Financial Performance - Kuaishou Technology reported a revenue of RMB 25,217 million for the three months ended March 31, 2023, representing a 19.7% increase from RMB 21,067 million in the same period of 2022[2]. - Gross profit for the same period was RMB 11,712 million, with a gross margin of 46.4%, compared to RMB 8,782 million and a margin of 41.7% in the previous year, indicating a 33.4% increase in gross profit[2]. - The company achieved an adjusted net profit of RMB 42 million, a significant turnaround from an adjusted net loss of RMB 3,722 million in the same quarter of 2022[2][3]. - Operating loss narrowed to RMB 698 million from RMB 5,643 million in the same quarter of 2022, reflecting an 87.6% improvement[2][6]. - The company recorded a net loss of RMB 876 million in Q1 2023, compared to a net loss of RMB 6.3 billion in Q1 2022[32]. - The basic loss per share for Q1 2023 was RMB 0.20, improving from RMB 1.48 in Q1 2022[55]. - The company reported a total of RMB 16,232 million in total assets as of March 31, 2023, down from RMB 18,109 million as of December 31, 2022[68]. User Engagement and Growth - Average daily active users (DAUs) reached 374.3 million, up 8.3% year-over-year, while average monthly active users (MAUs) increased to 654.4 million, a 9.4% growth[5][7]. - The average revenue per daily active user (ARPU) increased to RMB 34.9, up from RMB 32.9 in the previous year[5]. - The number of monthly average users for Kuaishou's search function exceeded 420 million in Q1 2023, with peak daily search counts surpassing 650 million[8]. - Daily active users (DAUs) reached 50 million, a 10% increase compared to the previous quarter, indicating robust platform growth[75]. - Monthly active users (MAUs) grew to 200 million, representing a 12% year-over-year increase, showcasing the platform's expanding reach[76]. E-commerce Performance - The total gross merchandise value (GMV) for e-commerce transactions on the platform was RMB 224,766.5 million, compared to RMB 175,075.6 million in the same period last year[5]. - The total e-commerce transaction volume increased by 28.4% year-over-year, reaching RMB 224.8 billion in Q1 2023[10]. - The brand self-broadcasting transaction volume increased by approximately 70% year-over-year in Q1 2023, supported by promotional activities[10]. - E-commerce transactions through influencer distribution channels grew by over 50% year-over-year in Q1 2023, indicating a strong performance in influencer marketing[10]. - E-commerce monthly active buyers and average order value continued to grow year-over-year, contributing to an increase in e-commerce transaction volume[20]. Marketing and Revenue Segments - Kuaishou's online marketing services revenue grew by 15.1% year-over-year to approximately RMB 13.1 billion, accounting for 51.8% of total revenue in Q1 2023[9]. - Online marketing services revenue rose by 15.1% year-over-year to RMB 13.06 billion, attributed to improved data infrastructure and optimized product capabilities[18]. - Live streaming revenue grew by 18.8% year-over-year to RMB 9.3 billion, supported by a 6.4% increase in average monthly paying users and enhanced content supply[19]. - The company successfully integrated its commercialization and traffic ecosystem, enhancing operational efficiency and monetization capabilities[6]. Cost Management and Operational Efficiency - The cost of sales increased by 9.9% from RMB 12.3 billion in Q1 2022 to RMB 13.5 billion in Q1 2023, primarily due to an increase in revenue-sharing costs and related taxes[22]. - Sales and marketing expenses decreased by 8.1% from RMB 9.5 billion in Q1 2022 to RMB 8.7 billion in Q1 2023, representing a reduction in total revenue percentage from 45.0% to 34.6%[23]. - Research and development expenses decreased by 17.1% from RMB 3.5 billion in Q1 2022 to RMB 2.9 billion in Q1 2023[25]. - The company's operating loss narrowed by 45.1% quarter-over-quarter in overseas markets due to improved operational efficiency[13]. Future Outlook and Strategic Initiatives - The company plans to launch three new products in the next quarter, aiming to enhance user experience and drive further growth[76]. - Future guidance estimates revenue growth of 25% for the upcoming fiscal year, driven by user acquisition and retention strategies[76]. - The company is exploring potential acquisitions to expand its market presence and diversify its service offerings[76]. - Investment in new technologies is expected to increase by 30% in the next fiscal year, focusing on enhancing platform capabilities[76].

