快手发布2025年Q3财报：DAU连续三个季度创新高 AI加速赋能全业务场景

Kwai releases Q3 2025 Report: DAU hits record high for three consecutive quarters, AI accelerates empowerment across all business scenarios

快手于日前发布2025年Q3财报。财报显示，本季度快手总营收同比增长14.2%至356亿元，其中包含线上营销服务与以电商为主的其他服务在内的核心商业收入同比增长19.2%。受益于运营效率提升，本季度快手经营利润同比增长69.9%至53亿元，经调整净利润同比增长26.3%至50亿元，经调整净利率达到14%。

Kwai recently released Q3 2025 Report. The financial report shows that the total revenue of Kwai in this quarter increased by 14.2 year-on-year to 35.6 billion yuan, with core commercial revenue including online marketing services and other services based on e-commerce increased by 19.2 year-on-year. Benefiting from the improvement of operational efficiency, the operating profit of Kwai increased by 69.9 to 5.3 billion yuan, the adjusted net profit increased by 26.3 to 5 billion yuan, and the adjusted net interest rate reached 14%.

用户规模方面，本季度，快手应用平均日活跃用户数达4.16亿，连续三个季度再创历史新高；平均月活跃用户达到7.31亿。用户粘性也进一步增强，三季度平台双关用户的日均私信渗透率同比提升超3%。

In terms of user scale, the average daily active users (DAU) of the Kwai app reached 416 million this quarter, hitting a record high for three consecutive quarters, and the average monthly active users reached 731 million. User stickiness has also been further enhanced, with the average daily direct message(DM) penetration rate among mutual followers on the platform increasing by more than 3% year-on-year in the third quarter.

快手科技创始人兼首席执行官程一笑称：“得益于AI能力在快手各业务场景中的深度融合，本季度再次实现了稳健的运营指标与财务表现。展望未来，我们将持续推进AI战略在多元业务场景中的落地，以实现更高运营效率，为用户、创作者及合作伙伴提供卓越的使用体验，并为股东创造长期价值。”

Cheng Yixiao, Founder and CEO of Kwai Technology, stated: "Thanks to the deep integration of AI capabilities across Kwai's various business scenarios, we have once again achieved stable operational indicators and financial performance this quarter." Looking ahead, we will continue to advance the implementation of our AI strategy across diverse business scenarios. This is aimed at achieving higher operational efficiency, providing an excellent user experience for users, creators and partners, and creating long-term value for shareholders."

主营业务稳健增长 AI能力加速渗透营销与电商场景

Core business delivers solid growth as AI ability accelerates penetration in marketing and e-commerce

本季度，快手将AI技术在内容生态与商业场景中持续深化落地，实现从内容理解、推荐分发，到投放决策优化、人货匹配升级、商家经营等关键环节的全面提效。端到端生成式推荐大模型OneRec等中枢能力在内容生态中成熟应用后，进一步向线上营销、电商等商业场景拓展，为增量增长提供长期动力；同时，平台也在直播场景探索AI驱动的互动产品以丰富用户体验，共同推动主营业务实现高质量增长。

This quarter, Kwai further deepened the implementation of AI technology in its content ecosystem and business scenarios, achieving comprehensive efficiency in key links—from content understanding and recommendation algorithms, to optimized advertising decisions, upgraded product-user matching, and enhanced merchant operations and so on. After the mature application of central capabilities such as end-to-end generative recommendation model OneRec in the content ecology, it will further expand to online marketing, e-commerce and other business scenarios to provide long-term impetus for incremental growth. At the same time, the platform is also exploring AI-driven interactive products in its live-streaming scenes to enrich user experience, with these efforts working in concert to drive high-quality growth for its main business.

线上营销服务方面，2025年第三季度，快手线上营销服务收入达201亿元，同比增长14%，同比增速较上一季度继续提升。本季度，生成式推荐大模型OneRec和生成式强化学习出价模型G4RL等AI技术共同为国内线上营销服务收入带来了约4–5%的增量。其中，OneRec通过挖掘“用户行为与营销转化之间的深层关联”，提升了广告与用户兴趣之间的匹配效率；自研的出价模型G4RL则推动营销竞价从单步决策走向长程规划，有效提升广告主投放ROI。

In terms of online marketing services, in the third quarter of 2025, the revenue of Kwai online marketing services reached 20.1 billion billion yuan, an increase of 14% year-on-year, and the year-on-year growth rate continued to increase compared with the previous quarter. This quarter, AI technologies including the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL together generated approximately 4-5% incremental growth to domestic online marketing services revenue. Among them, OneRec improves the matching efficiency between advertising and user interests by mining "the deep correlation between user behavior and marketing conversion", while the self-developed bidding model G4RL promotes marketing bidding from single-step decision-making to long-term planning, effectively improving the ROI of advertisers.

