Kuaishou Technology Class B · HKEX:1024
Kuaishou Technology Class B — Kuaishou Technology B — Q4 2024 Earnings Presentation
34 slides from Kuaishou Technology Class B's earnings presentation, Mar 25, 2025
Slide 1: 4Q 2024 Management Presentation
4Q 2024 Management Presentation March 2025
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 Large and highly engaged user community with 401 million average DAUs；126 mins average daily time spent per DAU in Q4 Large visual generation model Kling AI maintains a pre-eminent position worldwide within the industry, with user base gr
Slide 6: Operating Highlights
1.2 Operating Highlights Massive User Base Highly Engaged Community Interactive Platform 401 million 125.6 minutes 10 billion Average daily time spent per Average daily short video and Average DAUs(1) DAU(1) live streaming interactions(1) (3) 736 million 462.1 RMB billion 37.6 billion Average MAUs(1
Slide 7: Robust Revenue Growth and YoY Profitability Improvement
1.3 Robust Revenue Growth and YoY Profitability Improvement • FY2024 revenues grew by 11.8% YoY to RMB126.9 billion. Online marketing services revenue increased by 20.1% YoY in FY2024. • Adjusted net profit margin increased by 4.9 ppts to 14.0% in FY2024. Revenues Breakdown and YoY Growth Adjusted N
Slide 8: 2. Business Development
2. Business Development
Slide 9: AI Strategy as the Key Driver to Empower Content and Commercial Ecosystem
2.1 AI Strategy as the Key Driver to Empower Content and Commercial Ecosystem • AI as the core engine, creating greater value for commercial ecosystem while driving platform traffic growth. • Continuous upgrades and breakthroughs in the foundation model; AI has redefined video content creation, user
Slide 10: Kling AI: Global Leading Large Video Generation Model
2.1 Kling AI: Global Leading Large Video Generation Model • Consistently improving large video generation model performance: released Kling AI 1.6, continuously enhancing responsiveness to text descriptions and visual quality to maintain its global leading position. • Multi-access: providing global
Slide 11: Kling AI: Feet on the Ground While Gazing at the Stars
2.1 Kling AI: Feet on the Ground While Gazing at the Stars Expanding User Base Future Outlook for Kling AI Pioneering a New Frontier Rapid increase Video Creation Infrastructure in the AI Era in AI-Generated Video Content Production In King AI’s global user base Comprehensive generation Empowering c
Slide 12: Setting a New Record in User Community Scale
2.2 Setting a New Record in User Community Scale • In 4Q24, average DAUs were 401 million, up 4.8% YoY; average daily time spent per DAU was 126 minutes; Average MAUs were 736 million, up 5.0% YoY. • Refined user growth strategy to drive high-quality user growth; optimized product features, iterated
Slide 13: Rich Content Supply, Continuously Optimized Product Features
2.2 Rich Content Supply, Continuously Optimized Product Features • Continuously enhanced the video sharing and communication experience while introducing various innovative features in private messaging, fostering a more engaging community. • Understanding the reasons users open our App; ensure that
Slide 14: Outperforming Online Marketing Service with Improved Monetization Efficiency
2.3 Outperforming Online Marketing Service with Improved Monetization Efficiency • In 4Q24, revenue from online marketing services surpassed RMB 20 billion for the first time, reaching RMB 20.6 billion, up 13.3% YoY; full year revenue increased by 20.1% YoY. • Achieved a high single-digit year-on-ye
Slide 15: Short Plays Driving the Growth in External Marketing Services
2.3 Short Plays Driving the Growth in External Marketing Services Short Plays Short Play Ad Formats 300%+ YoY increase in Total Ad Spend(1) Top 2 Market share(2) In-App Ad In-App Purchase (IAA) (IAP) Notes: 1. For the fourth quarter of 2024. BUSINESS DEVELOPMENT 15 2. Market share of marketing spend
Slide 16: Solid E-commerce Growth, with User-centric Strategy
2.4 Solid E-commerce Growth, with “User-centric” Strategy • 4Q24 GMV increased by 14.4% YoY to RMB 462.1 billion; the number of e-commerce monthly active paying users grew by 10.0% YoY to 143 million; the number of average monthly active merchants increased by over 25.0% YoY. • Fully leveraged stren
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 25%+ 143 m YoY increase in monthly active merchants in 4Q24 Number of monthly active paying users in 4Q24 Merchant development and support: Increased omni-domain user base: • Leveraged the Golden Bounty Init
Slide 18: Live Streaming Maintained Healthy Momentum