快手科技 （於開曼群島註冊成立以不同投票權控制的有限公司） 目錄 公司資料 2 財務概要及營運摘要 4 主席報告 9 管理層討論與分析 16 董事會報告 39 企業管治報告 92 環境、社會及管治報告 113 獨立核數師報告 190 合併損益表 199 合併綜合虧損表 200 合併資產負債表 201 合併權益變動表 203 合併現金流量表 205 合併財務報表附註 206 公司資料 董事會 企業管治委員會 ...

Financial Data and Key Metrics Changes - Total revenue for 2022 increased by 16.2% to RMB94.18 billion, with Q4 2022 revenue rising 15.8% year-over-year to RMB28.3 billion [6][34] - Adjusted EBITDA turned positive at RMB1.81 billion for 2022, compared to a negative RMB12.95 billion in 2021 [43] - Operating loss narrowed to RMB1.2 billion in Q4 2022, improving from RMB5.8 billion in Q4 2021 [41] Business Line Data and Key Metrics Changes - Online marketing services revenue increased by 14% year-over-year to RMB15.09 billion in Q4 2022, accounting for 53.4% of total revenue [12][35] - E-commerce GMV reached RMB312.4 billion in Q4 2022, up 30% year-over-year, with full-year GMV surpassing RMB901.2 billion [16][37] - Live streaming revenue reached RMB10.03 billion in Q4 2022, up 13.7% year-over-year [26][37] Market Data and Key Metrics Changes - Average Daily Active Users (DAUs) on Kuaishou App hit a record high of 366.2 million, representing a year-over-year increase of 13.3% [7][8] - Average daily time spent per DAU increased by 12.6% year-over-year to 133.9 minutes [8] - Monthly active e-commerce paying users increased year-over-year, with a high double-digit penetration rate [24] Company Strategy and Development Direction - The company aims to enhance its monetization capabilities and improve operational efficiency while focusing on building a trust-based ecosystem [43][31] - Kuaishou is committed to refining its user acquisition strategies and enhancing content quality to drive user growth [65][66] - The company plans to promote brand e-commerce and strengthen its advertising capabilities through improved algorithms and data management [59][60] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the advertising market recovery in the second half of 2023, driven by economic recovery and increased advertiser budgets [55] - The company anticipates continued growth in its e-commerce business, leveraging high-quality content and user trust [52] - Management highlighted the importance of enhancing product quality and operational efficiency to respond to competitive pressures in the e-commerce sector [47][48] Other Important Information - The company reported a significant increase in the number of mutual followers on the Kuaishou App, reaching 26.7 billion, up 63.4% year-over-year [9] - Kuaishou's balance sheet remained healthy with cash and cash equivalents totaling RMB44.7 billion as of December 31, 2022 [42] Q&A Session Summary Question: Trends in live streaming e-commerce business and competition response - Management noted strong growth in e-commerce GMV during the Chinese New Year and subsequent shopping festivals, emphasizing the importance of trust in the platform [45][46] Question: Advertising customer sentiment and revenue growth outlook - Management indicated that advertisers are cautiously optimistic for 2023, expecting a rebound in the online marketing services market in the latter half of the year [54][55] Question: User growth targets and cost trends - Management outlined a threefold strategy for user growth, focusing on improving acquisition efficiency, enhancing content quality, and targeting underpenetrated demographics [63][65] Question: Progress on new business segments like local services and Kwai Hire - Management highlighted the potential for local services and reported rapid progress in Kwai Hire, with significant increases in job postings and resume submissions [67][71] Question: Impact of AI technologies on the online retail industry - Management discussed Kuaishou's advancements in generative AI and its potential applications in content generation and user engagement [74][76]

