Kuaishou 2025 Report Card: Total annual revenue of 142.8 billion yuan, adjusted net profit of 20.6 billion yuan, AI value accelerating realization

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On March 25, Kuaishou Technology released its results for the fourth quarter and full year of 2025. Over the past year, Kuaishou has continued to drive deep integration of AI capabilities with business scenarios. While continuing to keep 可灵 AI industry-leading, it has empowered the content ecosystem and the commercial ecosystem through large-model capabilities, achieving high-quality growth in revenue growth, profitability, and platform operating quality.

The financial report shows that in the fourth quarter of 2025, Kuaishou’s total revenue increased year over year by 11.8% to RMB 39.6 billion. Core business revenue, including online marketing services and other services, increased 17.1% year over year. Adjusted net profit reached RMB 5.5 billion. In terms of users, in the fourth quarter of 2025, the average daily active users (DAU) on the Kuaishou app reached 408 million, and the average monthly active users (MAU) reached 741 million.

Looking at performance for the full year, in 2025 Kuaishou’s total revenue increased 12.5% year over year to RMB 142.8 billion. Full-year adjusted net profit reached RMB 20.6 billion, up 16.5% year over year, and the adjusted net profit margin increased to 14.5%. While continuing to increase AI investment, Kuaishou has still achieved a steady improvement in the group’s overall profitability. AI is accelerating its transformation from technical capabilities into platform operating results and long-term growth momentum.

Cheng Yixiao, Founder and Chief Executive Officer of Kuaishou Technology, said, “We have always remained firmly committed to investing in AI technology and have made remarkable progress. Kuaishou’s multimodal video generation large model, 可灵 AI, accelerated its iterations in 2025, delivering continuous breakthroughs in model capabilities, product experience, and commercialization monetization, maintaining a globally leading position in the industry. Looking ahead, we will continue to focus deeply on user needs, accelerate the integration of AI technology across business scenarios and innovative applications, and unlock more value for our users, business partners, and shareholders.”

AI moves fully into the operating chain, driving steady growth in core business

Over the past year, Kuaishou has continuously pushed AI capabilities deep into the platform’s core business operating chain. It has formed a complete capability system from the technical foundation, to general models, to application models, and then to business scenarios. Entering the fourth quarter, the value of AI in commercial use, e-commerce, and the content ecosystem has further become apparent.

In online marketing services, in the fourth quarter of 2025, Kuaishou’s online marketing services revenue reached RMB 23.6 billion, up 14.5% year over year. Generative recommendation large models and intelligent bidding models continued to be upgraded, driving an approximately 5% increase in domestic online marketing services revenue. AIGC marketing creative consumption was approximately RMB 4.0 billion. Meanwhile, the consumption penetration rate of UAX fully automatic advertising placement product in non-e-commerce marketing services was close to 80%, and the penetration rate of active customers exceeded 90%, showing that intelligent ad placement products have entered a more mature stage of scaled application.

In the e-commerce business, in the fourth quarter of 2025, Kuaishou e-commerce GMV increased 12.9% year over year to RMB 521.8 billion. The end-to-end generative retrieval architecture OneSearch continued to iterate and upgrade, driving an approximately 3% increase in orders from mall search. Recommendation, retrieval, content generation, long-term interest understanding, and order AI diagnostics continued to be implemented, helping merchants enhance cross-scenario operating capabilities, optimize conversion efficiency, and improve operating quality.

On the content ecosystem side, Kuaishou has continued to upgrade its platform AI capabilities around “content understanding, recommendation and distribution, and interactive experiences.” Its self-developed and open-sourced multimodal large language model 可依 (Keye-671B) demonstrates strong video understanding capabilities. Meanwhile, the new tag system TagNex, launched based on this model, enables more precise content understanding, bringing improvements in user usage duration and retention rates. In content recommendations, the end-to-end generative recommendation large model in this quarter was further upgraded to the OneRec-V2 version, continuously strengthening recommendation accuracy. In live-streaming scenarios, the AI interaction assistant and the “AI Fantasia” gift continued to be upgraded. By the end of the fourth quarter, the cumulative number of times the “AI Fantasia” gift had been generated exceeded 1 million, and AI capabilities are further enriching the platform’s interactive experience.

In terms of organization efficiency, Kuaishou’s self-developed AI programming tool CoderFlicker has become an intelligent development tool that is used frequently on a daily basis by R&D engineers. In the new code added by Kuaishou currently, the proportion generated by CoderFlicker has already exceeded 40%.

可灵 AI continues to break through and enters a new stage of integrated creation

In 2025, Kuaishou continued to drive 可灵 AI’s upgrade and iteration in both model capabilities and product functions. In the fourth quarter, 可灵 AI rolled out the 可灵 O1, 可灵 2.6, and 可灵 3.0 series models one after another,推动ing AI video creation from single-point generation toward a more integrated and more professional creation system.

