥资5821.17万港元回购90万股。 于2025年11月20日，根据股份计划发行877股。 ...

格隆汇11月20日丨快手-W(01024.HK)公告，11月20日耗资5821万港元回购90万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2025年11月20日 | 8). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 2,000 | 0 % | HKD | 0.3273 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據首次公開發售前僱員持股計劃 (於 06/02/2018 採納)行使期權 | | | | | | | 變動日期 2025年11月10日 | | | | | | 9). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 3,600 | 0.0001 % | HKD | 0.3273 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據首次公開發售前僱員持股計劃 (於 06/02/2018 採納)行使期權 | | | | | | ...

Core Viewpoint - Kuaishou's Q3 2025 financial report shows strong growth in revenue and profit, driven by AI integration across its business operations [1][2][7] Financial Performance - Total revenue for Q3 2025 reached RMB 35.55 billion, a year-on-year increase of 14.2% [2] - Operating profit was RMB 5.3 billion, up 69.9% year-on-year [2] - Adjusted net profit stood at RMB 4.99 billion, reflecting a 26.3% increase [2] - Adjusted net profit margin reached 14% [1] User Metrics - Average daily active users (DAUs) for Kuaishou reached 416 million, marking a historical high for three consecutive quarters [1] - Average monthly active users (MAUs) reached 731 million [1] Revenue Breakdown - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year [1][3] - Online marketing services accounted for RMB 20.1 billion, representing 56.5% of total revenue, with a 14% year-on-year growth [3][4] - E-commerce GMV increased by 15.2% to RMB 385 billion [4][5] AI Integration - AI technologies, such as the OneRec recommendation model and G4RL bidding model, contributed approximately 4%-5% incremental revenue to online marketing services [3] - Kuaishou's AI-driven tools significantly reduced marketing material production costs, with over RMB 3 billion spent on AIGC marketing materials in Q3 [3] Live Streaming and Community Engagement - Live streaming revenue reached RMB 9.6 billion, a 2.5% increase year-on-year [5] - The number of signed agencies and streamers increased by over 17% and 20% respectively [5] - Community interaction metrics improved, with daily private message penetration among dual users increasing by over 3% [5] International Business - Kuaishou's international operations recorded a loss of RMB 64 million, a significant reduction from RMB 153 million in the same period last year [6] Future Outlook - The company plans to continue leveraging AI to enhance operational efficiency and user experience, aiming for long-term value creation for shareholders [1][7][10]

广告&电商略超预期，可灵收入超 3 亿元 2025 年 11 月 20 日 公司研究 分业务来看：1）线上营销服务业务略超预期：3Q25 实现收入 201 亿元，同 比+14%（vs 一致预期 198.7 亿元）。端到端生成式推荐大模型 OneRec 与 生成式强化学习出价模型 G4RL 协同提效，为国内线上营销服务收入带来约 4–5%增量；AIGC 营销素材推动消耗金额突破 30 亿元。UAX 全自动投放解 决方案在外循环的消耗渗透率达 70%以上；全站推产品的营销消耗占内循环 消耗比例提升至 65%以上。行业端，除生活服务行业外，以短剧为代表的内 容消费行业也是驱动外循环营销服务收入持续增长的主要动力。2）其他服务 （含电商）超预期：3Q25 实现收入 59 亿元，同比+41.3%（vs 一致预期 56.6 亿元）。电商 GMV 基本符合预期：电商 GMV 达 3850 亿元，同比+15.2%（vs 一致预期 3839 亿元），泛货架电商 GMV 占比超 32%。平台通过智能工具、 AIGC 素材生成能力、KOL 赋能以及多元场景运营，持续推动商家自然增长、 提升复购率并增强流量与销售转化；端到端生成式检 ...

Core Insights - The 2025 Double 11 shopping festival is set to start earlier, showcasing a long-cycle normalization trend, with e-commerce platforms simplifying promotional rules to boost user engagement in October [1][2] - The overall retail sales during the Double 11 period are projected to reach nearly 1.8 trillion yuan, marking a year-on-year growth of over 10%, and a staggering increase of approximately 35,000 times since the inaugural event in 2009 [1] Group 1: E-commerce Growth and User Engagement - The early launch of the Double 11 marketing campaign has led to a synchronized increase in user scale across platforms, with significant growth in monthly active users for major apps like Taobao, Douyin, Pinduoduo, and JD [2] - As of October 2025, the monthly active user counts for these platforms reached 1 billion for Taobao, 948 million for Douyin, 720 million for Pinduoduo, and 648 million for JD, indicating robust user engagement [2] Group 2: Strategic Shifts and AI Integration - E-commerce platforms are transitioning towards a comprehensive ecosystem, integrating AI technologies throughout the consumer journey, with Taobao launching six AI shopping applications and JD implementing advanced logistics solutions [3] - JD's user orders increased by over 117% year-on-year, while the overall order volume grew by more than 125%, reflecting the effectiveness of their new strategies [3] Group 3: Instant Retail and New Consumption Drivers - Platforms are exploring instant retail strategies to drive new consumption growth, with Meituan reporting an average daily order volume of 14 million for its flash purchase service [4] - Taobao's flash purchase initiative has already attracted over 1 million new users during the Double 11 period, with significant sales growth in non-food brands [4] Group 4: Investment Opportunities - Companies to watch include BlueFocus Communication Group, InGravity Media, Tianyu Digital Technology, Chinese Online, Tianxia Show, and Zhidema, indicating potential investment opportunities in the evolving e-commerce landscape [5]

Core Insights - AI's contribution to Kuaishou's performance is becoming evident, with Q3 2025 total revenue reaching 35.55 billion RMB, a year-on-year increase of 14.2% [2] - The adjusted net profit for Q3 2025 is nearly 5 billion RMB, up 26.3% year-on-year, while the net profit for the first three quarters is 15.18 billion RMB, reflecting a 16.7% increase [2] - The application of AI technologies, particularly the OneRec model, has led to a 4%-5% increase in domestic online marketing service revenue in Q3 2025 [3] Revenue Growth - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year in Q3 2025, driven by advertising and e-commerce contributions [3] - Online marketing service revenue reached 20.1 billion RMB in Q3 2025, marking a 14.0% year-on-year increase, with growth accelerating compared to the previous quarter [3] - AI technology has improved advertising efficiency, with the Universal Auto X (UAX) solution achieving over 70% penetration in external circulation [3] AI Investment and R&D - Kuaishou's R&D expenses increased by 17.7% year-on-year to 3.7 billion RMB in Q3 2025, primarily due to rising employee benefits and increased investment in AI [4] E-commerce Performance - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion RMB in Q3 2025, with the general merchandise e-commerce segment outpacing overall market growth [5] - The average daily active users and monthly active users reached new highs of 416 million and 731 million, respectively, with daily usage time averaging 134.1 minutes [6] Live Streaming Revenue - Live streaming revenue growth slowed to 2.5% year-on-year, reaching 9.6 billion RMB, with its share of total revenue declining from 30% to 26.9% [6] - Kuaishou launched customizable AI gifts in late September 2025, enhancing user interaction in live streams [6] Profitability Metrics - Gross profit slightly decreased from 19.5 billion RMB in Q2 2025 to 19.4 billion RMB in Q3 2025, with gross margin dropping from 55.7% to 54.7% [6] - Overall gross profit maintained a year-on-year growth of 13.1% for the first three quarters [6] Future Outlook - Kuaishou's CEO emphasized the importance of AI integration across various business scenarios to enhance operational efficiency and create long-term value for shareholders [7]