Core Insights - Kuaishou has made significant progress in improving its revenue structure, with marketing services now accounting for over 50% of total revenue, marking a shift away from reliance on live streaming [1][2][3] - The company's total revenue for Q1 2021 reached 170.2 billion yuan, representing a year-on-year growth of 36.6% [1] - Kuaishou's gross margin increased from 34.2% in the same period last year to 41.1% in Q1 2021, driven by a reduction in the proportion of sales costs relative to total revenue [1][3] Revenue Breakdown - Marketing services revenue for Q1 2021 was 85.6 billion yuan, a year-on-year increase of 161.5%, with its share of total revenue rising from 26.3% to 50.3% [1][2] - Live streaming revenue decreased to 72.5 billion yuan, down 19.5% year-on-year, with its share of total revenue dropping from 72.3% to 42.6% [2][3] - Other services revenue saw a significant increase to 12.1 billion yuan, up 589.1% year-on-year, although it still accounted for only 7.1% of total revenue [2] Cost Structure - Kuaishou's sales costs for 2021 were 100.3 billion yuan, representing 58.9% of total revenue, down from 65.8% in the previous year [4] - The reduction in sales costs as a percentage of total revenue is attributed to the expansion of user base and business growth, leading to increased operational efficiencies [3][4] User Engagement and Market Expansion - Kuaishou reported over 1.5 billion monthly active users (MAU) in overseas markets as of April 2021, with a significant focus on international expansion [5] - In the domestic market, the average daily active users reached 379.2 million, a year-on-year increase of 26.4%, with each user spending an average of 99.3 minutes daily on the app [5]