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Kuaishou AR2020 Cover 04_12.36mm Eng output.pdf 1 20/4/2021 下午3:27 Kuaishou Technology (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock code : 1024 ANNUAL REPORT 2020 C M Y CM MY CY CMY K ANNUAL REPORT ANNUAL REPORT Head Ofce and Principal Place of Business in the PRC Address: Building 1, No. 6, Shangdi West Road, Haidian District, Beijing, the PRC Postcode:100085 Website: www.kuaishou.com Email: [email protected] 2020 WeChat Ofcial Account for Kuaishou: kuaishouApp Contents Corporate Information 2 Financial Summary and Operation Highlights 4 Chairman‘s Statement 7 Management Discussion and Analysis 11 Report of the Board of Directors 31 Corporate Governance Report 76 Independent Auditor‘s Report 92 Consolidated Income Statement 100 Consolidated Statement of Comprehensive Loss 101 Consolidated Balance Sheet 102 Consolidated Statement of Changes in Equity 104 Consolidated Statement of Cash Flows 105 Notes to the Consolidated Financial Statements 106 Definitions 193 Corporate Information BOARD OF DIRECTORS CORPORATE GOVERNANCE COMMITTEE Executive Directors Mr. WANG Huiwen (王慧文) (Chairman) Mr. SU Hua (宿華) (Chairman of the Board) Mr. HUANG Sidney Xuande (黃宣德) Mr. CHENG Yixiao (程一笑) Mr. MA Yin (馬寅) Non-executive Directors JOINT COMPANY SECRETARIES Mr. LI Zhaohui (李朝暉) Mr. JIA Hongyi (賈弘毅) Mr. ZHANG Fei (張斐) Ms. SO Ka Man (蘇嘉敏) Dr. SHEN Dou (沈抖) Mr. LIN Frank (林欣禾) (alias LIN Frank Hurst) AUTHORIZED REPRESENTATIVES Independent Non-executive Directors Mr. SU Hua (宿華) Ms. SO Ka Man (蘇嘉敏) Mr. WANG Huiwen (王慧文) 黃宣德 Mr. HUANG Sidney Xuande ( ) AUDITOR Mr. MA Yin (馬寅) PricewaterhouseCoopers AUDIT COMMITTEE Certified Public Accountants Registered Public Interest Entity Auditor Mr. HUANG Sidney Xuande (黃宣德) (Chairman) 22/F, Prince’s Building Mr. WANG Huiwen (王慧文) Central Mr. MA Yin (馬寅) Hong Kong REMUNERATION COMMITTEE REGISTERED OFFICE Mr. HUANG Sidney Xuande (黃宣德) (Chairman) PO Box 309, Ugland House Mr. SU Hua (宿華) Grand Cayman, KY1-1104 Mr. LI Zhaohui (李朝暉) Cayman Islands Mr. WANG Huiwen (王慧文) 馬寅 Mr. MA Yin ( ) HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN THE PRC NOMINATION COMMITTEE Building 1, No. 6, Shangdi West Road Mr. WANG Huiwen (王慧文) (Chairman) Haidian District Mr. CHENG Yixiao (程一笑) Beijing Mr. ZHANG Fei (張斐) the PRC Mr. HUANG Sidney Xuande (黃宣德) Mr. MA Yin (馬寅) PRINCIPAL PLACE OF BUSINESS IN HONG KONG Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong 2 Kuaishou Technology Annual Report 2020 Corporate Information LEGAL ADVISORS PRINCIPAL BANK As to Hong Kong law: China Merchants Bank, Beijing Branch Latham & Watkins LLP Zhonghai Caifu Center 18th Floor, One Exchange Square 96 Taipingqiao Street 8 Connaught Place, Central Xicheng District Hong Kong Beijing the PRC As to PRC law: Haiwen & Partners STOCK CODE 20/F, Fortune Financial Center 5 Dong San Huan Central Road, Chaoyang District 1024 Beijing 100020 the PRC COMPANY’S WEBSITE As to Cayman Islands law: www.kuaishou.com Maples and Calder (Hong Kong) LLP 26th Floor, Central Plaza 18 Harbour Road Wanchai Hong Kong COMPLIANCE ADVISOR China Renaissance Securities (Hong Kong) Limited Units 8107-08 Level 81, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716 17th Floor, Hopewell Centre 183 Queen’s Road East, Wan Chai Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) Limited PO Box 1093 Boundary Hall, Cricket Square Grand Cayman, KY1-1102 Cayman Islands Annual Report 2020 Kuaishou Technology 3 Financial Summary and Operation Highlights FINANCIAL SUMMARY Year Ended December 31, 2020 2019 As a As a percentage percentage Year-over-year Amount of revenues Amount of revenues change (RMB thousands, except for percentages) Revenues 58,776,097 100.0 39,120,348 100.0 50.2% Gross profit 23,814,637 40.5 14,103,574 36.1 68.9% Operating (loss)/profit (10,319,953) (17.6) 688,684 1.8 N/A Loss before income tax (117,200,790) (199.4) (19,265,467) (49.2) 508.3% Loss for the year attributable to the equity holders of the Company (116,635,242) (198.4) (19,651,534) (50.2) 493.5% Non-IFRS Measures: Adjusted net (loss)/profit (unaudited) (1) (7,948,807) (13.5) 1,033,883 2.6 N/A Adjusted EBITDA (unaudited) (2) (3,616,075) (6.2) 3,591,370 9.2 N/A Unaudited Three Months Ended December 31, 2020 2019 As a As a percentage percentage Year-over-year Amount of revenues Amount of revenues change (RMB thousands, except for percentages) Revenues 18,098,656 100.0 11,852,380 100.0 52.7% Gross profit 8,503,832 47.0 4,633,742 39.1 83.5% Operating loss (1,377,525) (7.6) (974,620) (8.2) 41.3% Loss before income tax (19,081,735) (105.4) (18,044,965) (152.2) 5.7% Loss for the period attributable to the equity holders of the Company (19,263,780) (106.4) (18,034,089) (152.2) 6.8% Non-IFRS Measures: Adjusted net loss (1) (704,488) (3.9) (802,801) (6.8) (12.2%) Adjusted EBITDA (2) 927,287 5.1 (3,420) (0.0) N/A Notes: (1) We define “adjusted net (loss)/profit” as loss for the year or period adjusted by adding back share-based compensation expenses and fair value changes of convertible redeemable preferred shares. (2) We define “adjusted EBITDA” as adjusted net (loss)/profit for the year or period adjusted by adding back income tax (benefits)/expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance expense, net. 4 Kuaishou Technology Annual Report 2020 Financial Summary and Operation Highlights OPERATING METRICS Unless otherwise specified, the following table sets forth certain of our key operating data on Kuaishou App for the periods indicated: Year Ended Three Months Ended December 31, December 31, 2020 2019 2020 2019 Average DAUs (in millions) 264.6 175.6 271.3 206.4 Average MAUs (in millions) 481.1 330.4 475.7 386.7 Average daily time spent per DAU (in minutes) 87.3 74.6 89.9 76.0 Average online marketing services revenue per DAU (in RMB) 82.6 42.3 31.4 15.3 Total e-commerce GMV (1) (in RMB millions) 381,168.5 59,641.1 177,108.2 42,807.8 Note: (1) Placed on or directed to our partners through our platform. Annual Report 2020 Kuaishou Technology 5 Financial Summary and Operation Highlights FOUR-YEAR FINANCIAL SUMMARY Condensed Consolidated Income Statements and Statements of Comprehensive Loss Year ended December 31, 2017 2018 2019 2020 (RMB in thousands) Revenues 8,339,578 20,300,645 39,120,348 58,776,097 Gross profit 2,610,830 5,802,222 14,103,574 23,814,637 Loss before income tax (19,940,501) (12,401,064) (19,265,467) (117,200,790) Loss for the year attributable to equity holders of the Company (20,044,950) (12,429,285) (19,651,534) (116,635,242) Other comprehensive income/(loss) for the year, net of taxes 823,556 (1,791,313) (928,335) 10,639,268 Total comprehensive loss for the year attributable to equity holders of the Company (19,221,394) (14,220,598) (20,579,869) (105,995,974) Condensed Consolidated Balance Sheets As of December 31, 2017 2018 2019 2020 (RMB in thousands) ASSETS Non-current assets 2,052,253 5,696,381 15,103,302 20,619,198 Current assets 5,641,640 10,783,118 17,311,080 31,528,245 Total assets 7,693,893 16,479,499 32,414,382 52,147,443 EQUITY Total Equity (22,185,485) (35,704,482) (55,729,036) (160,049,839) LIABILITIES Non-current liabilities 27,348,339 48,141,573 72,769,647 189,012,458 Current liabilities 2,531,039 4,042,408 15,373,771 23,184,824 Total liabilities 29,879,378 52,183,981 88,143,418 212,197,282 Total equity and liabilities 7,693,893 16,479,499 32,414,382 52,147,443 6 Kuaishou Technology Annual Report 2020 Chairman’s Statement Dear Shareholders, Year 2020 was indeed a memorable year. COVID-19 surprised the world with challenges and uncertainties. It also changed how we live and brought new opportunities as people spent more time online to socialize, be entertained, shop, acquire knowledge and information and more. Kuaishou, as a leading content community and social platform, helped people discover a vast world of content that expands their interests and horizons. We also played a role in driving digitization and contributing to overall economic recovery. Over the last few years, our team and our business have been expanding rapidly. Therefore, we had some careful and deep discussions and consideration, resulting in an upgrade of our organizational culture in 2020, landing on “The Art of Kwai”, with five core qualities. Customer Obsession is the first of them. We re-emphasized our mission, which is to be the most customer-obsessed company in the world. It is, for us, the starting point of all we do and the key to achieving our long-term development goals. The second is, Pragmatic Innovation, reflective of our innovative spirit which underpins our continual advancement and constant effort to find the best ways to achieve long-term gains. The third is, the Highest Standards. As the provider of this powerful platform, we hold ourselves to the highest standards to better understand and exceed our users' and customers' expectations. The fourth is, Ownership and Integrity. Bravely facing challenges and solving problems with integrity are the ways we empower our people to take pride in their work, and cultivate an honorable and virtuous company culture.
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