Kuaishou released its 2024 annual performance report yesterday and disclosed for the first time the commercial achievements of its AI business, represented by the Keling large model. The report shows that Kuaishou continued to achieve scaled profitability in 2024, with its AI business gradually entering a positive cycle. According to the financial report, Kuaishou's revenue in 2024 reached 126.9 billion yuan, a year-on-year increase of 11.8%. Adjusted net profit grew by 72.5% year-on-year, reaching 17.7 billion yuan, marking two consecutive years of scaled profitability. In the fourth quarter of 2024, Kuaishou's average monthly active users reached 736 million, a year-on-year increase of 5.0%; average daily active users reached 401 million, a year-on-year increase of 4.8%; total user usage time increased by 5.8% year-on-year.

In terms of revenue composition, Kuaishou's online marketing services revenue increased by 20.1% year-on-year, reaching 72.4 billion yuan. In the fourth quarter, revenue surpassed 20 billion yuan for the first time, reaching 20.6 billion yuan. This growth was mainly driven by Kuaishou's deep understanding of product semantics and user representation based on large models, which further optimized the effectiveness of ad placements.

After Keling was launched, it quickly sparked widespread interest, with the number of applications for usage exceeding one million within a month. In some well-known evaluation rankings, the Keling 1.5 Pro version ranked alongside Google Veo 2 as the top two global models, surpassing other domestic video generation models. Since the commercialization of Keling AI, it has shown strong growth momentum. By February of this year, its cumulative revenue exceeded 100 million yuan. At the end of last year's fourth quarter, Keling AI launched version 1.6, with significant improvements in semantic compliance, visual aesthetics, and dynamic quality. In particular, in the "image-to-video" scenario, internal evaluations showed that its overall effect improved by nearly 200% compared to version 1.5. Kuaishou expects Keling AI to achieve leapfrog growth in revenue in 2025, and this tool will drive business upgrades, creating a new track for AI video production.

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