Among them, 可灵 O1, as the first multimodal unified creation tool, integrates multimodal inputs such as text, video, images, and subjects, combining all generation and editing tasks into a single all-purpose engine to achieve integrated creation of both generation and editing. The milestone release of the 可灵 2.6 model introduced the “audio-and-image generation together” capability, changing the traditional workflow of AI video generation models—“silent imagery first, followed by human voiceover”—and also launched action control functionality, with related capabilities sparking widespread discussion on global social platforms. The 可灵 3.0 series model launched in February 2026, based on the All-in-One理念, further upgraded and achieved a system leap from basic generation to professional-grade creation orchestration.

可灵 Video 3.0 Global First-Innovation “Image-to-Video + Subject Reference” Technology

At the same time, 可灵 AI’s commercialization progress has also accelerated further. In the fourth quarter of 2025, 可灵 AI generated operating revenue of RMB 340 million. In December 2025, monthly revenue exceeded USD 20 million, and the annualized revenue run rate (ARR) reached USD 240 million.

By the end of 2025, the global user base of 可灵 AI had already exceeded 60 million. It had generated more than 600 million videos in cumulative terms, providing API services to more than 30k enterprise customers and developers. As model capabilities, product experience, and industry adaptability continue to improve, 可灵 AI is growing step by step from a video generation tool into a creative infrastructure that better meets professional scenario needs such as film and television, advertising, short dramas, and games.

Users and the content ecosystem remain vibrant, and the platform’s long-term value continues to be strengthened

In the platform ecosystem, Kuaishou has continued to optimize content supply, interactive scenarios, and creator growth paths, driving community vitality and enhancing the platform’s distinctive features.

On the user side, in the fourth quarter of 2025, the average daily active users (DAU) on the Kuaishou app reached 408 million, the average monthly active users (MAU) reached 741 million, and the platform’s core user base remained steady. On the creator ecosystem side, in the fourth quarter of 2025, the upload volume of high-quality content works grew by more than 15% year over year, and the supply of high-quality original content continued to improve.

On the interactive ecosystem side, private message interaction玩法 continued to innovate, driving an approximately 3% year-over-year increase in the penetration rate of double-question/hidden-messaging private chats. In content supply, the platform continued to build a differentiated content ecosystem with Kuaishou characteristics. Real content, distinctive niche categories, and regional cultural content remained active, further strengthening community warmth and platform distinctiveness.

In overseas markets, Kuaishou continues to adhere to a path of high-quality growth. In the fourth quarter of 2025, overseas business delivered revenue growth. Core market Brazil maintained steady DAU and usage duration, marketing and e-commerce businesses continued to expand, and profitability further improved. Through continuous optimization of customer acquisition efficiency, strengthening the supply of distinctive content, and empowering content quality and efficiency with AIGC, Kuaishou’s overseas business is forming a clearer positive feedback loop.

While driving technological innovation and business growth, Kuaishou also continues to create social value through digital technology. Kuaishou Public Welfare’s “Ignite Wisdom Future Academy” program improves digital teaching conditions for rural schools through donation of digital classrooms, organizing technology summer camps, offering AI interest courses, and enabling frontline teachers with AI. It has already donated 40 digital classrooms and equipped more than 2,000 computers in 8 provinces and autonomous regions. The “Happy Lecture Hall” program continues to provide digital skills training for groups such as rural livestreamers, women, senior citizens, young entrepreneurs, and people with disabilities. It has already reached more than 50 counties and cities nationwide, helping nearly 2 million people master “short video + livestream” digital technology, and it has built shared livestream rooms in 8 provinces to enable more ordinary people to share opportunities for digital development. The “Intangible Cultural Heritage Inheritance Wisdom Academy” program focuses on inheritors living in remote areas who face difficulties in their lives or in the preservation and transmission process. It has already systematically helped more than 100 such inheritors increase income and improve capabilities, covering more than 200 grassroots schools and communities, benefiting more than 60,000 person-times of people interested in intangible cultural heritage.

The digital classrooms donated by Kuaishou Public Welfare’s “Ignite Wisdom Future Academy”

At the same time, Kuaishou continues to advance diversified shareholder return initiatives. The announcement shows that the company’s board of directors has recommended paying a final dividend for fiscal year 2025 of HKD 0.69 per share, totaling HKD 3.0 billion. Subject to shareholder approval, this final dividend will be paid to shareholders listed in the company’s shareholders’ register on or around July 28, 2026, or around that date, and to those listed as of July 7, 2026. This is, following the first special dividend declared since its listing in August 2025, the second time Kuaishou has announced a dividend payment. Kuaishou said that this proposed dividend payment reflects the company’s confidence in its long-term growth outlook and steady financial position. In the future, it will continue to promote diversified shareholder return initiatives including share repurchases and dividend payments, in combination with business development and market conditions.

From model innovation to large-scale application, from platform ecosystem to social value, AI is becoming Kuaishou’s most important structural capability. Looking forward, Kuaishou will continue to deepen model innovation and scenario integration, supporting long-term high-quality growth for the platform with a more solid AI foundation.

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