Kuaishou Technology Class B · HKEX:1024
Kuaishou Technology Class B — Q4 2025 Earnings Presentation
31 slides from Kuaishou Technology Class B's earnings presentation, March 2026
Slide 1: 4Q 2025 Management Presentation
4Q 2025 Management Presentation March 2026
Slide 2: Disclaimer
Disclaimer By attending the meeting that includes this presentation, or by reviewing the presentation material, you agree to be subject to the following restrictions: The information involved in this presentation has been prepared by the representatives of Kuaishou Technology (the “Company” and toge
Slide 3: Contents
CONTENTS 1 Overview 2 Business Development 3 Financial Results 4 Environment, Social & Governance (ESG) 5 Appendix 3
Slide 4: 1. Overview
1. Overview
Slide 5: World's 2nd Largest Short Video Platform Driven by AI
1.1 World’s 2nd Largest (1) Short Video Platform Driven by AI A vibrant user community with 408 million average DAUs in 4Q25; 126 mins average daily time spent per DAU Launched Kling O1, the world’s first unified multimodal video model, and the Kling Video 2.6 model which incorporates “simultaneous
Slide 6: Operating Highlights
1.2 Operating Highlights Massive User Base Highly Engaged Community Interactive Platform 408 million 126.0 minutes ~10 billion Average daily time spent per Average daily short video and Average DAUs(1) DAU(1) live streaming interactions(1) (3) 741 million 521.8 RMB billion 42.5 billion Average MAUs(
Slide 7: Steady Revenue Growth and Improved Profitability
1.3 Steady Revenue Growth and Improved Profitability • 4Q25 revenues grew by 11.8% YoY to RMB39.6 billion. Online marketing services revenue increased by 14.5% YoY; other services revenue (including e-commerce and Kling AI) increased by 28.0% YoY. • Adjusted net profit grew by 16.2% YoY to RMB5.5 bi
Slide 8: 2. Business Development
2. Business Development
Slide 9: AI Strategy: A Core Driver Empowering Our Content and Commercial Ecosystem
2.1 AI Strategy: A Core Driver Empowering Our Content and Commercial Ecosystem • Large AI models are fully embedded throughout all of our business scenarios, consistently empowering our content and business ecosystems, driving incremental value across the Kuaishou ecosystem. • Iterated our end-to-en
Slide 10: Kling AI: Global Leading Large Video Generation Model
2.1 Kling AI: Global Leading Large Video Generation Model • Continuous upgrade to large video generation model: Launched the world’s first unified multimodal video model Kling O1, and Kling’s first native audio model Kling AI 2.6 in Dec. 2025. • Launched the Kling AI 3.0 model series in Feb. 2026, s
Slide 11: Kling AI: Global Leading Large Video Generation Model
2.1 Kling AI: Global Leading Large Video Generation Model • Kling AI’s innovations in foundational models and product features have paved the way for widespread commercial applications across professional creative sectors, including film and television, marketing, e-commerce and gaming. • Kling AI a
Slide 12: Solid YoY Growth in User Community Scale
2.2 Solid YoY Growth in User Community Scale • In 4Q25, average DAUs increased by 1.7% YoY to 408 million; average daily time spent per DAU reached 126 minutes; average MAUs were 741 million, up 0.7% YoY, achieving a new record high. • Refined user growth strategy and optimized user segments to impr
Slide 13: Rich Content Supply, Continuously Optimized Product Features
2.2 Rich Content Supply, Continuously Optimized Product Features • Supported the growth of benchmark creators, cultivated high-quality content IPs with distinctive Kuaishou characteristics. Launched rural cultural and entertainment activities, exemplified by the Village Gateway Mini Stage to showcas
Slide 14: Enhanced Monetization Efficiency for Online Marketing Services
2.3 Enhanced Monetization Efficiency for Online Marketing Services • In 4Q25, revenue from online marketing services reached RMB23.6 billion, up 14.5% YoY, accounting for 59.7% of total revenue. • Lifestyle service sector, content consumption sector, and e-commerce together drove the growth in onlin
Slide 15: Boosting Marketing Conversion Efficiency with AI-Empowered Online Marketing Solutions
2.3 Boosting Marketing Conversion Efficiency with AI- Empowered Online Marketing Solutions • AI technologies empowered our online marketing service solutions across the entire workflow, including AIGC material production, intelligent biding, and recommendation large models — boosting client conversi
Slide 16: Omni-domain Operations Drove Solid Growth in E-commerce Business
