快手-W年度报告2024

0102481024 2024 249143490111218226227228230232234321 2025122 22 PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 16 86969016916 96 55 520100020 0102481024 1826 www.kuaishou.com 2920 183171712–1716 Maples Fund Services (Cayman) LimitedPO Box 1093Boundary Hall, Cricket SquareGrand Cayman, KY1-1102Cayman Islands (1) 20242024411.8%1,26972.5%177 AIAIAIAI AI AI202448.7%354202411.8%1,269202447202417772.5%14.0% 2025AIAIAI 20241.62024AIAppAppAIAI202521 2024AIAIGC2024AIGC3,000 20244.017.364.8%5.0%125.65.8% 20245202440.0% App20241.4 202420613.3%202420.0%2024eCPMAIUniversal Auto XUAX 20242024300.0%UAX2024UAX55.0% 2024202455.0%202430.0% 2024GMV14.4%4,621202410.0%1.4319.5%2024700 202425.0%2024GMV PK20243,900GMV2,500 2024GMV50.0%2024GMVGMV30.0%202450.0%40.0% 202498202430.0%60.0%2024+2024100%270%260% 20249.3%IP202475 202452.9%83.5%57.2% 2024GMV202452.4%20242.6ROI2024 AIAIAI 2024123120231231 202420231231 20231,13511.8%20241,269 20242023 202360320.1%2024724AI 20233915.1%2024371 202314123.4%2024174GMVGMV 20242023 (1)16— 20235612.7%2024576 20242023 202336512.6%2024411202332.2%202432.4% 20233517.0%202429 20231231.1%2024122 20239782024533 2023410202417 202415312.0%2023645.7% 20242023 202311420241649.9% 2023282024934 20235392024236 29202381 2024202315569 20234902024150 2024202315364 20242023 20242023 20233268.7%2024354 20242023 202318213.3%2024206AI 20231002.0%202498 20234314.1%202449GMVGMV 20242023 16— 20231536.5%2024163 20242023 202317310.6%2024191202353.1%202454.0% 202310211.0%2024113202331.3%202432.0% 202375215.2%2024866 2023334.7%202435 20233792024187 20231972024592 20244312.1%20233611.1% 20242023 2023432024447.5% 2023551202423652.9% 2024192023135 1202323 202443202337 20231222024312 202440202336 20242024 2024 202431113.7%2024354 2024 202417616.9%20242062024 2024935.4%202498 20244218.2%202449GMVGMV2024 2024 (1)16— 202414214.4%2024163 2024 202416913.1%2024191202454.3%202454.0% 20241049.2%2024113202433.3%202432.0% 20248662024796 202435202431 2024187194 20242712024592 202443202431202412.1%202410.0% 2024 20243520244414.4% 20242362024153 20241937 2024120246 202443202432 20243122024120 202440202433 202420231231 202420242023 (1) 202122024123112720231231129 2024123192820231231616 202420231231 20241231298155413023353010 2024123136718811681 2024123167111394932 11128 2024123117.9% 20241231 20241231 20241231 20241231 20241231111202312310 3.12028 2020 20201231F-1F-2202020,956.5F-1F-2B 2020 46,964.4 2023822202363020236302023202412318,086.52025 2023 AI 8 10%50% 5 2024123124,718 10 30%30% 15 24 382024123193,480 2820241231111 202412316,834,443,096.49151,612,800B 20231218202523135,767,500B20241 31229328430667318309301031112912242025124228B135,767,500BAReach Best8A.2123,507,635AB8A.138A.1517,731,800B20241231 20241231 47 25% 20241231 20241231 202520256192025 202520256162025619202561920252025613183171712-1716 A10B (1)Reach Best399,849,732A27,619,789B9.92%9.92%36.74% (2)Ke Yong338,767,480A43,770,873B8.88%8.88%31.32% ABAB738,617,212BB20.68% 8A.22AA (1)8A.17(1)(2)(3)(4) (2)8A.18AA(3)A8A.18(2)(4)AB 2025122 — 20252025 3.13 41 20112007820097(Hewlett-Packard)2009920112(Renren Inc.)RENN2011GIF 20077 42 2013112006122008102010120115(Google China)(Baidu, Inc.)BIDU9888 20057 4920173 2011(Tencent Holdings Limited)700(Tencent Investment)2008920105(Bertelsmann Asia Investment Fund) 201812(KE Holdings Inc.)BEKE242320159(ZhihuInc.)ZH239020131220228(Howbuy Wealth Management Co., Ltd.)83441820201220233(Fenbi Ltd.)2469 1998720045 2022 (a) (b) 5220142 202004200720111(5Y Capital)(MorningsideVenture Capital)2016Neumann Advisory Hong Kong Limited9 1994719995 6020251222025122 462023520212 10200512(xiaonei.com)(xiaonei.com)200610(Renren Inc.)RENN20091(taofang.com)200862010102010(Meituan)3690201510202332023320236 20017 5920212 15(JD.com, Inc.)JD96182013920209 202312(Mixue Group)202533209720227(Tuya Inc.)TUYA2391202011(Yatsen Holding Limited)YSG 2006720139200820102011201220048200632002820047Citigroup Global Markets Inc.1997120008199910 202110202291997220026 5020212 20142200642013920150006162007420139 20097 5420239 199742011 20218LI02015201913004132019320224688363201532021116012880128820178 199471997320041 41—— 42—— 4720221 201082014320143201742017520214Joyy Inc.YY Inc.YY2021520221 200062004620105 40IT 20122009920123(Renren Inc.)RENN 2007720097 40 2011Android2007820098(Hewlett-Packard)2009920109201010201112 20077 20231120251231 2024112026123120235152026514500,000 2024112026123120239132026912750,000 2025 10(b) 10(b)(v)—20241231 —202412311818 8.10 3.25 2023 2024123120251231 10 10 39.1 (DION)20241231XVXV78352 (1)L (2)202412314,295,024,492741,891,746A3,553,132,746B (3)Reach BestVistra Trust (Singapore) Pte. Limited20241231Reach Best403,124,266A24,345,255B 202412315,699,103B (4)Ke YongVistra Trust (Singapore) Pte. Limited20241231Ke Yong338