Kuaishou Technology B

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Quite Sure Technology fourth quarter and full year 2025 financial results conference call. Please note that English simultaneous interpretation will be provided for management's prepared remarks. This English line will be in listen-only mode. I will now turn the call over to Mr. Matthew Chow, VP of Capital Market and IRR at Quite Sure Technology. Thank you, Arbiter. Good evening to everyone. Welcome to Kuaishou Technology fourth quarter and full year 2025 financial results conference call. Joining us today are Mr. Chen Yixiao, co-founder, chairman, and CEO. Mr. Jinping, 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 on or before the quarter and for year 2025 results. Announcement ended December 31, 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-FRS financial measures, a reconciliation of IFRS to non-FRS 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 a preparatory mock session and a consecutive interpretation during the Q&A session. Please note that English interpretation is for the convenience purposes only. In case of any discrepancies, management statements in the original language will prevail. Lastly, a loss of the listed occurrence mentions are in R&B. I will now hand the call over to Isha. Hello, everyone. Welcome to CoinShow'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 areas. Our clean AI, multimodal, large video generation models maintain a global leading position, and we continue to leverage our advanced capabilities to empower quite a choice of content and commercial systems. These efforts supported a high quality growth across the user scale, revenue expansion, and profitability. In Q4, 2025, average DAUs on the Quasio 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% a year-over-year. Adjusted net profit is increased by 16.2% a year-over-year to $5.5 billion. For the full year 2025, average GAUs across Europe reached $410 million, and total revenues increased by 12.5% a year-over-year to $142.8 billion. Adjusted net profit for the full year increased by 16.5% a 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 Qyto'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 0.5%. 6.69 Hong Kong dollars per share for the year ended December 31st, 2020, amounting to approximately 3 billion Hong Kong dollars 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 shareholders' value and sharing the benefits of the company's strong cash flow generation. We are sincerely grateful for our investors' continued support. Quite a steady growth would not have been possible without the trust and support of our shareholders looking ahead. By staying closely aligned with the business development and marketing conditions, we will 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 segment in Q4 2025. First, our AI strategy and the progress of our large video generation model, Culling AI. Culling AI remained committed to its core vision of empowering everyone to craft competitive 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, Collinear exported a rollout of multiple model upgrades across several iterations. We launched Collinear 1, the world's first unified multimodal video model, developed on the multimodal visual language architecture. Collinear 1 transcends traditional single-task video generation models by integrating multimodal text-to-video image and subject inputs in a single generative editing engine. Collinear 1's unified architecture enables anti-anaconic creation within one model, system, allowing users to envision systematically from generation to editing and refinement without switching tools. We also released the Cling Video 2.6 model, which incorporates simultaneous audio-visual 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 flow. Cling 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 the character reference image, users can generate character-specific videos with the frame-level precision in both body movements and facial expressions. In February 2026, we launched the Cling AI 3.0 model series, developed under an all-in-one product framework. Cling 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 mode unifies multiple tasks within a native multimodal architecture, enable more complex narrative logic, automated storyboarding, and precise shot control while maintaining strong prompt adherence. Cooling 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 a stronger adoption among professional creators and enterprise clients globally, earning the models widespread acclaim and accelerating their monetization. In Q4-25, Kling AI achieved a revenue of $314 million. Notably, in December 2025, Kling AI's monthly revenue exceeded $20 million, corresponding to an ARR of $214 million U.S. dollars. At the same time, Cling AI's motion control feature gained significant traction across major global social media platforms, driving widespread discussion and organic distribution. This momentum broadened Cling AI's reach beyond professional creators to a broader mainstream user base. In Q4-25, we continued to deepen the impact of large AI models to empower our content and our commercial ecosystems, while driving further quality and efficiency improvements in our organizational infrastructure. In terms of strengthening the foundation of our content ecosystem, our proprietary multimodal large language model, Kuai Ke Yi, $671 billion model, has demonstrated strong video comprehension capabilities. Meanwhile, we upgraded our short video and live streaming content understanding system and launched a tech next, our next generation teching system, which enables more accurate content understanding, grabbing higher app usage time per user, and a retention rate. In content recommendation, iterated our end-to-end generative recommendation large model with the launch of One Rack V2, continuously enhancing the precision of our recommendations. For online marketing services, we further optimized our end-to-end generative recommendation technology. By deeply integrating multi-dimensional business data, we enhanced 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 Q4-25. 