Kuaishou's revenue and profit hit record highs in 2025: total revenue reached 142.8 billion yuan, a year-on-year increase of 12.5%; adjusted net profit was 20.6 billion yuan, up by 16.5%.
The annualized run rate (ARR) for Kelin AI reached 240 million US dollars, with overseas losses narrowing by 92%. The company simultaneously announced a final dividend and continued share repurchases, with a total annual dividend per share amounting to 1.15 Hong Kong dollars, demonstrating strong profitability confidence.
$KUAISHOU-W (01024.HK)$The full-year performance for 2025 achieved comprehensive growth. While increasing investment in AI, profitability continued to improve, with both revenue and profit reaching record highs, and the company announced an annual final dividend.
The company’s total revenue for the full year of 2025 increased by 12.5% year-on-year to 142.8 billion yuan, while the adjusted net profit rose by 16.5% to 20.6 billion yuan. The adjusted net profit margin increased from 14.0% to 14.5%. The board recommended a final dividend of 0.69 Hong Kong dollars per share, totaling approximately 3 billion Hong Kong dollars, reflecting high confidence in the company’s cash flow situation.
The AI strategy was the core variable driving this round of growth. In December 2025, Kelin AI, the video generation model, generated revenue exceeding 20 million US dollars in a single month, with an annualized run rate (ARR) reaching 240 million US dollars.
AI technology contributed to an approximate 5-percentage-point increase in domestic online marketing service revenue; overseas business losses significantly narrowed from 934 million yuan in 2024 to 76 million yuan, accelerating the path to profitability.
Revenue and Profit: Across-the-board growth with improved profitability
In 2025,$KUAISHOU-W (01024.HK)$Total revenue increased from 126.9 billion yuan in 2024 to 142.8 billion yuan, representing a year-on-year growth of 12.5%. Gross profit grew by 13.4% year-on-year to 78.5 billion yuan, with the gross profit margin slightly rising from 54.6% to 55.0%.
Operating profit surged by 35.0% to 20.6 billion yuan, with the operating profit margin improving from 12.0% to 14.5%. Under international financial reporting standards, net profit for the year was 18.6 billion yuan, a year-on-year increase of 21.4%; basic earnings per share were 4.35 yuan, and diluted earnings per share were 4.23 yuan.
In terms of expense items, sales and marketing expenses as a percentage of revenue decreased from 32.4% in 2024 to 29.6%, reflecting overall improvements in marketing efficiency. Research and development expenses increased from 12.2 billion yuan to 14.5 billion yuan, a year-on-year growth of 18.8%, primarily driven by continuous investments in AI and rising employee compensation.
The fourth quarter also demonstrated robust performance. Quarterly revenue increased by 11.8% year-over-year to RMB 39.6 billion, operating profit rose by 35.7% year-over-year to RMB 5.8 billion, and adjusted net profit reached RMB 5.5 billion, representing a year-over-year increase of 16.2%.
Users and Traffic: Steady Expansion in Scale, User Time Spent Remains High
For the full year of 2025,$KUAISHOU-W (01024.HK)$The average daily active users (DAU) of the application reached 410.2 million, an increase of approximately 10 million year-over-year; average monthly active users (MAU) reached 724.6 million, an increase of approximately 15 million year-over-year.
In the fourth quarter, DAU was 407.7 million, MAU was 740.7 million, and the average daily usage time per DAU reached 126.0 minutes. The average online marketing service revenue per DAU increased year-over-year from RMB 51.4 to RMB 57.9.
In terms of content ecosystem, the volume of high-quality content uploads in the fourth quarter of 2025 increased by over 15% year-over-year, while the daily penetration rate of dual-message private messages improved by nearly 3 percentage points year-over-year, reflecting continuous improvement in platform interaction quality.
Core Business: Dual Engines Driving Online Marketing and E-commerce
Online marketing services represent the largest revenue segment, with full-year revenue for 2025 increasing by 12.5% year-over-year to RMB 81.5 billion, accounting for 57.1% of total revenue. The integration of AI technology into various marketing scenarios was the primary growth driver.
In the fourth quarter, online marketing service revenue grew by 14.5% year-over-year to RMB 23.6 billion. Of this, AIGC marketing materials contributed RMB 4 billion in online marketing spending; the penetration rate of the fully automated placement solution UAX in non-e-commerce marketing services approached 80%; and the consumption share of the site-wide promotion product in e-commerce marketing services further increased to 75%.