在产品侧，快手持续在外循环与内循环两端推进自动化与智能化能力升级。外循环方面，UAX全自动投放产品在第三季度的消耗渗透率已超过70%，通过自动化优化投放节奏和智能出价，帮助更多中小客户实现更高效的增量触达。内循环方面，全站推广产品在素材供给、优质素材追投及ROI智能化出价等维度全面升级，进一步提升了电商商家的曝光与转化效率。

On the product side, Kwai continues to promote the upgrade of automation and intelligent capability across both open-loop and closed-loop ecosystems. In the open-loop ecosystem, the penetration rate of the Universal Auto X(UAX) fully automated advertising products have exceeded 70% in the third quarter, helping more small and medium-sized customers to achieve more efficient incremental reach through automated optimization of advertising rhythm and intelligent bidding. In the closed-loop ecosystem, the whole station promotion products has been comprehensively upgraded in the material supply, high-quality material investment and ROI intelligent bidding and other dimensions, further enhancing the exposure and conversion efficiency of e-commerce merchants.

除此以外，AIGC视频素材、数字人等工具大幅降低了营销素材的制作门槛和成本，本季度由 AIGC营销素材带来的线上营销消耗金额已超过30亿元。

In addition, AIGC video materials, digital people and other tools have greatly lowered the barrier to entry and the cost in the production of marketing materials. This quarter, the amount of online marketing consumption brought by AIGC marketing materials has exceeded 3 billion yuan.

电商业务方面，第三季度，快手电商GMV同比增长15.2%至3850亿元。平台通过多元惠商政策、全域流量扶持与智能工具赋能，帮助商家在快手构建“公域拓客、私域沉淀”的全域经营体系，电商活跃用户复购频次同比持续提高，信任电商生态下的用户粘性进一步增强。

In the e-commerce business, Kwai reported a GMV of 385 billion yuan in the third quarter, up 15.2% year-on-year. The platform through the diversified merchant-friendly policies, full-funnel traffic support, and AI-powered tools, to help merchants in the Kwai to build a "open-field for customer acquisition, private-field for customer retention" of the omni-channel operation system, e-commerce active users re-purchase frequency continued to increase year-on-year, trust e-commerce ecology under the user stickiness further enhanced.

在搜索和推荐侧，快手推出端到端生成式检索架构 OneSearch，实现更精准的商品匹配和用户理解，带动第三季度商城搜索订单量接近5%的提升；同时，OneRec 在电商业务场景的应用，为商城信息流带来GMV高单位数的提升。货架端，第三季度泛货架电商GMV持续高于整体电商大盘增长，占总GMV比例超过32%，日均动销商家同比增长13%。

On the search and recommendation side, Kwai launched OneSearch, an end-to-end generative retrieval architecture to achieve more accurate commodity matching and user understanding, driving the mall search order volume to increase by nearly 5% in the third quarter. At the same time, the application of OneRec in e-commerce business scenarios contributed a high-single-digit percentage increase in GMV for the mall's information feed. On the shelf side, in the third quarter, the GMV of Kwai's Pan-shelf E-commerce grow higher than the overall e-commerce market, accounting for more than 32% of the total GMV, and the average daily sales merchants increased 13% year-on-year.

在内容场，快手通过“天降涨粉红包”“达人爆品计划”等活动，为商家和达人搭建从“引流、涨粉、转化到复购”的完整经营链路，进一步夯实私域基础。得益于平台在供给侧的持续建设，第三季度通过分销产品撮合的日均动销商品数和日均动销达品对数同比均超过30%，日均万粉有效开播主播数同比增长14.8%。平台也持续以流量支持与货盘供给为抓手，引入更多中小达人，并建立更完善的培育机制，让达人生态更加多元、健康。

In the content field, the Kwai through the "Random Follower-Growth Red Packets" "Creator Bestseller Program" and other activities, for merchants and creators to build a complete business link from "traffic acquisition to fan growth, conversion, and re-purchase", to further consolidate the foundation of private domain operations. Benefiting from the continuous construction of the platform on the supply side, in the third quarter, the number of daily average sales of transacted products and successful creator-product matches facilitated through distribution products were more than 30% year-on-year, the daily number of effective live streamers with at least 10,000 followers increased by 14.8% year-on-year. The platform also continues to leverage traffic support and product portfolio supply as key tools to attract more small and medium-sized creators, and establishing a more comprehensive nurturing mechanism to foster a more diverse and healthy creator ecosystem.

