HONG KONG, March 25, 2026 /PRNewswire/ -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its financial results for the fourth quarter and full fiscal year ended December 31, 2025.

Fourth Quarter 2025 Key Highlights

• Average DAUs on Kuaishou APP were 407.7 million, representing an increase of 1.7% from 401.0 million for the same period of 2024.
• Average MAUs on Kuaishou APP were 740.7 million, representing an increase of 0.7% from 735.6 million for the same period of 2024.
• Total e-commerce GMV⁽¹⁾ was RMB521.8 billion, representing an increase of 12.9% from RMB462.1 billion for the same period of 2024.
• Total revenues increased by 11.8% to RMB39.6 billion from RMB35.4 billion for the same period of 2024. Online marketing services and live streaming contributed 59.7% and 24.4%, respectively, to the total revenues. The other 15.9% came from other services.
• Gross profit increased by 14.1% to RMB21.8 billion from RMB19.1 billion for the same period of 2024. Gross profit margin improved to 55.1%, from 54.0% for the same period of 2024.
• Profit for the period increased to RMB5.2 billion, from RMB4.0 billion for the same period of 2024. Adjusted net profit⁽²⁾ increased to RMB5.5 billion from RMB4.7 billion for the same period of 2024.
• Operating profit from the domestic segment⁽³⁾ increased to RMB6.1 billion from RMB4.4 billion for the same period of 2024. Operating loss from the overseas segment⁽³⁾ was RMB59 million, compared to RMB236 million for the same period of 2024.

Full Year 2025 Key Highlights

• Average DAUs on Kuaishou APP were 410.2 million, representing an increase of 2.7% from 399.4 million in 2024.
• Average MAUs on Kuaishou APP were 724.6 million, representing an increase of 2.1% from 709.7 million in 2024.
• Total e-commerce GMV⁽¹⁾ was RMB1,598.1 billion, representing an increase of 15.0% from RMB1,389.6 billion in 2024.
• Total revenues increased by 12.5% to RMB142.8 billion from RMB126.9 billion in 2024. Online marketing services and live streaming contributed 57.1% and 27.4%, respectively, to the total revenues. The other 15.5% came from other services.
• Gross profit increased by 13.4% to RMB78.5 billion from RMB69.3 billion in 2024. Gross profit margin improved to 55.0%, from 54.6% in 2024.
• Profit for the year increased to RMB18.6 billion, from RMB15.3 billion in 2024. Adjusted net profit⁽²⁾ increased to RMB20.6 billion from RMB17.7 billion in 2024.
• Operating profit from the domestic segment⁽³⁾ increased to RMB21.2 billion from RMB16.4 billion in 2024. Operating loss from the overseas segment⁽³⁾ was RMB76 million, compared to RMB934 million in 2024.
• During the twelve months ended December 31, 2025, the Company repurchased approximately 56.78 million shares on the Hong Kong Stock Exchange for a consideration of approximately HKD3.12 billion.

Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, commented, "In 2025, guided by our technology-driven, user-centric approach, we accelerated the execution of our AI strategy, leveraging cutting-edge AI capabilities to fuel upgrades and vitality across Kuaishou's content and commercial ecosystems. This strategic momentum not only delivered incremental value to our users and partners but also underpinned a year of solid operational and financial performance. For the full year of 2025, our average DAUs reached 410 million, and total revenues increased by 12.5% year-over-year to RMB142.8 billion. Adjusted net profit for the full year increased by 16.5% year-over-year to RMB20.6 billion, with a 14.5% adjusted net margin. We remain committed to investing in AI technology and have made remarkable progress. Our multimodal large video generation model, Kling AI, accelerated its iteration throughout 2025, achieving breakthroughs in model capabilities, product experience and monetization potential, while fortifying its global leadership in AI video generation. Moving forward, we will remain deeply attuned to users' evolving needs, further accelerating the integration of AI and innovative applications across all business scenarios, unlocking greater values to our users, business partners, and shareholders."

Fourth Quarter 2025 Financial Review

Revenue from our online marketing services increased by 14.5% to RMB23.6 billion for the fourth quarter of 2025, from RMB20.6 billion for the same period of 2024, primarily attributable to the accelerated integration and innovative application of AI across diverse online marketing services scenarios.

Revenue from our live streaming business was RMB9.7 billion and RMB9.8 billion for the fourth quarter of 2025 and 2024, respectively.

Revenue from our other services increased by 28.0% to RMB6.3 billion for the fourth quarter of 2025, from RMB4.9 billion for the same period of 2024, primarily due to the growth of our e-commerce business and Kling AI business. The growth of e-commerce business was represented by the growth in our e-commerce GMV. The growth of Kling AI business was primarily attributable to our advanced AI technology and exceptional product performance.

Other Key Financial Information for the Fourth Quarter of 2025

Operating profit was RMB5.8 billion, increasing from RMB4.3 billion for the same period of 2024.

Adjusted EBITDA⁽⁴⁾ was RMB8.0 billion, increasing from RMB6.9 billion for the same period of 2024.

Full Year 2025 Financial Review

Revenue from our online marketing services increased by 12.5% to RMB81.5 billion in 2025 from RMB72.4 billion in 2024, primarily attributable to the accelerated integration and innovative application of AI across diverse online marketing services scenarios.

Revenue from our live streaming business increased by 5.5% to RMB39.1 billion in 2025 from RMB37.1 billion in 2024, as a result of our continuous efforts to develop a rich and healthy living streaming ecosystem and diverse high-quality content.

Revenue from our other services increased by 27.6% to RMB22.2 billion in 2025 from RMB17.4 billion in 2024, primarily attributable to the growth of our e-commerce business and Kling AI business. The growth of e-commerce business was represented by the growth in our e-commerce GMV. The growth of Kling AI business was primarily attributable to our advanced AI technology and exceptional product performance.

Other Key Financial Information for the Full Year of 2025

Operating profit was RMB20.6 billion, increasing from RMB15.3 billion in 2024.

Adjusted EBITDA⁽⁴⁾ was RM29.8 billion, increasing from RMB24.8 billion in 2024.

Total available funds⁽⁵⁾ reached RMB104.9 billion as of December 31, 2025.

Notes:

(1) Placed on or directed to our partners through our platform.
(2) We define "adjusted net profit" as profit for the year or period adjusted by share-based compensation expenses and net fair value changes on investments.
(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains, net, are not included.
(4) We define "adjusted EBITDA" as adjusted net profit for the year or period adjusted by income tax expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance expense/(income), net.
(5) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others.

Business Review

In the year of 2025, guided by our "technology-driven, user-centric" philosophy, we accelerated the execution of our AI strategy across all major business scenarios. Our multimodal large video generation models Kling AI (可靈AI) maintained a globally leading position, and we continued to leverage our advanced AI capabilities to empower Kuaishou's content and commercial ecosystems, driving high-quality growth across user scale, revenue and profitability.

In the fourth quarter of 2025, average DAUs on the Kuaishou App reached 407.7 million, demonstrating robust year-over-year growth. Total revenues increased by 11.8% year-over-year to RMB39.6 billion. Revenues from our core commercial business, including online marketing services and other services, primarily e-commerce, increased by 17.1% year-over-year. Adjusted net profit reached RMB5.5 billion in the fourth quarter of 2025. For the full year of 2025, average DAUs on the Kuaishou App reached 410.2 million, and total revenues increased by 12.5% year-over-year to RMB142.8 billion. Adjusted net profit for the full year increased by 16.5% year-over-year to RMB20.6 billion, with an adjusted net margin of 14.5%. As we expanded our AI investments, we continued to deliver steady improvements in the Group's overall profitability. Our AI capabilities have become a core engine driving Kuaishou's long-term growth.

