Thank you, operator. Good evening to everyone.

Welcome to Kuaishou Technology Fourth Quarter and Full Year 2025 Financial Results Conference Call. Joining us today are Mr.

Cheng Yixiao, Co-Founder, Chairman and CEO; Mr. Jin Bing, Chief Financial Officer.

Before we start, please note that today's discussion may contain forward-looking statements which involve a number of risks and uncertainties. Actual results and outcomes may differ from those discussed.

The company does not undertake any obligation to update any forward-looking information, except as required by law. For all important information about this call, including forward-looking statements, please refer to the company's public information or the fourth quarter and full year 2025 results announcement ended December 31st, 2025 issued earlier today.

During today's call, management will also discuss certain non-IFRS financial measures. These are provided for additional information and should not replace IFRS-based financial results.

For a definition of the non-IFRS financial measures, a reconciliation of IFRS to non-IFRS financial results, and related risk factors, please refer to our fourth quarter and full year 2025 results announcement. For today's call, management will use Chinese as the main language.

A third-party interpreter will provide a simultaneous English interpretation in the prepared remark session and consecutive interpretation during the Q&A session. Please note that English interpretation is for the convenience purposes only.

In case of any discrepancy, management's statements in the original language will prevail. Lastly, unless otherwise stated, all currency mentions are in RMB.

I will now hand the call over to Yixiao.

Hello, everyone. Welcome to Kuaishou's fourth quarter and full year 2025 earnings conference call.

Over the past year, guided by our tech-driven, user-centric philosophy, we accelerated the execution of our AI strategy across all major business scenarios. Our Kling AI multimodal large video generation models maintain a global leading position, and we continue to leverage our advanced AI capabilities to empower Kuaishou's content and commercial ecosystems.

These efforts supported high-quality growth across user scale, revenue expansion, and profitability. In Q4 2025, average DAUs on the Kuaishou app reached 408 million, representing solid year-over-year growth.

Total revenues for Q4 2025 increased by 11.8% year-over-year to 39.6 billion. Revenue from our core commercial business, including online marketing services and other services, primarily e-commerce, increased by 17.1% year-over-year.

Adjusted net profit increased by 16.2% year-over-year to 5.5 billion. For the full year 2025, average DAUs on Kuaishou app reached 410 million, and total revenues increased by 12.5% year-over-year to 142.8 billion.

Adjusted net profit for the full year increased by 16.5% year-over-year to 20.6 billion, with an adjusted net margin of 14.5%. As we scaled AI investments, we continue to deliver steady improvements in the group's overall profitability.

Our AI capabilities have become a core engine driving Kuaishou's long-term growth. Meanwhile, as disclosed in the results announcement, given the company's business performance, the board has recommended the payment of a final dividend of HK$0.69 per share for the year ended December 31st, 2025, amounting to approximately HK$3 billion in total.

This reflects our confidence in the company's long-term growth prospects and solid financial position, as well as our unwavering commitment to enhancing shareholder value and sharing the benefits of the company's strong cash flow generation. We are sincerely grateful for our investors' continued support.

Kuaishou's steady growth would not have been possible without the trust and support of our shareholders. Looking ahead, by staying closely aligned with business development and market conditions, we'll flexibly evaluate and continue advancing diversified shareholder returns, including share repurchases and dividend distributions, to deliver the fruits of our growth to all our shareholders.

Next, I will walk through the detailed progress of our major business segments in Q4 2025. First, our AI strategy and the progress of our large video generation model, Kling AI.

Kling AI remained committed to its core vision of empowering everyone to craft captivating stories with AI, aiming to become the premier, inclusive, efficient video generation infrastructure for the AI era, while driving continuous breakthroughs in model capability, product experience, and monetization. In Q4 2025, Kling AI accelerated the rollout of multiple model upgrades across several iterations.

We launched Kling 01, the world's first unified multimodal video model. Developed on the multimodal visual language architecture, Kling 01 transcends traditional single-task video generation models by integrating multimodal text, video, image, and subject inputs in a single generative and editing engine.

Kling 01's unified architecture enables end-to-end content creation within one model system, allowing users to transition systematically from generation to editing and refinement without switching tools. We also released the Kling Video 2.6 model, which incorporates simultaneous audiovisual generation capabilities.

The model can generate a complete video containing natural voiceover, sound effects, and ambient audio in a single process, enhancing creative efficiency across the AI video creation workflow. Kling Video 2.6 also introduced a motion control feature that enables users to replicate specific movements from uploaded videos or from the online motion library.

By pairing this with a character reference image, users can generate character-specific videos with frame-level precision in both body movements and facial expressions. In February 2026, we launched the Kling AI 3.0 model series.

Developed under an all-in-one product framework, Kling 3.0 supports full multimodal input and output, spanning text, images, audio, and video, integrating video understanding, generation, and editing within a single streamlined AI workflow. This moves unifying multiple tasks within a native multimodal architecture, enabled more complex narrative logic, automated storyboarding, and precise shot control, while maintaining strong prompt adherence.

Kling AI's innovations in foundational models and product features have paved the way for widespread commercial applications across professional creative sectors, including marketing, e-commerce, film and television, short plays, animation, and gaming. These capabilities have supported stronger adoption among professional creators and enterprise clients globally, earning the models widespread acclaim and accelerating their monetization.

In Q4 2025, Kling AI achieved revenue of 340 million. Notably, in December 2025, Kling AI's monthly revenue exceeded $20 million, corresponding to an ARR of $240 million.

At the same time, Kling AI's motion control feature gained significant traction across major global social media platforms, driving widespread discussion and organic distribution. This momentum broadened Kling AI's reach beyond professional creators to a broader mainstream user base.

In Q4 2025, we continued to deepen the impact of large AI models to empower our content and commercial ecosystems, while driving further quality and efficiency improvements of our organizational infrastructure. In terms of strengthening the foundation of our content ecosystem, our proprietary multimodal large language model, Kwai-KE 671 billion model, has demonstrated strong video comprehension capabilities.

Meanwhile, we upgraded our short video and live streaming content understanding system and launched TechNext, our next-generation tagging system, which enables more accurate content understanding, driving higher app usage time per user and retention rates. In content recommendation, we iterated our end-to-end generative recommendation large model with the launch of OneRec V2, continuously enhancing the precision of recommendations.

For online marketing services, we further optimized our end-to-end generative recommendation technology. By deeply integrating multidimensional business data, we enhanced the model performance and improved the precision of online marketing material recommendations.

For intelligent bidding technology, we developed a unified bidding large model built on multi-scenario and multi-objective data. Together, our generative recommendation large models and intelligent bidding models drove roughly 5% of growth in domestic online marketing services revenue in Q4 2025.

