$50 Billion Fire Lawsuit Filed by Lawyers for Justice, PC Against Southern California Edison on Behalf of All Evacuees and Individuals Who Suffered Emotional Distress
Mr. Roche seeks to represent individuals and business who are victims of the fires, and seeks monetary damages, according to proof, which he contemplates amount to at least $50 billion, as well as injunctive and other relief. Mr. Roche has hired one of the nation's most accomplished legal teams, comprising the class action attorneys at Lawyers for Justice, PC, to represent him. The attorneys have successfully litigated over 1,000 class actions in the last decade alone.
Mr. Roche's case stands out because most of the other cases that have been filed regarding the fires do not seek class certification or relief on a class-wide basis; these other lawsuits have elected not to seek class relief and to only seek relief on an individual basis by seeking to join individual lawsuits under the rules of joinder.
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The steady growth in user traffic was attributable to our high-quality user growth strategy, optimized traffic allocation mechanism, a more engaging community atmosphere and our differentiated content operating strategy. We remained firmly committed to executing our high quality user growth strategy, improving ROI while reducing user acquisition costs. We further optimized our traffic allocation mechanism to better align commercial content with user retention, which enhanced both user experience and stickiness. Meanwhile, we increased traffic exposure for high quality original content, fostering a virtuous cycle between content creation and consumption. We have continuously optimized the private messaging experience and expanded innovative social interaction features, resulting in a nearly 5-percentage-point year-on-year increase in the daily average penetration rate of private messages among users with mutual followers. 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These improvements led to notable year-over-year increases in revenue from both external and closed-loop marketing services. In the second quarter of 2025, we also upgraded our AIGC marketing material solutions, moving beyond general capabilities to better align with clients' specific industry attributes and application scenarios. This newest iteration further improved conversion rates for AIGC materials. In the second quarter of 2025, revenue from our external marketing services continued to rise, driven by strong demand from the content-consumption, local services and automobile industries. For the content-consumption industry, advertising spending in short plays maintained high double-digit year-over-year growth. Smart pricing for In-Apps Purchases (IAP, 應用內購買) and dynamic adjustments of In-Apps Ads (IAA, 應用內廣告) marketing node drove this momentum by improving users' willingness to pay and increasing their time spent, which in turn expanded revenue for our marketing clients. For the local services and automobile industries, where clients mainly operate on a lead-based model, our native private messaging products helped them reach users more effectively and improved conversion efficiency. In the second quarter of 2025, we leveraged large language models and model sequence modeling for native private messaging between clients and users, resulting in a higher lead conversion rate. In terms of intelligent product placement solutions, the penetration rate of our Universal Auto X (UAX, 全自動投放) placement solutions continued to rise, accounting for around 65.0% of total external marketing spending in the second quarter of 2025. In the second quarter of 2025, for closed-loop marketing service, we supported e-commerce merchants to enhance their omni-domain intelligent operation efficiency through the iteration of product and traffic strategies. 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As a result, DAUs in Brazil, one of our core international markets, remained stable, with average daily time spent per DAU increasing year-over-year. On the monetization front, we actively expanded the industry coverage of advertisers and continually enhanced product capabilities, maintaining solid year-over-year growth in online marketing services revenue. In the second quarter of 2025, for our e-commerce business in Brazil, our end-to-end digital empowerment of local merchant operations enabled content-driven immersive consumption, real-time interaction and rapid conversion, driving consistent, solid year-over-year and quarter-over-quarter growth in transaction scale and order volume. Local services In the second quarter of 2025, GMV for local services increased steadily year-over-year. Category-wise, we strengthened cost controls in our in-store dining services and strategically avoided subsidy competition, while supporting the growth of high-ROI products in our in-store business. On the supply side, we continued to improve core categories and price comparison capabilities, promoting a healthy growth of competitive products and low-priced supplies. In the second quarter of 2025, the number of daily average available merchandise leaped by over 55.0% year-over-year. On the demand side, our city-specific refined operations and optimized user experience, coupled with the improved smart subsidy model, drove the overall healthy growth of the business. In terms of content, we remain committed to supporting the distribution of high-quality traffic on our platform. Furthermore, recommendation funnels aided by large models also propelled video view increases and efficiency enhancements in the local services short video scenario. For monetization, we met customers' diverse placement needs by expanding and optimizing advertising products, resulting in an approximately 120% year-over-year revenue increase. In addition, stricter ROI discipline improved both subsidy and operating efficiency, further narrowing the operating loss in our local services business both quarter-over-quarter and year-over-year. Declaration of Special Dividend In view of the Company's business performance, the Board is delighted to declare the payment of a special dividend of HK$0.46 per Share