User Growth and Engagement - Monthly active buyers increased year-on-year and quarter-on-quarter in Q4 2022, with penetration reaching double digits, and monthly purchase frequency and average order value also increased year-on-year and quarter-on-quarter[14] - Overseas daily active users' average daily usage time increased to over 65 minutes, and the loss amount narrowed further[16] - The daily resume submission volume for the KuaiZhao (快聘) business more than doubled in Q4 2022 compared to Q1 2022[15] - Daily Active Users (DAU) refers to the number of unique user accounts that access the application at least once a day, excluding fraudulent accounts[127] - Monthly Active Users (MAU) refers to the number of unique user accounts that access the application at least once a calendar month, excluding fraudulent accounts[129] - Monthly Paying Users refers to the number of user accounts that purchase specific services at least once a month[129] - Paying Users refers to user accounts that purchase specific services at least once during a specific period[129] - Repeat Purchase Rate refers to the percentage of users who make a purchase in a specific month and make another purchase in the following month[129] Live Streaming Performance - Live streaming revenue reached RMB 10 billion in Q4 2022, a record high, with a year-on-year increase of 13.7%, and the average monthly paying users for live streaming increased by 20.4% to 58.4 million[15] - Public domain live streaming revenue increased by over 150% year-on-year in Q4 2022[15] - Live streaming revenue grew by 14.2% from RMB 31.0 billion in 2021 to RMB 35.4 billion in 2022, with average monthly paying users increasing by 19.4%[24] - Live streaming revenue increased by 12.2% from RMB 8.9 billion in Q3 2022 to RMB 10.0 billion in Q4 2022, due to enriched content supply and optimized algorithms[61] Overseas Market Performance - Overseas market revenue scale is rapidly climbing, with live streaming penetration gradually increasing and revenue continuing to grow through refined operations and rich operational activities[17] - Overseas operating loss decreased from RMB 2.4 billion in Q4 2021 to RMB 1.5 billion in Q4 2022, driven by rapid overseas revenue growth and improved marketing efficiency[54] - Overseas operating loss decreased from RMB 1.7 billion in Q3 2022 to RMB 1.5 billion in Q4 2022, due to rapid overseas revenue growth and improved marketing efficiency[70] Revenue and Profitability - Revenue increased by 16.2% from RMB 81.1 billion in 2021 to RMB 94.2 billion in 2022, mainly due to the growth of online marketing services, live streaming, and e-commerce businesses[22] - Gross profit margin improved from 42.0% in 2021 to 44.7% in 2022, with sales and marketing expenses decreasing from 54.5% to 39.4% of total revenue[21] - Adjusted EBITDA improved from a loss of RMB 12.95 billion in 2021 to a profit of RMB 1.81 billion in 2022[21] - Revenue increased by 22.3% from RMB 23.1 billion in Q3 2022 to RMB 28.3 billion in Q4 2022, driven by growth in online marketing services, live streaming, and e-commerce[58] - Gross profit increased by 20.3% from RMB 10.7 billion in Q3 2022 to RMB 12.9 billion in Q4 2022, with gross margin decreasing slightly from 46.3% to 45.5%[66] - Domestic operations turned a profit of RMB 192.1 million in 2022, compared to a loss of RMB 8.7 billion in 2021, driven by a 15.5% increase in domestic revenue[33] - Net loss for the year decreased significantly from RMB 78.1 billion in 2021 to RMB 13.7 billion in 2022[37] - Loss before tax in Q4 2022 was RMB 1.2 billion, a significant improvement from RMB 5.9 billion in Q4 2021[56] - Net loss for Q4 2022 was RMB 1.5 billion, compared to RMB 6.2 billion in Q4 2021[57] - Adjusted EBITDA for Q4 2022 was RMB 1.935 billion, compared to RMB 1.023 billion in Q3 2022 and a loss of RMB 1.290 billion in Q4 