【快手-W（1024.HK）】广告&电商略超预期，可灵收入超3亿元 ——25Q3业绩点评（付天姿/杨朋沛）

Core Viewpoint - Kuaishou's Q3 2025 revenue and profit slightly exceeded expectations, achieving total revenue of 35.6 billion RMB, a year-on-year increase of 14.2% [4] Revenue and Profit Summary - Total revenue reached 35.6 billion RMB, slightly above the expected 35.3 billion RMB, with core business revenue growing by 19.2% [4] - Gross margin was 54.7%, below the expected 55.2%, due to a 24% increase in revenue-sharing costs [4] - Operating profit increased by 69.9% to 5.3 billion RMB, while adjusted net profit rose by 26.3% to 4.99 billion RMB, exceeding the expected 4.83 billion RMB [4] Business Segment Analysis 1) Online Marketing Services - Revenue for Q3 2025 was 20.1 billion RMB, a year-on-year increase of 14%, slightly above the expected 19.87 billion RMB [5] - The introduction of AI models contributed approximately 4-5% incremental revenue growth [5] 2) Other Services (including E-commerce) - Revenue reached 5.9 billion RMB, a year-on-year increase of 41.3%, exceeding the expected 5.66 billion RMB [6] - E-commerce GMV was 385 billion RMB, a 15.2% increase year-on-year, aligning with expectations [6] 3) Live Streaming - Revenue was 9.57 billion RMB, a year-on-year increase of 2.5%, below the expected 9.79 billion RMB [7] - The number of signed agencies and streamers increased by over 17% and 20% respectively, indicating stable content supply [7] AI Business Growth - Keling AI revenue exceeded 300 million RMB, showing growth from the previous quarter [8] - Global user base surpassed 45 million, with over 200 million videos and 400 million images generated [8]