Ge Long Hui·2025-11-22 20:02Core Insights - The company achieved steady revenue growth, with Q3 2025 revenue reaching 35.6 billion yuan, a year-on-year increase of 14%, and net profit of 4.49 billion yuan, up 37% year-on-year [1] - The integration of AI technology is enhancing the core business and accelerating the commercialization of its products, leading to a maintained "buy" rating [1][2] Financial Performance - Q3 2025 revenue was 35.6 billion yuan, with adjusted net profit at 4.99 billion yuan, reflecting a 26% year-on-year increase [1] - Online marketing service revenue reached 20.1 billion yuan, up 14% year-on-year, driven by continuous upgrades in marketing products using AI technology [1] - Gross margin for Q3 2025 was 54.7%, with net profit margin increasing by 2.1 percentage points to 12.6% [1] AI Technology and Innovation - The company has upgraded its online marketing products with the launch of the OneRec generative recommendation model and the G4RL bidding model, contributing to a 4-5% increase in online marketing service revenue [2] - The AI-driven features, such as the UAX automated advertising system, have achieved over 70% penetration in external circulation [2] - The launch of the AI-powered gift customization feature in live streaming resulted in over 100,000 paid gifts sent on the first day [2] E-commerce Growth - The company reported a Q3 2025 GMV of 385 billion yuan, a 15% year-on-year increase, supported by a growing user base and enhanced product offerings [3] - Daily active users (DAU) and monthly active users (MAU) reached new highs of 416 million and 731 million, respectively, with average daily usage time of 134.1 minutes [3] - The company continues to attract merchants and enhance product variety, which is expected to sustain high growth in e-commerce GMV and revenue [3]