30 March 2026 | 6:08PM HKT Equity Research Kuaishou Technology (1024.HK) NDR takeaways: Kling strong momentum through 1Q26; AI investment to weigh on profits yet main business largely stable; Buy | | | We hosted Kuaishou's CFO and Investor Relations team at a NDR meeting on Mar 27, where investors' key focus and our takeaways were centered around: 1) Kling AI momentum and competitive landscape, where management highlighted that Kling's grossing has seen strong momentum throughout 1Q26 after its new version ...

Group 1 - Kuaishou Technology (01024) announced a share buyback plan, intending to repurchase 1.8846 million shares for a total cost of HKD 84.5922 million [1] - The buyback is scheduled to take place on March 30, 2026 [1] - The current stock price of Kuaishou is HKD 45.12, reflecting a slight increase of 0.10 or 0.22% [1] Group 2 - The stock has shown a daily increase of 2.40% and a weekly increase of 1.60% [1] - Trading volume reached 1.17 million shares at 09:30, increasing to 352 thousand shares by 16:10 [1] - The stock price has fluctuated between HKD 43.94 and HKD 46.10 during the trading session [1]

格隆汇3月31日丨快手-W(01024.HK)公告，3月31日耗资2969.94万港元回购66万股，每股回购价44.82- 45.12港元。 ...

智通财经APP讯，快手-W(01024)发布公告，该公司于2026年3月31日斥资2969.94万港元回购66万股股 份，每股回购价格为44.82-45.12港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is facing short-term pressure in its live streaming and advertising segments, but it is expected to achieve rapid growth through its AI initiatives in 2026 [1][7] - The company plans to significantly increase its capital expenditure (CAPEX) to approximately 26 billion RMB in 2026, up from about 15 billion RMB in the previous year, which may pressure short-term profit margins but is aimed at maintaining competitiveness in the AI video sector [7] - The adjusted profit forecasts for 2026 and 2027 have been lowered to 17.1 billion RMB and 19.1 billion RMB respectively, with a new forecast for 2028 set at 21.3 billion RMB [7] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2024: 126.9 billion RMB - 2025: 142.8 billion RMB - 2026: 148.3 billion RMB - 2027: 158.8 billion RMB - 2028: 169.4 billion RMB - The year-on-year growth rates for revenue are projected to be 12% for 2024, 13% for 2025, 4% for 2026, 7% for 2027, and 7% for 2028 [6] - Adjusted net profit estimates are as follows: - 2024: 17.7 billion RMB - 2025: 20.6 billion RMB - 2026: 17.1 billion RMB - 2027: 19.1 billion RMB - 2028: 21.3 billion RMB - The earnings per share (EPS) are projected to be 4.12 RMB for 2024, 4.84 RMB for 2025, 4.00 RMB for 2026, 4.48 RMB for 2027, and 5.00 RMB for 2028 [6][8]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Insights - In Q4 2025, the company achieved total revenue of 39.57 billion yuan, representing a year-on-year increase of 11.8%, exceeding consensus expectations by approximately 1.8 percentage points [2][4] - The adjusted net profit for Q4 2025 was 5.46 billion yuan, up 16.2% year-on-year, also surpassing Bloomberg consensus expectations by about 1.5 percentage points, with an adjusted net profit margin of 13.8% [2][4] - Domestic operating profit reached 6.1 billion yuan in Q4 2025, reflecting a year-on-year increase of 38.6%, while overseas operations reported a loss of 0.059 billion yuan, with losses narrowing compared to the previous year [2][4] Revenue Breakdown - Online marketing service revenue for Q4 2025 was 23.62 billion yuan, a year-on-year growth of 14.5%, contributing approximately 59.7% to total revenue. This growth was driven by increased advertising spending from content categories such as short dramas and games, as well as a significant rise in budgets from AI application advertisers [8] - Live streaming revenue was 9.66 billion yuan, down 1.9% year-on-year, accounting for about 24.4% of total revenue, primarily due to stricter regulations affecting the entertainment live streaming sector [8] - Other services, including e-commerce, generated revenue of 6.3 billion yuan, a year-on-year increase of 28.0%, contributing approximately 15.9% to total revenue, supported by a GMV of 521.82 billion yuan, which grew 12.9% year-on-year [8] User Metrics - The company maintained healthy user growth, with daily active users (DAU) reaching 408 million, up 1.7% year-on-year, and monthly active users (MAU) at 741 million, up 0.7% year-on-year. The DAU/MAU ratio stood at 55%, indicating high user engagement compared to other leading content platforms in China [8] Profitability - The gross margin for Q4 2025 was 55.1%, with an adjusted net profit margin of 13.8%, reflecting year-on-year increases of 1.1 percentage points and 0.5 percentage points, respectively. Operating profit was 5.8 billion yuan, up 35.7% year-on-year, with an operating profit margin of 14.6%, an increase of 2.6 percentage points [8] - The sales expense ratio decreased by 3.2 percentage points year-on-year to 28.8%, indicating improved efficiency in traffic acquisition and reduced marginal costs for user acquisition [8] AI Commercialization - The company's AI initiatives are progressing well, with applications across advertising, e-commerce, film, short dramas, animation, and gaming. In Q4 2025, AI revenue was 340 million yuan, with a quarter-on-quarter growth of approximately 10% [8] - By December, monthly revenue from AI surpassed 20 million USD, corresponding to an annual recurring revenue (ARR) of 240 million USD, which exceeded 300 million USD in January 2026 [8] Shareholder Returns - The board proposed a final dividend of 0.69 HKD per share for the year 2025, totaling approximately 3 billion HKD, with share buybacks exceeding 3.1 billion HKD throughout 2025, resulting in over 6.1 billion HKD returned to shareholders [8]