AI business 

Kling AI (可靈AI) remained committed to its vision of empowering everyone to craft captivating stories with AI, aiming to become the premier, inclusive and efficient video-creation infrastructure for the AI era while driving continuous breakthroughs in model capabilities, product experience, and monetization. In the fourth quarter of 2025, Kling AI (可靈AI) accelerated the rollout of multiple model upgrades across several iterations. We launched Kling O1, the world's first unified multimodal video model that integrated multimodal text, video, image and subject inputs, consolidating all generation and editing tasks into a single, all-encompassing engine. Kling O1's unified architecture enables end-to-end content creation within one model system, allowing users to transition from generation to editing and refinement without switching tools. We also released the Kling 2.6 model, which incorporates "simultaneous audio-visual generation" capabilities. The model can generate a complete video containing natural voiceovers, action sound effects, and ambient audio in a single process. Kling 2.6 also introduced a motion control feature that enables users to replicate specific movements from uploaded videos or from the online motion library. By pairing this with a character reference image, users can generate character-specific videos with frame-level precision in both body movements and facial expressions.

In February 2026, we launched the Kling AI (可靈AI) 3.0 model series. Developed under an All-in-One product framework, Kling 3.0 model series supports full multimodal input and output, spanning text, images, audio and video, seamlessly integrating video understanding, generation and editing within a single, streamlined AI workflow. The models unify multiple tasks, including text-to-video, image-to-video and in-video editing, within a native multimodal architecture, enabling adherence to complex narrative logic, automated storyboarding and precise shot-level control while maintaining strong prompt adherence. 

Kling AI (可靈AI)'s innovations in foundational models and product features have paved the way for widespread commercial applications across professional creative sectors, including marketing, e-commerce, film and television, short plays, animation and gaming. These capabilities have supported stronger adoption among professional creators and enterprise clients globally, accelerating its monetization. In the fourth quarter of 2025, Kling AI (可靈AI) achieved revenue of RMB340 million. Notably, in December 2025, Kling AI (可靈AI)'s monthly revenue exceeded USD20 million, implying an Annualized Revenue Run Rate (ARR) of USD240 million. At the same time, Kling AI (可靈AI)'s motion control feature gained significant traction across major global social media platforms, driving widespread discussion and distribution. This momentum broadened Kling AI (可靈AI)'s reach beyond professional creators to a broader mainstream user base.

In the fourth quarter of 2025, we continued to deepen the impact of large AI models to empower our content and commercial ecosystems while driving further quality and efficiency improvements throughout our organizational infrastructure. In terms of strengthening the foundation of our content ecosystem, we independently developed and open-sourced the multimodal large language model Keye-671B model, which has demonstrated strong capabilities in video comprehension. Meanwhile, we upgraded our short-video and livestreaming content understanding system and launched TagNex, our next-generation tagging system, which enables more accurate content understanding, leading to increased users' usage time and higher retention rates. In content recommendation, we iterated our end-to-end generative recommendation large model with the launch of OneRec-V2, continuously improving recommendation accuracy. For online marketing services, we further optimized our end-to-end generative recommendation technology. By deeply integrating multi-dimensional business data, we enhanced model performance and improved the precision of online marketing material recommendations. For intelligent bidding technology, we developed a bidding large model built on multi-scenario and multi-objective data. Together, our generative recommendation large models and intelligent bidding models drove roughly 5% growth in domestic online marketing services revenue in the fourth quarter of 2025. While reducing the cost of generating online marketing materials, AIGC technology also unlocked additional budgets from our marketing clients. In the fourth quarter of 2025, the total spending from online marketing services driven by AIGC marketing materials reached RMB4.0 billion.

For e-commerce business scenarios, during the fourth quarter of 2025, we further iterated our end-to-end generative retrieval architecture OneSearch. We introduced editable structured Semantic Identifier tailored to the e-commerce business, enhancing semantic understanding for mid-to-long-tail search queries. This drove a nearly 3% increase in search order volume in shopping mall for the fourth quarter of 2025. In addition, we expanded the applications of end-to-end generative recommendation technology from pan-shelf-based e-commerce scenarios to content-driven scenarios such as livestreaming rooms and short videos, propelling GMV growth in all e-commerce scenarios. For live streaming business scenarios, we further refined the AI Universe (AI萬象) gift customization feature to deliver greater interactivity, more dynamic presentations, and improved visual aesthetics, significantly increasing users' willingness to send virtual gifts. In terms of organizational efficiency improvement, our proprietary AI coding tool CodeFlicker has become a core intelligent development tool for R&D engineers in their daily work. Currently, over 40% of Kuaishou's new codes is generated by CodeFlicker.

Our AI businesses advancement is underpinned by our sustained investment and in-depth optimization in computing infrastructure. We have established a self-built data center in Ulanqab, Inner Mongolia, and are progressing steadily with the construction of a new computer center, which will further enhance the operational efficiency of our servers and bandwidth.

User and content ecosystem

In the fourth quarter of 2025, average DAUs on the Kuaishou App reached 407.7 million and MAUs reached 740.7 million, while the average daily time spent per DAU on the Kuaishou App was 126.0 minutes. We are committed to building a vibrant community with distinctive Kuaishou characteristics, continuously strengthening high-quality user growth, differentiated premium content supply, traffic mechanism optimization and interactive scenario development to achieve healthy, sustainable expansion in both user base and platform traffic. To drive high-quality user growth, we refined user acquisition strategies across channels to continually optimize user segments and improve retention rates. We also leveraged AI technology to enhance push strategies, leading to a higher user open rate for the Kuaishou App. In addition, we introduced innovative user retention initiatives that significantly improved ROI.

Harnessing our established capabilities in content operations, we supported the growth of benchmark creators like Xinyu the Ostrich Lady (心雨鴕鳥) and continued to cultivate high-quality content IPs with distinctive Kuaishou characteristics. Rural cultural and entertainment activities, exemplified by the Village Gateway Mini Stage (村口小舞台) empowered rural residents to move from viewers to active on-stage participants, featuring diverse content ranging from intangible cultural heritage performances to agricultural technology demonstrations. These initiatives not only enriched rural cultural life but also provided a new channel for promoting rural culture. We hosted the 6th Anniversary Concert for Teens in Times (時代少年團), which garnered over 680 million live streamings views. Leveraging live streaming, interactive features and AI-powered creative content, we crafted a shared youthful memory that fosters a mutual bond between the fans and idols.

We optimized our traffic mix to increase traffic exposure for top-tier original content, fostering a virtuous cycle between content creation and consumption. In the fourth quarter of 2025, the number of high-quality content uploads increased by more than 15% year-over-year. To further develop engagement scenarios, we continued to innovate private messaging engagement features, driving a year-over-year increase of nearly 3 percentage points in the daily average penetration rate of private messages among users with mutual followers during the fourth quarter of 2025.

Online marketing services

In the fourth quarter of 2025, revenue from online marketing services reached RMB23.6 billion, up 14.5% year-over-year. The accelerated integration and innovative application of AI across diverse online marketing services scenarios not only empowered our ecosystem partners but also created new growth momentum for our online marketing services business.

In the fourth quarter of 2025, within the lifestyle service sector, where clients primarily operate on a lead-based model, we helped clients reach users more efficiently and achieve higher user conversion rates by upgrading our private messaging products and optimizing our algorithms. At the same time, through continued expansion into more industries and client acquisition, we broadened our online marketing client base, driving incremental marketing placements. In addition, as lifestyle service-sector clients are predominantly small and medium-sized merchants, we leveraged AIGC tools to enhance their ability to produce marketing materials, driving further growth in online marketing spending.

In the fourth quarter of 2025, the content consumption sector, led by short plays, comic-style short plays and mini-games, along with the AI application sector, was a key revenue driver for our online marketing services. In the content consumption sector, short plays maintained solid growth momentum. By optimizing marketing materials exposure formats, we increased marketing spending in the short-play vertical. Meanwhile, with deep empowerment of AI technologies, comic-style short plays advanced rapidly. Through comprehensive support programs and the rollout of a comic-style short play AI agent, we further expanded high-quality and diverse content supply to capture emerging growth opportunities. Moreover, amid rising marketing budgets from clients across the AI application vertical, we effectively captured the marketing placement spending from AI application clients.

