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Kuaishou Technology (1024) investor relations material
Kuaishou Technology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Achieved strong operational and financial results in Q3 2025, with revenue up 14.2% year-over-year to RMB 35.6 billion and operating profit up 69.9% to RMB 5.3 billion.
Adjusted net profit rose 26.3% year-over-year to RMB 5 billion, with an adjusted net margin of 14%.
AI-driven business expansion, especially Kling AI, contributed over RMB 300 million in Q3 revenue.
E-commerce GMV grew 15.2% year-over-year to RMB 385 billion, and live streaming revenue increased 2.5% to RMB 9.6 billion.
Average DAU reached a record 416 million.
Financial highlights
Q3 2025 revenue: RMB 35.6 billion (+14.2% YoY); nine-month revenue: RMB 103.2 billion (+12.8% YoY).
Online marketing services revenue grew 14% year-over-year to RMB 20.1 billion.
E-commerce GMV rose 15.2% year-over-year to RMB 385 billion.
Live streaming revenue reached RMB 9.6 billion, up 2.5% year-over-year.
Operating profit increased 69.9% year-over-year to RMB 5.3 billion.
Gross profit margin was 54.7%, up 0.4 percentage points year-over-year.
Adjusted EBITDA for Q3 2025: RMB 7.7 billion (+37.2% YoY).
Cash and equivalents totaled RMB 106.6 billion as of September 30, 2025.
Outlook and guidance
Continued investment in AI, especially Kling AI and large model technology, to drive future growth.
Expect full-year 2025 CapEx to increase in the mid to high double digits year-over-year due to AI investments.
Confident in continued improvement in full-year adjusted operating margin despite higher AI-related spending.
Kling AI's full-year 2025 revenue expected to reach $140 million, more than double the initial target.
Strategic AI investments expected to enhance profitability and business ecosystem value.
Quantify AI's impact on Q3 2025 domestic marketing revenue
How did user acquisition costs change YoY?
Pan-shelf e-commerce contribution to total GMV
AI's incremental impact on core business growth
E-commerce: How to boost user purchase frequency?
AI CapEx impact on 2026-2027 profit margins
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Next Kuaishou Technology earnings date
Q4 202525 Mar, 2026
Next Kuaishou Technology earnings date
Q4 202525 Mar, 2026
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Frequently asked questions
Kuaishou Technology is a China-based company primarily focused on operating content communities and social platforms. The company offers a range of services, including live streaming and online marketing solutions. Its online marketing services encompass advertising and other promotional services, catering to a wide audience through its platforms. Kuaishou has distinguished itself in the social media space by emphasizing user-generated content, fostering a community where users can share and engage with short videos and live streams. The company is headquartered in Beijing, China, and its shares are listed on the Stock Exchange of Hong Kong.
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