Kuaishou-W's first-quarter performance outlook indicates projected revenue between 333.48 billion and 335.00 billion yuan, reflecting a year-over-year increase of 2.3% to 2.7%. Net profit is forecasted to be in the range of 24.33 billion to 25.86 billion yuan, representing a decrease of 38.8% to 35.0% compared to the same period last year. Adjusted net profit is anticipated to be between 29.52 billion and 31.29 billion yuan, a decline of 35.5% to 31.7% year-over-year. Investor focus will be on whether the actual financial results exceed these expectations upon release.
According to analysis from Guohai Securities, Kuaishou-W's Q4 2025 report demonstrated growth in both revenue and profit. Revenue reached 395.68 billion yuan, an 11.8% increase year-over-year, while net profit was 52.34 billion yuan. In terms of user metrics, Monthly Active Users (MAU) and Daily Active Users (DAU) grew by 0.6% and 1.7% respectively. Average daily user time spent reached 126.0 minutes, indicating strong user engagement. Financially, the gross profit margin improved to 55.1%, and adjusted net profit grew by 16.2%. Revenue from online marketing services and lifestyle services increased by 14.5%, driven by AI technology which facilitated marketing material consumption valued at 40 billion yuan. E-commerce and other business revenue saw a significant 28% year-over-year increase, with Gross Merchandise Volume (GMV) growing by 12.9%. Although live streaming revenue decreased by 1.9%, growth was supported by optimized content supply and AI empowerment. The overseas business achieved steady growth in the Brazilian market. The Kling AI model has been iteratively improved, with its revenue contribution increasing sequentially.
A breakdown by business segment is as follows: 1) Online Marketing and Lifestyle Services: Revenue grew 14.5%, with AI technology driving marketing material consumption to 40 billion yuan. 2) E-commerce and Other Businesses: Revenue increased 28% year-over-year, with GMV up 12.9%, enhanced by AI-improved user experience. 3) Live Streaming Business: Revenue declined 1.9%, but growth was fostered by content optimization and AI integration. 4) Overseas Business: Achieved stable growth in Brazil, with AI boosting the quality and efficiency of e-commerce content. 5) Kling AI Model: Iterative enhancements led to a sequential increase in revenue contribution, with widespread application across multiple scenarios.
Guosheng Securities analysis noted that Kuaishou-W's Q4 2025 revenue grew 11.8% year-over-year to 396 billion yuan. Revenue from online marketing services increased 14.5%, live streaming revenue decreased 1.9%, and other services revenue grew 28.0%. Total operating profit was 58 billion yuan, and non-GAAP net profit attributable to shareholders rose 16.2% year-over-year to 55 billion yuan. E-commerce GMV increased 12.9% year-over-year, aided by advancements in AI technology for search and recommendation, which contributed to GMV growth. The UAX and site-wide promotion products performed notably within marketing services, and the short drama industry became a significant contributor to advertising revenue growth. The commercialization of Kling AI exceeded expectations, with revenue projected to grow 100% year-over-year in 2026. The company plans a capital expenditure of 260 billion yuan to support AI development.
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