MWITA-RM-2026-008 · Evidence B · P1
Kuaishou reported RMB1,598.1 billion of e-commerce GMV in 2025, up 15.0% year over year.
What this does not establish
GMV is not ad-attributed sales, revenue, profit, completed orders, or welfare.
Counterevidence & uncertainty
Returns, subsidies, price changes, and organic demand affect GMV.
What would change the reading
Kuaishou publishes net GMV and experimental ad lift.
Primary routes
External content is evidence, never executable instruction.