快手-W(01024) - 2022 Q1 - 季度财报

Performance Highlights Financial Summary In Q1 2022, the company's total revenue increased by 23.8% to RMB 21.1 billion, with gross profit up 25.7%, while operating loss narrowed by 22.6% to RMB 5.6 billion and adjusted net loss significantly narrowed by 34.1% to RMB 3.7 billion Q1 2022 Financial Summary (YoY) | Metric | Q1 2022 (RMB thousand) | Q1 2021 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 21,066,677 | 17,019,450 | 23.8% | | Gross Profit | 8,781,824 | 6,987,795 | 25.7% | | Operating Loss | (5,643,369) | (7,292,142) | (22.6%) | | Loss for the Period | (6,253,896) | (57,751,051) | (89.2%) | | Adjusted Net Loss | (3,722,265) | (5,650,687) | (34.1%) | | Adjusted EBITDA | (1,551,708) | (4,929,270) | (68.5%) | Operating Metrics In Q1 2022, Kuaishou app's core operating data reached new highs, with average daily active users growing 17.0% to 345.5 million, daily average time spent per DAU increasing 29.0% to 128.1 minutes, and e-commerce GMV achieving robust 47.7% YoY growth Q1 2022 Core Operating Data | Metric | Q1 2022 | Q1 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Average DAU (million) | 345.5 | 295.3 | +17.0% | | Average MAU (million) | 597.9 | 519.8 | +15.0% | | Daily Avg Time Spent per DAU (minutes) | 128.1 | 99.3 | +29.0% | | E-commerce GMV (RMB million) | 175,075.6 | 118,559.4 | +47.7% | Business Review and Outlook Ecosystem In Q1 2022, Kuaishou achieved record user scale and stickiness through differentiated growth strategies and technical optimization, with platform social attributes strengthening as mutual-follow user pairs grew 68.9%, and significant progress in vertical content like short dramas and sports boosted user engagement - Kuaishou app DAU increased by 17.0% to 345.5 million, and MAU increased by 15.0% to 597.9 million[5] - User stickiness strengthened, with daily average time spent per DAU increasing by 29.0% to 128.1 minutes[5] - Platform social attributes strengthened, with cumulative mutual-follow user pairs reaching 18.8 billion, a 68.9% year-over-year increase[5] - Significant progress was made in content verticals such as short dramas and sports, including the launch of 18 Kuaishou Star-Shine short dramas each with over 100 million views[6] Online Marketing Services Despite macroeconomic challenges and industry seasonality, online marketing services achieved 32.6% YoY growth in Q1 2022, reaching RMB 11.4 billion in revenue, driven by platform traffic growth, over 60% increase in advertisers, and internal advertising demand from e-commerce Online Marketing Services Performance | Metric | Q1 2022 | YoY Growth | | :--- | :--- | :--- | | Revenue | RMB 11.4 billion | 32.6% | | Number of Advertisers | - | Over 60% | - Online marketing service revenue contributed by platform e-commerce merchants maintained healthy growth, enhancing business resilience[7] - For brand advertising, operational activities such as the Winter Olympics and Chinese New Year successfully attracted dozens of world-renowned brands to the platform[8] Live Streaming In Q1 2022, live streaming revenue grew 8.2% to RMB 7.8 billion, driven by a strengthened live streaming ecosystem and a 7.8% increase in monthly paying users to 56.5 million, with new content forms like 'Kuaizhaogong' expanding users and traffic Live Streaming Business Performance | Metric | Q1 2022 | YoY Growth | | :--- | :--- | :--- | | Revenue | RMB 7.8 billion | 8.2% | | Average Monthly Paying Users | 56.5 million people | 7.8% | | Average Revenue per Monthly Live Streaming Paying User | RMB 46.3 | +0.4% | Other Services (Including E-commerce) Other services, primarily e-commerce, showed strong performance in Q1 2022, with revenue growing 54.6% to RMB 1.9 billion and e-commerce GMV increasing 47.7% to RMB 175.1 billion, driven by strengthening 'trust e-commerce', developing 'Kuaibrands', and improving the service provider system Other Services and E-commerce Business Performance | Metric | Q1 2022 | YoY Growth | | :--- | :--- | :--- | | Other Services Revenue | RMB 1.9 billion | 54.6% | | E-commerce GMV | RMB 175.1 billion | 47.7% | - Over 99% of GMV originated from the closed-loop e-commerce platform 'Kuaishou Store'[11] - The 'Trust Purchase' guarantee system was launched, increasing repeat purchase rates[11] - Key supported 'Kuaibrand' merchants achieved average monthly GMV exceeding RMB 25 million[11] Overseas Business Overseas business showed steady growth in Q1 2022, with the company implementing strict cost control and