快手-W(1024.HK)发布公告，该公司于2025年11月20日斥资约5821.17万港元回购90万股B类普通股，回 购价格为每股64.4港元至64.95港元。 ...

于2025年11月20日，根据股份计划发行877股。 快手-W(01024)发布公告，于2025年11月20日斥资5821.17万港元回购90万股。 ...

智通财经APP讯，快手-W(01024)发布公告，于2025年11月20日斥资5821.17万港元回购90万股。 于2025年11月20日，根据股份计划发行877股。 ...

格隆汇11月20日丨快手-W(01024.HK)公告，11月20日耗资5821万港元回购90万股。 ...

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： 2025年11月20日 | 8). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 2,000 | 0 % | HKD | 0.3273 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據首次公開發售前僱員持股計劃 (於 06/02/2018 採納)行使期權 | | | | | | | 變動日期 2025年11月10日 | | | | | | 9). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 3,600 | 0.0001 % | HKD | 0.3273 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據首次公開發售前僱員持股計劃 (於 06/02/2018 採納)行使期權 | | | | | | ...

Core Viewpoint - Kuaishou's Q3 2025 financial report shows strong growth in revenue and profit, driven by AI integration across its business operations [1][2][7] Financial Performance - Total revenue for Q3 2025 reached RMB 35.55 billion, a year-on-year increase of 14.2% [2] - Operating profit was RMB 5.3 billion, up 69.9% year-on-year [2] - Adjusted net profit stood at RMB 4.99 billion, reflecting a 26.3% increase [2] - Adjusted net profit margin reached 14% [1] User Metrics - Average daily active users (DAUs) for Kuaishou reached 416 million, marking a historical high for three consecutive quarters [1] - Average monthly active users (MAUs) reached 731 million [1] Revenue Breakdown - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year [1][3] - Online marketing services accounted for RMB 20.1 billion, representing 56.5% of total revenue, with a 14% year-on-year growth [3][4] - E-commerce GMV increased by 15.2% to RMB 385 billion [4][5] AI Integration - AI technologies, such as the OneRec recommendation model and G4RL bidding model, contributed approximately 4%-5% incremental revenue to online marketing services [3] - Kuaishou's AI-driven tools significantly reduced marketing material production costs, with over RMB 3 billion spent on AIGC marketing materials in Q3 [3] Live Streaming and Community Engagement - Live streaming revenue reached RMB 9.6 billion, a 2.5% increase year-on-year [5] - The number of signed agencies and streamers increased by over 17% and 20% respectively [5] - Community interaction metrics improved, with daily private message penetration among dual users increasing by over 3% [5] International Business - Kuaishou's international operations recorded a loss of RMB 64 million, a significant reduction from RMB 153 million in the same period last year [6] Future Outlook - The company plans to continue leveraging AI to enhance operational efficiency and user experience, aiming for long-term value creation for shareholders [1][7][10]

广告&电商略超预期，可灵收入超 3 亿元 2025 年 11 月 20 日 公司研究 分业务来看：1）线上营销服务业务略超预期：3Q25 实现收入 201 亿元，同 比+14%（vs 一致预期 198.7 亿元）。端到端生成式推荐大模型 OneRec 与 生成式强化学习出价模型 G4RL 协同提效，为国内线上营销服务收入带来约 4–5%增量；AIGC 营销素材推动消耗金额突破 30 亿元。UAX 全自动投放解 决方案在外循环的消耗渗透率达 70%以上；全站推产品的营销消耗占内循环 消耗比例提升至 65%以上。行业端，除生活服务行业外，以短剧为代表的内 容消费行业也是驱动外循环营销服务收入持续增长的主要动力。2）其他服务 （含电商）超预期：3Q25 实现收入 59 亿元，同比+41.3%（vs 一致预期 56.6 亿元）。电商 GMV 基本符合预期：电商 GMV 达 3850 亿元，同比+15.2%（vs 一致预期 3839 亿元），泛货架电商 GMV 占比超 32%。平台通过智能工具、 AIGC 素材生成能力、KOL 赋能以及多元场景运营，持续推动商家自然增长、 提升复购率并增强流量与销售转化；端到端生成式检 ...

