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KUAISHOUKUAISHOU(HK:01024) 证券时报·2025-03-25 11:20

Core Viewpoint - Kuaishou has achieved significant growth in revenue and user engagement, driven by AI technology and a focus on user experience, positioning itself as a leader in the video content creation and marketing space [1][3][4]. Group 1: Financial Performance - Kuaishou's total revenue for the year reached 126.9 billion yuan, marking an 11.8% year-on-year increase [1]. - Adjusted net profit grew by 72.5% to 17.7 billion yuan, achieving scalable profitability for two consecutive years [1]. - Online marketing services revenue increased by 20.1% to 72.4 billion yuan, with Q4 revenue surpassing 20 billion yuan for the first time, reaching 20.6 billion yuan [4]. Group 2: User Engagement - As of Q4 2024, Kuaishou's average monthly active users reached a record high of 736 million, a 5.0% increase year-on-year, while daily active users reached 401 million, up 4.8% [1]. - Total user engagement time grew by 5.8% year-on-year in Q4 2024 [1]. Group 3: AI and Technology Development - Kuaishou is focusing on building a positive cycle of technology, scenarios, and business, with emphasis on content understanding applications, recommendation models, and video generation models [3]. - The Keling AI video generation model has become a leading tool for content creators globally, ranking first in domestic video generation models [3]. Group 4: E-commerce Growth - Kuaishou's e-commerce GMV reached a record high of 462.1 billion yuan in Q4 2024, with a year-on-year growth of 17.3% to 1.39 trillion yuan for the year [6]. - The number of active merchants increased by over 25% year-on-year in Q4 2024, driven by supportive policies for new merchants [6]. Group 5: Employment Impact - Kuaishou has created 43.2 million job opportunities by the end of 2024, with the "live streaming + job recruitment" model significantly improving job matching efficiency [7]. - The platform has facilitated approximately 94.8 million agricultural product packages shipped daily, enhancing rural employment opportunities [7]. Group 6: International Expansion - Kuaishou's overseas business revenue grew by 52.9% year-on-year in Q4 2024, with operational losses narrowing by 57.2% [4]. - The company is exploring AI capabilities in international markets, particularly in Brazil, where daily active users increased by 9.3% [4].