2021[74] Online Marketing Services - Online marketing service revenue increased by 14.9% from RMB 42.7 billion in 2021 to RMB 49.0 billion in 2022, driven by platform traffic growth, diversified product portfolio, and refined operations[23] - Online marketing service revenue grew by 30.2% from RMB 11.6 billion in Q3 2022 to RMB 15.1 billion in Q4 2022, driven by increased advertiser numbers and spending[60] E-commerce and Other Services - The coverage rate of e-commerce trust rights orders increased by 460% compared to 2021[14] - Other service revenue rose by 31.4% from RMB 7.4 billion in 2021 to RMB 9.8 billion in 2022, primarily due to growth in e-commerce business[25] - Other service revenue rose by 22.1% from RMB 2.6 billion in Q3 2022 to RMB 3.2 billion in Q4 2022, driven by growth in e-commerce GMV[62] Financial Metrics and Cash Flow - Total revenue increased from RMB 81.1 billion in 2021 to RMB 94.2 billion in 2022, with online marketing services contributing 52.1%, live streaming 37.6%, and other services 10.3%[23] - Gross profit increased by 23.8% from RMB 34.0 billion in 2021 to RMB 42.1 billion in 2022, with gross margin improving from 42.0% to 44.7%[28] - Sales and marketing expenses decreased by 16.0% from RMB 44.2 billion in 2021 to RMB 37.1 billion in 2022, reflecting more efficient user acquisition and retention spending[29] - R&D expenses decreased by 7.8% from RMB 15.0 billion in 2021 to RMB 13.8 billion in 2022, mainly due to reduced employee benefits and share-based compensation[30] - Operating loss narrowed from RMB 27.7 billion in 2021 to RMB 12.6 billion in 2022, with the operating loss margin improving from -34.2% to -13.3%[32] - Net financial income in Q4 2022 was RMB 106.8 million, compared to a net financial expense of RMB 56.7 million in Q4 2021, mainly due to increased bank deposit interest income and reduced lease liability interest expenses[55] - Sales and marketing expenses increased by 6.7% from RMB 9.1 billion in Q3 2022 to RMB 9.7 billion in Q4 2022, primarily due to e-commerce promotions and Spring Festival marketing activities[67] - Net other losses for Q4 2022 were RMB 350.2 million, compared to RMB 279.6 million in Q3 2022[68] - Operating loss for Q4 2022 was RMB 1.2 billion, with an operating margin of -4.4%, compared to an operating loss of RMB 2.6 billion and a margin of -11.3% in Q3 2022[68] - Domestic operating profit increased from RMB 375.1 million in Q3 2022 to RMB 1.3 billion in Q4 2022, driven by domestic revenue growth[70] - Net financial income for Q4 2022 was RMB 106.8 million, up from RMB 68.3 million in Q3 2022, primarily due to increased bank deposit interest income[71] - Loss before tax for Q4 2022 was RMB 1.2 billion, compared to RMB 2.6 billion in Q3 2022[72] - Income tax expense for Q4 2022 was RMB 383.9 million, compared to RMB 137.1 million in Q3 2022[72] - Net loss for Q4 2022 was RMB 1.5 billion, compared to RMB 2.7 billion in Q3 2022[73] - Operating cash flow for the year ended December 31, 2022, was RMB 2,198,028 thousand, compared to a negative RMB 5,519,291 thousand in 2021[86] - Net cash used in investing activities for 2022 was RMB 17,547,929 thousand, slightly lower than RMB 18,361,335 thousand in 2021[86] - Net cash used in financing activities for 2022 was RMB 4,482,383 thousand, compared to a net cash inflow of RMB 36,500,187 thousand in 2021[86] - Total revenue for 2022 was RMB 94,182,522 thousand, a 16.2% increase from RMB 81,081,513 thousand in 2021[94] - Domestic revenue for 2022 was RMB 93,557,462 thousand, accounting for 99.3% of total revenue, while overseas revenue was RMB 625,060 thousand[94] - Online marketing services revenue grew to RMB 49,041,552 thousand in 2022, up 14.9% from RMB 42,665,483 thousand in 2021[95] - Live streaming revenue increased to RMB 35,387,952 thousand in 2022, a 14.2% rise from RMB 30,995,152 thousand