可灵2.5 Turbo领跑全球 视频生产力平台持续进化

Kling 2.5 Turbo Leads the Global Race as Its Video Productivity Platform Continues to Evolve

除了在主营业务中深度应用AI能力之外，快手在视频大模型可灵AI上的布局也持续提速，通过模型能力、产品体验、用户生态和行业场景的全面突破，持续打造面向全球创作者的一站式视频生产力平台。

In addition to the in-depth application of AI capabilities in the main business, Kwai is accelerating its deployment of the video large model Kling AI, through comprehensive breakthroughs in model capabilities, product experience, user ecosystem, and industry scenarios, and continues to build a one-stop video productivity platform for global creators.

本季度，可灵正式上线 2.5 Turbo 模型，在文本理解、动态表现、美学效果和风格一致性等核心能力上取得显著提升，能够更好地解析复杂语义、执行多步逻辑指令，并生成叙事性更强的动态画面；同时通过工程化优化，将1080p视频生成成本进一步降低约30%，显著提升创作者的生产效率与性价比。模型发布十天后，即同时登上知名AI测评机构 Artificial Analysis 的全球文生视频和图生视频榜单第一名，在视频生成赛道持续保持行业领先。

This quarter, Kling officially launched the 2.5 Turbo model, which has significantly improved its core capabilities such as text comprehension, dynamic performance, aesthetic effect and style consistency. It can better analyze complex semantics, execute multi-step logical instructions, and generate dynamic visuals with stronger narrative coherence. At the same time, through engineering optimization, the 1080p video generation cost is further reduced by about 30%, significantly boosting creator productivity and cost-effectiveness. Ten days after the release of the model, it was also ranked first in the global list of text-to-video and image-to-video in Artificial Analysis, a well-known AI evaluation organization, maintaining its leading position in the video generation landscape.

在产品体验上，可灵围绕专业创作者工作流持续升级灵动画布、多图参考、数字人等关键能力，为分镜设计、角色一致性、风格保持和动态表达等更多专业场景提供更强的工具支持。随着生态的不断拓展，可灵AI全球用户规模已突破4500万，累计生成超2亿个视频和4亿张图片，为超2万家企业客户提供服务，覆盖广告营销、影视动画、游戏制作等行业。本季度，可灵AI营业收入超过3亿元，商业化进展进一步加快。

In terms of product experience, Kling continuously upgrades key capabilities such as flexible canvas, multi-graph reference, and digital human around the workflow of professional creators, providing stronger tool support for more professional scenes such as split mirror design, role consistency, style maintenance, and dynamic expression. With the continuous expansion of ecology, the global user scale of Kling AI has exceeded 45 million, generating more than 0.2 billion videos and 0.4 billion pictures, providing services to more than 20000 enterprise customers, covering advertising and marketing, film and television animation, game production and other industries. In this quarter, the operating income of Kling AI exceeded that of 0.3 billion yuan, further accelerating the commercialization progress.

在创作者生态方面，可灵AI通过赛事与运营体系不断增强其在全球创作者心中的影响力。“NEXTGEN 全球新影像创作大赛”吸引了来自 122个国家和地区的 4600余部作品，题材涵盖历史、科幻、动画等多个领域。优秀作品已陆续在戛纳电视节、釜山国际电影节、东京国际电影节等行业头部影视展会展映，为创作者提供更广阔的展示舞台，也让可灵AI的技术获得了更多国际影视机构和创作团队的关注。

In terms of creator ecology, Kling AI continues to enhance its influence in the hearts of global creators through competitive events and operating systems. The "NEXTGEN Global New Image Creation Competition" attracted more than 4600 works from 122 countries and regions, covering history, science fiction, animation and other fields. Excellent works have been shown in Cannes TV Festival, Busan International Film Festival, Tokyo International Film Festival and other industry leading film and television exhibitions, providing a broader display stage for creators, and and also allowing the technology of Keling AI to gain more international film institutions and the attenion of creative teams.

事实上，AI视频生成技术目前正加速进入影视产业实际制作流程。包括亚马逊剧集《大卫王朝》在内的多个项目已采用可灵参与部分镜头生成，制作团队表示 AI 工具在提升效率、压缩周期方面具有实用价值。

In fact, AI video generation technology is accelerating into the actual production process of the film and television industry. Several projects, including the Amazon series The Chosen: Dynasty of David, have utilized Kling for shot generation, and the production teams says AI tool has practical value in enhancing efficiency and compressing timelines.