In the fourth quarter of 2025, for online marketing products, we continued to upgrade offerings, including our Universal Auto X (UAX, 全自動投放) placement solutions, AIGC marketing material solutions, livestream digital human solutions, and digital employee solutions. These enhancements reduced barriers to entry for marketing placement, improved clients' placement experience, and fueled further growth in online marketing spending. Specifically, in the fourth quarter of 2025, the penetration rate of our UAX placement solutions accounted for nearly 80% of the spending from non-e-commerce marketing services, with its penetration among active non-e-commerce marketing clients exceeding 90%.

For e-commerce marketing services, following our consolidation of e-commerce business and related online marketing services in late September 2025 to enhance traffic synergy, we established our closed-loop capabilities covering traffic, transaction, marketing conversion and merchant services. This initiative was designed to align our platform's overall revenue growth with merchant mix refinement, enabling e-commerce merchant's GMV per Mille (GPM) and Cost per Mille (CPM) for e-commerce marketing services to improve in tandem in the fourth quarter of 2025. In the first half of 2025, we completed the capability refinement of our omni-platform marketing solution. In the second half of 2025, we focused more on addressing differentiated scenario needs across diverse customer segments, effectively driving incremental GMV generated for e-commerce merchants across omni-domain scenarios and enhancing business stability. In the fourth quarter of 2025, our omni-platform marketing solutions accounted for a greater share of total spending from e-commerce marketing services, rising further to 75%. In addition, our fully managed auto-placement product combo for small-and medium-sized merchants gained broader adoption and recognition, resulting in a significant increase in spending by these customers. In the fourth quarter of 2025, by continuously optimizing our pan-shelf-based e-commerce scenarios, and strengthening the synergy across omni-domain supply and aligned distribution, our e-commerce marketing services revenue in pan-shelf-based scenarios increased rapidly.

E-commerce

In the fourth quarter of 2025, our e-commerce GMV grew 12.9% year-over-year to RMB521.8 billion. Building on our systematic omni-domain operations strategy, we further integrated the pathway between public-domain traffic conversion and private-domain asset accumulation, supporting the merchants' stable, sustainable operational development across diverse scenarios. During the fourth quarter of 2025, we continued to empower merchants to expand their private domains and improve operational efficiency, broadening the variety of supply. As a result, the repeat-purchase frequency of active e-commerce users further increased year-over-year. Meanwhile, by strengthening the operations of our key product categories and deepening our understanding of core user needs, we drove continued growth in ARPPU in the fourth quarter of 2025.

In the fourth quarter of 2025, we leveraged the combined strengths of service providers, agencies and industrial zones to broaden our e-commerce supply pipeline. During the fourth quarter of 2025, both newly on-boarded merchants and newly on-boarded active merchants grew year-over-year and quarter-over-quarter, driving our active merchant base to another record high, up 7.3% year-over-year. Furthermore, in the fourth quarter of 2025, we launched the Voyage Initiative (乘風計劃), focusing on in-depth partnerships with top-tier brands in diverse sectors. Through systematic resource empowerment, the initiative aimed to explore mutual growth opportunities for both the platform and the brands. At the end of December 2025, we began to gain preliminary benefits from our high-quality product and content supply, along with a more optimized merchant structure.

In the fourth quarter of 2025, in terms of our livestreaming scenario development, the Pop-Up Follower Red Envelopes initiative (天降漲粉紅包), which was launched in the third quarter of 2025 to drive targeted follower growth, delivered meaningful results. By increasing the streaming frequency of streamers with over 10,000 followers, the program drove a 12.7% year-over-year increase in the number of average daily active streamers hosting live sessions with over 10,000 followers, further strengthening the virtuous cycle between follower growth and transaction performance. Through coordinated operations with agencies and leading KOL organizations, we expanded our KOL supply. To further empower KOLs, our KOL Blockbuster Initiative (達人爆品計劃) targeted on high-demand product categories, serves as an officially selected product pool trusted by both merchants and KOLs. It drives greater KOL participation in distribution and the penetration of KOLs within our distribution pool continued to rise, with the number of active KOLs more than doubling year-over-year. Supported by our platform-endorsed product offerings, mid-tier and small-and medium-sized KOLs were able to overcome product selection challenges and, with platform traffic support, achieve meaningful leaps in operational scale.

In the fourth quarter of 2025, our omni-domain operations ecosystem, including pan-shelf-based e-commerce and short videos, continued to demonstrate steady and resilient development. The contribution of pan-shelf-based e-commerce GMV to total e-commerce GMV remained broadly stable quarter-over-quarter. We continued to expand our supply scale, driving sustained year-over-year and quarter-over-quarter increases in average daily active merchants for pan-shelf-based e-commerce. Super Links (超級鏈接), our official channel for platform-recommended products, reinforced its position as a core operational tool for shelf-based supply, achieving rapid growth during the fourth quarter of 2025. The Super Links (超級鏈接) penetration rate in shelf-based e-commerce product cards rose to 19.1%. We also encouraged merchants to expand omni-domain operations. By leveraging our marketing hosting tools, we guided merchants in content-driven scenarios to transition toward shelf-based operations, significantly increasing the penetration rate of active merchants using our marketing hosting tools quarter- over-quarter. During the fourth quarter of 2025, we further advanced our short-video e-commerce content supply, prioritizing refined merchant-centric operations. By continuously leveraging the synergy between short videos and live streaming, we enriched our high-quality content supply and optimized funnel efficiency. These efforts led to significant growth in short video e-commerce GMV, which continued to outpace overall e-commerce GMV growth.

In the fourth quarter of 2025, we deepened AI integration across e-commerce scenarios, empowering merchants to improve operational efficiency and drive their growth. The broader rollout of OneRec, OneSearch and other large model technologies across e-commerce scenarios continued to generate incremental business gains. In addition, powered by an e-commerce knowledge graph and leveraging large models' world knowledge and reasoning capabilities, we deepened our foundational understanding of products, videos and users. This enabled more precise long-term user-interest modeling, improved recommendation diversity and drove higher revisit and repeat purchases. E-commerce content generation capabilities also advanced during the fourth quarter of 2025. Features such as livestreaming highlights and AI-assisted content creation further strengthened merchants' cross-scenario operating capabilities. To improve operating efficiency, we launched an AI-powered order analysis feature during the fourth quarter of 2025, enabling merchants to identify abnormal orders more effectively and reduce pre-shipment refund rates.

Live streaming

In the fourth quarter of 2025, live streaming revenue reached RMB9.7 billion. We remained focused on fostering a healthy live streaming ecosystem during the fourth quarter of 2025, orienting toward high-quality, value-driven content, and reinforcing the platform's community-centric value. For live streaming supply, we continued intensifying professional operations of our core competitive categories, including group live streaming and multi-host live streaming, while strengthening coordinated development across multiple categories. This enriched our live streaming content operations portfolio and drove sustained improvements on the supply side. Our Grand Stage (直播大舞台) further deepened integration between online and offline live streaming scenarios, supporting the incubation of distinctive streamers on our platform while boosting user engagement. On the product front, powered by Kling AI (可靈AI)'s video generation capabilities, our AI Universe (AI萬象) gift series with customizable special effects delivered further enhanced interactive experiences, dynamic motion rendering and improved visual aesthetics. As of the end of the fourth quarter of 2025, the number of cumulative AI Universe (AI萬象) gift creations exceeded 1 million. In addition, we expanded the application of AI capabilities in our live streaming rooms, empowering streamers with AI Interaction Assistants (AI互動助手) and AI Digital Avatar Solutions (AI數字分身服務) to improve streamers' service efficiency. In the fourth quarter of 2025, our "live streaming+" strategy broadened the boundaries of the live streaming ecosystem while also unlocking additional commercial value. Through refined operations, our Ideal Housing (理想家) and Kwai Hire (快聘) businesses delivered both quality enhancements and greater operational efficiency. In the fourth quarter of 2025, the average monthly number of Ideal Housing (理想家) paying clients increased by over 40.0% year-over-year.