in 2021[95] - Other services revenue reached RMB 9,753,018 thousand in 2022, a 31.4% increase from RMB 7,420,878 thousand in 2021[95] - The company reported a net decrease in cash and cash equivalents of RMB 19,832,284 thousand for 2022, compared to a net increase of RMB 12,619,561 thousand in 2021[86] - The company's cash and cash equivalents at the end of 2022 were RMB 13,274,269 thousand, down from RMB 32,612,419 thousand at the end of 2021[86] Assets and Liabilities - The company's right-of-use assets for internet data centers decreased to RMB 8,103,946 thousand in 2022 from RMB 10,101,628 thousand in 2021, a decline of 19.8%[104] - Total lease liabilities decreased to RMB 12,195,490 thousand in 2022 from RMB 13,608,685 thousand in 2021, a reduction of 10.4%[104] - The company added and modified right-of-use assets worth approximately RMB 10.1 billion in 2022, compared to RMB 2.3 billion in 2021[104] - Total cash outflows for leases in 2022 amounted to approximately RMB 3.4 billion, up from RMB 2.7 billion in 2021[105] - Trade receivables increased to RMB 6,333,247 thousand in 2022 from RMB 4,476,135 thousand in 2021, a rise of 41.5%[107] - Cash and cash equivalents decreased to RMB 13,274,269 thousand in 2022 from RMB 32,612,419 thousand in 2021, a significant drop of 59.3%[109][110] - The weighted average annual interest rate for initial term deposits within three months increased to 4.89% in 2022 from 0.57% in 2021[111] - Total investments in financial assets at fair value through profit or loss increased to RMB 16,713,187 thousand in 2022 from RMB 12,142,826 thousand in 2021, a growth of 37.6%[106] - Accounts payable increased to RMB 22,868,452 thousand in 2022 from RMB 20,021,082 thousand in 2021, a rise of 14.2%[115] - Customer prepayments decreased to RMB 3,240,402 thousand in 2022 from RMB 3,502,642 thousand in 2021, a decline of 7.5%[116] Corporate Governance and Proceeds Utilization - The company decided not to recommend the payment of a final dividend for the year ended December 31, 2022[117] - The net proceeds from the global offering amounted to approximately HKD 46,964.4 million[117] - 35% of the net proceeds (HKD 16,437.5 million) were allocated to enhancing the ecosystem, with HKD 15,315.3 million already utilized as of December 31, 2022[118] - 30% of the net proceeds (HKD 14,089.3 million) were allocated to strengthening R&D and technological capabilities, with HKD 12,554.9 million already utilized as of December 31, 2022[118] - 25% of the net proceeds (HKD 11,741.1 million) were allocated for selective acquisitions or investments, with only HKD 505.0 million utilized as of December 31, 2022[118] - 10% of the net proceeds (HKD 4,696.5 million) were allocated for working capital and general corporate purposes, with HKD 4,441.5 million already utilized as of December 31, 2022[118] - The remaining unused net proceeds as of December 31, 2022, totaled HKD 14,147.7 million[118] - The company expects to fully utilize the net proceeds by December 31, 2023[118] - The company has complied with all applicable provisions of the Corporate Governance Code for the year ended December 31, 2022[119] - The company’s 2023 Annual General Meeting is scheduled to be held on June 16, 2023[122] Definitions and Key Metrics - Average Revenue Per Paying User (ARPPU) is calculated by dividing the revenue for a specific period by the number of paying users during that period[127] - Gross Merchandise Value (GMV) refers to the total value of all products and services transacted on or through the company's platform, excluding transactions over RMB 100,000 or a series of transactions exceeding RMB 1,000,000 by a single buyer in a single day, unless settled[128] - GMV per 1,000 Views is calculated by dividing the GMV by the total number of page views and multiplying by 1,000[128] - The company's listing date on the Hong Kong Stock Exchange was February 5, 2021[128] - The company's organizational bylaws were adopted on January 18, 2021, and became effective on the listing date[127]