While reducing the cost of generating online marketing materials, AIGC technology also unlocked additional budgets from our online marketing clients. In Q4, the total spending for online marketing services driven by AIGC marketing materials was nearly 4 billion.

For e-commerce business scenarios, during Q4, we further iterated our end-to-end generative retrieval architecture, OneSearch. We introduced editable structured semantic identifier tailored to the e-commerce business, enhancing semantic understanding for mid- to long-tail search queries.

This drove a nearly 3% increase in search order volume in Shopping Mall in Q4. In addition, we expanded the application of end-to-end generative recommendation technology from pan-shelf-based e-commerce to content-driven scenarios such as live streaming rooms and short videos, propelling GMV growth in all e-commerce scenarios.

For live streaming business scenarios, we further refined the AI Universe virtual gifting customization feature to deliver better interactivity, richer dynamic talent presentation, more refined visual aesthetics, significantly increasing users' willingness to send virtual gifts. To drive organization efficiency, we have completed the upgrade of our intelligent coding tools.

Our self-developed AI programming tool, CodeFlix, has evolved from a coding assistant to an AI engineer, with more engineers adopting the agent-based coding mode, and the AI generation rate of new codes has rapidly risen to over 40%. Moreover, our AI advancements are underpinned by our investments and our optimizations in computing power infrastructure.

Building on the success of our self-operated in-house Ulanqab Data Center, we are steadily advancing the construction of our new computing power center to continuously elevate server and bandwidth operating efficiency. Second, user growth and content ecosystem.

In Q4 2025, average DAUs on the Kuaishou app reached 408 million, and MAUs reached 741 million, with average daily time spent per DAU on the Kuaishou app was 126 minutes. We're committed to building a vibrant community with distinctive quality Kuaishou characteristics, continuously strengthening high-quality user growth, differentiated premium content supply, traffic mechanism optimization, and interactive scenario development to achieve a healthy, sustainable expansion in both user scale and traffic.

To drive high-quality user growth, we refined user acquisition strategies across channels to continuously optimize user segments and improve retention rates. We also leveraged AI technology to enhance push strategies, including resulting in a higher open rate for Kuaishou app.

In addition, we introduced innovative user engagement and retention initiatives that consistently improved ROI. Harnessing our established capabilities in content operations, we supported the growth of benchmark creators like Xinyi, the Ostrich Lady, and continued to cultivate high-quality top-tier content IPs with distinctive Kuaishou characteristics.

Rural culture and entertainment activities, exemplified by the Village Getaway Mini Stage, enabled rural residents to transition from passive viewers to active on-stage participants, featuring diverse content ranging from intangible cultural heritage performances to agricultural technology demonstrations. These initiatives both enriched rural cultural life and provided a new channel for showcasing rural culture.

We produced the sixth anniversary concert for Teens in Times, which garnered over 680 million live streaming views. Leveraging live streaming, interactive features, and AI-powered creative content, we crafted a shared, youthful memory that fosters a mutual bond between fans and idols.

We optimized our traffic mix to increase traffic exposure for top-tier original content, fostering a virtuous cycle between content creation and consumption. In Q4, the number of high-quality content uploads increased by more than 15% year-over-year.

To further develop engagement scenarios, we continued to innovate private messaging engagement features, driving year-over-year increases of nearly 3 percentage points in daily average penetration rate of private messages among users with mutual followings during the quarter. Third, online marketing services.

In Q4, revenues from online marketing services reached 23.6 billion RMB, up 14.5% year-over-year. The accelerated integration and innovative application of AI across diverse online marketing services scenarios not only empowered our ecosystem partners, but also injected a new growth momentum into our online marketing services business.

In Q4 2025, within lifestyle service sector, where clients primarily operate under lead-based models, we helped clients reach users more efficiently and achieve higher user conversion rates by upgrading our private messaging products and optimizing our algorithms. At the same time, by continuously expanding into more industries and acquiring new clients, we broadened our online marketing client base and generated incremental marketing placements.

In addition, as lifestyle service sector clients are predominantly small- and medium-sized business, leveraged AIGC tools to enhance their ability to produce marketing materials, these enhancements lowered barriers for marketing placements and drove further growth in online marketing spending. In Q4, content consumption sector, led by short plays, comic-style short plays, mini games, along with the application sector, were the key growth revenue driver for the non-e-commerce online marketing services.

In the content consumption sector, short plays continued to sustain solid growth. By optimizing marketing materials exposure formats, we increased marketing spending in short play vertical.

Meanwhile, empowered by the deep integration of AI technologies, comic-style short plays advanced rapidly. Through continuously comprehensive support programs and rollout of comic-style short play AI Agent, we further expanded high-quality and diverse content supply to capture emerging market growth opportunities in the sector.

Moreover, amid thriving market budgets from clients across the AI application vertical, we leveraged our insights into industry placement pace and market trends to consistently optimize resource allocation and conversion efficiency, effectively channeling and capturing marketing placement spending from AI application clients. In Q4, for online marketing products, we continued to upgrade offerings, including our Universal Express (UAX) placement solutions, AIGC marketing material solutions, live stream digital human solutions, and digital employee solutions.

These enhancements helped lower barriers to marketing placements, improve clients' placement experience, and drive further growth in online marketing spending. Specifically, during the quarter, UAX developed periodic delivery and account-level smart placement product.

These upgrades enabled clients to extend managed campaign cycles and elevate system management from ad unit level to account level, thereby improving overall delivery efficiency, raising the ceiling for campaign scale, and providing more stable cost performance for our clients. In Q4, penetration rate of our UAX placement solutions accounted for nearly 80% of the non-e-commerce marketing spending, and its penetration rate among active users exceeded 90%.

For e-commerce marketing services, following our consolidation of e-commerce business and related online marketing teams late September last year to advance traffic synergies, we established our closed-loop capabilities comprising traffic, transaction, online marketing conversion, and merchant services. This was designed to align our platform's overall revenue growth with merchant mix refinement, enabling e-commerce merchant GPM and CPM for marketing services to improve in tandem in Q4.

In first half of 2025, we essentially concluded capability refinement of our omni-platform marketing solution. In the second half, we focused on addressing differentiated scenario needs across diverse customer segments, effectively increasing incremental GMV generated for e-commerce merchants across omni-domain scenarios and increasing business stability.

In Q4, our omni-platform marketing solutions accounted for even greater share of our total e-commerce marketing spending, rising further to 75%. Our omni-platform products promotion achieved full coverage across products and scenarios, becoming the primary placement offering for our e-commerce marketing services.

Our fully managed auto placement product combo for small- and medium-sized merchants gained broader adoption and recognition, driving a significant increase in spending by these customers. In Q4, by continuously optimizing our pan-shelf-based e-commerce scenarios and strengthening the synergy of omni-domain supply and aligned distribution, our e-commerce marketing services revenue in pan-shelf-based scenarios increased rapidly year-over-year.