In terms of e-commerce, GMV for the fourth quarter of 2025 grew by 12.9% year-over-year to RMB 521.8 billion; total e-commerce GMV for the full year reached RMB 1,598.1 billion, significantly expanding from RMB 1,389.6 billion in 2024. The number of active merchants grew by 7.3% year-over-year, reaching a new high. The growth rate of short-video e-commerce GMV continued to outpace overall e-commerce GMV growth.
The live streaming business remained stable, with full-year revenue for 2025 increasing by 5.5% year-over-year to RMB 39.1 billion. Revenue for the fourth quarter alone was RMB 9.7 billion, roughly flat compared to the same period last year. The cumulative number of AI-generated gift instances in live streaming surpassed one million. By the end of the fourth quarter, the application of AI capabilities in interactive live streaming scenarios continued to expand.
KeLing AI: Accelerating from Technological Breakthroughs to Commercial Monetization
KeLing AI is$KUAISHOU-W (01024.HK)$the most market-focused emerging business within the growth narrative. In the fourth quarter of 2025, KeLing AI generated operating revenue of RMB 340 million. In December 2025, monthly revenue exceeded USD 20 million, translating to an annual recurring revenue (ARR) run rate of USD 240 million.
On the technical front, Kuaishou launched KeLing O1, the world’s first unified multimodal video model, in the fourth quarter of 2025, integrating multimodal inputs such as text, video, and images. It also introduced KeLing 2.6, a model with synchronized audio-visual generation capabilities, alongside the launch of motion control functionality. In February 2026, the KeLing AI 3.0 series models went live, supporting all modalities of input and output, consolidating video understanding, generation, and editing into a unified architecture.
The proportion of new code contributed by CodeFlicker, Kuaishou’s proprietary AI programming tool, has exceeded 40%, reflecting the deep integration of AI tools in improving internal R&D efficiency.
International Business: Significant Narrowing of Losses, Brazil Market Showing Signs of Health
The improvement in profitability of the international business was one of the most notable highlights of 2025 performance. For the full year, international operational losses narrowed significantly from RMB 934 million in 2024 to RMB 76 million, marking a 91.9% year-over-year improvement.
In the fourth quarter, international operational losses further narrowed to RMB 59 million, a significant reduction from RMB 236 million in the same period last year, primarily due to improved operational efficiency.
In Brazil, the core development market, daily active users (DAU) and average daily usage duration remained robust. E-commerce gross merchandise value (GMV) and order volumes expanded year-over-year. The empowerment of e-commerce content through AIGC and精细化 logistics cost management also supported profitability improvements.
Financial Position: Abundant Cash and Active Capital Allocation
As of December 31, 2025,$KUAISHOU-W (01024.HK)$Total available funds (including cash, time deposits, financial assets, and restricted cash) amounted to RMB 104.9 billion, an increase of over RMB 10 billion compared to RMB 92.8 billion at the end of the previous year; cash and cash equivalents totaled RMB 11.2 billion.
For the full year of 2025, the company generated RMB 26.7 billion in net cash from operating activities; expenditures on property and equipment reached RMB 14.9 billion, a significant increase from RMB 6.6 billion in 2024, reflecting a substantial increase in investments in computational infrastructure. The company disclosed that it is advancing the construction of a new computing center based on its existing self-built data center in Ulanqab, Inner Mongolia.
In January 2026, Kuaishou completed the issuance of USD 600 million in 4.125% senior notes due in 2031, USD 900 million in 4.750% senior notes due in 2036, and RMB 3.5 billion in 2.450% senior notes due in 2031, further optimizing its debt structure.
In terms of shareholder returns, during the full year of 2025, the company repurchased over 58.07 million Class B shares for approximately HKD 3.22 billion, with all repurchased shares having been canceled. The proposed final dividend of HKD 0.69 per share, combined with the special dividend of HKD 0.46 per share paid in August 2025, brings the total dividend payout for the year to HKD 1.15 per share.
The Board also adopted a dividend policy, stating that annual distributions will be determined at its discretion based on operating performance, cash flow, and capital requirements. Going forward, the company will continue to consider various methods of shareholder returns, including share repurchases.
Editor/Melody