Xin Lang Cai Jing·2025-12-15 13:34Core Viewpoint - Kuaishou-W is expected to report Q4 revenue between 38.292 billion to 40.471 billion RMB, representing a year-on-year growth of 8.2% to 14.4% [1][9] - The anticipated net profit for Q4 is projected to be between 3.886 billion to 4.905 billion RMB, with a year-on-year change of -2.2% to 23.4% [1][9] - Adjusted net profit is expected to range from 4.913 billion to 5.727 billion RMB, indicating a year-on-year growth of 4.5% to 21.8% [1][9] Revenue and Profit Forecast - Q4 revenue forecast: 38.292 billion to 40.471 billion RMB, with an average estimate of 39.083 billion RMB, reflecting a 10.5% year-on-year growth [3][10] - Q4 net profit forecast: 3.886 billion to 4.905 billion RMB, with an average estimate of 4.615 billion RMB, showing a 16.1% year-on-year increase [3][10] - Q4 adjusted net profit forecast: 4.913 billion to 5.727 billion RMB, with an average estimate of 5.404 billion RMB, indicating a 14.9% year-on-year growth [3][10] Business Performance Insights - Kuaishou has made significant advancements in AI technology, particularly with the launch of the Keling AI video O1 series model and the Keye-VL-671B-A37B large language model, showcasing its leadership in multimodal video and large language model fields [5][12] - In Q3, Kuaishou's user base and usage duration showed steady growth, with an average daily active users (DAU) of 416 million and monthly active users (MAU) of 731 million, along with an average daily usage time of 134.1 minutes [6][13] - Core business revenue in Q3 grew by 19.2%, with e-commerce gross merchandise volume (GMV) increasing by 15.2% year-on-year [6][13] AI Commercialization and Revenue Growth - The application of OneRec and G4RL models has driven growth in online marketing service revenue, while the OneSearch architecture has enhanced the e-commerce user experience [7][12] - The Keling model's continuous upgrades and innovations have led to revenue exceeding 300 million RMB in Q3, significantly improving various dimensions and reducing creation costs [7][12] - Kuaishou's e-commerce business is benefiting from AI technology, enhancing marketing recommendation efficiency and merchant material selection capabilities [8][13]