Financial Data and Key Metrics Changes - The company's revenue for Q3 2022 grew by 12.9% year-over-year to 23.1 billion RMB, driven by growth in online marketing services, e-commerce, and live streaming businesses [14][17] - Adjusted net loss narrowed to 670 million RMB from 1.3 billion RMB in Q2 2022 and 4.6 billion RMB in Q3 2021, resulting in an adjusted net margin improvement from negative 22.5% in Q3 2021 to negative 2.9% in Q3 2022 [16][17] - Gross profit reached 10.7 billion RMB, growing 28.5% year-over-year, with a gross profit margin of 46.3%, improving 4.8 percentage points year-over-year [15][16] Business Line Data and Key Metrics Changes - Revenue from online marketing services was 11.6 billion RMB, up 6.2% year-over-year, despite a challenging advertising market [14][19] - E-commerce GMV reached 222.5 billion RMB, increasing by 26.6% year-over-year, with a significant rise in the number of active merchants [10][14] - Live streaming revenue grew by 15.8% year-over-year to 8.95 billion RMB, attributed to improved content quality and user matching efficiency [12][14] Market Data and Key Metrics Changes - The average daily time spent per DAU increased by 8.6% year-over-year to 129.3 minutes, indicating strong user engagement [6][7] - The number of monthly active e-commerce paying users surpassed 100 million, with a payment penetration rate exceeding 15% [22][23] - Monthly active advertisers increased by over 65% year-over-year, reflecting the platform's growing advertising effectiveness [9][14] Company Strategy and Development Direction - The company is focusing on enhancing its commercial ecosystem by integrating e-commerce, online marketing, and live streaming [3][4] - A new Commercial Ecosystem Committee has been established to facilitate collaboration among business units and improve monetization strategies [3][4] - The company aims to build a merchandise system to enhance understanding and control over the merchandise element in e-commerce [5][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic conditions and the COVID-19 pandemic but emphasized breakthroughs in business operations and financial performance [2][6] - The advertising market is expected to recover slowly, with growth projected in the mid-single digits for 2022 [18][19] - The company remains confident in its long-term market development and aims to strengthen its foundational capabilities to capture more market share [21] Other Important Information - The company has implemented cross-departmental rotations for mid-level managers to enhance collaboration and efficiency [4] - The e-commerce business is seen as a key growth engine, with a focus on improving user experience and optimizing algorithms for better conversion rates [5][10] Q&A Session Summary Question: Advertising monetization outlook - Management noted that the overall recovery of the advertising market is weak, with expectations of mid-single-digit growth for 2022, and emphasized improvements in product commercialization [17][18] Question: E-commerce trends and performance - The number of active buyers surpassed 100 million, with a payment penetration rate over 15%. The company is focusing on multi-scenario penetration and enhancing user experience [22][23]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至9月30日止三個月 2022年 2021年 Kuaishou Technology 快手科技 （股份代號：1024） （於開曼群島註冊成立以不同投票權控制的有限公司） 截至2022年9月30日止三個月及九個月的業績公告 快手科技董事會欣然宣佈本公司截至2022年9月30日止三個月及九個月的未經 審核合併業績。該等中期業績乃根據國際會計準則第34號「中期財務報告」編製 並由本公司獨立核數師羅兵咸永道會計師事務所（「核數師」）根據國際審計及 鑒證準則理事會頒佈的國際審閱準則第2410號「實體的獨立核數師對中期財務 資料的審閱」審閱。該等中期業績亦已由審核委員會審閱。 摘要 財務概要 未經審核 | --- | --- | --- | --- | --- | |-------------|---------------|--------------------------------- ...

