Ge Long Hui·2025-12-02 20:09Core Viewpoint - Kuaishou reported Q3 2025 earnings with revenue of 35.5 billion yuan, a year-on-year increase of 14%, slightly exceeding expectations. IFRS net profit was 4.5 billion yuan, up 7.19% compared to consensus, with a net profit margin of 12.6%. Non-IFRS net profit reached 4.99 billion yuan, up 3.2% against consensus, indicating better-than-expected performance [1] Group 1: Financial Performance - Q3 revenue reached 35.5 billion yuan, with a year-on-year growth of 14% and a slight increase of 0.69% compared to consensus [1] - IFRS net profit was 4.5 billion yuan, reflecting a year-on-year increase of 7.19% against consensus [1] - Non-IFRS net profit was 4.99 billion yuan, exceeding market expectations by 3.2% [1] Group 2: Business Highlights - Advertising revenue grew by 14% year-on-year, surpassing previous market expectations, with AI model applications contributing an increase of 3-4% to ad revenue [2] - Kuaishou's Keling product generated over 300 million yuan in revenue for Q3, with a quarter-on-quarter growth of 20% [2] - E-commerce GMV increased by 15% year-on-year, aligning with expectations [1] Group 3: AI and Commercialization - Keling's revenue growth and performance improvements are expected to accelerate B-end commercialization, especially with the rise of new video content formats [2] - AI tools have enhanced core business performance, with the introduction of a bidding model and expanded recommendation models leading to a 4%-5% increase in online marketing revenue [2] - E-commerce GMV growth was driven by improved user repurchase frequency and the introduction of new search and recommendation tools [2] Group 4: Operational Metrics - Q3 live streaming revenue was 9.6 billion yuan, showing a year-on-year increase of 3% [3] - Q3 gross profit was 19.4 billion yuan, with a gross profit margin of 54.7% [3] - Daily active users (DAU) reached 416 million, with a year-on-year growth of 2% [3]