focusing on core markets, leading to continuous improvements in average daily active users, user retention, and time spent, alongside steady progress in commercialization - In the Brazilian market, daily average time spent per DAU in Q1 2022 was close to 60 minutes, demonstrating high user stickiness[13] - The company continues to enhance localized operational capabilities and commercialization infrastructure to explore more monetization opportunities[13] Management Discussion and Analysis Q1 2022 vs. Q1 2021 (YoY Comparison) In Q1 2022, total revenue grew 23.8% to RMB 21.1 billion, with gross margin slightly increasing to 41.7% and operating loss margin significantly narrowing from -42.8% to -26.8%, primarily due to more effective cost control, especially an 18.6% YoY decrease in sales and marketing expenses Revenue Total revenue increased by 23.8% YoY, primarily driven by online marketing services, e-commerce, and live streaming, with online marketing services showing the strongest growth at 32.6% and its revenue share increasing to 53.9% Revenue by Business Segment (YoY) | Business Segment | Q1 2022 (RMB thousand) | % of Total Revenue | Q1 2021 (RMB thousand) | % of Total Revenue | YoY Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Online Marketing Services | 11,351,470 | 53.9% | 8,557,676 | 50.3% | 32.6% | | Live Streaming | 7,841,970 | 37.2% | 7,250,399 | 42.6% | 8.2% | | Other Services | 1,873,237 | 8.9% | 1,211,375 | 7.1% | 54.6% | | Total | 21,066,677 | 100.0% | 17,019,450 | 100.0% | 23.8% | Cost of Sales Cost of sales increased by 22.5% YoY to RMB 12.3 billion, growing slower than revenue, primarily due to higher revenue sharing and content costs, partially offset by cost savings from improved bandwidth utilization efficiency - Cost of sales as a percentage of revenue slightly decreased from 58.9% to 58.3%[19] Gross Profit and Gross Margin Gross profit increased by 25.7% YoY to RMB 8.8 billion, with gross margin slightly rising from 41.1% in the prior year to 41.7% Gross Profit and Gross Margin (YoY) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Gross Profit (RMB thousand) | 8,781,824 | 6,987,795 | | Gross Margin | 41.7% | 41.1% | Operating Expenses Operating expense structure significantly optimized, with sales and marketing expenses decreasing 18.6% YoY to RMB 9.5 billion, and its revenue percentage dropping sharply from 68.5% to 45.0%, while administrative and R&D expenses increased by 23.9% and 25.3% respectively due to higher personnel and compensation costs - The decrease in sales and marketing expenses was primarily due to the company adopting more disciplined and effective user acquisition and retention strategies[22] Operating Loss and Loss for the Period Operating loss narrowed from RMB 7.3 billion in the prior year to RMB 5.6 billion, driven by revenue growth and expense optimization, while loss for the period significantly decreased from RMB 57.8 billion to RMB 6.3 billion, primarily due to a RMB 51.3 billion fair value loss on convertible redeemable preferred shares in the prior year - Operating profit margin improved from -42.8% to -26.8%[27] Q1 2022 vs. Q4 2021 (QoQ Comparison) Affected by seasonal factors, total revenue in Q1 2022 decreased by 13.8% QoQ to RMB 21.1 billion; despite the revenue decline, effective expense control led to a slight increase in gross margin and a relatively stable operating loss QoQ, demonstrating strong cost management capabilities Revenue Total revenue decreased by 13.8% QoQ, with online marketing services down 14.2% due to advertising industry seasonality, live streaming down 11.2% due to lower average revenue per paying user, and other services (e-commerce) down 20.8% due to logistics impacts during the Chinese New Year Revenue by Business Segment (QoQ) | Business Segment | Q1 2022 (RMB thousand) | Q4 2021 (RMB thousand) | QoQ Change | | :--- | :--- | :--- | :--- | | Online Marketing Services | 11,351,470 | 13,236,475 | -14.2% | | Live Streaming | 7,841,970 | 8,827,182 | -11.2% | | Other Services | 1,873,237 | 2,366,603 | -20.8% | | Total | 21,066,677 | 24,430,260 | -13.8% | Cost of Sales Cost of sales decreased by 14.0% QoQ to RMB 12.3 billion, largely consistent with the revenue decline, primarily due to reduced revenue sharing costs and related taxes fluctuating with revenue - Cost of sales as a percentage of revenue slightly decreased from 58.5% to 58.3%[40][41] Gross Profit and Gross Margin Gross profit decreased by 13.5% QoQ to RMB 8.8 billion, but gross margin slightly