快手Q3营收356亿元：AI驱动核心商业收入同比增19.2%，经调整净利润50亿元

Core Viewpoint - Kuaishou is accelerating its AI strategy, leading to significant improvements in both revenue growth and profitability in Q3 2025, with a focus on integrating AI capabilities into its content and commercial ecosystems [5][6][9]. Group 1: Financial Performance - Kuaishou's total revenue for Q3 2025 reached 356 billion yuan, a year-on-year increase of 14.2% [5][6]. - Adjusted net profit for the same period was 50 billion yuan, reflecting a year-on-year growth of 26.3% and an adjusted net profit margin of 14% [5][6]. - The core commercial revenue, which includes online marketing services and e-commerce, grew by 19.2% year-on-year [5][7]. Group 2: User Engagement - The average daily active users of the Kuaishou app reached 416 million, marking a historical high for three consecutive quarters [5][7]. - The average monthly active users increased to 731 million, with user engagement metrics showing a more than 3% year-on-year increase in daily private message penetration among dual users [5][7]. Group 3: AI Integration and Marketing - Kuaishou is enhancing its AI capabilities across various business scenarios, achieving efficiency improvements in content understanding, recommendation distribution, and marketing decision optimization [9][10]. - The online marketing service revenue reached 201 billion yuan, with a year-on-year growth of 14%, driven by AI technologies like the OneRec recommendation model and G4RL bidding model, contributing approximately 4-5% incremental revenue [10][11]. Group 4: E-commerce Growth - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion yuan, supported by various merchant support policies and intelligent tools [11][12]. - The platform's search and recommendation capabilities, particularly the OneSearch architecture, improved product matching and user understanding, leading to nearly a 5% increase in search order volume [11][12]. Group 5: AI Video Production - Kuaishou's AI video model, Keling 2.5 Turbo, has shown significant advancements in video generation capabilities, reducing production costs by approximately 30% [13][14]. - The global user base for Keling AI has surpassed 45 million, generating over 200 million videos and 400 million images, with revenue exceeding 3 billion yuan in Q3 2025 [13][14]. Group 6: Community and Live Streaming - Kuaishou's community interaction has strengthened, with daily private message penetration among dual users increasing by over 3% year-on-year [18][20]. - Live streaming revenue reached 96 billion yuan, with a healthy growth in the number of signed agencies and streamers [20].