2.5 Live Streaming Maintained Healthy Momentum • 4Q24 live streaming revenue was RMB9.8 billion; focused on fostering a healthy, sustainable live-streaming ecosystem and achieving diversified growth propelled by high-quality content. • Continuously developing top categories such as group live stream
Slide 19: Deepened Overseas Penetration, Major Boost in Profitability
2.6 Deepened Overseas Penetration, Major Boost in Profitability • Deeply rooted in Brazil; DAUs in Brazil increased by 9.3% YoY; Average daily time spent per DAU in Brazil grew steadily YoY and QoQ, exceeding 75 minutes; • 4Q24 overseas revenues increased by 52.9% YoY to RMB1.30 billion; Overseas op
Slide 20: Local Services: Maximized Value-for-Money, Rapid Growth in Supply and Demand
2.7 Local Services: Maximized Value-for-Money, Rapid Growth in Supply and Demand • Focused on city clusters with strong user base and enhanced user experience by meeting user needs; Average monthly paying users grew by 52.4% YoY and GMV more than doubled YoY. • Increased monetization efficiency, 4Q2
Slide 21: 3. Financial Results
3. Financial Results
Slide 22: Financial Highlights
3.1 Financial Highlights 4Q24 Operating net cash inflow was ~RMB8.64 billion with GPM improved to 54.0% YoY, total available funds increasing QoQ for adjusted NPM was 13.3% YoY 10 consecutive quarters Domestic business operating profit reached RMB4.36 Overseas revenue increased by 52.9% YoY, operati
Slide 23: Steady Revenue Growth, GPM Improving YoY
3.2 Steady Revenue Growth, GPM Improving YoY • 4Q24 revenues grew by 8.7% YoY, including 58.3% from online marketing services, 27.8% from live streaming and 13.9% from other services (including e-commerce); • In 4Q24, online marketing services revenue grew by 13.3% YoY, other services revenue grew b
Slide 24: Driving Growth through Quality and Productivity Enhancements
3.3 Driving Growth through Quality and Productivity Enhancements, Maintaining Stable Operating Efficiency • S&M as a percentage of revenue increased by 0.7 ppts YoY to 32.0% in 4Q24, primarily attributable to the increased spending in promotion activities, maintaining stable levels YoY in FY2024; •
Slide 25: Improved Profitability for Domestic Business, Significantly Narrowed Overseas Loss
3.4 Improved Profitability for Domestic Business, Significantly Narrowed Overseas Loss YoY • 4Q24 Domestic business operating profit was RMB4.36 billion, profitability improved YoY. • 4Q24 Overseas revenue monetization efficiency continued to improve. Operating loss narrowed by 57.2% YoY. Operating
Slide 26: Continuous YoY Growth in Group-Level Operating Profit and Adjusted Net Profit
3.5 Continuous YoY Growth in Group-Level Operating Profit and Adjusted Net Profit • The group’s operating profit reached RMB4.27 billion at a margin of 12.1% in 4Q24, up by 1.0 ppts YoY. Operating profit margin in FY2024 grew 6.3 ppts YoY to 12.0%. • The group’s adjusted net profit was RMB4.70 billi
Slide 27: 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 28: ESG Recognition
4.1 ESG Recognition Leading ESG Ratings ESG-related Certifications, Awards, and Honors • MSCI ESG Rating Upgraded from “BBB” to 2024 Hong Kong Listed Companies II Research: 2024 Best ESG Program “A” with a Leading Score Among Peers “Award of Excellence in ESG” • Achieved "B" Rating in CDP Climate Da
Slide 29: Regularly Publishes Transparency Reports Across Different Areas
4.2 Regularly Publishes Transparency Reports Across Different Areas, Ensuring Compliant, Transparent Operations Public release of reports on intellectual property, minor protection, and anti- Public Release of Policies on Information Security, Supplier Management, fraud governance, serving as indust
Slide 30: 5. Appendix
5. Appendix
Slide 31: Income Statement
Income Statement RMB million 2024Q4 % of revenue 2024Q3 % of revenue 2023Q4 % of revenue YoY change QoQ change Revenues 35,384 100.0% 31,131 100.0% 32,561 100.0% 8.7% 13.7% Cost of revenues (16,261) (46.0%) (14,217) (45.7%) (15,269) (46.9%) 6.5% 14.4% Gross profit 19,123 54.0% 16,914 54.3% 17,292 53
Slide 32: Adjusted Net Profit and Adjusted EBITDA
Adjusted Net Profit and Adjusted EBITDA RMB million 2024Q4 2024Q3 2023Q4 Profit for the period 3,974 3,270 3,612 Add: SBC 636 698 653 Net fair value changes on investments 91 (20) 97 Adjusted net profit 4,701 3,948 4,362 Adjusted net profit margin 13.3% 12.7% 13.4% Adjusted net profit 4,701 3,948 4,
Slide 33: Balance Sheet
Balance Sheet RMB million December 31, December 31, 2024 2023 EQUITY AND LIABILITIES December 31, December 31, Share capital - - RMB million 2024 2023 Share premium 268,733 273,459 ASSETS Treasury shares (341) (88) Non-current assets Other reserves 35,776 33,183 Property and equipment 14,831 12,356
Slide 34: Thank you!
IR Contacts Thank you! Kuaishou Technology Investor Relations Email: ir@kuaishou.com
Kuaishou Technology B — Q4 2024 Earnings Presentation on 6ix