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 from online marketing services driven by AIGC marketing materials was nearly $4 billion. For e-commerce business scenarios, Q4, we further iterated our end-to-end generative retrieval architecture one search. We introduced addable 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 Morgan 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 universe gift customization feature to deliver better interactivity, reach a dynamic presentation, more refined visual aesthetics, significantly increasing users' willingness to send official gifts. To drive organization efficiency, we have completed the upgrade of our intelligent coding tools. Our self-developed AI programming tool, CodeFlicker, has evolved from a coding assistant to an AI engineer, with more engineers adopting the agent-based coding model. 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 wall-and-chopper 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 Q4-25, average DAUs on the Quest App reached 408 million, and AMA use reached 741 million, with average daily time spent per DAU on the Quest App was 126 minutes. We're committed to building a vibrant community with a distinctive quality question 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 the user skill 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 technologies and enhanced push strategies, resulting in a higher open rate for Quadro 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 Xinyu, the illustrious lady, and continued to cultivate high-quality top-tier content IPs with distinctive Quadro characteristics. Rural culture and entertainment activities, exemplified by the Village Gateway mini stage, enabled rural residents to transition from passive viewers to active on-stage participants, featuring diverse content ranging from intentional cultural heritage performances to agricultural technology demonstrations. These initiatives both enriched rural culture like and provided a new channel for showcasing rural culture. We produced the sixth anniversary concert for Teens in Time, 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 ground between the 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 over more than 15% year-over-year. To further develop engagement scenarios, we continue to innovate private messaging and game events features, driving year-over-year increase of nearly three percentage points in rapidly in daily average penetration rate of private messages among users with mutual followers during the quarter. Third, online marketing services. In Q4, revenues from online marketing services to reach 23.6 billion RMB, up 14.5% year-over-year. The accelerated integration and innovative application of AI across cyber's 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, Q5, within the life cycle lifestyle service sector, where clients primarily operate under a data-based model. We help the client to reach users more efficiently and achieve the higher user conversion rates by operating our private messaging products and optimizing our algorithms. At the same time, by continuously expanding into more industries and acquiring new clients, we've broadened our online marketing client base and generated incremental marketing placements. In addition, as the lifestyle service sector clients are a predominantly small and medium-sized business, leveraged AIGC tools to enhance their ability to produce marketing materials. These enhancements lower the barriers for marketing placement and growth for the 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, with a key growth revenue driver for the non-e-commerce online marketing services. In the content consumption sector, short plays continue to sustain solid growth by optimizing marketing materials exposure formats. We increased the marketing spending in short play verticals Meanwhile, empowered by the deep integration of AI technologies, comic-style short plays have advanced rapidly through continuously comprehensive support programs and bullet of the comic-style short play AI agent with further expanded high-quality and diverse content supply to capture emerging growth opportunities in the sector. Moreover, a rising market budget from clients across the application vertical will leverage our insights into industry placement pace and market trends to consistently optimize resource allocation and conversion efficiencies. effectively channeling and capturing marketing placement and spending from AI application clients. In Q4, for online marketing products, we continue to upgrade offerings, including our UX placement solutions, EIDC marketing material solutions, live stream digital human solutions, and digital employee solutions. These enhancements help to lower barriers to marketing placements, improve clients' placement experience, and drive further growth in online marketing spending. Specifically, during the quarter, UX developed a periodic delivery and account-level smart placement product These upgrades enable clients to extend managed campaign cycles and algorithmic system management from the app 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 UX 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 in late September last year to advance traffic synergy, we established our closed-loop capability, simplifying traffic, transaction, online marketing, conversion, and merchant services This was designed to align our platform's overall revenue growth with merchant-based refinement, enabling e-commerce merchant and GPM and CPM for marketing services to improve intent in Q4. In the first half of 2025, we essentially completed 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 enhancing 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 product promotion achieved full coverage across products and scenarios, becoming the primary placement offering for our e-commerce marketing services. Our fully managed auto placement and 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 pen-shelf-based e-commerce scenarios and strengthening the synergy of Omni domain supply and online distribution, our e-commerce marketing services revenue pen-shelf-based scenarios increased rapidly year-over-year. Fourth, our e-commerce business. In Q4-25, our