| --- | --- | |---------------------------------------------------------------------------|-------| | | | | | | | | | | 股份代號： 1024 （於開曼群島註冊成立以不同投票權控制的有限公司） 快手科技 | | 目錄 公司資料2 摘要4 主席報告8 管理層討論與分析 13 其他資料 30 中期財務資料的審閱報告 52 簡明合併損益表 53 簡明合併綜合虧損表 54 簡明合併資產負債表 55 簡明合併權益變動表 57 簡明合併現金流量表 59 簡明合併中期財務資料附註 60 釋義 97 公司資料 董事會 執行董事 宿華先生（董事長） 程一笑先生 非執行董事 李朝暉先生 張斐先生 沈抖博士 林欣禾先生 獨立非執行董事 王慧文先生 黃宣德先生 馬寅先生 審核委員會 黃宣德先生（主席） 王慧文先生 馬寅先生 薪酬委員會 黃宣德先生（主席） 宿華先生 李朝暉先生 王慧文先生 馬寅先生 提名委員會 王慧文先生（主席） 程一笑先生 張斐先生 黃宣德先生 馬寅先生 企業管治委員會 王慧文先生（主席） 黃宣德先 ...

Financial Data and Key Metrics Changes - The company's revenues for Q2 2022 increased by 13.4% year-on-year to RMB21.7 billion, driven by growth in online marketing services, e-commerce, and live streaming businesses [32] - Revenue from online marketing services reached RMB11 billion, up 10.5% year-on-year, attributed to traffic growth and improved ad performance [32][16] - Gross profit for Q2 2022 was RMB9.8 billion, growing 16.5% year-on-year, with a gross profit margin of 45%, up from 43.8% in Q2 2021 [35] - The operating loss narrowed to RMB3.1 billion, an improvement from RMB7.2 billion in Q2 2021 [37] - Adjusted net loss for Q2 2022 was RMB1.3 billion, significantly improved from RMB5.0 billion in Q2 2021 [38] Business Line Data and Key Metrics Changes - E-commerce GMV increased by 31.5% year-on-year to RMB191.2 billion, with live streaming e-commerce gaining a larger market share [20] - Revenue from live streaming grew by 19.1% year-on-year to RMB8.6 billion, driven by improved content quality and operational capabilities [33] - The number of monthly active brand merchants more than doubled year-on-year, indicating strong growth in the e-commerce segment [45] Market Data and Key Metrics Changes - Domestic DAUs reached 347 million, an 18.5% year-on-year increase, reflecting strong user engagement [7] - The average daily time spent per DAU was 125.2 minutes, up 17.1% year-on-year, indicating increased user stickiness [8] - The number of proactive advertisers increased by over 90% year-on-year, reflecting improved advertiser retention and demand [16] Company Strategy and Development Direction - The company aims to enhance monetization efficiency across its ecosystem while adapting to the evolving macro environment [39] - A focus on building a trust-based e-commerce ecosystem is emphasized, leveraging live streaming to improve sales conversion [42] - The company is exploring new monetization models and improving operational efficiencies to support sustainable growth [39] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the pandemic and macroeconomic volatility but highlighted significant business breakthroughs [6] - The company remains committed to improving user experience and operational efficiency, aiming for a target of 400 million DAUs [11] - Future strategies include enhancing the recruitment experience for blue-collar workers and capturing a leading share of the online blue-collar recruitment market [56] Other Important Information - The company has over 2,000 celebrity accounts with a cumulative following of 870 million, enhancing its content ecosystem [14] - The average ROI for native advertisers continues to improve, indicating effective advertising strategies [18] Q&A Session Summary Question: E-commerce business growth and consumer behavior changes post-COVID - Management highlighted the development of a trust-based e-commerce ecosystem and improvements in sales conversion through live streaming [42][43] - The number of monthly new merchants increased significantly, reflecting the growing recognition of live streaming e-commerce advantages [44] Question: Operational efficiencies and top-line growth - Management discussed breakthroughs in revenue-sharing cost management and technology upgrades to enhance efficiency [51][52] Question: Client recruitment progress and monetization plans - Management outlined the advantages of Kuaishou's blue-collar recruitment platform, emphasizing user trust and efficient matching capabilities [55][56]

