3 6 Ke·2025-04-14 08:35Core Viewpoint - Kuaishou's Q4 2024 and full-year financial report highlights the significant role of AI in its business strategy, with a focus on upgrading existing operations and creating new revenue streams through AI technology [1][2] Group 1: Financial Performance - Kuaishou's Q4 2024 online marketing service revenue reached 20.6 billion RMB, a year-on-year increase of 13.3%, while the full-year revenue was 72.4 billion RMB, growing by 20.1% [2] - The average daily active users (DAU) and monthly active users (MAU) for Kuaishou App were 401 million and 736 million, respectively, reflecting a year-on-year growth of 4.8% and 5.0% [2] - The total consumption of AIGC marketing materials in Q4 2024 exceeded 300 million RMB daily, marking a 50% increase from the previous quarter [3] Group 2: AI Integration and Development - Kuaishou's AI technology is utilized to enhance existing business operations and serve as a new traffic entry point, significantly improving user engagement and content recommendation [2][4] - The launch of the 1.6 version of the Keling AI model and its independent app aims to create a new avenue for video content generation, reinforcing Kuaishou's position in the short video market [4] - Kuaishou's AI-driven Universal Auto X (UAX) solution has been a key factor in maintaining double-digit growth in online marketing services [2] Group 3: E-commerce Performance - Kuaishou's e-commerce GMV for Q4 2024 was 462.1 billion RMB, showing a year-on-year growth of 14.4%, which is a decline from previous quarters [5] - The need for AI integration in Kuaishou's e-commerce segment is becoming increasingly urgent as growth rates continue to slow [5] Group 4: Market Position and Competition - Despite advancements in AI, Kuaishou's stock price has faced downward pressure, reflecting market skepticism about its positioning as either a tech or e-commerce stock [1][5] - Kuaishou's R&D expenditure for 2024 was 12.2 billion RMB, remaining stable compared to 2023, while competitors like ByteDance are significantly increasing their AI investments [5]