Overseas

In the fourth quarter of 2025, we remained firmly committed to our high-value growth strategy, supporting a virtuous cycle across our overseas business. Despite complex market dynamics, we achieved steady growth in overseas business. On the traffic front, while improving customer acquisition efficiency and optimizing our user growth structure, we reinforced community mindshare through signature content offerings, further expanding our core user base. Brazil, our key market for overseas development, maintained stable average DAUs and average daily time spent per DAU. For online marketing services, we captured the industry opportunity arising from global brands' expansion in Brazil, growing our client base across diverse industries. In addition, we upgraded our products and solutions and actively explored new content-driven marketing scenarios, including short plays, to improve client performance visibility and unlock new growth momentum, supporting our clients' long-term development. Our e-commerce business in Brazil achieved steady year-over-year growth in GMV and order volume in the fourth quarter of 2025. Supported by AIGC-driven improvements in e-commerce content quality and operational efficiency, and aided by more refined logistics cost management, our profitability improved significantly.

Corporate social responsibility

Kuaishou remains firmly committed to its mission of "connecting good faith with technology and creating long-term values", dedicated to building a warm, inclusive, and accessible digital community for everyone. Anchored by short videos and live streaming, we advance digital technologies to deeply empower social-development scenarios across employment, entrepreneurship and rural revitalization. By leveraging digital technologies, we enabled more individuals to experience greater fulfillment and well-being, thereby contributing to the development of a more vibrant and supportive society.

Our Happy Lecture Hall (幸福大講堂) project provides practical new media skills training for women, seniors, young entrepreneurs, people with disabilities and other groups. By the end of 2025, the program expanded to cover over 50 counties and cities nationwide, helping nearly 2 million people develop "short video + live streaming" digital skills. We also launched the Future Enlightenment Classroom (啟智未來學堂) project, supporting rural education across multiple regions by donating digital classroom facilities, offering AI courses, hosting technology-focused summer camps and other initiatives. These efforts have strengthened teaching infrastructure in rural schools across diverse regions, creating greater opportunities for teachers and students to access digital learning and explore cutting-edge technologies.

Proposed distribution of 2025 Final Dividend 

The Board is pleased to announce that it has recommended the payment of a final dividend of HK$0.69 per Share for the year ended December 31, 2025, amounting to approximately HK$3.0 billion in total. Subject to the approval of Shareholders at the 2026 AGM, the proposed final dividend will be paid on or around Tuesday, July 28, 2026 to Shareholders whose names appear on the register of members of the Company on Tuesday, July 7, 2026. 

This reflects the Company's unwavering commitment to enhancing shareholders value and sharing the benefits of the Company's strong cash flow generation. Looking ahead, the Company will continue to consider various shareholder return measures, including share buybacks and dividend distributions, subject to its business development needs, market conditions and other relevant factors. 

Business Outlook

As AI technologies rapidly evolve, we remain dedicated to advancing our AI strategy and reinforcing Kuaishou's position as a leading AI-empowered content platform. Guided by our "technology-driven, user-centric" philosophy, we will stay closely attuned to user needs while deepening AI integration to enhance operational efficiency for our merchants and marketing clients. Furthermore, the continuous expansion of AI applications throughout our content and commercial ecosystem will fuel high-quality growth within our core businesses, unlocking broader commercialization opportunities and delivering sustained, long-term value for our users, creators, partners, and shareholders.

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

For investor and media inquiries, please contact

Kuaishou Technology

Investor Relations
Email: [email protected] 

香港2026年3月25日 /美通社/ -- 領先的內容社區及社交平台快手科技（「快手」或「公司」；港幣櫃台股份代號：01024 / 人民幣櫃台股份代號：81024），今日發佈截至2025年12月31日第四季度及2025年全年業績。

2025年第四季度業績摘要

• 快手應用平均日活躍用戶為4.077億，較去年同期4.010億增長1.7%。
• 快手應用平均月活躍用戶為7.407億，較去年同期7.356億增长0.7%。
• 電商GMV^（1）為人民幣5,218億元，較去年同期的人民幣4,621億元增長12.9%。
• 總收入為人民幣396億元，較去年同期的人民幣354億元增長11.8%。從對總收入貢獻比例來看，線上營銷服務佔比59.7%，直播業務佔比24.4%，其他服務佔比15.9%。
• 毛利為人民幣218億元，較去年同期的人民幣191億元增長14.1%。毛利率增至55.1%，去年同期為54.0%。
• 期內利潤自去年同期的人民幣40億元增長至人民幣52億元。經調整利潤淨額^（2）自去年同期的人民幣47億元增長至人民幣55億元。
• 國內分部經營利潤^（3）自去年同期的人民幣44億元增加至人民幣61億元。海外分部經營虧損^（3）爲人民幣59百萬元，去年同期爲人民幣236百萬元。

2025年全年業績摘要

• 快手應用平均日活躍用戶為4.102億，較2024年的3.994億增長2.7%。
• 快手應用平均月活躍用戶為7.246億，較2024年的7.097億增长2.1%。
• 電商GMV^（1）為人民幣15,981億元，較2024年的人民幣13,896億元增長15.0%。
• 總收入為人民幣1,428億元，較2024年的人民幣1,269億元增長12.5%。從對總收入貢獻比例來看，線上營銷服務佔比57.1%，直播業務佔比27.4%，其他服務佔比15.5%。
• 毛利為人民幣785億元，較2024年的人民幣693億元增長13.4%。毛利率增至55.0%，2024年為54.6%。
• 年內利潤增長至人民幣186億元，去年為人民幣153億元。經調整利潤淨額^（2）自去年的人民幣177億元增長至人民幣206億元。
• 國內分部經營利潤^（3）自去年的人民幣164億元增加至人民幣212億元。海外分部經營虧損^（3）爲人民幣76百萬元，去年爲人民幣934百萬元。
• 截至2025年12月31日止十二個月，本公司於聯交所以31.2億港元購回約56.78百萬股股份。

快手聯合創始人、董事長兼首席執行官程一笑先生表示：「2025年我們秉持「科技為本，用戶為先」的核心理念，全面深化AI戰略，以先進的AI技術深度賦能快手內容和商業生態的升級與繁榮。在為用戶和合作夥伴持續創造增量價值的同時，我們也實現了穩健的運營表現與財務業績。2025年全年平均日活躍用戶達到4.10億，總收入同比增長12.5%至人民幣1,428億元，全年經調整凈利潤同比增長16.5%至人民幣206億元，經調整凈利潤率達14.5%。我們始終堅定在AI技術上的投入，並取得了令人矚目的進展。快手的多模態視頻生成大模型Kling AI（可靈AI）在2025年加速迭代，在模型能力、產品體驗和商業化變現上不斷取得突破，保持全球領先的行業地位。展望未來，我們將持續深耕用戶需求，加速AI技術對各業務場景的融合與創新應用，為用戶、業務合作夥伴及股東創造更大價值。」

2025年第四季度財務回顧

線上營銷服務收入由2024年同期的人民幣206億元增加14.5%至2025年第四季度的人民幣236億元，主要是由於AI在線上營銷服務多場景的加速滲透與創新應用。

直播業務收入於2025年第四季度及2024年第四季度分別為人民幣97億元及98億元。

其他服務收入由2024年同期的人民幣49億元增加28.0%至2025年第四季度的人民幣63億元，主要是由於我們電商業務及可靈AI業務的增長。電商業務的增長表現為電商GMV的增加。可靈AI業務的增長主要是由於我們先進的AI技術及卓越的產品性能。