2.4 Omni-domain Operations Drove Solid Growth in E-commerce Business • 4Q25 GMV increased by 12.9% YoY to RMB521.8 billion; the repeat-purchase frequency of active e-commerce users increased YoY, driving continued growth in ARPPU. • Cultivated the omni-domain operation strategy, continuously improve
Slide 17: Continued Prosperity on the Supply and Demand Side of E-commerce
2.4 Continued Prosperity on the Supply and Demand Side of E-commerce Supply side Demand side Merchant development and support: Increased omni-domain user base: • Building on a systematic omni-domain operations strategy, further integrated the pathway between public-domain traffic conversion and priv
Slide 18: AI Applications Empowering Live Streaming Rooms
2.5 AI Applications Empowering Live Streaming Rooms, Sustained Construction of Healthy and Diversified Ecosystem • 4Q25 live streaming revenue reached RMB9.7 billion; remained focused on fostering a healthy live streaming ecosystem, orienting toward high-quality, value-driven content, and reinforcin
Slide 19: High-value Growth Strategy, Steady Growth in Overseas Business
2.6 Firmly Committed to High-value Growth Strategy, Achieved Steady Growth in Overseas Business steady growth in overseas business • Improved customer acquisition efficiency and user growth structure; broadened core user base; maintained stable DAUs and time spent per DAU in Brazil. • Captured indus
Slide 20: 3. Financial Results
3. Financial Results
Slide 21: Financial Highlights
3.1 Financial Highlights 4Q25 GPM increased YoY to 55.1%, Total revenue grew by 11.8% YoY to RMB39.6 billion adjusted net profit margin reached 13.8% Repurchased shares valued at ~HK$3.12 billion this Total available funds grew by 13.1% YoY to RMB104.9 year(1), with total shareholder returns of ~HK$
Slide 22: Steady Revenue Growth, GPM Improving YoY and QoQ
3.2 Steady Revenue Growth, GPM Improving YoY and QoQ • 4Q25 revenues grew by 11.8% YoY to RMB39.6 billion, including 59.7% from online marketing services, 24.4% from live streaming and 15.5% from other services (including e-commerce and Kling AI); • In 4Q25, online marketing services revenue grew by
Slide 23: Continued Improvement in Operating Efficiency
3.3 Continued Improvement in Operating Efficiency • S&M as a percentage of revenue decreased by 3.2 ppts YoY to 28.8% in 4Q25, primarily attributable to improved acquisition ROI; • As the strategy of improving quality and efficiency continued, R&D as a percentage of revenue increased YoY with increa
Slide 24: Continuous YoY Growth in Group-Level Operating Profit and Adjusted Net Profit
3.4 Continuous YoY Growth in Group-Level Operating Profit and Adjusted Net Profit • The group’s operating profit increased by 35.7% YoY to RMB5.79 billion, with the margin growing by 2.5 ppts YoY to 14.6%. • The group’s adjusted net profit grew by 16.2% YoY to RMB5.46 billion, with the margin growin
Slide 25: 4. Environment, Social & Governance (ESG)
2.7 AI LLM to Empower More Business Scenarios • For Self-developed LLMs, following the KwaiYii 13 billion and 66 billion models, we focused on developing and training the 175 billion model in Q4, which significantly surpassed GPT-3.5 in overall performance. The overall performance of AI text-to-imag
Slide 26: Achieves Major ESG Rating Upgrades and Wins Multiple Industry Awards
4.1 Achieves Major ESG Rating Upgrades and Wins Multiple Industry Awards Environment-related Social-related ESG and Governance-related • Top 100 Enterprises in China's Green • LinkedIn 2025 Global Talent Magnet Employer • CGMA Annual Awards 2025 — Best Electricity Consumption Sustainability Award •
Slide 27: 5. Appendix
5. Appendix
Slide 28: Income Statement
Income Statement RMB million 2025Q4 % of revenue 2025Q3 % of revenue 2024Q4 % of revenue YoY change QoQ change Revenues 39,568 100.0% 35,554 100.0% 35,384 100.0% 11.8% 11.3% Cost of revenues (17,749) (44.9%) (16,120) (44.3%) (16,261) (46.0%) 9.2% 10.1% Gross profit 21,819 55.1% 19,434 55.7% 19,123 5
Slide 29: Adjusted Net Profit and Adjusted EBITDA
Adjusted Net Profit and Adjusted EBITDA RMB million 2025Q4 2025Q3 2024Q4 Profit for the period 5,234 4,489 3,974 Add: SBC 669 651 636 Net fair value changes on investments (440) (154) 91 Adjusted net profit 5,463 4,986 4,701 Adjusted net profit margin 13.8% 14.0% 13.3% Adjusted net profit 5,463 4,98
Slide 30: Balance Sheet
Balance Sheet December 31, December December 31, December 31, RMB million RMB million 2025 31, 2024 2025 2024 ASSETS EQUITY AND LIABILITIES Non-current assets Share capital - - Share premium 265,628 268,733 Property and equipment 22,869 14,831 Treasury shares (602) (341) Right-of-use assets 8,545 8,
Slide 31: Thank you!
IR Contacts Thank you! Kuaishou Technology Investor Relations Email: ir@kuaishou.com