increased from 41.5% in the previous quarter to 41.7%, indicating an improved cost structure Gross Profit and Gross Margin (QoQ) | Metric | Q1 2022 | Q4 2021 | | :--- | :--- | :--- | | Gross Profit (RMB thousand) | 8,781,824 | 10,148,563 | | Gross Margin | 41.7% | 41.5% | Operating Expenses All operating expenses decreased QoQ, reflecting the company's effective cost control, with sales and marketing, administrative, and R&D expenses decreasing by 7.2%, 5.3%, and 12.3% respectively - The reduction in expenses was primarily due to more disciplined user acquisition spending and fluctuations in personnel costs[43] Operating Loss and Loss for the Period Operating loss was RMB 5.6 billion, largely consistent with RMB 5.8 billion in the previous quarter, and loss for the period was RMB 6.3 billion, also largely consistent with RMB 6.2 billion in the previous quarter - Operating profit margin was -26.8%, compared to -23.7% in the previous quarter[46] Non-IFRS Measures Under Non-IFRS measures, after excluding non-operating items like share-based payments and fair value changes of investments, Q1 2022 adjusted net loss significantly narrowed to RMB 3.7 billion from RMB 5.7 billion in the prior year, and adjusted EBITDA loss was RMB 1.6 billion, also significantly lower than RMB 4.9 billion in the prior year Non-IFRS Measures Reconciliation | Metric (RMB thousand) | Q1 2022 | Q4 2021 | Q1 2021 | | :--- | :--- | :--- | :--- | | Loss for the Period | (6,253,896) | (6,202,743) | (57,751,051) | | Adjusted Net Loss | (3,722,265) | (3,568,768) | (5,650,687) | | Adjusted EBITDA | (1,551,708) | (1,290,186) | (4,929,270) | Liquidity and Capital Resources As of March 31, 2022, the company held RMB 15.3 billion in cash and cash equivalents, with net cash used in operating activities of RMB 3.2 billion and net cash used in investing activities of RMB 13.2 billion during the quarter, primarily for investments in financial assets and time deposits Q1 2022 Cash Flow Summary | Item (RMB thousand) | Amount | | :--- | :--- | | Net Cash Used in Operating Activities | (3,186,873) | | Net Cash Used in Investing Activities | (13,232,493) | | Net Cash Used in Financing Activities | (770,543) | | Cash and Cash Equivalents at End of Period | 15,330,488 | Financial Statements Condensed Consolidated Statement of Profit or Loss This section presents the unaudited condensed consolidated statement of profit or loss for the three months ended March 31, 2022, detailing key financial data such as revenue, costs, expenses, loss, and loss per share Condensed Consolidated Statement of Comprehensive Loss This section provides the unaudited condensed consolidated statement of comprehensive loss for the three months ended March 31, 2022, including loss for the period and other comprehensive income or loss items such as exchange differences Condensed Consolidated Statement of Financial Position This section presents the unaudited condensed consolidated statement of financial position as of March 31, 2022, detailing the company's assets, liabilities, and equity Condensed Consolidated Statement of Cash Flows This section provides the unaudited condensed consolidated statement of cash flows for the three months ended March 31, 2022, reflecting the company's cash inflows and outflows from operating, investing, and financing activities Notes to Condensed Consolidated Interim Financial Information This section contains important notes to the condensed consolidated interim financial information, covering the basis of preparation, accounting policies, detailed composition of revenue and expenses, calculation methods for loss per share, and investment details Other Information Corporate Governance and Audit The company complied with all applicable code provisions of the Corporate Governance Code during the reporting period, and the audit committee reviewed the unaudited interim financial statements for the quarter and discussed them with the auditors - The company complied with all applicable code provisions of the Corporate Governance Code for the three months ended March 31, 2022[78] - The review committee has reviewed the unaudited interim financial statements for the quarter, and there were no disagreements between the Board and the review committee[79] Definitions This section provides detailed definitions for specific terms used in the report, such as 'Daily Active Users', 'E-commerce Gross Merchandise Value', and 'Class A Shares', to ensure accurate understanding of the report content