2025年第四季度其他主要財務資料

經營利潤自去年同期的人民幣43億元增加至人民幣58億元。

經調整EBITDA^（4）自去年同期的人民幣69億元增加至人民幣80億元。

2025年全年財務回顧

線上營銷服務收入由2024年的人民幣724億元增加12.5%至2025年的人民幣815億元，主要是由於AI在線上營銷服務多場景的加速滲透與創新應用。

直播業務收入由2024年的人民幣371億元增加5.5%至2025年的人民幣391億元，是由於我們持續努力建立一個豐富而健康的直播生態系統及多元化的優質內容。

其他服務收入由2024年的人民幣174億元增加27.6%至2025年的人民幣222億元，主要是由於我們電商業務及可靈AI業務的增長。電商業務的增長表現為電商GMV的增加。可靈AI業務的增長主要是由於我們先進的AI技術及卓越的產品性能。

2025年全年其他主要財務資料

經營利潤自去年的人民幣153億元增加至人民幣206億元。

經調整EBITDA^（4）自去年的人民幣248億元增加至人民幣298億元。

可利用資金總額^（5）截至2025年12月31日為人民幣1,049億元。

業務回顧

2025年，我們秉持「科技為本，用戶為先」的理念，在所有主要業務場景中深化AI戰略，在多模態視頻生成大模型可靈AI保持全球領先的同時，以先進的AI能力，深度賦能快手的內容生態和商業生態，在用戶規模、營業收入與盈利能力上均實現高質量增長。

2025年第四季度，快手應用的平均日活躍用戶達到407.7百萬，同比穩健增長。總收入同比增長11.8%至人民幣396億元，其中，包含線上營銷服務和以電商為主的其他服務在內的核心商業收入，同比增長達17.1%。2025年第四季度，經調整淨利潤達到人民幣55億元。2025全年，快手應用平均日活躍用戶達到410.2百萬，總收入同比增長12.5%至人民幣1,428億元，全年經調整淨利潤達到人民幣206億元，同比增長16.5%，經調整淨利潤率為14.5%。我們在加大AI投入的同時，依然實現了本集團整體盈利能力的穩步提升，AI能力已成為驅動快手長期增長的核心引擎。

AI業務

可靈AI始終秉持讓每個人都能用AI講出好故事的願景，致力於成為AI時代領先、普惠且高效的視頻創作基礎設施，持續在模型能力、產品體驗和變現上實現突破。2025年第四季度，可靈AI加速完成了多個模型能力的升級迭代，我們發佈了全球首個統一多模態視頻模型可靈O1，整合文字、視頻、圖片、主體等多模態輸入，將所有生成和編輯任務融合在一個全能引擎之中。可靈O1的統一架構使得用戶無需切換工具，即可一站式完成從生成到編輯及優化的全流程內容創作。此外，我們推出了具備「音畫同出」能力的可靈2.6模型，能夠在單次生成中，輸出包含自然語言配音、動作音效以及環境氛圍音的完整視頻。可靈2.6也上線了動作控制功能，用戶只需上傳一段本地視頻，或從線上動作庫中選取要模仿的具體動作，再上傳一張人物主體參考圖，即可生成動作與表情都可精準控制的特定角色視頻。

2026年2月，可靈AI 3.0系列模型上線，基於All-in-One產品理念構建，支持涵蓋文本、圖像、音頻和視頻的全模態輸入與輸出，將視頻的理解、生成和編輯無縫整合到一個簡化的AI工作流中。模型將多項任務(包括文本轉視頻、圖像轉視頻以及視頻內編輯)統一融入一個原生多模態架構，使其能夠遵循複雜敘事邏輯、實現自動分鏡以及精準鏡頭控制，並保持極高的提示遵循度。

可靈AI在基礎模型和產品功能上的創新，為其廣泛商業化應用於營銷、電商、影視、短劇、動畫、遊戲等專業創意創作場景奠定了基礎，也推動全球專業創作者及企業客戶更廣泛的使用，加速其變現進程。2025年第四季度，可靈AI營業收入達人民幣340百萬元。值得一提的是，2025年12月，可靈AI單月收入突破20百萬美元，即年化收入運行率(ARR)達240百萬美元。與此同時，可靈AI的運動控制功能在全球各大社交媒體平台引起大量的關注，推動了廣泛熱議和傳播，也實現了可靈AI的用戶群體從專業創作者向更廣泛的大眾用戶的延伸。

2025年第四季度，我們繼續深化AI大模型技術在內容與商業生態的賦能以及內部組織基礎設施提質增效方面的作用。在內容生態賦能方面，我們自主研發並開源了多模態大語言模型Keye-671B模型，展現出較強的視頻理解能力。同時，我們升級了短視頻與直播內容理解體系，推出了新一代的標籤系統TagNex，實現更精准的內容理解，帶來用戶使用時長和留存率的提升。在內容推薦方面，我們升級端到端生成式推薦大模型，上線了OneRec-V2版本，持續增强推薦精準度。在線上營銷服務方面，我們繼續優化端到端生成式推薦技術，通過深度融合多維度業務數據，增強模型效果，提升線上營銷素材推薦的精准度。在智能出價技術上，我們基於多場景多目標數據打造了出價大模型。以上生成式推薦大模型和智能出價模型在2025年第四季度帶來國內線上營銷服務收入5%左右的提升。而AIGC技術在降低線上營銷素材生成成本的同時，也撬動了更多的營銷客戶預算。2025年第四季度，由AIGC營銷素材帶來的線上營銷服務消耗金額達到人民幣40億元。

在電商業務場景，2025年第四季度，我們進一步迭代端到端生成式檢索架構OneSearch，提出適配電商業務的可編輯的結構化語義標識，提升中長尾搜索請求的語義理解能力，驅動2025年第四季度商城搜索訂單量提升近3%。此外，我們將端到端生成式推薦技術的應用從泛貨架電商場景擴展至直播間和短視頻等內容驅動場景，推動了各電商場域GMV的增長。在直播業務場景，優化的AI萬象禮物定製功能在互動效果、動態展示以及美學外觀等方面進一步改善，帶來用戶打賞意願的顯著提升。在組織提效方面，我們自研的AI編程工具CodeFlicker已成為研發工程師日常高頻使用的智能開發工具，在目前快手新增代碼中，由CodeFlicker生成的比例已經超過40%。

AI業務的進展依託於我們在算力基礎設施上的持續投入和深度優化，在內蒙古烏蘭察布自建數據中心的基礎上，我們正穩步推進新的算力中心建設，持續提升服務器與帶寬的運營效率。

用戶與內容生態

2025年第四季度，快手應用的平均日活躍用戶和平均月活躍用戶分別達到了407.7百萬及740.7百萬，快手應用的日活躍用戶日均使用時長達到了126.0分鐘。我們致力於打造具有快手特色的活躍社區，在高質量用戶增長、差異化優質內容供給、流量機制優化和互動場景建設等方面不斷深化，實現了用戶基礎和平台流量的健康可持續增長。在高質量用戶增長方面，我們通過精細化各渠道的用戶增長策略，不斷優化用戶結構，提升用戶留存率；並借助AI技術優化推送策略，提高用戶快手應用的打開率。此外，我們也通過用戶留存方式的創新顯著提升了投資回報率。

我們以專業的內容與熱點運營，助力像心雨鴕鳥這樣的標杆創作者成長，也持續打造具有快手特色的優質內容IP。以村口小舞台為代表的鄉村文娛活動，讓農民從觀眾轉變為積極的登台參與者，內容多元化，覆蓋非遺展演到農業技術展示，既豐富了鄉村文化生活，也成為推廣鄉土文化的新窗口。我們舉辦了時代少年團6週年演唱會，直播總觀看量超過6.8億人次，依託直播、互動與AI創意內容，打造粉絲與偶像雙向奔赴的青春記憶。