for the first time since the Listing, amounting to approximately HK$2.0 billion in total. The declaration and payment of special dividends reflects our confidence in the Company's long-term growth prospects and solid financial position, fulfilling our continuous commitment to enhancing shareholders returns. Backed by a strong balance sheet, the Company is well positioned to reward our Shareholders while maintaining the financial and operational flexibility required to drive long-term business developments. In future, the Company will consider measures including share repurchase and dividend payment as appropriate to give back to our Shareholders. Business Outlook In the first half of 2025, we made steady progress in advancing our AI strategy, consistently achieving technological breakthroughs while accelerating commercialization. Looking ahead to the second half of 2025, we will maintain our strong investment in AI and continue to explore the potential of AI technology in empowering creators, marketing clients and merchants, identifying and unlocking new, high-potential monetization opportunities. While maintaining high-quality growth across our existing businesses, we will actively cultivate diverse channels for future growth to foster the shared development of our content and business ecosystems. We remain dedicated to meeting user needs and enhancing operational efficiency for our merchants and marketing clients, creating sustainable, long-term value for our users, creators and partners. About Kuaishou Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more. Forward-Looking Statements Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. For investor and media inquiries, please contact Kuaishou TechnologyInvestor RelationsEmail: ir@ CONDENSED CONSOLIDATED INCOME STATEMENTUnauditedUnaudited Three Months EndedSix Months Ended June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024 RMB'MillionRMB'MillionRMB'MillionRMB'MillionRMB'Million Revenues35,04632,60830,97567,65460,383 Cost of revenues(15,542)(14,816)(13,840)(30,358)(27,128) Gross profit19,50417,79217,13537,29633,255 Selling and marketing expenses(10,503)(9,897)(10,040)(20,400)(19,424) Administrative expenses(897)(828)(792)(1,725)(1,254) Research and development expenses(3,400)(3,298)(2,805)(6,698)(5,648) Other income16533469152 Other gains, net5694373741,006819 Operating profit5,2894,2593,9069,5487,900 Finance (expense)/income, net(54)(24)66(78)180 Share of (losses)/profits of investments accounted for using the equity method(12)2(19)(10)(22) Profit before income tax5,2234,2373,9539,4608,058 Income tax (expenses)/benefits(301)(258)27(559)42 Profit for the period4,9223,9793,9808,9018,100 Attributable to: — Equity holders of the Company4,9223,9783,9798,9008,098 — Non-controlling interests-1112 4,9223,9793,9808,9018,100 CONDENSED CONSOLIDATED BALANCE SHEETUnauditedAudited As of June 30, 2025As of December 31, 2024 RMB'MillionRMB'Million ASSETS Non-current assets Property and equipment17,63714,831 Right-of-use assets9,0898,891 Intangible assets1,0191,059 Investments accounted for using the equity method157166 Financial assets at fair value through profit or loss24,98924,430 Other financial assets at amortized cost4162 Deferred tax assets6,5216,604 Long-term time deposits22,81219,856 Other non-current assets2,7281,105 84,99377,004Current assets Trade receivables7,7756,674 Prepayments, other receivables and other current assets5,5434,646 Financial assets at fair value through profit or loss38,11927,050 Other financial assets at amortized cost107233 Short-term time deposits6,61511,522 Restricted cash7747 Cash and cash equivalents12,31012,697 70,54662,869Total assets155,539139,873 CONDENSED CONSOLIDATED BALANCE SHEETUnauditedAudited As of June 30, 2025As of December 31, 2024 RMB'MillionRMB'Million EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital-- Share premium266,924268,733 Treasury shares-(341) Other reserves37,03635,776 Accumulated losses(233,264)(242,164) 70,69662,004 Non-controlling interests2020Total equity70,71662,024 LIABILITIES Non-current liabilities Borrowings11,09811,100 Financial liabilities at fair value through profit or loss65124 Lease liabilities6,6996,765 Deferred tax liabilities5413 Other non-current liabilities2419 17,94018,021Current liabilities Accounts payables28,15827,470 Other payables and accruals28,43923,113 Advances from customers4,7534,696 Borrowings1,074- Financial liabilities at fair value through profit or loss55 Income tax liabilities448873 Lease liabilities4,0063,671 66,88359,828Total liabilities84,82377,849Total equity and liabilities155,539139,873 Financial Information by Segment Unaudited Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024Domestic Overseas Unallocated items Total Domestic Overseas Unallocateditems Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million RMB'Million Revenues 33,746 1,300 - 35,046 31,293 1,315 - 32,608 29,896 1,079 - 30,975 Operating profit/(loss) 5,401 19 (131) 5,289 4,345 28 (114) 4,259 4,498 (277) (315) 3,906 Unaudited Six Months EndedJune 30, 2025 June 30, 2024Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million Revenues 65,039 2,615 - 67,654 58,313 2,070 - 60,383 Operating profit/(loss) 9,746 47 (245) 9,548 8,489 (545) (44) 7,900 Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS AccountingStandards Measures UnauditedUnauditedThree Months EndedSix Months EndedJune 30,March 31,June 30,June 30,June 30,20252025202420252024RMB'MillionRMB'MillionRMB'MillionRMB'MillionRMB'Million Profit for the period 4,9223,9793,9808,9018,100 Adjusted for:Share-based compensation expenses 7166047231,3201,015 Net fair value changes on investments(1) (20)(3)(24)(23)(48) Adjusted net profit 5,6184,5804,67910,1989,067 Adjusted net profit 5,6184,5804,67910,1989,067 Adjusted for:Income tax expenses/(benefits) 301258(27)559(42) Depreciation of property and equipment 8857829971,6671,974 Depreciation of right-of-use assets 8317687351,5991,451 Amortization of intangible assets 2622264853 Finance expense/(income), net 5424(66)78(180) Adjusted EBITDA 7,7156,4346,34414,14912,323 Note: (1)Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance. 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