Financial summary
Kuaishou is a leading content community and social platform in China and globally. As a
technology company powered by and built upon artificial intelligence, Kuaishou is dedicated
to continuously enriching its services and application scenarios through ongoing
technological innovation and product upgrades, thereby creating value for its customers. On
Kuaishou, users record and share their lives through short videos and live streaming,
discover what they need, and showcase their talents. By closely collaborating with content
creators and businesses, Kuaishou provides technologies, products, and services that meet
users' diverse needs, including entertainment, online marketing services, e-commerce, local
lifestyle services, gaming, and more.
Financial performance
In the first quarter of 2025, the company achieved total revenue of RMB 32.6 billion
(Chinese yuan, same below), representing a year-over-year increase of 10.9%. In terms of
profitability, operating profit reached RMB 4.3 billion, up 6.6% YoY, while adjusted net profit
was RMB 4.6 billion, a 4.4% YoY increase. By segment, 1Q25 online marketing services
revenue grew 8.0% YoY to RMB 18.0 billion, primarily driven by increased ad spending from
marketing clients due to the adoption of AI-powered ad placement solutions. Live streaming
revenue rose 14.4% YoY to RMB 9.8 billion, attributed to refined operations and diversified
content. Other services revenue increased 15.2% YoY to RMB 4.8 billion, mainly fueled by ecommerce business growth.
In terms of expenses, the company’s sales and marketing expenses as a percentage of total
revenue decreased to 30.4% in Q1 2025 from 31.9% in the same period last year, primarily
due to improved operational efficiency.
In Q1 2025, Kuaishou’s average daily active users (DAUs) and monthly active users (MAUs)
reached 408 million and 712 million, respectively, up 3.6% and 2.1% YoY. The app’s DAUs hit
a record high and surpassed 400 million for the third consecutive quarter. Through refined
user growth strategies, the average customer acquisition cost (CAC) for new users decreased.
Meanwhile, enhanced content consumption experiences—driven by high-quality content,
iterative traffic distribution mechanisms, and diverse community engagement features—
further improved new user retention rates.
Online Marketing Services: External-loop business as the core growth engine, AI-driven
end-to-end efficiency improvement
In the first quarter of 2025, external-loop marketing services served as the primary growth
driver, with AI technology deeply enhancing end-to-end operational efficiency. Within the
content consumption sector, marketing expenditure for short dramas achieved rapid yearover-year growth. Marketing clients leveraged native pathways to elevate content value and
strengthen user engagement, deepening the platform’s understanding of user preferences.
In the local lifestyle sector, solutions such as native direct messaging and lead form
collection boosted conversion rates, driving marketing expenditure growth of over 50.0%
YoY.
Meanwhile, AI technology empowered the entire workflow of online marketing service
solutions, delivering efficient brand marketing and performance-driven conversions.
According to management, Q2 online marketing service revenue is expected to return to
double-digit YoY growth, with accelerated ad expenditure growth in the generalized shelfbased advertising space.

公司簡介
快手為中國乃至全球領先的內容社區及社交平台。作為一家以人工智慧為核心驅動和
技術依託的科技公司，快手專注於通過持續的技術創新和產品升級，不斷豐富服務和
應用場景，為客戶創造價值。在快手，用戶通過短視頻和直播來記錄和分享他們的生
活，發現所需，發揮所長。透過與內容創作者和企業緊密合作，快手提供的技術、產
品和服務可滿足用戶的多元化的需求，包括娛樂、線上營銷服務、電商、本地生活、
遊戲等。
財務點評
2025 年第一季度，公司實現總營收 326 億元（人民幣，下同），同比增長 10.9%；
盈利能力方面，經營利潤為 43 億元，同比增長 6.6%，經調整淨利潤為 46 億元，同
比增長 4.4%。分部收入方面，1Q25 線上營銷服務收入 180 億元，同比增長 8.0%，
主要由於智能產品投放解決方案應用推動營銷客戶投放消耗增加；直播收入 98 億元，
同比增長 14.4%，主要由於運營精細化及內容多元化；其他服務收入 48 億元，同比
增長 15.2%，主要由於電商業務增長。費用方面，該季度公司銷售及營銷開支佔總收
入由去年同期的 31.9%減至 2025 年第一季度的 30.4%，主要是由於運營效率提升。
運營資料方面，2025 年第一季度，快手應用的平均日活躍用戶和平均月活躍用戶分別
達 4.08 億及 7.12 億，分別同比增長 3.6%和 2.1%，快手應用的平均日活躍用戶創歷
史新高，並且連續第三個季度超過 4 億。通過精細化用戶增長策略，新增用戶的平均
獲客成本降低，並通過豐富的優質內容供給、持續反覆運算的流量分發機制和多元的
社區互動玩法提升用戶的內容消費體驗，新增用戶留存率不斷提升。
線上營銷服務：外迴圈業務為核心增長引擎，AI 驅動全鏈路效率提升
2025 年第一季度，外循環營銷服務為主要驅動力，AI 技術深度驅動全鏈路效率提
升。內容消費行業中，短劇營銷消耗同比高速增長。營銷客戶以原生鏈路為基礎，提
升內容價值並增強用戶粘性，加深平臺對用戶喜好的理解深度。本地生活行業中，原
生私信、線索表單搜集等解決方案提升轉化率，營銷消耗同比增長超 50.0%。同時，
AI 技術全流程賦能線上營銷服務解決方案，提供高效品牌營銷和效果轉化。根據管理
層，預計第二季度線上營銷服務收入同比增速將重返雙位數，同時泛貨架場域的廣告
消耗增長將有一定提速。

公司簡介
快手(1024.HK)主要業務包括線上營銷服務丶直播及其他服務(包括電商)。線上營銷業
務收入主要來自短視頻及直播廣告; 直播業務收入主要來自付費內容與用戶購買虛擬物
品送贈給主播的收入分成; 其他服務收入主要來自電商。
公司第三季業績點評
快手(1024.HK)在 2022 年第三季總收入為 231.2 億元(人民幣，下同)，同比上升
12.9%。毛利為 107.0 億元，同比上升 25.8%，毛利率為 46.3%，同比上升 4.8 個百分
點。經營虧損為 26.1 億元，同比虧損收窄 64.7%。期內虧損 27.1 億元，同比虧損收窄
61.7%。經調整虧損淨額為 6.7 億元，同比虧損收窄 85.4%。經調整 EBITDA 為 10.2 億
元，同比扭虧為盈。

Overview
Kuaishou (1024.HK) main business includes online marketing services, live streaming
and other services (including e-commerce). Online marketing business income
mainly comes from short video and live broadcast advertisements, live stream
business income mainly comes from paid content and the revenue sharing of users
buying virtual items as gifts to anchors, other service income mainly comes from ecommerce.
A review of Q3 2022 Results
Kuaishou (1024.HK) has announced the Q3 report ended September 30 2022. The
company’s revenue amounted to RMB 23.1 billion, increasing 12.9% YoY. Gross
profit amounted to RMB 10.7 billion, increasing 25.8%. Gross profit margin was
46.3%, increasing 4.8 percentage point YoY. Operating loss was RMB 2.6 billion,
loss narrowed by 64.7% YoY. The loss for the period was RMB 2.7 billion, loss
narrowed by 61.7% YoY. Adjusted net loss amounted to RMB 671.9 million, loss
narrowed by 85.4% YoY. Adjusted EBITDA amounted to RMB 1.02 billion, out of the
red YoY.