我們通過流量結構的優化讓原創優質內容獲得更多的流量曝光，形成內容生產和消費的正循環。2025年第四季度，高質量內容作品上傳量同比增長超過15%。在互動場景建設方面，我們通過私信互動玩法的持續創新，推動2025年第四季度的日均雙關私信滲透率同比提升近3個百分點。

線上營銷服務

2025年第四季度，線上營銷服務收入達到人民幣236億元，同比增長14.5%。AI在線上營銷服務多場景的加速滲透與創新應用，不僅為生態夥伴帶來賦能價值，也為線上營銷服務業務注入了新的增長動能。

2025年第四季度，在以線索經營為主要目標的生活服務行業，我們通過私信產品升級和算法優化幫助客戶更高效觸達用戶、提升用戶轉化效率。同時，通過持續的行業拓展和客戶開發，擴大了線上營銷客戶覆蓋面，帶來增量營銷投放。此外，生活服務行業客戶以中小商家為主，我們通過AIGC工具幫助提升其營銷素材製作能力，撬動了線上營銷消耗的進一步增長。

2025年第四季度，以短劇漫劇、小遊戲為代表的內容消費行業以及AI應用行業也是驅動線上營銷服務收入增長的主要動力。在內容消費行業，短劇維持穩健增長勢頭，我們通過優化營銷素材展示形式增加了短劇垂直領域的營銷開支。同時，隨著AI技術的深度賦能，漫劇迎來高速發展，我們通過全方位扶持計劃、推出AI漫劇智能體等，持續引入優質、多元的漫劇供給，抓住新興發展機遇。此外，在AI應用類客戶整體加大營銷預算的背景下，我們有效承接了AI應用類客戶的投流開支。

2025年第四季度，在線上營銷產品層面，我們持續升級UAX全自動投放解決方案、AIGC營銷素材生成工具、直播數字人、數字員工等產品，降低營銷投放門檻，優化客戶投放體驗，進一步撬動了線上營銷消耗的增長。具體來看，2025年第四季度，UAX全自動投放解決方案在非電商營銷服務的消耗滲透接近80%，在非電商營銷的活躍客戶滲透率超90%。

在電商營銷服務方面，繼我們2025年9月底整合了電商業務與相關的線上營銷業務以提升流量融合，我們構建起流量 — 交易 — 營銷轉化 — 商家服務的閉環能力。此次整合致力於提升平台整體收入增長和商家結構的同向性，2025年第四季度，電商商家的千次展示成交的GMV(GPM)和電商營銷服務的千次展示成本(CPM)實現同向提升。2025年上半年，我們完成了全站營銷解決方案的能力完善。2025年下半年，我們更專注於滿足不同類型客戶的差異化場景訴求，有效帶動了電商商家的全域GMV增量並提升了業務穩定性。2025年第四季度，全站推廣產品的總營銷消耗佔電商營銷服務總消耗比例進一步提升至75%。此外，針對中小商家全託管的自動化投放產品能力得到更多接受和認可，該等客戶的消耗顯著提升。2025年第四季度，通過不斷優化泛貨架電商場域、加強全域供給和同向性分發的協同效應，泛貨架場域的電商營銷服務收入快速增長。

電商

2025年第四季度，電商業務GMV同比增長12.9%至人民幣5,218億元。通過系統性的全域經營策略，我們進一步打通公域流量轉化與私域資產沉澱的路徑，賦能商家實現多場域穩定可持續的經營發展。2025年第四季度，我們進一步賦能商家擴大私域基礎和提升私域經營效率，拓展供給寬度，故電商活躍用戶的複購頻次同比進一步提升。同時，通過加強核心品類的運營和對核心用戶需求的深度理解，帶動2025年第四季度的付費用戶平均收入持續增長。

2025年第四季度，我們利用服務商、機構、產業帶多方勢能，致力於擴大電商供給渠道。2025年第四季度，新入駐商家和新動銷商家同、環比均增長，帶動動銷商家規模再攀新高，同比增長7.3%。此外，2025年第四季度，我們推出乘風計劃，聚焦於與各行業頭部品牌建立深度合作關係，通過系統化的資源扶持，旨在探索平台與品牌協同增長的機會。2025年12月底，我們在優質商品和內容供給上均收到初步成效，商家結構有所優化。

2025年第四季度，在直播場域建設方面，自2025年第三季度推出的天降漲粉紅包漲粉活動成效顯著，結合提升萬粉主播的開播頻率等舉措，日均萬粉有效開播主播數同比增長12.7%，進一步強化了粉絲增長和成交表現的正向循環。通過與機構和頭部達人組織聯運的方式，我們擴大了達人供給。為進一步賦能達人，達人爆品計劃作為商家和達人均認可的官方嚴選貨盤，聚焦用戶高需求商品品類，撬動更多達人參與分銷，分銷庫的達人覆蓋滲透持續提升，動銷達人數同比增長超1倍。尤其是腰部和中小達人通過平台嚴選貨盤解決了選品難題後，結合平台給予的流量扶持，實現經營規模的顯著躍升。

2025年第四季度，包括泛貨架電商和短視頻等在內的全域經營生態持續穩健發展。泛貨架電商GMV佔總電商GMV比例環比基本穩定。我們持續擴大供給規模，泛貨架電商的日均動銷商家同、環比持續增長。2025年第四季度，快手優選官方鏈接超級鏈接作為貨架商品供給的重要運營工具快速增長。超級鏈接在貨架電商產品卡的滲透率增至19.1%。我們鼓勵商家拓展全域經營，通過營銷託管工具牽引內容場商家轉為貨架場經營，使用我們營銷託管工具的動銷商家滲透率環比顯著提升。2025年第四季度，我們進一步推動短視頻電商內容供給、基於商家模式聚焦精細化運營，持續發揮短視頻和直播的聯動優勢，優質內容供給的豐富和鏈路效率優化帶動短視頻電商GMV持續超過整體電商GMV增長。

2025年第四季度，AI能力深度滲透電商場景，助力商家經營提效和增長。通過OneRec、OneSearch等大模型技術在更多電商場景的落地，持續取得業務增量收益。同時，基於電商知識圖譜，運用大模型的世界知識和推理能力，我們沉澱對商品、視頻、用戶的底層理解能力，支持用戶的長期興趣精確建模，帶來了推薦多樣性和複訪、複購的提升。電商內容生成能力在2025年第四季度亦取得提升。直播切片、AI輔助內容創作等功能持續助力商家提升跨場域經營的能力。在經營提效上，2025年第四季度上線的訂單AI診斷功能，協助商家有效識別異常訂單，降低發貨前的退款率。

直播

2025年第四季度，直播業務收入為人民幣97億元。在2025年第四季度我們持續關注直播生態健康，以優質內容價值為導向，為平台構建社區內核。直播供給方面，我們持續加強團播、多人直播等優勢品類專業化運營，同時推動多品類協同發展，豐富直播內容經營矩陣，助力供給側穩步向好發展。快手直播大舞台進一步加深了直播線上線下場景結合，助力平台特色主播孵化的同時，提高了用戶參與性。產品方面，依託可靈AI視頻生成能力的可自定義專屬特效AI萬象系列禮物，在互動體驗、動態展示以及美學外觀等方面進一步改善。截至2025年第四季度末，AI萬象禮物生成次數已累計突破100萬。此外，我們拓展AI能力在直播間的應用，為主播提供AI互動助手和AI數字分身服務，幫助主播提升服務效率。2025年第四季度，「直播+」模式在拓寬直播生態邊界的同時，商業價值進一步釋放。通過精細化運營，理想家、快聘業務實現提質增效，2025年第四季度理想家月均付費客戶數同比增長超40.0%。