Fourth, our e-commerce business. In Q4 2025, our e-commerce GMV grew 12.9% year-over-year to 521.8 billion.

Building on the systematic omni-domain operation strategy, we further integrated the pathway between public domain traffic conversion and private domain asset accumulation, unlocking a new growth engine for merchants and supporting their stable, sustainable operational development across diverse scenarios. During Q4, we continued to empower merchants, strengthen their private domains and operational efficiency, broadening a variety of supply.

As a result, repeat purchase frequency of active e-commerce users further increased year-over-year. Meanwhile, by enhancing the operations of our key product categories and more precisely identifying the needs of our core user bases, we drove continued growth in ARPPU.

In Q4 2025, we mobilized the combined strength of service provider agencies and industry zones to broaden our e-commerce supply. Guided by full life cycle framework for new merchant development, we deepened our cost reductions and efficiency enhancements, stepped up incubation programs for new merchants, strengthened support for merchants from industrial zones, and further optimized the business environment.

Collectively, these measures reinforced merchants' operational stability, empowered both new merchants and small- and medium-sized merchants to grow, and enhanced long-term predictability, sustainability of merchant operations. During Q4, both newly onboarded merchants and newly onboarded active merchants grew year-over-year and quarter-over-quarter, driving our active merchant base to another record high, up 7.3% year-over-year.

Furthermore, in Q4, we launched the Voyage Initiative, focusing on in-depth partnerships with top-tier brands in diverse sectors. Through coordinated resource empowerment, the initiative aimed at pioneer new model of mutually reinforcing growth for both the platform and the brands.

At the end of December, we began to capture early benefits from our high-quality product and content supply, as well as merchant mix optimization. In terms of our live streaming scenario development, the Pop-Up Follower Red Envelopes initiative, which was launched in Q3 to drive targeted follower growth, achieved meaningful results.

By increasing the streaming frequency of streamers with over 10,000 followers, the program drove a 12.7% year-over-year increase in the number of average daily active streamers hosting live sessions with over 10,000 followers, further reinforcing virtuous cycle follower growth and transaction performance in Q4. Through coordinated operations with agencies and leading KOL organizations, we expanded our KOL supply to further empower KOLs.

We advanced our platform-endorsed product offerings, which are trusted by both merchants and KOLs. Building on this foundation, our KOL Blockbuster initiative focused on high-demand product categories, highlighting our platform's strong order aggregation capabilities and driving greater KOL participation and distribution.

The penetration of KOL within our distribution pool continued to improve, with the number of active KOLs more than doubling year-over-year. Supported by our platform-endorsed product offerings, mid-tier to small- and medium-sized KOLs were able to overcome product selection challenges, and with platform traffic support, achieved meaningful leaps in operational scale.

In Q4, our omni-domain operations ecosystem, including pan-shelf-based e-commerce and short videos, continued to demonstrate steady and resilient development. In Q4, the contribution of pan-shelf-based e-commerce GMV to total e-commerce GMV remained broadly stable quarter-over-quarter.

We continue to expand our supply scale, driving steady year-over-year and quarter-over-quarter increases in average daily active merchants for pan-shelf-based e-commerce. Super Links and the official channel for platform-recommended products continued to strengthen its role as a core operational tool for shelf-based offerings, which achieved rapid growth during the quarter.

In Q4, Super Links penetration rate in shelf-based e-commerce product cards reached 19.1%. We also encouraged merchants to expand omni-domain operations by leveraging our marketing hosting tools.

We guided merchants in content-based scenarios toward shelf-based operations, significantly increasing penetration rate of active merchants using our marketing hosting tools quarter-over-quarter. During Q4, we further advanced our short video e-commerce content supply, prioritizing refined merchant-centric operations.

By continuously leveraging the synergy between short videos and live streaming, we enriched our high-quality supply and optimized supply efficiency. These efforts drove significant growth in short video e-commerce GMV, which continued to outpace overall e-commerce GMV growth.

In Q4 2025, we deepened AI integration across e-commerce scenarios, delivering tangible efficiency gains for merchants while supporting their growth. The broader rollout of OneRec, OneSearch, and other large language model technologies across e-commerce scenarios continued to generate incremental value.

Powered by e-commerce knowledge graph and leveraging large model's world knowledge and reasoning capabilities, we strengthened our foundational understanding of products, videos, and users. This enabled more accurate long-term user interest modeling, improved recommendation diversity, and drove higher revisit and repurchase behavior.

E-commerce content generation capabilities have also advanced during fourth quarter. Features such as live streaming highlights and AI-assisted content creation further strengthened merchants' cross-scenario operating capabilities, propelling step-change growth in both content output and GMV.

To improve operating efficiency, we launched an AI-powered order analysis feature in Q4, helping merchants identify abnormal orders more effectively, reduce pre-shipment refund rates. Next, regarding our live streaming business.

In Q4, live streaming revenue was 9.7 billion RMB. We remained focused on fostering a healthy live streaming ecosystem during the quarter, orienting toward high-quality, value-driven content and reinforcing the platform's community-centric core.

For live streaming supply, we continued to intensifying professional operations of our core competitive categories, including group live streaming and multi-host live streaming, while strengthening coordinated development across multiple categories. This enriched our live streaming content operations portfolio and drove steady improvements on the supply side, better serving users' diversified preferences.

Our Grand Stage deepened integration between online and offline scenarios, supporting the incubation of distinctive streamers on our platform, while increasing user engagement. On the product front, powered by Kling AI's video generation capabilities, our AI Universe gifts series, with customizable special effects, enhanced interactive feature experience, dynamic motion rendering, and visual aesthetics.

As of the end of fourth quarter, the number of cumulative AI Universe gift creations exceeded 1 million. In addition, we expanded the application of AI capabilities in our live streaming rooms, empowering streamers with the AI interaction assistant and AI digital avatar solutions to improve streamer service efficiency.

In Q4, our live streaming plus model extended the boundaries of live streaming ecosystem, while also unlocking additional commercial value. Through refined operations, our Ideal Housing and Kuaishou Hire business delivered both quality improvements and efficiency gains.

In Q4, the average monthly number of Ideal Housing paying clients increased by over 40% year-over-year. Finally, our overseas business progress.

In Q4, we remained firmly committed to our high-value growth strategy, supporting a virtuous business cycle across our overseas business. Despite complex market dynamics, we achieved steady growth in overseas business on the traffic front, while improving customer acquisition efficiency and optimizing our user growth structure.

We strengthened user mindshare for the Kwai community by expanding the supply of content with distinctive Kwai characteristics, further broadening our core user base. Brazil, our key market for overseas business development, maintained stable DAUs and time spent per DAU.

