快手2025年三季度经调整净利润同比增长26.3% DAU连创新高

Core Insights - Kuaishou reported a 14.2% year-on-year revenue growth in Q3 2025, reaching 35.55 billion yuan, driven by improved operational efficiency [2] - The operating profit surged by 69.9% year-on-year to 5.3 billion yuan, with adjusted net profit increasing by 26.3% to approximately 5 billion yuan, resulting in an adjusted net profit margin of 14% [2] - For the first three quarters of 2025, Kuaishou achieved a total revenue of 103.2 billion yuan, a 12.8% increase year-on-year, and an adjusted net profit of 15.18 billion yuan, up 16.7% [2] Revenue Breakdown - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year in Q3 [2] - Online marketing service revenue reached 20.1 billion yuan, a 14% increase, with growth momentum continuing from the previous quarter [2] - AI technologies, including the OneRec recommendation model and G4RL bidding model, contributed approximately 4% to 5% incremental revenue for online marketing services [2] E-commerce Performance - Kuaishou's e-commerce GMV increased by 15.2% year-on-year to 385 billion yuan, with a healthier monthly average buyer structure and improved repurchase frequency among active users [2] User Metrics - The average daily active users reached 416 million, marking a historical high for three consecutive quarters, while average monthly active users reached 731 million [3] - User engagement improved, with the daily private message penetration rate for dual users increasing by over 3% year-on-year [3] AI Development - Kuaishou's AI revenue exceeded 300 million yuan in Q3, with a global user base surpassing 45 million and over 200 million videos and 400 million images generated [3] - The launch of the Kuaishou AI 2.5 Turbo model achieved top rankings on global AI evaluation platforms shortly after its release [3] - The new model reduced video generation costs by nearly 30%, enhancing the overall cost-performance advantage of Kuaishou's AI [3] International Expansion - Kuaishou continues to strengthen its presence in key markets like Brazil, optimizing customer acquisition efficiency while maintaining steady growth under cost control [4] - In Q3 2025, the average daily usage time per user in the Brazilian market continued to grow year-on-year, with healthy growth in e-commerce GMV and order volume [4] Future Outlook - The CEO emphasized the importance of integrating AI capabilities across various business scenarios to achieve higher operational efficiency and provide exceptional experiences for users, creators, and partners, ultimately creating long-term value for shareholders [5]