KUAISHOU(01024)2025-03-25 08:30Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 126.898 billion, representing an 11.8% year-over-year increase from RMB 113.470 billion in 2023[4]. - Adjusted net profit for the year was RMB 17.716 billion, a significant increase of 72.5% compared to RMB 10.271 billion in the previous year, with an adjusted net profit margin of 14.0%[4]. - Operating profit for the year was RMB 15.287 billion, a remarkable increase of 137.7% from RMB 6.431 billion in 2023[4]. - Gross profit for 2024 was RMB 69.292 billion, up 20.7% from RMB 57.391 billion in 2023, with a gross margin increase from 50.6% to 54.6%[41]. - The company reported a net profit of RMB 15.344 billion for the year, up from RMB 6.399 billion in 2023, marking a growth of 140.5%[113]. - Basic earnings per share for the year were RMB 3.56, compared to RMB 1.48 in 2023, reflecting a significant increase[111]. User Engagement - Average daily active users (DAUs) increased to 399.4 million in 2024, up from 379.9 million in 2023, while average monthly active users (MAUs) rose to 709.7 million from 678.2 million[12]. - The average daily usage time for Kuaishou users reached 125.6 minutes, with total user usage time increasing by 5.8% year-over-year[16]. - In Q4 2024, the average daily active users of Kuaishou reached 401 million, with a year-over-year growth of 4.8%, while monthly active users reached 736 million, growing by 5.0%[16]. E-commerce Growth - The total e-commerce Gross Merchandise Volume (GMV) for the year was RMB 1,389.582 billion, compared to RMB 1,184.371 billion in 2023, indicating strong growth in the e-commerce sector[12]. - The e-commerce GMV in Q4 2024 grew by 14.4% year-over-year to RMB 462.1 billion, with monthly active buyers increasing by 10.0% to 143 million[21]. - The number of monthly active merchants in Kuaishou's e-commerce ecosystem grew by over 25.0% year-over-year in Q4 2024[23]. Marketing and Advertising - Kuaishou's online marketing service revenue in Q4 2024 was RMB 20.6 billion, representing a year-over-year increase of 13.3%[19]. - Online marketing service revenue rose by 20.1% to RMB 72.419 billion in 2024, driven by optimized marketing solutions and AI technology[35]. - The daily average consumption of AIGC marketing materials exceeded RMB 30 million in Q4 2024, significantly enhancing customer marketing efficiency[19]. Research and Development - The company is leveraging advanced AI technology to enhance content creation and user experience, positioning itself at the forefront of industry transformation[13]. - Research and development expenses rose by 4.7% to RMB 3.5 billion in Q4 2024, reflecting increased employee benefits costs[69]. International Operations - The overseas segment reported an operating loss of RMB 934 million, compared to a loss of RMB 2,789 million in the previous year, indicating an improvement[129]. - Overseas revenue grew by 52.9% year-on-year in Q4 2024, with online marketing revenue increasing by 83.5%[27]. Cash Flow and Investments - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 29.8 billion, compared to RMB 20.8 billion in 2023[106]. - The net cash used in investing activities was RMB 36.677 billion, compared to RMB 19.865 billion in 2023, indicating increased investment[118]. - The total available funds as of December 31, 2024, amounted to RMB 92.8 billion, up from RMB 61.6 billion in 2023[105]. Corporate Governance - The board has decided to reallocate part of the unused net proceeds to working capital and general corporate purposes, including share buybacks, to enhance resource allocation flexibility[158]. - The company has complied with all applicable corporate governance code provisions except for the separation of the roles of Chairman and CEO[159]. - The company will continue to focus on long-term strategic needs and optimize operational efficiency[158]. Future Outlook - The company aims to enhance its AI-driven content platform and create long-term value for users and partners[29]. - The company is actively considering mergers and acquisitions as part of its growth strategy[178]. - Forward-looking statements in the announcement are subject to risks and uncertainties, and investors should not overly rely on them[173].