e-commerce GMV grew 12.9% year-over-year to $521.8 billion. Building on the systematic omni-domain operations strategy for their integrated 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 continue to empower merchants to strengthen their private domains and operational efficiency, broadening a variety of supply. As a result, repeated purchase frequency of active e-commerce users further increased year to 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 two parts of New Divide, we mobilized a combined strength of service provider agencies and industry zones to broaden our e-commerce supply, guided by a full lifecycle framework for new merchant development. We deepened our cost reductions and efficiency enhancement, stepped up incubation programs for new merchants, strengthened support for merchants from industrial zones and for the optimized 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 the newly onboarded merchants and newly onboarded active merchants grow year-over-year in 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 the top tier brands in diverse sectors. Through coordinated resource empowerment, the initiative aimed at a 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 a meaningful result. By increasing the streaming frequency of streamers with over 10,000 followers, the program drove a 12.7% increase in the number of average daily active streamers hosting live sessions with over 10,000 followers. for the reinforcing virtual cycle follow-up growth and transaction performance in Q4. Through coordinated operations with agencies and leading KLL organizations, we expanded our KLL supply to further empower KLL as we advanced our platform-endorsed product offerings, which are trusted by both merchants and KLLs, building on this foundation, our KLL blockbuster initiative focused on high-demand product categories, highlighting our platform's strong order aggregation capabilities and driving greater KLL participation and distribution, The penetration of KOL within our distribution pool continued to improve, with a 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, their two meaningful leaps in operational scale. In Q4, our Omni domain operations ecosystem, including pen-shop-based e-commerce and shorter videos, continued to demonstrate steady and resilient development. In Q4, the contribution of pen-shelf-based e-commerce GMV to total e-commerce GMV remained broadly stable quarter-over-quarter. We continue to expand our supply scale, driving sustained year-over-year and quarter-over-quarter increases in average daily active merchants for pen-shelf-based e-commerce. Superlinks and the official channel for platform-recommended products continue to strengthen its role as a core operational tool for shelf-based offerings, which achieved rapid growth during the quarter. In Q4, Superlinks penetration rate in shelf-based e-commerce product cards reached 19.1%. We also encourage merchants to expand all e-domain operations by leveraging our marketing hosting tools. We guided merchants in content-based scenarios toward shelf-based operations, significantly increasing the penetration rate of active merchants using our marketing hosting tools quarter-to-quarter. During Q4, we further advanced our short-video e-commerce content supply, prioritizing refined merchant-centric operations by continuously averaging the synergy between short videos and live streaming. We enriched our high-quality supply and optimized the file efficiency. These efforts were a significant growth in short-of-video e-commerce GMV, which continued to outpace overall e-commerce GMV growth. In Q4-25, we deepened AI integration across e-commerce scenarios, delivering tangible efficiency gains for merchants while supporting their growth. The broader rollout of Orange Rack, OneSearch, and other large-language model technologies across e-commerce scenarios continue to generate incremental value. Powered by an e-commerce knowledge graph and leveraging large models of world knowledge and reasoning capabilities, We strengthened our foundational understanding of products, buildings, and users. This enabled a more accurate long-term user interest in modeling, improved recommendation diversity, and drove high revisit and repurchase behavior. E-commerce content and generation capabilities have also advanced during the fourth quarter. Features such as live streaming highlights and AI-assisted content creation further strengthened emergence across narrow operating capabilities, propelling step-change growth in both content output and GMB. To improve operating efficiency, we launched an AI-powered order analysis feature in Q4, helping merchants identify abnormal orders more effectively, reduce pre-shipment and refund rates. Next, regarding our live streaming business. In Q4, live streaming revenue was 9.7 billion RMB. We remain 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 continue to intensify 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 sustained improvements on the supply side, better serving users diversified preferences. Our grand stage of deepening 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 CleanAI's video generation capabilities, our AI universe gives users with customizable special effects, enhanced interactive feature experience, dynamic motion rendering, and visual aesthetics. As of the end of the 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 AI interaction assistance, and AI digital avatar solutions to improve the streamer service efficiency. In Q4, our live streaming plus model extended the boundaries of the live streaming ecosystem while also unlocking additional commercial value. Through refined operations, our IDO housing and acquired hire business delivered both quality improvements and official gains. In Q4, the average monthly number of IDO housing paying clients increased by over 40% year-over-year. Finally, our overseas business progress. In Q4, we remain firmly committed to our high-value growth strategy, supporting a virtuous business cycle across our overseas business. Despite a complex market dynamics, we achieved a steady growth in overseas business. On the traffic front, while improving customer