For online marketing services, we captured industry opportunity to expand brand presence in Brazil, growing our client base across diverse industries. In addition, we upgraded our products and solutions and actively explored new content-driven marketing scenarios, including short videos, to improve client performance visibility and unlock new growth momentum, supporting our clients' long-term development.

Our e-commerce business in Brazil achieved steady year-over-year growth in GMV transaction scale and order volume in Q4. Supported by AIGC-driven improvements in e-commerce content and quality and operational efficiency, and aided by more refined logistic cost management, our overseas profitability improved significantly.

Looking back over the past year, despite market challenges, we anchored our core AI-first strategy, leveraging our profound technological expertise, a thriving diverse content ecosystem, and a continuously enhanced infrastructure and commercial footprint. We collaborated with ecosystem partners to drive sustained growth.

Looking ahead, although challenges will intensify, we remain steadfastly guided by our user needs. We deeply cultivate the building of a warm, inclusive, and universally accessible digital community, while continuously deepening the seamless integration of AI technologies across our business scenarios.

This empowers merchants and marketing clients to effectively elevate their operational productivity. Staying true to our long-term vision will deliver superior user experiences, build broader platform for our partners, and create more sustainable value for our shareholders, collectively unlocking new growth opportunities in the AI era.

That concludes my prepared remarks. Next, our CFO, Bing, will review the company's financial data for the fourth quarter and full year 2025.

Thank you, Yixiao, and hello, everyone. Looking back to the past year, we significantly progressed our AI strategy and achieved remarkable results.

Leveraging our advanced AI capabilities, we strengthened Kuaishou's content and commercial ecosystems, delivering high-quality growth across both our operational and financial metrics. We continued to refine our user growth and retention strategies, resulting in an average DAUs reaching 410 million for the full year.

At the same time, we deepened the application of AI large model across multiple business scenarios, delivering superior experience for our users, creators, and business partners, while further improving our operational efficiency. For the full year of 2025, total revenue grew 12.5% year-over-year to 142.8 billion.

Adjusted net profit reached 20.6 billion, up 16.5% year-over-year, with an adjusted net margin of 14.5%. Importantly, we achieved this growth while continuing to scale our investments in AI, making steady improvements to the group's overall profitability throughout the year.

Now let's take a closer look at our Q4 financial performance. Our total revenue grew 11.8% year-over-year to 39.6 billion in Q4.

The increase was mainly driven by growth across online marketing services, e-commerce, and Kling AI. Online marketing services revenue increased 14.5% to 23.6 billion in Q4 from 20.6 billion in the same period last year.

The growth was primarily driven by AI-powered upgrades to our online marketing product solutions, which improved conversion efficiency and drove higher spending from our online marketing clients. Revenue from other services, including e-commerce and Kling AI business, reached 6.3 billion in Q4, up 28% from 4.9 billion in the same period last year.

The increase was mainly driven by growth in e-commerce GMV, which boosted our e-commerce commission income, and by the continued expansion of our Kling AI business. By continuously refining Kling AI's foundation models and developing more innovative features, we have expanded its range of applications for professional creators and driven new breakthroughs in commercialization.

In Q4, our live streaming revenue was 9.7 billion RMB. We continued fostering a rich, healthy live streaming ecosystem.

At the same time, we refined operations across our core categories, providing users with a more diverse high-quality content. Leveraging AI-powered product innovation, we also drove greater user engagement through high-quality live streaming content.

Cost of revenues increased 9.2% year-over-year to 17.7 billion in Q4, accounting for 44.9% of total revenue. The increase was mainly due to higher revenue sharing costs and related taxes in line with our revenue growth.

In Q4, our gross profit grew 14.1% year-over-year to 21.8 billion. Gross profit margin was 55.1%, up 1.1 percentage points year-over-year.

Turning to expenses in Q4, selling and marketing expenses were 11.4 billion, compared with 11.3 billion in the same period last year. Selling and marketing expenses declined to 28.8% of total revenue, down from 32% in Q4 last year, reflecting the stronger effectiveness of our sales and marketing.

R&D expenses increased 20.1% year-over-year to 4.1 billion, accounted for 10.5% of total revenue. The increase was mainly due to higher employee benefit expenses, including share-based compensation expenses and increased investments in AI.

Administrative expenses were 930 million RMB, compared with 807 million in the same period last year. Administrative expenses accounted for 2.4% of total revenue, largely flat year-over-year.

Group-level net profit for Q4 was 5.2 billion RMB. Group-level adjusted net profit rose 16.2% year-over-year to 5.5 billion, with an adjusted net margin of 13.8%.

Our balance sheet remains robust. Cash and cash equivalents, time deposits, financial assets, and restricted cash totals 104.9 billion RMB as of December 31st, 2025.

Net cash generated from operating activities in Q4 was 7.3 billion RMB. Additionally, we actively delivered on our commitment to shareholder returns based on the market conditions.

As of December 31st, we had repurchased approximately HK$3.12 billion, or around 56.78 million shares, representing about 1.32% of our total shares outstanding for 2025. Next, I'll provide a quick overview of our financial performance for the full year.

For the full year of 2025, our group's total revenue reached 142.8 billion RMB, up 12.5% year-over-year. This includes online marketing services revenue of 81.5 billion RMB, which rose 12.5% year-over-year.

Revenue from our live streaming business increased by 5.5% year-over-year to 39.1 billion. Revenue from other services, including our e-commerce business, totaled 22.2 billion, an increase of 27.6% year-over-year.

Gross profit margin expanded by 0.4 percentage points year-over-year to 55% in 2025. Our adjusted net profit for the full year 2025 was 20.6 billion, up 16.5% year-over-year, with an adjusted net margin of 14.5%.

Looking ahead, we will continue to prioritize user needs and remain committed to investing in AI. Leveraging our leading AI capabilities, we'll drive further innovation across Kuaishou's content and commercial ecosystems, maintaining our core competitive edge in the rapidly evolving market and delivering high-quality and sustainable long-term growth for the company.

Here concludes our prepared remarks. Now we can open for Q&A.

2.0 的推出。那这些可能对整个行业或者可灵未来的影响是什么？可不可以请管理层分享一下？那今年就可灵在这个技术、产品以及变现上面会有哪些计划和策略？ Thank you, management, for taking my question, and congrats on the solid fourth quarter results.

My question is about Kling AI. We have seen an accelerating pace for various video generation models across the industry, including Seaweed 2.0 launching recently.

What's the impact for the overall industry and to Kling itself? For 2026, what are the strategy also plans for Kling in terms of our model capability, product upgrade, as well as monetization?

