快手-W2025年中期报告
2 4 8 15 32 56 57 58 59 61 63 64 103 20254282025428 2025122 20254282025428 20254282025428 20254282025428 22 20254282025428 PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 183171712–1716 16 86969016916 Maples Fund Services (Cayman) LimitedPO Box 1093Boundary Hall, Cricket SquareGrand Cayman, KY1-1102Cayman Islands 55 96 520100020 0102481024 1826 www.kuaishou.com 2920 (1) (2)EBITDA (1) 2025AI12.0%67712.5%10215.1%4AIAIAI 202025AI 2025(AI)20254.09202513.1%3505616.0%AI AI 2025AI(SOTA)20255AI2.1AI2.120257AI AIAIAIPAIAI2AIAI2025AI2.5 AIOneRecOneRec 20254.097.153.4%3.3%2025126.87.5% ROI5 127 202519812.8%2025AI2025AIGCAIGC 2025In-Apps PurchasesIAPIn-Apps AdsIAA20252025Universal Auto XUAX65.0% 20252025 eCPM 2025GMV17.6%3,58920251.34 2025GMVGMV32.0%618GMV50.0%GMV140.0%202530.0%2025GMV30.0% 2025202550.0% 2025 AIAIGCAIGC 20258.0%100AIGC202520.0%30.0%57 +202540.0%150.0%60.0% 202520.5%132025 2025GMVROI202555.0%120%ROI 0.4620 2025AI2025AIAI 20252024 20252024 202431013.1%2025350AI 20252024 202417512.8%2025198AI 2024938.0%2025100 20244225.9%202552AIGMVAIAI 20252024 (1)16— 202413812.3%2025155 20252024 202417113.8%2025195202455.3%202555.7% 20241004.6%2025105202432.4%202530.0% 202479213.3%2025897 20242821.2%202534AI 202434202516 20243742025569 20255315.1%20243912.6% 20252024 20244520255412.9% 202519202427720.5% 202554202466 202520241219 202552202440 2025301202427 202549202440 20252025 2025 20253267.5%2025350AI 2025 20251809.9%2025198 2025982.3%2025100 2025488.7%202552AIGMVAIAI 2025 (1)16— 20251484.9%2025155 2025 20251789.6%2025195202554.6%202555.7% 2025996.1%2025105202530.4%202530.0% 2025897828 2025333.1%202534AI 20251653 20254372025569 20255315.1%20254313.1% 2025 2025432025547.8% 202519202528 20255424 20251220252 202552202542 2025301258 202549202540 20252025202420252024 (1) 2021220256301232025331116 20256301,0192025331940 20258552885831716705221215489 2025102563711 2025244110776 202563012220 202563017.2% 2025630 2025630 2025630 2025630 202563011120241231111 202563020241231 9 20258210.462020251062025916 2025911202591620259162025910183171712–1716 (DION)2025630XVXV78352 (1)LS (2)20256 304,286,139,097727,625,379A3,558,513,718B (3)Reach BestVistra Trust (Singapore) Pte. LimitedReach Best388,857,899A38,611,622B80,000,000B 20256305,699,103B (4)Ke YongVistra Trust (Singapore) Pte. LimitedKe Yong338,767,480A43,770,873B 202563016,246,756B (5)26,728,522B (b) 2025630XVXV78352 (DION)2025630XV23336 (1)LS(2)20256304,286,139,097727,625,379A3,558,513,718B(3)678,583,107BTencentMobility Limited506,143,854B(4)BlackRock, Inc.178,313,611B4,203,600B175,300B3,237,300B 2025630XV23336 20182617 7,020626,184,514363,146,799363,146,799B— 4.— (1) 2021118 20232023623 2023623 202111820231117.06A17.06B17.06C17.0717.07A17.09 20232023623 2023623 2023 202320236162023623202317 2023(a)2023(b)(c) 2023 202367,991,76520232025112023344,585,25521,675,50920256302023285,563,99721,675,509 A10B (a)Reach Best388,857,899A38,611,622B9.90%9.90%36.14% (b)Ke Yong338,767,480A43,770,873B8.86%8.86%31.58% ABAB727,625,379BB20.26% 8A.22AA (a)8A.17(1)(2)(3)(4)(b)8A.18AA(c)A8A.18(2)(d)AB 41 20112007820097Hewlett-Packard2009920112(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(Zhihu Inc.)ZH239020131220228(Howbuy Wealth Management Co., Ltd.)83441820201220233(Fenbi Ltd.)2469 1998720045 5220142 202004200720111(5Y Capital)(MorningsideVenture Capital)2016Neumann Advisory Hong Kong Limited9201712(Pony AI Inc.)20241127PONY 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)209720227(Tuya Inc.)TUYA2391202011(YatsenHolding Limited)YSG 2006720139200820102011201220048200632002820047Citigroup Global Markets Inc.1997120008199910 202110202291997220026 5120212 20142200642013920150006162007420139 20097 5420254282025428 5420254 2019AtypicalVentures2006DCM China19962003Goldman Sachs &Co. 20234Volvo Car ABVOLCAR-B202111Unilever PLCULVRUL201610Yum China Holdings, Inc.YUMC998720171020255Uxin LimitedUXIN 19945(University of Maryland, Baltimore County)19965(Johns Hopkins University) C.2.1 C.2.120231029 20256301,916,166,874.8938,797,300B 2024121820256447,412,200B2025124228424515613B47,412,200AReach BestB202512422842451561314,266,367AB 2025630 46,964.4 (i)2023822202363020236302023(ii)2025325202412312024202412312025 202420252024 2025630 3.213.10(2) 2025630 2025630 8A.30 8A.178A.148A.158A.188A.24 ESGESG 2024ESG (i)(ii)(iii) 2025630 272025630 5710220256303434 2410 34 2025821 1 2014211POBox 309, Ugland House, Grand Ca
