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Kuaishou Technology
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 record-high 416 million average DAUs in Q3 2025, with 134 minutes average daily time spent per DAU, and 731 million average MAUs, reflecting strong user engagement and growth year-over-year.
Q3 2025 revenue rose 14.2% year-over-year to RMB35.6 billion, with gross profit up 14.9% to RMB19.4 billion and operating profit up 69.9% to RMB5.3 billion.
Adjusted net profit increased 26.3% year-over-year to RMB5.0 billion, with an adjusted net margin of 14%.
AI-driven business expansion, especially Kling AI, contributed over RMB300 million in Q3 2025 revenue, establishing a global leadership position in video generation models.
E-commerce GMV grew 15.2% year-over-year to RMB385.0 billion, and live streaming revenue increased 2.5% to RMB9.6 billion.
Financial highlights
Q3 2025 revenue: RMB35.6 billion (+14.2% YoY); gross profit margin: 54.7%, up 0.4 percentage points year-over-year.
Adjusted net profit margin: 14.0% in Q3 2025; operating profit increased 69.9% YoY to RMB5.3 billion.
Online marketing services revenue up 14.0% YoY to RMB20.1 billion; live streaming revenue up 2.5% YoY to RMB9.6 billion; other services (including e-commerce and Kling AI) up 41.3% YoY.
E-commerce GMV rose 15.2% YoY to RMB385 billion.
Cash and equivalents totaled RMB106.6 billion as of September 30, 2025.
Outlook and guidance
Continued investment in AI, especially Kling AI and large model technology, to drive future growth and operational efficiency.
E-commerce and online marketing services anticipated to sustain high growth, supported by AI-driven efficiency and product innovation.
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.
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
Kuaishou Technology
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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