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Kuaishou Technology achieved comprehensive growth in its full-year 2025 performance. While increasing investment in AI, its profitability continued to improve, with both revenue and profit reaching new historical highs. The company also announced its year-end final dividend.
In 2025, the company's total revenue increased by 12.5% year-on-year to 142.8 billion yuan, and adjusted net profit grew by 16.5% to 20.6 billion yuan. The adjusted net profit margin rose from 14.0% to 14.5%. The board of directors proposed a final dividend of HK$0.69 per share, totaling approximately HK$3 billion, demonstrating high confidence in the company's cash flow situation.
AI strategy is the core variable driving this round of growth. Kuaishou's video generation model, Kuaishou AI, surpassed $20 million in monthly revenue in December 2025, translating to an annualized revenue run rate (ARR) of $240 million.
AI technology contributed approximately 5 percentage points to the growth of domestic online marketing services revenue. Overseas losses significantly narrowed from 934 million yuan in 2024 to 76 million yuan, with the path to profitability accelerating noticeably.
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<h2>Revenue and Profit: All-round Growth, Improved Profitability Quality</h2>
In 2025, Kuaishou's total revenue increased from 126.9 billion yuan in 2024 to 142.8 billion yuan, a year-on-year increase of 12.5%. Gross profit increased by 13.4% year-on-year to 78.5 billion yuan, and gross profit margin slightly increased from 54.6% to 55.0%.
Operating profit surged by 35.0% to 20.6 billion yuan, with the operating profit margin improving from 12.0% to 14.5%. Measured by international financial reporting standards, net profit for the year was 18.6 billion yuan, a year-on-year increase of 21.4%. Basic earnings per share were 4.35 yuan, and diluted earnings per share were 4.23 yuan.
Looking at expenditure items, the proportion of sales and marketing expenses to revenue decreased from 32.4% in 2024 to 29.6%, reflecting an overall improvement in marketing efficiency. R&amp;D expenses increased from 12.2 billion yuan to 14.5 billion yuan, a year-on-year increase of 18.8%, mainly due to continuous investment in AI and increases in employee compensation.
The fourth quarter also showed robust performance. Quarterly revenue increased by 11.8% year-on-year to 39.6 billion yuan, operating profit increased by 35.7% year-on-year to 5.8 billion yuan, and adjusted net profit reached 5.5 billion yuan, a year-on-year increase of 16.2%.
<h2>Users and Traffic: Steady Scale Expansion, User Engagement Remains High</h2>
For the full year 2025, Kuaishou's average daily active users (DAU) reached 410.2 million, an increase of about 10 million year-on-year. Average monthly active users (MAU) reached 724.6 million, an increase of about 15 million year-on-year.
In the fourth quarter, DAU was 407.7 million and MAU was 740.7 million. The average daily usage time per DAU reached 126.0 minutes. The average online marketing services revenue per DAU increased year-on-year from 51.4 yuan to 57.9 yuan.
In terms of content ecosystem, the upload volume of high-quality content in the fourth quarter of 2025 increased by over 15% year-on-year. The penetration rate of daily bilateral private messages increased by nearly 3 percentage points year-on-year, reflecting continuous improvement in platform interaction quality.
<h2>Core Businesses: Driven by Online Marketing and E-commerce Dual Engines</h2>
Online marketing services remained the segment with the highest revenue contribution, with full-year 2025 revenue increasing by 12.5% year-on-year to 81.5 billion yuan, accounting for 57.1% of total revenue. The penetration of AI technology in multiple marketing scenarios is the main driving force.
In the fourth quarter, online marketing services revenue increased by 14.5% year-on-year to 23.6 billion yuan. Among them, the consumption amount of online marketing driven by AIGC marketing materials reached 4 billion yuan. The penetration rate of the fully automated UAX solution in non-e-commerce marketing services consumption was close to 80%. The consumption proportion of the site-wide promotion product in e-commerce marketing services consumption further increased to 75%.
In terms of e-commerce business, Kuaishou's e-commerce GMV in the fourth quarter of 2025 increased by 12.9% year-on-year to 521.8 billion yuan. The total e-commerce GMV for the full year was 1,598.1 billion yuan, a significant expansion from 1,389.6 billion yuan in 2024. The number of active merchants reached a new high, increasing by 7.3% year-on-year. The growth rate of short video e-commerce GMV continued to outpace the overall e-commerce GMV growth.
The live streaming business remained stable, with full-year 2025 live streaming revenue increasing by 5.5% year-on-year to 39.1 billion yuan. Quarterly revenue in the fourth quarter was 9.7 billion yuan, largely flat compared to the same period last year. The number of AI &#34;Wanxiang&#34; gift generations has exceeded 1 million cumulatively. As of the end of the fourth quarter, the application of AI capabilities in live streaming interaction scenarios continued to expand.
<h2>Kuaishou AI: Accelerating Commercialization from Technological Breakthroughs</h2>
Kuaishou AI is the emerging business that has attracted the most market attention in Kuaishou's growth narrative. In the fourth quarter of 2025, Kuaishou AI's operating revenue reached 340 million yuan. In December 2025, the monthly revenue surpassed $20 million, with an annualized revenue run rate (ARR) of $240 million.
On the technology front, Kuaishou released the world's first unified multimodal video model, Kuaishou O1, in the fourth quarter of 2025, integrating multimodal inputs such as text, video, and images. It launched the Kuaishou 2.6 model with &#34;audio-visual synchronization&#34; capabilities and introduced an action control function. In February 2026, the Kuaishou AI 3.0 series models were launched, supporting full-modal input and output, and integrating video understanding, generation, and editing into a unified architecture.
The self-developed AI programming tool CodeFlicker now accounts for over 40% of new code, reflecting the deep integration of AI tools in improving internal R&amp;D efficiency.
<h2>Overseas Business: Significant Loss Reduction, Brazilian Market Stabilizing</h2>
Improvement in overseas business profitability is one of the significant highlights of the 2025 performance. Full-year overseas operating losses narrowed significantly from 934 million yuan in 2024 to 76 million yuan, a year-on-year improvement of 91.9%.
In the fourth quarter, overseas operating losses further narrowed to 59 million yuan, a substantial decrease from 236 million yuan in the same period last year, primarily benefiting from improved operational efficiency.
In Brazil, a key development market, DAU and average daily usage time remained stable. E-commerce GMV and order volume achieved year-on-year expansion. The empowerment of e-commerce content by AIGC and refined control of logistics costs also contributed to profitability improvement.
<h2>Financial Status: Ample Cash, Proactive Capital Allocation</h2>
As of December 31, 2025, Kuaishou's total available funds (including cash, fixed deposits, financial assets, and restricted cash) amounted to 104.9 billion yuan, an increase of over 10 billion yuan from 92.8 billion yuan at the end of the previous year. Cash and cash equivalents were 11.2 billion yuan.
For the full year 2025, net cash from operating activities was 26.7 billion yuan. Capital expenditure on property and equipment was 14.9 billion yuan, a substantial increase from 6.6 billion yuan in 2024, reflecting significant investment in computing infrastructure construction. The company disclosed that it is advancing the construction of new computing centers based on its existing self-built data centers in Ulanqab, Inner Mongolia.
In January 2026, Kuaishou completed the issuance of US$600 million of 4.125% senior notes due 2031, US$900 million of 4.750% senior notes due 2036, and RMB 3.5 billion of 2.450% senior notes due 2031, further optimizing its debt structure.
In terms of shareholder returns, the company repurchased over 58.07 million Class B shares for approximately HK$3.22 billion throughout 2025, and all repurchased shares have been cancelled. The proposed final dividend of HK$0.69 per share, combined with the special dividend of HK$0.46 per share paid in August 2025, brings the total dividend per share for the year to HK$1.15.
The board of directors also adopted a dividend policy, stating that it will determine annual distributions at its discretion based on operating performance, cash flow, and capital requirements. The company will continue to consider various shareholder return methods, such as share buybacks, in the future.