Thank you. 谢谢你的问题。就像我们之前跟大家介绍的，视频生成大模型复杂度高，在输入和输出形态上都是开放性的，技术和产品的选型呢自由度比较高，创新的空间也比较大。而我们仍然认为目前视频生成在技术和产品层面都远远没有达到成熟的地步，众多参与者可以一起把行业的进步提速，更好地满足用户需求。近期

Seaweed 2.0 及各家视频大模型的更新加速，给行业带来了积极的影响，在降低普通用户创作门槛的同时，提升了 AI 视频生成在更多应用场景的渗透率，让行业蛋糕变得更大。Seaweed 2.0 支持多模态输入的路线跟可灵在去年 12 月推出的 01 模型一致，也印证了我们围绕多模态进行模型迭代的正确性。可灵的模型和产品能力依然处于全球的领先位置。在 AI 视频生成大模型榜单可灵的基准测试评分全排名领先，在角色一致、可控性、物理真实感和复杂场景的稳定性，可灵 3.0 表现更为优秀，这也进一步强化了可灵 AI 在专业创作者和企业端客户的差异化优势。 Thank you for the question.

As we mentioned before, large video generation models are highly complex. Both the input and output modalities are open-ended, which allows for considerable flexibility in technical pathways and product strategies, leaving significant room for innovation.

At this stage, we believe video generation technologies and products are still far from maturity, but participation from diverse players in the ecosystem can help accelerate industry advancement and better meet user needs. Recent accelerated updates to large video generation models, including Seaweed 2.0 and others, have brought positive momentum to the industry.

While lowering the threshold for everyday users to create content, they also have increased the penetration of AI video generation across a wider range of application scenarios, effectively expanding the overall market. Seaweed 2.0 adopts a multimodal input architecture, which aligns with the Kling 01 model we released in December last year, underscoring our visionary early positioning in model iterations centered on multimodal capabilities.

Kling AI continues to maintain global leading position in both model and product capabilities. Kling AI was ranked among the top video generation models by ArtificialAnalysis.ai, with exceptional benchmark scores.

Regarding character consistency and controllability, physical realism, and stability in complex scenarios, the Kling AI 3.0 model series demonstrates stronger performance, reinforcing Kling AI's differentiated advantages among professional creators and enterprise clients. 在近期华策影视出品的热播剧《太平年》中，可灵 AI 深度参与了许多虚拟场景及特效环节的制作。在保障商业级影视内容高品质输出的同时，大幅降低了影视制作成本。此次合作验证了可灵 AI 在顶级影视制作中的商业价值，也说明我们聚焦于影视制作场景的方向正确的。而从收入趋势来看，可灵今年各月都保持了非常不错的月环比增长趋势，今年 1 月的 ARR 也超过了 3 亿美元。我们非常有信心在今年实现可灵收入超过 100% 的同比增长。

Kling AI played a key role in the production of virtual scenes and visual effects in the recent hit drama Swords into Plowshares produced by Huace Film & TV. It delivered high quality and commercial-grade content, while significantly reducing production costs.

The partnership is a prime example of Kling AI's commercial value in top-tier film and television production. It validates our focus on film and television production scenarios as the right strategic direction.

In terms of revenue, Kling AI maintained strong month-over-month growth throughout the year, reaching an annualized revenue run rate, or ARR, of over $300 million in January. Based on what we're seeing now, we are confident that Kling AI's revenue in 2026 will more than double.

关于可灵的模型迭代，过去一年我们始终围绕统一原生多模态的方向演进。我们在可灵 2.0 发布时首次提出多模态视觉语言 MVL 的理念，通过组合多模态信息来表达创意，以补充纯文本交互的局限。在 2025 年 12 月推出的可灵 01 大模型中，我们将 MVL 的交互架构进行了深化应用，实现了文字、图像、视频等多模态指令的输入。而同步推出的可灵 2.6 模型实现了音画同出能力的多模态输出功能。今年 2 月我们基于 All-in-One 的理念推出可灵 3.0 系列模型，在一个模型中实现了多模态的输入与输出。接下来我们会考虑在模型中拓展更多模态，进一步提升视频生成的可控性，比如动作和表情的模态，也会着力解决复杂场景的设置和一致性问题。与此同时，在产品层面，我们也会稳步推进 Agent 能力，实现自主化的全流程创作，基于用户需求完成分镜编排、角色与场景的一致化把控、音画同步适配、光影与运镜的设计等自动功能。 Regarding Kling AI's model iteration, over the past year, we have consistently evolved in the unified native multimodal path.

When we launched Kling AI 2.0, we introduced the concept of multimodal visual language, or MVL, which enables creative expression by combining multiple modalities and addresses the limitations of pure text interactions. With the release of the Kling 01 large model in December 2025, we advanced the MVL interaction architecture even more, enabling multimodal inputs across text, image, and video.

Around the same time, we launched our Kling 2.6 model for simultaneous audiovisual generation multimodal output capabilities. In February this year, we launched the Kling AI 3.0 model series.

Developed under an all-in-one product framework, this series supports full multimodal input and output within a single model. Looking ahead, we plan to expand the modalities in our models to further enhance controllability in video generation, including modalities for motion and facial expressions.

We will also focus on addressing the configuration and consistency challenges of complex scenarios. Meanwhile, on the product front, we will keep advancing our AI agent capabilities to enable fully automated end-to-end content creation.

The goal is to empower our models to automatically plan storyboards based on user needs, ensure consistency across characters and scenarios, and simultaneously generate well-aligned audio and visuals, design lighting, visual tone, and camera movement. 总之呢，可灵 AI 将继续秉持让每个人都能用 AI 讲出好故事的愿景，不断打磨模型和产品能力，持续保持可灵在技术和产品商业化变现上的全球领先地位。

Overall, Kling AI remains committed to its vision of empowering everyone to craft captivating stories with AI. We will continuously refine our model and product capabilities, sustaining Kling AI's global leadership in technology, product, and commercial monetization.

Thank you.

Thank you. Operator, next question, please.

下一道问题是来自

策略，就是除了可灵相关的多模态视频生成这个领域以外，咱们会认为还有什么其他的领域值得更多的这个投入？谢谢，我自己翻译一下。So my question is related to the AI investment strategy. Besides the multi-model and the video generation area of which related to Kling AI, what are the other segments that management thinks are worth more investment in the future?

Thanks. 谢谢你的问题。关于

AI 领域的投入方向，除了多模态视频生成领域，我们还将在内容和商业生态场景的大模型研发应用进行持续投入，例如生成式推荐大模型和多模态理解大模型等。 Thank you for the question.

