智通财经网·2025-11-20 07:25Core Viewpoint - Kuaishou-W (01024) maintains an "Overweight" rating with a target price of HKD 77.9, driven by significant improvements in profitability due to the recovery of online marketing service revenue and a 15.2% growth in e-commerce GMV [1] Group 1: Financial Performance - In Q3 2025, Kuaishou achieved revenue of CNY 35.55 billion, a year-on-year increase of 14.1% [1] - Gross margin stood at 54.7%, up 0.3 percentage points year-on-year [1] - Operating profit reached CNY 5.30 billion, a year-on-year increase of 69.9%, with an operating margin of 14.9%, up 4.9 percentage points [1] - Adjusted net profit was CNY 4.99 billion, reflecting a year-on-year growth of 26.3%, with an adjusted net margin of 14.0%, up 1.3 percentage points [1] Group 2: User Engagement and AI Development - Kuaishou's DAU and MAU reached 416 million and 731 million respectively, with year-on-year growth of 2.1% and 2.4% [2] - Daily average usage time per user was 134.1 minutes, with total user usage time increasing by 3.6% year-on-year [2] - E-commerce GMV reached CNY 385 billion, a year-on-year increase of 15.2%, with over 32% of GMV coming from general merchandise e-commerce [2] - The launch of the 2.5 Turbo model significantly reduced content creation costs by nearly 30% [2] Group 3: Online Marketing Services - Online marketing service revenue in Q3 2025 was CNY 20.10 billion, a year-on-year increase of 14.0% [3] - Both external and internal marketing service revenues experienced rapid year-on-year growth, with UAX consumption accounting for 70% of total external consumption [3] - Live streaming revenue was CNY 9.57 billion, up 2.5% year-on-year, while other service revenue surged by 41.3% to CNY 5.88 billion [3] - The end-to-end generative search architecture OneSearch improved mall search order volume by nearly 5% [3]