---
title: "Kuaishou: Emphasizing content-driven e-commerce marketing strategies (3Q24 Earnings Call Minutes)"
description: "The following is the earnings call minutes for $KUAISHOU-W(01024.HK) Q3 2024 results. For financial report analysis, please refer to "Kuaishou: Livestream E-commerce 'Maturing', What's Next?"."
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/25651359.md"
published_at: "2024-11-20T16:43:50.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Kuaishou: Emphasizing content-driven e-commerce marketing strategies (3Q24 Earnings Call Minutes)

**Below is the** $KUAISHOU-W(01024.HK) **Minutes of the Q3 2024 Earnings Conference Call. For financial report analysis, please refer to《**[**Kuaishou: How Will "Old Iron" Live Commerce Mature and What’s Next?**](https://longportapp.com/zh-CN/topics/25642792?invite-code=032064)**》**

**I. Key Financial Highlights:**

**II. Detailed Conference Call Content**

**2.1. Management Presentation Highlights:**

2.1.1 Business Progress

1) User Growth & Content Ecosystem

a. User Scale: DAUs reached 408 million, **up 5.4% YoY**; MAUs hit 714 million, **up 4.3% YoY**; average daily usage time rose to 132.2 minutes, **up 7.3% YoY**; daily views for short videos/livestreams neared 110 billion.

b. Content Distribution: Enhanced recommendation algorithms and vertical content (e.g., sports with 310.6B Paris Olympics exposures, 15.89B interactions; concerts like TFBOYS’ 950M-view livestreams).

c. Search: MAUs exceeded 500M post-optimization; **daily searches grew 20% YoY** (peak: 800M/day), driving ad revenue.

2) Online Marketing

a. Revenue: Online ads hit RMB17.6B, **up 20% YoY (6th straight quarter >20% growth)**; active merchants using ads rose 50%+ YoY.

b. Tools: Smart ads (UAX) accounted for 50% of spend; short-video ad spend **surged 300% YoY**.

c. Traffic Conversion: Livestream conversion spend **grew ~20% YoY** in Q3.

d. Brand Partnerships: 150+ collaborations (e.g., China Mobile, FAW-VW) leveraging Olympics.

3) E-commerce

a. GMV: Total GMV hit RMB334.2B, **up 15.1% YoY**; short-video GMV **jumped 40%**; "shelf commerce" GMV share rose to 27%, **up 45%**.

b. Merchants: New sellers grew 30% YoY; monthly active sellers +40%, SKUs +20%.

c. KOLs: "Shopping Squad" tool boosted orders/user by 25%; SME KOLs’ GMV grew 27% YoY during 818 Festival.

d. Paying Users: Monthly active buyers reached 133M, **up 12.2% YoY**.

4) Livestreaming

a. Revenue: RMB9.3B, **with narrowing YoY decline**.

b. Diversification: Added local culture/gaming (3M+ game streamers).

5) Overseas

a. Brazil DAUs **+9.7% YoY**; revenue RMB1.33B, **+104.1%**; ops loss narrowed 75.9% to RMB153M.

2.1.2 Financials

1) Overall: Revenue RMB31.01B (**+11.4% YoY**), gross margin 54.3% (+2.6pp); net profit RMB3.3B (**+50%**).

2) Segment Revenue: Ads 56.6% share (RMB17.6B, +20%); e-commerce RMB4.2B (+17.5%).

3) Costs: R&D spend RMB3.1B (**+4.5%**), 10% of revenue.

4) Buybacks: Repurchased HK$3.98B shares (2.1% float).

**2.2. Q&A**

**Q: Updates on AI model "Kling"? Data and monetization roadmap?**

A: Kling hit 5M users since June, generating 51M videos/150M images. September MAU >1.5M; API services launched with RMB10M+ monthly revenue. Expect rapid 2025 growth.

**Q: DAU/usage trends post-400M milestone?**

A: Focus on retention/algo efficiency, not just duration. Three strategies: 1) Optimize traffic mix, 2) Boost social/private traffic, 3) Vertical content.

**Q: Short-video ads’ sustainability?**

A: Spend **tripled YoY** (peaking RMB40M/day). IAA/IAP models to drive growth; targeting RMB100B+ market by 2027.

**Q: 11.11 performance?**

A: Record GMV via content-shelf synergy. Subsidized 20B video views, RMB3B user/merchant incentives. 2.5K+ livestreams surpassed RMB1M GMV.

**Q: Local services outlook?**

A: Paying users +28% QoQ, GMV +26%. Revenue 2.5x YoY; targeting city-level breakeven.

**Q: Opex increase?**

A: Higher subsidies for ads/e-commerce (ROI-driven). Q4 seasonal rise expected, but efficiency improving.

Disclosures: [Dolphin Research Disclaimer](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### Related Stocks

- [81024.HK - KUAISHOU-WR](https://longbridge.com/en/quote/81024.HK.md)
- [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.