Regarding the direction of our AI investments, beyond the multimodal video generation domains, we will continue to invest in the research and development and application of large models across our content and commercial ecosystem scenarios, such as large generative recommendation models and large multimodal understanding models. 在生成式推荐大模型方面，过去几个季度，我们看到生成式模型在推荐场景中展现出很大的潜力，我们也将在这个方向持续探索。例如在在线营销推荐系统中，探索生成式模型与排序体系的更深度结合，从单次请求优化走向长期价值建模。在模型能力方面，通过结合 LLM 引入更强的逻辑推理与世界知识，打破传统推荐系统中的数据循环问题。与此同时，我们正在构建一套原生高并发可拓展的新一代推荐大模型排解架构，通过系统设计与底层工程升级，使算力与参数规模的拓展转化为效果提升。

In terms of large generative recommendation models, over the past few quarters, we have seen significant potential for generative models in recommendation scenarios, and we will continue to explore this direction. For example, in our online marketing recommendation system, we are exploring deeper integrations between generative models and our ranking architecture, shifting from single request optimization to long-term value modeling.

In terms of model capabilities, by leveraging LLMs to introduce stronger logic, reasoning, inference, and broader world knowledge, we are attempting to break the data feedback loop problem found in traditional recommendation systems. Concurrently, we are building a native, highly concurrent, and scalable next-generation ranking architecture for large recommendation models.

Through system design and foundational engineering upgrades, we aim to ensure that the expansion of computing power and parameter scale translates into performance improvements. 在多模态理解大模型方面，我们的自研多模态基座大模型可一赋能快手内容理解基建，在核心短视频与直播场景中，使用大模型进行视频解析及用户行为推理，有效拉动了用户时长与留存指标的提升。未来我们将推动 AI 能力从单向被动问答向长线理解与复杂任务处理升级，进一步拓展至线上营销服务、电商等核心营收场景，研发具备多模态交互能力的实用型智能助手，带动更大的商业价值。

In the direction of large multimodal understanding models, our proprietary multimodal foundational large language model, Kwai-KE, empowers Kuaishou's content understanding infrastructure. In core short video and live streaming scenarios, Kwai-KE performs video parsing and user behavior inference, effectively driving improvements in user time spent and retention metrics.

Moving forward, we'll upgrade our AI capabilities from one-way passive Q&A to long-term contextual understanding and complex task processing, further expand the application to core monetization scenarios such as online marketing services and e-commerce, and develop practical intelligent assistants with multimodal interaction capabilities to drive greater commercial value. 今年呢我们还将探索 Agent 能力在其他业务场景的应用。比如在线上营销业务场景，我们将为电商商家打造极致自动化投放的 AI Agent，涵盖智能选品、创意编辑及 AI 素材生成、智能出价投放与动态调价、AI 客服助理和投后数据分析等全流程，降低客户投放门槛，提升投放效果和成本稳定性。此外，我们也将探索线索类行业的销售 Agent，助力客户提升线索转化效率，降低获客成本。在电商场景，我们将通过搜推 Agent 搭建，改善用户的搜索体验，提升用户搜索订单量，也会探索基于 Agent 的自动算力优化。我们也将在这恰当的时候跟大家进一步介绍相关的进展。

In 2026, we will also explore the application of AI agent capabilities across other various business scenarios. For example, in online marketing scenarios, we are developing an AI agent that delivers ultimate automated marketing placement for our e-commerce merchants.

This covers the entire workflow from intelligent product selection, creative editing, and AI-generated materials, smart bidding and dynamic pricing, AI customer support, and post-placement data analysis, lowering the threshold for clients to place marketing materials and improving placement performance and cost stability. Additionally, we'll also explore sales AI agents for lead-focused sectors, helping clients improve lead conversion efficiency and reduce customer acquisition costs.

In e-commerce scenarios, we will improve the user search experience through the development of a search and recommendation agent, driving higher user search-based order volumes. We will also explore agent-based automated computing power optimization.

We will further share our progress on these fronts with you at appropriate time. 最后，我们还将推出新的算力中心建设。算力是公司 AI 发展的核心根基与底层支撑，满足公司研发迭代、模型训练与推理需求。公司将算力中心建设纳入规划，以夯实 AI 发展算力底座为目标，预留扩容空间，适配长期需求，让算力中心深度支撑 AI 算法优化、大模型训练等核心工作，以坚实的算力根基赋能 AI 技术创新。总之，我们将持续深耕 AI 核心技术研发与多场景落地，以坚定的算力投入和深厚的人才梯队赋能内容生态，并实现生态伙伴的商业价值不断增长。

Finally, we will also advance the construction of a new computing power centers. Computing power is the core foundation and underlying support of our AI development, meeting the company's demands for R&D iteration, model training, and inference enhancement.

We have integrated the construction of computing centers into our strategic planning, aiming to solidify the computing foundation for AI development. By reserving expansion space to accommodate long-term needs, these centers will deeply support core tasks such as AI algorithm optimization and large model training, empowering our AI innovation with a robust computing foundation.

In summary, we will continue to deeply cultivate the R&D of core AI technologies and their implementation across multiple scenarios. With firm computing investments and a deep AI talent pipeline, we will empower our content ecosystem and realize continuous growth in commercial value for our ecosystem partners.

Thank you.

Thank you. Operator, next question, please.

下一道问题是来自

晚上好，谢谢管理层接受我的提问。我的问题是关于电商方面的。公司在今年我们电商的增长的策略是什么？然后我们该如何预期在今年得趋势还有增长的机会？谢谢。Hi. Good evening.

Thanks, management, for taking my questions. On e-commerce, how should we think about the growth strategies in 2026?

How should we think about the trend this year and the growth opportunities? Thank you.

谢谢你的问题。2026 年大的方向仍然是回归快手内容电商的本质，发挥好我们作为内容平台的禀赋。从具体增长策略来讲，一是聚焦供给侧改革，持续做好商品。前面我们提到 2025 年四季度推出了乘风计划，作为一项针对头部品牌的定向扶持计划，帮助品牌在快手生态内实现快速的起步与持续增长。2026 年呢我们会在供给侧投入更多的资源，从商家流量、产品、运营和服务四个维度，不仅要围绕品牌，还要做好产业带商家。我们已确定 100 个重点产业带进行动态维护，并联合我们的电商行业团队、中小团队和服商资源做好新商。随着电商市场的逐步成熟，以及在当前仍具挑战的宏观大环境下，品牌与平台的关系正在重塑，平台从过去的简单场域定位向与商家共同成长的合作伙伴转变。我们也希望更好地赋能商家的同时，优化平台供给生态，为用户提供更丰富的商品选择。二是要持续做好买家获取和渗透。目前我们的电商月均买家数还有较大的增长空间。2026 年我们要加强对于用户电商内容的兴趣探索和理解，优化留存策略，通过有效的补贴机制以及跨场域联动，借助好商品，持续拉动买家转化规模的提升。三是进一步做好资源整合。四季度我们做了流量融合落地，获得了一些初成效。接下来要推进电商和商业化的更深度融合，包括发券融合，提升补贴效率，推进全局优投，效率更优。 Thanks for your question.

Our broad focus for 2026 remains on returning to the essence of Kuaishou's content-based e-commerce and on maximizing our strengths as a content platform. Our growth strategy spans across three areas.

