AI ImpactAI Large Model added 4-5% to domestic ad growth, while Kling AI commercialisation was on track (+20% q/q).
Earnings Growth3Q25 adj. earnings rose 26% y/y, beating expectations on lower selling expenses; revenue was slightly above with ads up 14% and other services up >20%.
E-commerce GrowthE-commerce GMV increased by 15% YoY, mainly fueled by improved repeat-purchase frequency and user stickiness.