内容生态持续丰富 海外业务稳健发展

The Content Ecosystem Continues to Expand as Overseas Business Maintains Steady Growth

第三季度，快手社区互动氛围持续增强。随着站内社交链路不断优化，双关用户（日常互相关注并产生互动的用户群体）的日均私信渗透率同比提升超 3%；与此同时，平台用户总使用时长继续保持健康增长态势，进一步巩固了内容消费的稳定性与用户粘性。

In the third quarter, the Kwai interactive atmosphere of the community continued to strengthen. With the continuous optimization of social links in the station, the average daily direct message(DM) penetration rate of mutual followers (user groups that pay attention to each other and generate interaction) increased by more than 3% year on year. At the same time, the total usage time of platform users continues to maintain a healthy growth trend, further reinforcing the stability of content consumption and enhancing user stickiness.

在内容生态建设方面，快手通过多元内容供给和重点运营活动持续提升用户体验。本季度，平台联合北京卫视推出“2025 快手超级夏晚”，直播间最高同时在线人数超过 540 万；面向年轻用户群体推出的时代少年团上海演唱会系列直播，直播间总观看量达 9.8 亿次。此外，泛知识“老铁梨园”系列暑期活动以秦腔、陕北说书等多剧种形式走入线下，带动传统文化题材内容在平台进一步破圈，也为相关垂类创作者扩大了曝光空间。

In terms of content ecological construction, Kwai continues to improve the user experience through diversified content supply and key operational activities. This quarter, the platform and Beijing Satellite TV launched the "2025 Fast Hand Super Summer Evening", with the highest number of simultaneous online users in the live broadcast room exceeding 5.4 million. The Shanghai concert series of the TNT was broadcast live for young users, with a total of 0.98 billion views in the live broadcast room. In addition, the pan-knowledge "Old Iron Pear Garden" series of summer activities have entered the offline in the form of Qin Opera, Northern Shaanxi storytelling and other operas, driving the content of traditional cultural themes to further break the circle on the platform and expanding the exposure space for relevant vertical creators.

直播生态同样稳健发展。本季度，快手直播收入达 96 亿元，公会生态持续健康发展，截至三季度末，签约公会机构数量同比提升超17%，公会签约主播数量同比增长超20%。在产品创新方面，快手依托可灵AI能力上线“AI万象”礼物定制功能，上线当天用户已付费生成并送出超过10万次定制礼物，显著增强直播间互动。与此同时，“超级大舞台2.0·百城大战”、“夏日游音节”等运营活动也提升了直播内容的丰富度和用户参与度。

The live-streaming ecology is also developing steadily. In this quarter, the revenue of Kwai live broadcast reached 9.6 billion yuan, and the ecology of the guild continued to develop healthily. As of the end of the third quarter, the number of contracted guild organizations increased by more than 17% year on year, and the number of contracted anchors of the guild increased by more than 20% year on year. In terms of product innovation, Kwai rely on Kling's AI ability to launch the "AI Vientiane" gift customization function. On the day of launch, users have paid to generate and send more than 100000 customized gifts, significantly enhancing the interaction between live broadcasts. At the same time, operational activities such as "Super Stage 2.0, Hundred Cities War" and "Summer Tour Syllables" have also improved the richness of live content and user participation.

海外业务方面，快手坚持高质量增长路径，持续深耕巴西等核心市场，通过优化渠道获客效率和重点运营核心品类创作者，在控制成本的前提下保持稳健发展。2025年第三季度，巴西市场单用户日均使用时长同比持续增长；线上营销业务积极拓展多样化行业客户，通过产品能力升级与投放策略优化提升整体营销链路的转化效率；电商业务则在严格控制ROI的前提下，GMV成交规模和订单数量同比实现健康增长。(心月)

In overseas business, Kwai adheres to a high-quality growth path, continues to plough into core markets such as Brazil, and maintains steady development while controlling costs by optimizing channel acquisition efficiency and focusing on operating core category creators. In the third quarter of 2025, the average daily usage time of single users in Brazil market continued to grow year on year. Online marketing actively expands customers in diversified industries and improves the conversion efficiency of the overall marketing link through product capability upgrading and delivery strategy optimization. On the premise of strictly controlling ROI, e-commerce business achieved healthy growth in GMV transaction scale and order quantity year on year. (heart month)