快手业绩发布，Q4营收395.68亿元，同比增长11.8%；经调整净利润54.63亿元，同比增长16.2%。对于这个业绩表现，你看多还是看空？

快手业绩发布，Q4营收395.68亿元，同比增长11.8%；经调整净利润54.63亿元，同比增长16.2%。对于这个业绩表现，你看多还是看空？

Kuaishou's performance results are out, what do you think?

01024

Kuaishou 2025 revenues and profits hit historic highs: total revenue reached 142.8 billion yuan, a year-on-year increase of 12.5%; adjusted net profit was 20.6 billion yuan, an increase of 16.5%. Kuaishou AI's annualized revenue run rate (ARR) reached $240 million, with overseas losses narrowing by 92%. The company also announced a final dividend payout and continued share buybacks, with a total dividend of HK$1.15 per share for the year, demonstrating strong profitability confidence

- Kuaishou Technology reported significant growth in 2025, achieving record revenue and profit, with a total revenue of 142.8 billion yuan, a 12.5% increase.  
- The company focused on AI investments, contributing to a 16.5% rise in adjusted net profit to 20.6 billion yuan and proposing a final dividend of 0.69 HKD per share.  
- Notable advancements were seen in AI-generated content and improved operational efficiencies, leading to greater market confidence and shareholder returns.

Kuaishou Technology's 2025 Revenue and Net Profit Hit New Highs; Kuaishou AI Monthly Revenue Surpasses $20 Million | Earnings Insights