Financial Data and Key Metrics Changes - In Q1 2022, total revenue reached 21.1 billion yuan, a year-on-year increase of 23.8% [15][16] - Online marketing service revenue was 11.4 billion yuan, up 32.6% year-on-year, accounting for 53.9% of total revenue [15][16] - Gross profit was 8.8 billion yuan, with a gross margin of 41.7%, an increase from 41.1% in Q1 2021 [16][17] - Operating loss narrowed significantly to 5.6 billion yuan, improving the operating margin from -42.8% in Q1 2021 to -26.8% in Q1 2022 [17][18] Business Line Data and Key Metrics Changes - Daily Active Users (DAU) reached 346 million, a 17% year-on-year increase, while Monthly Active Users (MAU) reached 598 million, up 15% year-on-year [3][4] - E-commerce Gross Merchandise Value (GMV) grew by 47.7% year-on-year, reaching 175.1 billion yuan [10][16] - Live streaming revenue was 7.8 billion yuan, an 8.2% increase year-on-year [12][16] Market Data and Key Metrics Changes - The advertising market faced challenges due to macroeconomic conditions and the pandemic, but the company maintained a strong growth trajectory in its advertising revenue [35][39] - The number of advertisers increased by over 60% year-on-year, indicating a growing interest in the company's advertising offerings [8][39] Company Strategy and Development Direction - The company focuses on differentiated growth strategies, leveraging its social attributes and content discovery mechanisms to enhance user engagement [20][21] - The introduction of the "Fast Brand" strategy aims to cultivate emerging self-operated brands within the e-commerce ecosystem, enhancing user experience and trust [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of the recent COVID-19 outbreak on operations but expressed confidence in the company's resilience and ability to capture market share in the long term [27][30] - The company is optimistic about the recovery of its e-commerce business as pandemic control measures improve [29][30] Other Important Information - The company has implemented various support measures for merchants affected by the pandemic, including advertising fee refunds and promotional incentives [9][10] - The organization has undergone structural adjustments to enhance operational efficiency and inter-departmental collaboration [25][26] Q&A Session Summary Question: What drove the unexpected growth in Q1 despite high sales expenses? - Management attributed the growth to differentiated growth strategies, the strong engagement of short videos, and effective organizational adjustments [19][20] Question: Can you share recent developments in the e-commerce sector? - Management noted that while the e-commerce business faced challenges due to the pandemic, it still achieved close to 50% year-on-year growth, with a focus on improving logistics and user experience [27][28] Question: How does the current macroeconomic environment affect advertising growth? - Management acknowledged that the macroeconomic environment poses challenges but emphasized that the company continues to gain market share and maintain strong revenue growth [35][39] Question: What is the potential impact of regulations on the live streaming business? - Management indicated that while regulations are evolving, the company remains focused on enhancing the value of its live streaming offerings and achieving growth targets [38][39]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 未經審核 截至3月31日止三個月 2022年 2021年 Kuaishou Technology 快手科技 （股份代號：1024） （於開曼群島註冊成立以不同投票權控制的有限公司） 截至2022年3月31日止三個月的業績公告 快手科技董事會欣然宣佈本公司截至2022年3月31日止三個月的未經審核合併 業績。該等中期業績乃根據國際會計準則第34號「中期財務報告」編製並由本公 司獨立核數師羅兵咸永道會計師事務所（「核數師」）根據國際審計及鑒證準則 理事會頒佈的國際審閱準則第2410號「實體的獨立核數師對中期財務資料的審閱」 審閱。該等中期業績亦已由審核委員會審閱。 摘要 財務概要 | --- | --- | --- | --- | --- | |-------------|---------------|---------------------------------|------- ...