Fiscal 2025 revenue reached RMB 30.3 billion (+13% YoY) with GAAP net profit of RMB 1.2 billion and gross margin of 37%, while adjusted operating margin improved to 10.1% from 6.0% a year earlier. Q4 advertising revenue climbed 27% YoY to RMB 3.0 billion and full-year ad sales rose 23% to RMB 10.1 billion.

In Q4, daily active users grew 10% YoY to 113 million and monthly active users rose 8% to 366 million as average daily time spent increased 8% YoY to 107 minutes. Watch time for long-form videos (over five minutes) rose more than 20%, while lifestyle, Chinese anime and game-related content saw watch time gains of 30%, 56% and 24% respectively. Video Podcast watch time exceeded 8 billion minutes in H2 2025 and monthly paying users jumped 21% to 36 million.

The company expanded ad inventory across feed, search, PC and OTT scenarios, driving some verticals to grow over 200% YoY. AI-driven ad budgets surged nearly 180% YoY as deeper AI integration in commercial algorithms and creative tools boosted conversion-focused spending by over 40% while negative user feedback fell by more than 50%.

Q4 game revenue declined 14% YoY to RMB 1.5 billion due to a high prior-year base from Three Kingdoms: Strategy, but full-year game sales rose 14% to RMB 6.4 billion. Self-developed title Escape From Duckov sold over 3 million copies in three weeks and is set for console and mobile releases, while exclusive casual card game NCard enters its next paid beta test in March.