KUAISHOU(HK:01024) 36氪未来消费·2025-03-26 12:56Core Viewpoint - AI has become a new keyword for Kuaishou, significantly influencing its business strategy and market positioning, as highlighted in the recent financial report and earnings call [4][5]. Group 1: Financial Performance - Kuaishou's Q4 2024 financial report shows that the average daily active users reached 401 million, and monthly active users reached 736 million, with year-on-year growth of 4.8% and 5.0% respectively [5]. - Online marketing service revenue for Q4 was 20.6 billion RMB, and for the entire year, it was 72.4 billion RMB, reflecting year-on-year growth of 13.3% and 20.1% respectively, driven by AI-enhanced marketing solutions [5][6]. - The daily consumption of AIGC marketing materials exceeded 30 million RMB in Q4, marking a 50% increase from the previous quarter, with total consumption for the quarter around 2.76 billion RMB, accounting for 13.4% of online marketing revenue [6]. Group 2: AI Integration and Business Strategy - Kuaishou's strategy focuses on leveraging AI to enhance existing business operations and create new traffic channels, with AI being a key factor in user engagement and content recommendation [4][5]. - The launch of the Universal Auto X (UAX) automated marketing solution has been pivotal in maintaining double-digit growth in online marketing services [5]. - Kuaishou's AI model, Keling, has gained international recognition, and the company has launched a standalone Keling AI app, positioning it as a new traffic entry point [7]. Group 3: Market Positioning and Challenges - Despite positive financial results, Kuaishou's stock price fell over 3% post-earnings report, indicating market concerns about its positioning as either a tech stock or a struggling e-commerce player [4][8]. - Kuaishou's e-commerce GMV for Q4 was 462.1 billion RMB, with a year-on-year growth of 14.4%, which is a slowdown compared to previous quarters, emphasizing the urgency of AI investment [7][8]. - Kuaishou's R&D expenditure for 2024 is 12.2 billion RMB, remaining stable compared to 2023, while competitors like ByteDance are significantly increasing their AI investments [8].