First, we'll focus on the supply-side reforms to continuously refine supply and consistently offer good products. As mentioned earlier, in Q4 2025, we launched the Voyage Initiative to provide a targeted support for top-tier brands.

It's designed to help them quickly achieve strong start and sustained growth within the Kuaishou ecosystem. In 2026, we will also invest more resources on the supply side, primarily across four areas: merchant traffic, product, operations, and services.

Our focus will extend beyond brands to include merchants in the key industrial zones. We've already identified 100 priority industrial zones, and we are actively managing them.

Meanwhile, we are working closely with our e-commerce industry team, small- and medium-sized merchant team, and service providers to empower our new merchants. As the e-commerce market matures and macroeconomic dynamics remain challenging, the relationship between platforms and brands is being reshaped.

Platforms are evolving from single transactional roles to collaborative partners that grow alongside merchants. As we empower merchants more effectively, we also plan to refine the platform's supply ecosystem and provide users with a wider variety of product.

Second, we will continuously improve paying user acquisition and penetration. Currently, there's still significant growth potential in the number of e-commerce monthly average paying users.

In 2026, we'll focus on exploring and better understanding users' interest in e-commerce content. We'll also optimize our traffic strategies and leverage effective subsidy mechanisms and across scenario synergies to boost paying user conversion and scale growth within superior products.

Third, we will further optimize resource integration. This quarter, we have seen some preliminary success in implementing traffic synergy.

Moving forward, we aim to deepen integration between e-commerce and commercialization, enhance coupon synergy, improve subsidy efficiency, and optimize overall resource allocation and investment efficiency. 我们相信内容电商所带来的天然转化优势，仍将驱动其在现上零售市场的渗透率持续提升。过去一年，男装运动、生鲜食品等行业的增长较快。今年这些行业也将延续去年的增长趋势。基于我们刚提到的 2026 年将在供给端加大发力，同时借助智能化的营销工具助力商家降本增效，为商家提供更确定性的成长路径，我们预计内容电商仍会有结构性的增长机会。展望 2026 年，我们预计快手电商将实现稳健和高质量的增长。

We believe that the inherent conversion advantages of content-based e-commerce will continue to drive its penetration in the online retail market. Over the past year, categories such as men's sportswear and fresh food grew rapidly.

We expect these verticals to maintain their growth momentum this year. As we just mentioned about ramping supply in 2026 and leveraging intelligent operational tools to help merchants reduce costs and improve efficiency, while offering them a clear, more certain path for growth, we expect even more structural growth opportunities in content-based e-commerce.

In 2026, we expect Kuaishou e-commerce to achieve steady, high-quality growth. 在高质量增长的前提下，我们会进一步夯实电商的变现能力，深化全站推广和智能化投放的技术能力。我们预计电商营销服务收入的核心增量主要来自于：第一，扩规模，聚焦重点细分行业，拓宽行业供给，扩大商电商营销服务的变现规模，具体包括美妆、户外运动、生鲜、家装等行业品类；第二，提效率，积极引入品牌客户，优化客户结构，做好资源的整合统一，合理建维和营销消耗的双目标同向发展，重点突破女装、医疗保健等行业，提升变现效率；第三，拓行业，尤其是与同行竞品相比有差距的行业，如母婴亲子、宠物、消费电子等行业，看清方向，因群求突破。此外，我们也希望在货架场域实现变现效率的具体提升，在扩大全域商品供给的基础上，提升商家商品卡的投放预算。

Under the premise of high-quality growth, we will further strengthen our e-commerce monetization capabilities and deepen the foundational capabilities of our omni-platform marketing solution and smart placement product. We expect that the core incremental growth for e-commerce marketing service revenue will come from three areas.

First, scale expansion. By focusing on key verticals and broadening industry supply, we aim to scale monetization through e-commerce marketing services in categories such as cosmetics, sports and outdoors, fresh food, and home furnishings.

Second, efficiency improvement. We will actively bring in more brand clients, optimize client composition, and integrate resources to drive aligned growth for both GMV and marketing spending.

Women's apparel and healthcare will be a particular focus where we can enhance monetization efficiency. Third, sector expansion.

We will expand into sectors where we lag our competitors, such as maternal and children, pet, and consumer electronics, identifying clear opportunities and driving breakthroughs. In addition, we are also looking to continuously improve monetization efficiency in shelf-based e-commerce.

By expanding omni-domain product supply, we can increase merchants' marketing budgets on product cards. 总之，基于刚才提到的 2026 年电商增长策略和变现路径，我们会稳扎稳打，做好长期正确的事情，同时发挥好内容平台的优势，更好地满足平台上老铁用户的消费需求。

In short, guided by the e-commerce growth strategy and monetization roadmap we outlined for 2026, we will take a steady, disciplined approach. We'll focus on the right long-term initiatives, while leveraging our content platform strengths to better meet the consumption needs of our users.

Thank you.

Thank you. Operator, next question, please.

下一道问题是来自

just let me finish the English translation. In addition to e-commerce, what are the main advertisement industry growth opportunities in 2026, and how do we plan to capture these opportunities?

Thank you. 谢谢你的问题。分行业来看呢，我们认为今年的增长机会主要来自于生活服务、漫剧以及

AI 应用三个行业。 Thank you for the question.

From a sectoral perspective, we believe the key growth opportunities this year will mainly come from three sectors: lifestyle service, comic-style short plays, and AI applications. 在生活服务行业，我们看到用户的行为从传统搜索平台向内容平台持续迁移，短视频和直播的内容形式更容易建立用户信任，降低决策门槛，并提升转化效率。同时，生活服务行业仍处于持续线上化的过程中，例如对于农资、教育、汽车等行业的商家，线上平台正在逐步成为其重要的营销和获客渠道。从平台角度来看，我们将持续升级产品，帮助商家更高效地与潜在客户建立沟通，并通过问答能力的优化提升转化率。此外，生活服务行业的客户以中小商家为主，并对客服和运营能力要求较高。我们通过 AIGC 营销素材解决方案帮助中小商家低成本生成营销素材，通过 AI 客服帮助商家实现 7*24 小时在线服务。

In the lifestyle service sector, we have seen a continued shifting user behavior from traditional search platforms toward content platforms. Short videos and live streaming formats are more effective at building user trust, reducing decision-making friction, and improving conversion efficiency.

In addition, the lifestyle service sector continues to deepen its online penetration. For merchants in sectors like agriculture, materials, education, and automotive, online platforms are gradually becoming key channels for marketing and customer acquisition.

At the platform level, we will continue to upgrade our products to help merchants reach their potential customers more effectively, while enhancing our in-platform interaction capabilities to improve conversion rates. Moreover, clients in the lifestyle service sector are mostly small- and medium-sized merchants that require strong customer service and operational support.

