On March 20th, Kuaishou announced its results for the fourth quarter and full year of 2023. For the full year, Kuaishou's total revenue increased by 20.5% year-over-year to RMB 113.47 billion, and its full-year adjusted net profit exceeded RMB 10 billion to RMB 10.27 billion.
E-commerce Drives Growth
Strong E-commerce Performance:
- E-commerce GMV surged 29.3% year-over-year in Q4, reaching CNY403.9 billion.
- Annual GMV exceeded CNY1.18 trillion, capturing a growing market share.
Other Services Revenue Boost:
- E-commerce growth propelled other services revenue to CNY14.1 billion, a 44.7% increase from CNY9.8 billion in 2022.
High-Growth Potential:
- Fast-growing e-commerce segment to continue expanding rapidly in both content and general merchandise (GM) categories.
GM Share Growth:
- GMV from GM scenarios surpassed 20% of total GMV in Q4, showing significant growth.
Content Synergy and Conversion:
- "We will strengthen content synergies in content scenarios, explore user demands, and improve purchase conversion rates. The mall will provide a more predictable shopping environment for users, enrich marketing scenarios, and enhance user repeat purchases," said Cheng Yixiao, Founder and CEO of Kuaishou.
- Q4: Kuaishou Mall GMV growth exceeded 50% year-over-year.
New User Acquisition and Engagement:
- Gradual opening of GM scenario traffic and full launch of "Mall" tab in December.
- Tiered operations, such as personalized subsidies for new users and a dedicated "Mall Newbie" experience.
- Value-driven products from popular brands attracted new e-commerce users, driving over 70% year-over-year growth in average daily buyers in Q4.
Merchant Support:
- Refined operational strategies, incentive programs for new merchants, and more.
- Q4: Average daily active merchants on the mall platform increased by over 130% year-over-year.
Future Outlook:
- Belief in sustained growth of the mall business through supply enrichment and ecosystem building.
- Anticipated continued increase in GMV contribution.
