KUAISHOU-W (01024) adjusted net profit reached 13.015 billion yuan in the first three quarters, an increase of 120.3% year-on-year.

KUAISHOU-W (01024) announced its financial performance for the third quarter of 2024, with revenue of approximately 31.131 billion yuan, an increase of 11.4% year-on-year. Gross profit was 16.914 billion yuan, up 17% year-on-year. Operating profit was 3.119 billion yuan, an increase of 41.1% year-on-year. Net profit for the period was 3.27 billion yuan, a 49.9% increase year-on-year. Adjusted net profit was 3.948 billion yuan, up 24.4% year-on-year. Adjusted EBITDA was 5.578 billion yuan, an increase of 12% year-on-year. Among them, online marketing service revenue increased by 20.0% from 14.7 billion yuan in the same period of 2023 to 17.6 billion yuan in the third quarter of 2024, mainly due to the continued optimization of intelligent delivery capabilities and algorithms, driving increased consumption by marketing clients. Live streaming business revenue decreased by 3.9% from 9.7 billion yuan in the same period of 2023 to 9.3 billion yuan in the third quarter of 2024, due to the group's continued efforts to build a healthy and sustainable live streaming ecosystem. Other service revenue increased by 17.5% from 3.5 billion yuan in the same period of 2023 to 4.2 billion yuan in the third quarter of 2024, mainly due to the growth of the company's e-commerce business, reflected in the increase in e-commerce GMV. The increase in e-commerce GMV is due to the group's continued fine-tuning of overall operations, driving an increase in monthly active buyers and monthly active sellers in e-commerce. In the third quarter of 2024, the average daily active users and average monthly active users of the Kuaishou app reached 408 million and 714 million respectively, an increase of 5.4% and 4.3% year-on-year, further consolidating the group's leading position as the third largest app in China (based on average daily active users per quarter). The average daily usage time of Kuaishou app daily active users reached 132.2 minutes, with total user usage time increasing by 7.3% year-on-year, and daily live broadcasts and short video views reaching nearly 110 billion. In terms of content operation, the company creates specialized content categories that appeal to user interests, supports benchmark creators with Kuaishou characteristics, and enhances brand exposure through high-profile events, building a unique and rich ecosystem. In the sports category, as the exclusive broadcaster of the 2024 Paris Olympics, the company provides users with a super content matrix that includes panoramic event playback, exclusive self-produced IP content, interactive gameplay, and rich user-generated content (UGC), fully meeting users' Olympic viewing needs. During the 2024 Paris Olympics, the exposure of Olympic-related content on the Kuaishou app reached 310.6 billion, with a total of 640 million users watching the Olympics on the group's platform and engaging in 15.9 billion interactions. In terms of the search business, in the third quarter of 2024, the group optimized search result pages to improve user experience, resulting in a significant increase in search penetration rate. In the third quarter of 2024, over 500 million users on average used Kuaishou search monthly, with daily search queries increasing by over 20.0% to over 700 million, and daily peak search queries exceeding 800 million. User searches help the group better understand user needs and drive rapid growth in search-related revenue businesses. From January to September, the company achieved revenue of 91.514 billion yuan, an increase of 13.1% year-on-year. Gross profit was 50.169 billion yuan, an increase of 25.1% year-on-year. Net profit for the period was 11.37 billion yuan, an increase of 308%; adjusted net profit was 13.015 billion yuan, an increase of 120.3% year-on-year; adjusted EBITDA was 17.901 billion yuan, an increase of 58.5%.