海外

2025年第四季度，我們堅定執行高價值增長戰略，驅動海外業務形成正向循環，在複雜的市場環境下實現了海外業務的穩健增長。流量方面，我們優化獲客效率和用戶增長結構，並以特色內容供給強化社區心智，持續擴大核心用戶基本盤，海外核心發展市場巴西的平均日活躍用戶和日活躍用戶日均使用時長均保持穩健。線上營銷業務方面，我們抓住全球品牌佈局巴西的行業機遇，拓展多元客戶行業。此外，我們升級產品與解決方案，並積極探索短劇等內容營銷新場景，為客戶的長期增長注入確定性與新動能。在巴西的電商業務方面，2025年第四季度實現GMV與訂單量同比穩健擴張。得益於AIGC賦能電商內容提質增效，以及對物流成本的精細化管控，盈利能力也顯著改善。

企業社會責任

快手始終秉持「科技連接善意，創造長期價值」的使命，致力於打造一個溫暖、普惠、人人可參與的數字社區。我們以短視頻及直播為紐帶，推動數字技術深入賦能就業創業、鄉村振興等社會場景，讓更多普通人借助數字技術增進獲得感和幸福感，推動美好社會發展。

我們推出的幸福大講堂項目，為女性、銀齡群體、青年創業者、殘障人士等群體，提供新媒體技能培訓。截至2025年底，該項目已拓展覆蓋全國超50個縣市，幫助近200萬人掌握「短視頻+直播」數字技術。我們也推出了啟智未來學堂項目，通過捐建數字教室、開展AI課程、組織科技夏令營等方式，支持多地鄉村教育，助力多地鄉村學校提升教學設施，為師生的數字化學習與前沿科技接觸創造更多機會。

建議派發2025年末期股息

董事會欣然宣佈，其已建議派發截至2025年12月31日止年度每股0.69港元的末期股息，總額約30億港元。待股東於2026年股東週年大會上批准後，建議末期股息將會於2026年7月28日（星期二）或前後派付予2026年7月7日（星期二）名列本公司股東名冊的股東。

此舉彰顯了本公司致力於提升股東價值，並與股東分享本公司強勁現金流成果的堅定承諾。未來，本公司將根據業務發展需要、市場情況以及其他相關因素，繼續考慮包括股份回購及股息派發在內的多種股東回報方式。

業務展望

隨著AI技術的快速演進，我們會堅持深耕AI戰略，加大AI的投入，進一步鞏固快手作為領先的AI賦能內容平台的定位。我們秉持「科技為本，用戶為先」的理念，始終以用戶需求為基礎，深化AI融合，幫助商家和營銷客戶提升運營效率。此外，AI應用在快手內容和商業生態中的持續擴展，將驅動核心業務的高質量增長，開拓商業化機遇，為用戶、創作者、合作夥伴及股東創造持久的長期價值。

關於快手

快手作為中國乃至全球領先的內容社區及社交平台，致力於成為全球最癡迷于為客戶創造價值的公司。作為一家以人工智能為核心驅動和技術依託的科技公司，快手專注於通過持續的技術創新和產品升級，不斷豐富服務和應用場景，為客戶創造價值。在快手，用戶通過短視頻和直播來記錄和分享他們的生活，發現所需，發揮所長。通過與內容創作者和企業緊密合作，快手提供的技術、產品和服務可滿足用戶的多元化的需求，包括娛樂、線上營銷服務、電商、本地生活、遊戲等。

前瞻性聲明

除過往事實的陳述外，本新聞稿載有若干前瞻性陳述。前瞻性陳述一般可透過所使用前瞻性詞彙識別，例如「或會」、「可能」、「可」、「可以」、「將」、「將會」、「預期」、「認為」、「繼續」、「估計」、「預計」、「預測」、「打算」、「計劃」、「尋求」或「時間表」。該等前瞻性陳述受風險、不確定因素及假設的影響，可能包括業務展望、財務表現預測、業務計劃預測、發展策略及對我們行業預期趨勢的預測。該等前瞻性陳述是根據本集團現有的資料，亦按本新聞稿刊發之時的展望為基準，在本新聞稿內載列。該等前瞻性陳述是根據若干預測、假設及前提作出，當中許多涉及主觀因素或不受我們控制。該等前瞻性陳述或會證明為不正確及可能不會在將來實現。該等前瞻性陳述涉及大量風險及不明朗因素。鑒於上述風險及不明朗因素，本新聞稿內所載列的前瞻性陳述不應視為董事會或本公司聲明該等計劃及目標將會實現，故投資者不應過於依賴該等陳述。除法律要求的情形外，我們並無責任公開發佈可能反映本新聞稿日期後發生的事件或情況或可能反映意料之外事件的該等前瞻性陳述的任何修訂。

投資者及媒體問詢

快手科技
投資者關係
郵箱：[email protected] 

香港2026年3月25日 /美通社/ -- 2025年，面對復雜嚴峻的內外部環境，中國光大環境（0257.HK）聚焦主責主業，以穩健的經營業績扎實推進高質量發展。作為環保行業的領軍企業，光大環境堅定深化「兩化一型」（科技化、國際化、生態型）戰略，全力推動「二次創業」。過去一年，集團聚力「科技化」建設，將科技創新作為貫穿價值鏈的核心驅動力，加速創新成果落地，成功培育發展新動能，為「十五五」順利開局奠定了堅實基礎。

聚焦「3+1」重點攻堅，技術硬實力構築產業壁壘

2025年，光大環境依托環境研究院這一科技研發創新引擎，圍繞飛灰資源化利用、生物質高值化利用等重點方向攻堅克難，取得了一系列關鍵技術突破。

在研發創新層面，集團成功形成具有自主知識產權的飛灰回爐協同處理工藝包以及100噸/日垃圾制炭工藝包，實現了核心工藝的重大突破；在生物質高值化利用領域，順利完成秸稈「中性氣爆+酶解」研究試驗，為後續探索前沿技術奠定基礎；同時，集團穩步開展微型爐排爐技術探索，完成了10噸/日微型垃圾焚燒爐的自主研發與成套裝備制造。各項重點研發課題進展良好，深厚的技術底蘊不僅彰顯了光大環境的研發實力，更為全面賦能業務發展提供了堅實的科技支撐。

成果轉化落地應用，綠色科技激發提質增效新活力

2025年，光大環境多項自主研發技術不僅停留在實驗室，更實現了向生產力的有序轉化與落地應用。

在具體項目實踐中，沼氣高效協同垃圾焚燒制取生物天然氣等技術成功應用於外部項目；水冷振動爐排生物質鍋爐SCR高塵脫硝技術取得重要突破。特別值得關注的是，集團自主研發的廢舊動力電池高效熱解關鍵技術及有價組分回收成套裝備（「動力電池回收技術與裝備」）成功入選國家重大技術裝備目錄，並助力打造了江蘇首個電池回收全產業鏈示范項目，打開了全新的業務增長空間。

此外，自動燃燒控制（ACC）、半干法煙氣自動控制（AFC）、脫硫脫硝一體化等技術成果得到廣泛轉化推廣，為後續規模化應用奠定關鍵基礎。同時落地渣吊無人值守、黑燈工廠、人工智能圖像識別巡檢等務實的數字化應用。這些綠色科技的落地，有效提升了項目的自動化運行水平，減少了人工依賴與物耗損失，完美實現了管理精細化、生產智能化與效益最優化的統一。一系列技術工藝的持續探索、應用與推廣，進一步助力集團增強旗下項目的運營質效，提升運營效益。

知識產權與權威榮譽雙豐收，彰顯行業引領地位

持續的研發投入與完善的科研全流程體制機制，為光大環境帶來了豐厚的創新回報。2025年全年，集團新獲授權知識產權近200項；截至年底，累計獲授權知識產權已突破2,300項。