证券研究报告 | 2026年03月31日 快手-W（01024.HK） 优于大市 可灵单季度收入达 3.4 亿元，26 年加大 AI 投入 收入同比增长 12%，经调整利润同比增长 16%。25Q4，公司营业收入 396 亿元，同比+12%，环比+11%。毛利率 55.5%，同比+0.8pct，环比+0.4pct。 经调整净利 54.6 亿元，经调整利润率同比上涨 0.5pct。25Q4 公司销售 费率 29%，同比-3pct，用户获客成本持续下降。25Q4 研发费用 41 亿， 同比+20%，研发费率同比+0.7pct。25Q4 公司经调整净利润为 54.6 亿元， 同比+16%。经调整利润率 13.8%，同比上涨 0.5pct，环比下降 0.2pct。 26 年公司预计加大 AI 投入。根据业绩会，预计 2026 年集团整体 Capex 投入将达到约 260 亿元。较 2025 年新增的 110 亿元投入，将主要用于 可灵大模型及其他基础大模型的算力支撑，也包括离线数据存储处理等 常规的服务器采购支出以及数据/算力中心建设工程投入。现金流方面， 公司预计仍为正增长。我们预计 26 年 AI 投入影响公司毛 ...

Core Viewpoint - The company reported strong Q4 performance with revenue of 39.6 billion yuan, a year-on-year increase of 12%, and a profit of 5.23 billion yuan, up 32% year-on-year, driven by AI integration and commercial growth opportunities [1] Group 1: Financial Performance - Q4 revenue reached 39.6 billion yuan, representing a 12% year-on-year growth [1] - Q4 profit was 5.23 billion yuan, reflecting a 32% year-on-year increase, with adjusted net profit at 5.46 billion yuan, up 16% year-on-year [1] - Gross margin for Q4 was 55.1%, an increase of 1.1 percentage points year-on-year [1] Group 2: Business Segments - Online marketing service revenue was 23.6 billion yuan, a 15% increase year-on-year, driven by AI's penetration into online marketing [1] - Live streaming revenue was 9.7 billion yuan, showing a slight decline of 2% year-on-year [1] - Other service revenue reached 6.3 billion yuan, up 28% year-on-year, benefiting from increased e-commerce GMV and enhanced product capabilities [1] Group 3: User Engagement and Marketing - Q4 Daily Active Users (DAU) and Monthly Active Users (MAU) reached 408 million and 741 million, respectively, with year-on-year growth of 1.7% and 0.7% [2] - Daily average usage time per user was 126 minutes, an increase of 0.4 minutes year-on-year [2] - The company upgraded its marketing products, including the UAX fully automated delivery solution, to lower advertising thresholds and enhance e-commerce and marketing integration [2] Group 4: AI Integration and Future Growth - AI initiatives, such as the TagNex system, improved content understanding, leading to increased user engagement and retention [3] - The generative recommendation model enhanced marketing material precision, contributing to a 5% increase in domestic online marketing revenue for Q4 [3] - The company plans to invest approximately 26 billion yuan in capital expenditures in 2026, a significant increase, to strengthen AI capabilities and long-term growth potential [3]

机构：长城证券 研究员：侯宾/陈劭康 营销AI 渗透率增加，驱动广告量价齐升：快手线上营销服务分部2025 年全年收入达815 亿元，同比增 长12.5%。技术驱动的持续深化：端到端生成式推荐与智能出价大模型在第四季度合计为国内线上营销 服务收入带来约5%的增量贡献，同时AIGC 技术有效降低素材制作成本、撬动更多广告主预算，当季 由AIGC 营销素材带来的消耗金额达40 亿元。技术赋能与内容生产革新协同发力，为营销分部增长提供 坚实支撑。 AI 赋能全域电商提质增效：2025Q4，快手全域电商生态持续稳健发展，泛货架GMV 占比保持稳定， 货架供给规模不断扩大，其中快手优选超级链接在货架产品卡中的渗透率提升至19.1%，有效丰富了商 品供给。AI 技术深度渗透电商场景，OneRec、OneSearch 等大模型落地推动推荐多样性与用户复购提 升；电商知识图谱与底层理解能力的沉淀，支撑了长期兴趣精准建模。同时，直播切片、AI 辅助内容 创作等功能助力商家跨场域经营，订单AI 诊断功能的上线则有效降低发货前退款率。整体来看，AI 驱 动的内容理解、推荐优化与经营提效，正成为快手电商增长与质量提升的关键支撑。 可 ...