Core Insights - Kuaishou reported a 14.2% year-on-year revenue growth in Q3 2025, reaching 35.6 billion yuan, with core business revenue, including online marketing services and e-commerce, growing by 19.2% [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] - The average daily active users reached 416 million, marking a historical high for three consecutive quarters, with monthly active users at 731 million [1] Revenue Breakdown - Online marketing services revenue for Q3 2025 was 20.1 billion yuan, reflecting a 14% year-on-year increase [1] - E-commerce gross merchandise volume (GMV) grew by 15.2% year-on-year to 385 billion yuan [1] - Live streaming revenue amounted to 9.6 billion yuan, with a healthy development of the guild ecosystem, showing over 17% growth in signed guilds and over 20% growth in signed streamers year-on-year [1] AI Business Performance - Kuaishou's AI business generated over 300 million yuan in revenue during Q3, with global user count surpassing 45 million and over 200 million videos and 400 million images generated cumulatively [1]

新浪科技讯 11月19日下午消息，快手公布第三季度业绩。财报显示，本季度快手总营收同比增长14.2% 至356亿元，其中包含线上营销服务和以电商为主的其他服务在内的核心商业收入同比增长19.2%。在 保持对AI战略的持续投入下，快手第三季度经营利润同比增长69.9%至53亿元，经调整净利润同比增长 26.3%至50亿元。 责任编辑：何俊熹 用户规模方面，本季度，快手应用平均日活跃用户数达4.16亿，连续三个季度再创历史新高；平均月活 跃用户达到7.31亿。用户粘性也进一步增强，三季度平台双关用户的日均私信渗透率同比提升超3%。 快手科技创始人兼首席执行官程一笑表示："得益于AI能力在快手各业务场景中的深度融合，本季度再 次实现了稳健的运营指标与财务表现。展望未来，我们将持续推进AI战略在多元业务场景中的落地， 以实现更高运营效率，为用户、创作者及合作伙伴提供卓越的使用体验，并为股东创造长期价值。" ...

Core Viewpoint - Kuaishou reported a third-quarter revenue of 35.55 billion yuan, representing a year-on-year growth of 14.2%, surpassing the estimated 35.32 billion yuan [1] - The adjusted net profit for the third quarter was 4.99 billion yuan, reflecting a year-on-year increase of 26.3%, exceeding the forecast of 4.83 billion yuan [1] - The GMV of Kuaishou's e-commerce business grew by 15.2% year-on-year, reaching 385 billion yuan in the third quarter of 2025 [1] Financial Performance - Third-quarter revenue: 35.55 billion yuan, up 14.2% year-on-year, compared to an estimate of 35.32 billion yuan [1] - Adjusted net profit for the third quarter: 4.99 billion yuan, up 26.3% year-on-year, exceeding the forecast of 4.83 billion yuan [1] E-commerce Growth - Kuaishou's e-commerce GMV for the third quarter of 2025 reached 385 billion yuan, marking a year-on-year growth of 15.2% [1]

人民财讯11月19日电，11月19日，快手披露的2025年第三季度财报显示，三季度快手应用平均日活跃用 户达4.16亿，上年同期为4.08亿，连续三个季度刷新历史记录。三季度其平均月活跃用户达7.31亿，上 年同期为7.14亿。 转自：证券时报 ...

Core Insights - Kuaishou-W (01024) reported Q3 2025 revenue of RMB 35.554 billion, a year-on-year increase of 14.2% [1] - The company achieved a gross profit of RMB 19.434 billion, up 14.9% year-on-year, and an operating profit of RMB 5.299 billion, which is a significant increase of 69.9% [1] - The net profit for the period was RMB 4.489 billion, reflecting a year-on-year growth of 37.3%, while adjusted net profit reached RMB 4.986 billion, up 26.3% [1] - Average daily active users of the Kuaishou app exceeded 416 million, marking a historical high for three consecutive quarters [1] Financial Performance - For the first nine months of 2025, Kuaishou achieved revenue of RMB 103.208 billion, a year-on-year increase of 12.8% [3] - Gross profit for the same period was RMB 56.73 billion, up 13.1%, with operating profit reaching RMB 14.847 billion, a 34.7% increase [3] - The adjusted EBITDA for the first nine months was RMB 21.802 billion, reflecting a year-on-year growth of 21.8% [3] Business Developments - The company launched the end-to-end generative search architecture OneSearch, enhancing product matching and user experience, resulting in a nearly 5% increase in search order volume [2] - The AI capabilities were leveraged to introduce personalized gift effects in live streaming, enhancing user interaction and willingness to pay [2] - Kuaishou collaborated with Beijing Satellite TV for the 2025 Kuaishou Super Summer Gala, achieving a peak of over 5.4 million concurrent viewers [2]

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

智通财经获悉，2025年第三季度，快手应用的平均日活跃用户规模再创历史新高达4.16亿，平均月活跃 用户达到7.31亿，平台双关用户的日均私信渗透率同比提升超3%，平台流量稳健增长，社区活力持续 增强。 ...

Core Insights - Kuaishou-W (01024) reported Q3 2025 earnings with revenue of RMB 35.554 billion, a year-on-year increase of 14.2% [1] - Gross profit reached RMB 19.434 billion, up 14.9% year-on-year, while operating profit surged 69.9% to RMB 5.299 billion [1] - Net profit for the period was RMB 4.489 billion, reflecting a 37.3% year-on-year increase, with adjusted net profit at RMB 4.986 billion, up 26.3% [1] - The average daily active users of the Kuaishou app exceeded 416 million, marking a historical high for three consecutive quarters [1] Financial Performance - For the first nine months, Kuaishou achieved revenue of RMB 103.208 billion, a 12.8% increase year-on-year [3] - Gross profit for the same period was RMB 56.73 billion, up 13.1%, while operating profit rose 34.7% to RMB 14.847 billion [3] - Adjusted net profit for the first nine months was RMB 15.184 billion, reflecting a 16.7% year-on-year increase [3] Business Developments - The company launched the end-to-end generative search architecture OneSearch, improving product matching and user experience, resulting in a nearly 5.0% increase in search order volume [2] - The AI capabilities were leveraged in the live streaming sector with the introduction of AI-customized gift features, enhancing user interaction and willingness to pay [2] - Kuaishou collaborated with Beijing Satellite TV for the 2025 Kuaishou Super Summer Evening, achieving a peak concurrent online audience of over 5.4 million [2]

人民财讯11月19日电，11月19日，快手披露2025年三季度财报。财报显示，今年第三季度可灵AI营业收 入超过3亿元，全球用户规模突破4500万，累计生成超2亿个视频与4亿张图片。 ...

Core Insights - Kuaishou Technology reported Q3 revenue of 35.55 billion RMB, exceeding the estimate of 35.32 billion RMB [1] - Adjusted net profit for Q3 was 4.99 billion RMB, surpassing the forecast of 4.83 billion RMB [1] - Net profit for Q3 reached 4.49 billion RMB, higher than the expected 4.15 billion RMB [1] Financial Performance - Adjusted EBITDA for Q3 was 7.65 billion RMB [1] - Live streaming revenue for Q3 was 9.57 billion RMB, below the estimate of 9.79 billion RMB [1] - Online marketing services revenue for Q3 amounted to 20.1 billion RMB [1] User Metrics - Average monthly active users in Q3 were 731 million, slightly above the estimate of 730 million [1]