acquisition efficiency and optimizing our user growth structure, we strengthened the user mindshare for the Kuaishou community by expanding the supply of content. With the distinctive Kuaishou characteristics further broadening our core user base, Brazil, our key market for business development and maintaining stable DAUs and time spent per DAU. For online marketing services, we captured an industry opportunity to expand brand presence in Brazil. We're in our client base across diverse industries. In addition, we upgraded our products and solutions and actively explored the new content-driven marketing scenarios, including short reviews to improve client performance visibility and unlock a new growth momentum of supporting our client's long-term development. Our e-commerce business in Brazil achieved a steady year-over-year growth in GMB transaction scale and a little volume in Q4. Supported by AIGC-driven improvements in e-commerce content and quality and operational efficiency, and edited by more refined logistic cost of management, our overseas profitability improves significantly. Looking back over the past year, despite multiple 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 system-added growth. Looking ahead, although challenges will intensify, we remain steadfastly guided by our user needs. We deeply cultivated the building of a warm, inclusive, and universally accessible digital community, while continuously deepening the seamless integration of AI technologies across our business hours. This empowers the merchants and marketing clients to effectively elevate their operational productivity. Staying true to our long-term vision will deliver superior user experiences, build a broader platform for our platformers, and create a more sustainable value for our shareholders, collectively unlocking new growth opportunities in the AI era. That concludes my prepared remarks. Next, our CFO, Ben, will review the company's financial update for the quarter and for year 2025. Thank you, Yixuan. 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 AcquireShare's content and commercial ecosystems, delivering high-quality growth across both our operational and financial metrics. We continue to refine our user growth and retention strategies, resulting in an average user reaching 410 million for three years. At the same time, we deepened the application of the 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% a year over year to $142.8 billion. Adjusting net profits reached $20.6 billion, up 16.5% a 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% a year over the year to $39.6 billion in Q4. The increase was mainly driven by growth across online marketing services, e-commerce, and coding 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 marketing clients. Revenue from other services, including e-commerce and clean 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 and e-commerce GMV, which boosted our e-commerce commission income. And by the continued expansion of our Collinea business, by continuously refining Collinea's financial models and developing more innovative features, we have expanded this range of applications for professional creators and driven new breakthroughs and commercialization. In Q4, our live streaming revenue was 9.7 billion RMB. We're continuing fostering a rich, healthy live streaming ecosystem. At the same time, we refined operations across our core categories, providing users with more diverse, high-quality content, leveraging AI-empowered product innovation, We also drove greater user engagement through high-quality live streaming content. Cost of revenues increased 9.2% a year over year to $17.7 billion in Q4, accounting for 44.9% of the 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 rose 14.1% a 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 at 20.1% a year to $4.1 billion, accounting for 10.5% of total revenue. 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 8.7 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 and interest rates and restringed cash totals 104.9 billion RMB as of December 31st, 2025. Now the 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 3.12 billion Hong Kong dollars or around 56.78 million shares representing about 1.32% of our total shares outstanding for 2025. Next, I'll provide a quick overview on financial performance for the three year. For the three year of 2025, our group's total revenue reached 142.8 billion RMB, up 12.5% a year over year. This includes online marketing services revenue of 81.5 billion RMB, which rose 12.5% a year over year, revenue from our online, our live streaming business increased by 5.5% a 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%. Percentage of your growth profit margin extended by 0.4 percentage points a year to 55% in 2025 are just not a profit for the full year of 2025 was 20.6 million up 16.5% of you with an adjusted net margin of 14.5% looking ahead, we will continue to prioritize the user needs and remain committed to investing in Ai. Leveraging our leading AI capabilities will 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 preparatory remarks. Now we can open for Q&A.

If you would like to cancel your request, you can press the power key. We will now enter the Q&A session. The first question is from Lincoln Feng from Kaohsiung. The first question comes from Lincoln Kong from Goldman Sachs.

Please go ahead and ask your question. Thank you for accepting my question, Mr. Wang. Congratulations on the success of the document in the fourth quarter. My question is about KeLin AI. Recently, we have seen that the updates of various video production models have an acceleration trend, including the release of C-DANCE 2.0 recently. Thank you, management, for taking my question and congrats on the solid fourth quarter result. My question is about clean AI. So we have seen an accelerating pace for various video generation technologies models across the industry, including CDANCE 2.0, launching recently. So what's the impact for the overall industry and to clean itself? And for 2026, what are the strategy or plans for cleaning in terms of our model capability, product upgrade, as well as monetization?