憑借卓越的技術研發實力，集團多項研發成果獲得國家級認可與權威成果鑒定。年內，重點科研課題與技術成果相繼斬獲多項殊榮，成功入選國家生態環境科技成果轉化典型案例名單、重大技術裝備目錄，並榮獲環境保護科學技術獎科技進步獎一等獎等重量級榮譽。在深耕自身技術的同時，光大環境積極參與行業標准建設，年內參與2項國家標准制定，承擔1項國家重點研發專項課題，並作為核心團隊推動多項團體標准制定，持續引領並提升中國環保行業的技術規范與國際影響力。

企業堅持研發創新上的優勢，才是培育其核心競爭力的不二法門。展望未來，光大環境將錨定「建設具有中國特色的世界一流環境企業」目標願景，繼續以科技創新賦能產業發展。集團將重點攻堅飛灰資源化、生物質高值化利用等關鍵技術，以技術突破驅動經營管理提質增效，將戰略規劃藍圖轉化為可持續的增長動能，在高質量發展的新征程上再創佳績，為股東創造長期價值，為建設美麗中國貢獻更加強勁的「光大力量」。

In February 2026, the mobile phone shipments in the China market reached 16.789 million units, down 14.6% YoY, the China Academy of Information and Communications Technology (CAICT) released a analysis report on the operation of China's mobile phone market saying.

Of which, 5G mobile phone shipments amounted to 15.931 million units, down 11.4% YoY, accounting for 94.9% of the mobile phone shipments during the same period.
~

AASTOCKS Financial News
Website: www.aastocks.com

TSMC (TSM.US) is amid capacity bottlenecks, while a few years ago, he would have described TSMC's capacity as unlimited, said Natarajan Ramachandran, Product Sales Director for the Physical Layer Products Division at Broadcom (AVGO.US), Reuters reported.

He noted that TSMC plans to increase capacity by next year, but its capacity has already met a bottleneck, or in some sense, a blockage in the supply chain this year.

He warned that the shortage phenomenon is not limited to semiconductors but has also spread to multiple related supply chains.

Despite the presence of many suppliers in the industry today, there are indeed supply constraints in the laser field, and printed circuit boards (PCBs) have unexpectedly hit a bottleneck.
~


AASTOCKS Financial News
Website: www.aastocks.com

HONG KONG, March 25, 2026 /PRNewswire/ -- Akeso, Inc. (9926.HK)  ("Akeso" or the "Company") announced today that it has received clearance from the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) to initiate Phase II clinical trials for AK146D1, a first-in-class Trop2 /Nectin4 bispecific antibody-drug conjugate (ADC), and AK138D1, an innovative HER3-targeting ADC.

The studies will evaluate these two novel ADC candidates in combination with the Company's pioneering immuno-oncology (IO) 2.0 bispecific antibodies, cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), as well as other proprietary high-potential anti-tumor assets, including AK117 (anti-CD47 monoclonal antibody) and AK109 (anti-VEGF monoclonal antibody), across a spectrum of advanced solid tumors. This milestone marks a strategic acceleration of Akeso's proprietary "IO 2.0 + ADC 2.0" combination platform into mid-stage clinical development.

These Phase II studies will leverage the cadonilimab and ivonescimab as foundational backbone therapies, capitalizing on their validated clinical profiles in checkpoint blockades and dual VEGF/PD-1 inhibition. The regimens center on Akeso's internally discovered next-generation ADCs while exploring synergies with the company's broader internal portfolio.

The convergence of immuno-oncology and ADC modalities has emerged as a high-conviction frontier in oncology therapy, offering the potential to overcome the limitations of monotherapy approaches – such as antigen escape, heterogeneous expression, and narrow therapeutic indices. Akeso holds a distinct global competitive advantage as the only company with two approved cancer immunotherapy checkpoint bispecific antibodies. By pairing these IO backbones with next-generation ADC candidates like AK146D1 and AK138D1, the Company is driving the next generation of combination therapy. AK146D1 and AK138D1 have been specifically designed to expand the therapeutic window and mitigate safety-related limitations of traditional ADCs. The progression of these "IO 2.0 + ADC 2.0" combinations into Phase II development is a significant step in establishing Akeso's next-generation leadership in the global oncology landscape.

AK146D1 is a first-in-class bispecific ADC engineered to simultaneously target Trop2 and Nectin4, antigens that are frequently co-expressed in epithelial-derived malignancies such as lung, breast, and bladder cancers. This dual-targeting approach is designed to enhance selectivity, address tumor heterogeneity, and overcome the resistance mechanisms common in single-target ADC therapies. AK138D1 is a next-generation ADC targeting HER3, a receptor associated with tumor progression and resistance to established EGFR and HER2 treatments in various malignancies, including ovarian, colorectal, melanoma, and prostate cancers. Early-stage data for both AK146D1 and AK138D1 have demonstrated potent anti-tumor activity and a highly manageable safety profile.

Akeso continues to extend its global IO 2.0 leadership into broader, high-impact combination strategies. Beyond the "IO 2.0 + ADC 2.0" portfolio, the Company is advancing a comprehensive portfolio of novel combination approaches aimed at addressing major unmet clinical needs. These include IO 2.0 combinations with other immune checkpoint inhibitors (ICIs), mRNA-based personalized cancer vaccines (such as AK154), DNA-based therapeutics, and additional novel therapeutic platforms. 

This milestone underscores Akeso's disciplined execution in translating proprietary platform synergies into clinical progress, positioning the Company at the forefront of next-generation global oncology innovation.

About Akeso

Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, the company has established a robust R&D innovation ecosystem centered on its proprietary Tetrabody multi-specific antibody platform, Dual-Shield Antibody-Drug Conjugates (ADCs), Dual-Lock T-cell engager (TCE), Tissue-Smart siRNA, Cell Therapies, and Flex-Nano mRNA platforms. Supported by a global-standard GMP manufacturing infrastructure and a highly efficient, integrated commercialization model, the company has evolved into a globally competitive biopharmaceutical focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 27 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 7 new drugs are commercially available. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

Forward-Looking Statements

This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

In February 2026, China saw the installation volume of new energy vehicle (NEV) power batteries drop by 19.2% YoY to 27.3 GWh, according to an insight report released by the China Passenger Car Association (CPCA).

In 2M26, the average battery capacity per NEV was 62 kWh, up 29.2% YoY. XIAOMI-W (01810.HK), BYD COMPANY (01211.HK), and Tesla (TSLA.US) were the main contributors to the power battery installation volume.
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SpaceX plans to submit its IPO prospectus to US regulators later this week or next week, The Information reported, citing sources.

It is understood that this IPO aims to raise over USD75 billion, and SpaceX may go public in June, with individual investor allocation possibly exceeding 20%, though the exact proportion has yet to be finalized.
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Crude oil prices re-escalated as the Iran war entered its fourth week, leading to a retreat in US bourse Tuesday. The Nasdaq charted the wildest downswing, ending down 184 points or 0.8% at 21,761. The S&P 500 closed down 24 points or 0.4% at 6,556. The DJIA settled down 84 points or 0.2% at 46,124.

Software stocks came under pressure, with Salesforce (CRM.US) sliding more than 6%. Most tech stocks slumped, as Microsoft (MSFT.US) rented Texas data center dropped by OpenAI and Oracle (ORCL.US), causing Microsoft to sag over 2%. Amazon (AMZN.US) saw its Bahrain services disrupted again by the Iran conflict, falling 1.4%.
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Arm (ARM.US) announced on Tuesday the launch of its new AI data center chip, the AGI CPU, which is planned to enter mass production in the second half of this year and is expected to generate billions of USD in revenue.

The AGI CPU is designed to handle data computations required for a certain type of artificial intelligence that can act on behalf of users with minimal supervision, rather than responding to queries like chatbots.

Meta (META.US) will be the primary partner for Arm's AGI CPU. Arm's new chip clients include OpenAI, Cloudflare (NET.US), SAP, and SK Telecom.
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