证券研究报告 | 年报点评报告 gszqdatemark 2026 03 28 年 月 日 快手-W（01024.HK） 可灵商业化亮眼，坚定 AI 投入 快手科技发布 2025Q4 财报业绩。快手 2025Q4 录得收入 396 亿元，同 比增长 11.8%。从业务类型角度，线上营销服务/直播/其他服务各录得收 入 236/97/63 亿元，同比变化+14.5%/-1.9%/+28.0%。本季度公司录得 经营利润总额 58 亿元，经营利润率约 14.6%。公司录得 non-GAAP 归母 净利 55 亿元，同比上升 16.2%，non-GAAP 净利润率约 13.8%。 电商 GMV 增长稳健，AI 架构深度赋能搜索与推荐场域。本季度电商 GMV 同比提升 12.9%至 5218 亿元，活跃用户复购频次、新入驻商家及动销商 家同比均实现增长。泛货架电商 GMV 占总电商 GMV 的比例保持稳定，短 视频电商 GMV 增速超电商大盘。AI 赋能方面，1）端到端生成式检索架构 OneSearch 推动第四季度商城搜索订单量提升 3%。2）新一代生成式推荐 大模型 OneRec-V2 推荐精准度提升，助力各电商场 ...

Core Insights - Kuaishou's revenue and profit slightly exceeded expectations in Q3 2025, achieving total revenue of 35.6 billion RMB, a year-on-year increase of 14.2% compared to the consensus estimate of 35.3 billion RMB [1] Revenue Breakdown - Online marketing services revenue reached 20.1 billion RMB, up 14% year-on-year, slightly above the consensus estimate of 19.87 billion RMB, driven by the OneRec model and AIGC marketing materials [2] - Other services, including e-commerce, generated 5.9 billion RMB, a year-on-year increase of 41.3%, surpassing the consensus estimate of 5.66 billion RMB [2] - E-commerce GMV was 385 billion RMB, a 15.2% year-on-year increase, aligning closely with the consensus estimate of 383.9 billion RMB [2] - Live streaming revenue was 9.57 billion RMB, a 2.5% year-on-year increase, but below the consensus estimate of 9.79 billion RMB [2] Cost Management and Profitability - Gross margin was 54.7%, slightly below the expected 55.2%, due to a 24% increase in revenue-sharing costs [1] - Operating profit reached 5.3 billion RMB, a year-on-year increase of 69.9%, supported by effective cost control [1] - Adjusted net profit was 4.99 billion RMB, up 26.3% year-on-year, exceeding the consensus estimate of 4.83 billion RMB [1] AI and Technology Developments - Kuaishou's AI revenue exceeded 300 million RMB in Q3 2025, showing growth from 250 million RMB in Q2 2025, with over 45 million global users and significant content generation [3] - The company is expected to benefit from enhanced advertising capabilities and operational efficiencies in e-commerce, with adjusted net profit forecasts for 2025-2027 slightly increased [3]

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]