KUAISHOU(HK:01024) 证券时报·2025-11-19 14:00Core Insights - Kuaishou Technology reported its Q3 2025 earnings, showing total revenue of 35.554 billion yuan, a year-on-year increase of 14.2% [2] - The company emphasized its commitment to AI strategy investments, which have enhanced overall profitability [2][6] Revenue and Profitability - In Q3 2025, Kuaishou achieved an operating profit of 5.299 billion yuan, up 69.9% year-on-year, and an adjusted net profit of 4.986 billion yuan, a 26.3% increase [2] - For the first three quarters of the year, total revenue reached 103.208 billion yuan, a 12.8% year-on-year growth [2] User Engagement and Marketing Services - The average daily active users (DAUs) and monthly active users (MAUs) for Kuaishou were 416 million and 731 million, respectively [4] - Online marketing service revenue reached 20.1 billion yuan in Q3, reflecting a 14.0% year-on-year growth [4] E-commerce and Live Streaming Performance - Kuaishou's e-commerce gross merchandise volume (GMV) grew by 15.2% year-on-year to 385 billion yuan, with over 32% of GMV coming from the general merchandise category [4] - Live streaming revenue increased by 2.5% year-on-year to 9.6 billion yuan [4] Overseas Business Developments - The overseas division reported an operating loss of 64 million yuan, a reduction from a loss of 153 million yuan in Q3 2024 [5] - In Brazil, user growth costs decreased while maintaining stable DAU, with improvements in e-commerce efficiency [5] AI Integration and Innovations - Kuaishou's AI business made significant strides, with the launch of the Keling AI 2.5 Turbo model, which reduced content generation costs by nearly 30% [7] - AI contributions to online marketing services increased revenue by approximately 4%-5% in Q3 2025 [7] - The introduction of the One Search architecture improved product matching and user experience, leading to a nearly 5.0% increase in search order volume [7]