Through our AIGC marketing material solutions, we help small- and medium-sized merchants generate marketing materials at low cost. In addition, our AI-powered customer service solutions enable merchants to provide 24/7 online support.

在内容消费行业，随着 AI 技术显著提升内容生产效率并降低制作成本，漫剧这一新内容形态正在快速发展。快手作为兼具成熟短剧生态与全球领先视频生成大模型双重优势的玩家，通过对内容与技术的深度整合，正构建一个覆盖工具、内容、发行全链路的漫剧生态。此外，我们还推出涵盖算力、流量等全方位漫剧扶持计划，持续丰富平台的漫剧内容供给，并带动漫剧线上营销消耗的增长。去年下半年以来，快手漫剧的营销服务收入规模快速提升。今年 3 月，单日消耗峰值已经突破了 1500 万元人民币。 In the content consumption sector, as AI technology significantly improves content production efficiency and lowers production costs, the emerging content format, comic-style short plays, is advancing rapidly.

As a top-tier player, Kuaishou has the dual advantages of our mature short play ecosystem and the world-leading video generation model. By deeply integrating content and technology, we're building a comic-style short play ecosystem that spans the entire value chain from tools and content to distribution.

Additionally, we introduced a full-scale comic-style short play support program covering computing power, traffic, and other resources. These continuously enrich the platform's comic-style short play content supply and boost online marketing spending in this category.

Since the second half of last year, the total spending from online marketing services driven by Kuaishou's comic-style short plays has increased rapidly. In March this year, peak daily marketing spending exceeded 15 million RMB.

AI 应用行业也是我们认为 2026 年比较重要的增长机会之一。随着 AI 技术持续发展，各类 AI 应用不断涌现，整体行业仍处于快速发展阶段。我们预计 2026 年相关行业需求仍将保持明显增长。在这一趋势下，我们也将加强对客户精细化的运营，持续优化次留和长留指标，帮助客户更好地提升用户生命周期价值，从而增强 AI 应用类客户在平台上的营销投放意愿和投放规模。 The AI application sector is also what we view as another key growth driver for 2026.

As AI technology continues to advance and new applications emerge, the industry remains in a rapid growth phase. We expect demand in these relevant sectors to continue growing significantly in 2026.

Against this backdrop, we will strengthen refined operations for our clients, continuously optimize short- and long-term retention metrics, helping clients maximize users' lifetime value, all of which will prompt AI application clients to increase both their marketing spending scale and commitment on our platform. 总之呢，展望 2026 年，我们将通过产品升级、内容生态建设以及重点行业客群运营，更好地发掘生活服务、漫剧及 AI 应用等行业增量机会，实现线上营销服务收入的稳健增长。

In summary, for 2026, harnessing our products upgrade, content ecosystem development, and refined operations for clients in priority sectors, we aim to better capture incremental growth opportunities in the lifestyle service sector, comic-style short plays, and AI applications, driving solid growth in our online marketing services revenue. Thank you.

Thank you. Operator, last question, please.

最后一道问题是来自

CapEx 投入之后呢，对我们整体利润率的一个影响，应该如何去展望？ Thanks, management, for taking my questions.

You have repeatedly mentioned the construction of computing power centers. My question is, could management share your planned scale of AI-related CapEx in 2026 and the key area of your investment?

How will these CapEx investments affect your overall profit margin? Thank you.

谢谢你的问题。如一笑总所说，过去一年我们全面深化

AI 战略，多模态的视频生成大模型可灵 AI 在技术提升、产品迭代和商业化变现均取得了非常可喜的成绩。同时，AI 技术在赋能快手的内容和商业生态上也取得了不错的收益。这也进一步坚定了我们在 AI 上继续投入的决心和信心。 Thanks for your question.

As Yixiao said, over the past year, we have fully deepened our AI strategy. Our multimodal large video generation model, Kling AI, has achieved impressive results in technology advancement, product iteration, and commercial monetization.

At the same time, AI has delivered strong value in empowering our content and commercial ecosystems, reinforcing our commitment and confidence to continue investing in AI. 2026 年，我们预计集团整体的 CapEx 投入将达到 260 亿人民币左右，相较 2025 年增加约 110 亿。这些投入包含了可灵大模型和其他基础大模型上的算力投入，也包含了离线数据存储、处理等常规的服务器采购支出，以及数据、算力中心建设工程投入。可灵大模型 CapEx 的提升，一方面是由于可灵用户量级和收入规模提升带来的推理算力投入；另一方面，今年我们还会进行可灵模型的重要迭代升级，相应我们也需要增加在训练算力上的储备。未来随着模型迭代进展，我们也会在推理算力和训练算力之间进行灵活的调配，确保算力使用效能的最大化。

In 2026, we expect the group's total CapEx to reach approximately 26 billion RMB, an increase of about 11 billion compared with 2025. This covers computing resources for Kling AI's large models and other foundational models, as well as routine server procurement such as offline data storage and processing, and investments in data and computing center infrastructure.

The increase in CapEx for Kling AI's large models is partly due to higher inference computing needs from our expanding user base and revenue scale. It also takes into consideration of our major Kling AI model upgrades scheduled for the year, which require additional investment in training computing power.

With advancement of model iteration in future, we'll also flexibly allocate computing resources between inference and training to maximize the efficiency of computing resource utilization. 这里我还想强调一下，我们是一家非常注重现金流管理，并保持充裕现金储备的公司。2025 年，尽管我们进行了约 150 亿人民币的 CapEx 投入，全年占集团层面仍然有近 120 亿人民币的自由现金流流入。2026 年，尽管 CapEx 的投入有所增加，但我们的目标是持续保持全年集团层面正向的自由现金流。我们坚信，当前的每一分投入都将高效转化为未来的盈利动能。在坚持长期主义技术投入的同时，严守财务纪律，维持充裕的现金储备，以稳健的资产负债表支撑集团在 AI 时代的可持续高质量增长。

I would also like to emphasize that we are highly focused on cash flow management and maintaining ample cash reserves. In 2025, despite approximately 15 billion in CapEx, the group delivered nearly 12 billion RMB in free cash inflow for the year.

For 2026, even with increased CapEx, we aim to continue maintaining positive free cash flow at the group level for the full year. We believe that every investment today will efficiently translate into future profit drivers.

As we stay focused on long-term technology investments, we'll maintain disciplined financial management and ample cash reserves. Our robust balance sheet will empower the group's sustainable, high-quality growth in the AI era.

Thank you.

That concludes the Q&A session. Thank you, operator.

今天的问答环节到此结束。现在有请

Matthew 做总结性发言。 Thank you, operator.

感谢大家今天的参与。如果您还有更多问题，欢迎随时与快手的资本市场及投资者关系团队取得联系。谢谢大家。