智通财经APP获悉，华金证券发布研报称，2025年双11大促营销启动节点更早，呈现出长周期常态化特 点，综合电商平台通过"直降、立减、无需凑单"等方式简化促销规则，拉升各平台10月活跃用户规模增 长。电商平台和内容平台成为主导消费生态的两大支柱，双11已转向聚焦生态与细分能力的综合表现。 根据艾瑞咨询数据，截至2025年11月11日，双11期间测算全网零售额近1.8万亿元，同比增长超10%，相 比2009年首届双11增长约3.5万倍，各平台以即时零售为切入点，以高频业务带动低频消费，获得业务 新增量。 华金证券主要观点如下： 双11全域稳健增长，规则优化与用户规模同步提升 本次双11大促营销启动节点更早，呈现出长周期常态化特点，综合电商平台通过"直降、立减、无需凑 单"等方式简化促销规则，拉升各平台10月活跃用户规模增长。QuestMobile数据显示，2025年10月，淘 宝、抖音、拼多多、京东、快手和小红书APP月活跃用户规模较2024年同期普遍增长，规模分别达到 10.00亿、9.48亿、7.20亿、6.48亿、4.68亿、2.35亿。整体而言，电商平台和内容平台成为主导消费生态 的两大支柱，双11已转 ...

Core Insights - AI's contribution to Kuaishou's performance is becoming evident, with Q3 2025 total revenue reaching 35.55 billion RMB, a year-on-year increase of 14.2% [2] - The adjusted net profit for Q3 2025 is nearly 5 billion RMB, up 26.3% year-on-year, while the net profit for the first three quarters is 15.18 billion RMB, reflecting a 16.7% increase [2] - The application of AI technologies, particularly the OneRec model, has led to a 4%-5% increase in domestic online marketing service revenue in Q3 2025 [3] Revenue Growth - Core commercial revenue, including online marketing services and e-commerce, grew by 19.2% year-on-year in Q3 2025, driven by advertising and e-commerce contributions [3] - Online marketing service revenue reached 20.1 billion RMB in Q3 2025, marking a 14.0% year-on-year increase, with growth accelerating compared to the previous quarter [3] - AI technology has improved advertising efficiency, with the Universal Auto X (UAX) solution achieving over 70% penetration in external circulation [3] AI Investment and R&D - Kuaishou's R&D expenses increased by 17.7% year-on-year to 3.7 billion RMB in Q3 2025, primarily due to rising employee benefits and increased investment in AI [4] E-commerce Performance - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion RMB in Q3 2025, with the general merchandise e-commerce segment outpacing overall market growth [5] - The average daily active users and monthly active users reached new highs of 416 million and 731 million, respectively, with daily usage time averaging 134.1 minutes [6] Live Streaming Revenue - Live streaming revenue growth slowed to 2.5% year-on-year, reaching 9.6 billion RMB, with its share of total revenue declining from 30% to 26.9% [6] - Kuaishou launched customizable AI gifts in late September 2025, enhancing user interaction in live streams [6] Profitability Metrics - Gross profit slightly decreased from 19.5 billion RMB in Q2 2025 to 19.4 billion RMB in Q3 2025, with gross margin dropping from 55.7% to 54.7% [6] - Overall gross profit maintained a year-on-year growth of 13.1% for the first three quarters [6] Future Outlook - Kuaishou's CEO emphasized the importance of AI integration across various business scenarios to enhance operational efficiency and create long-term value for shareholders [7]

Core Viewpoint - Kuaishou's revenue for the last quarter increased by 14% year-on-year, meeting the expectations of both the bank and the market, while adjusted net profit grew by 26%, exceeding expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 1: Financial Performance - Kuaishou's revenue growth of 14% year-on-year aligns with market expectations [1] - Adjusted net profit increased by 26%, surpassing the bank's and market's forecasts [1] - AI's contribution to Kuaishou's business is becoming evident, with AI revenue exceeding 300 million yuan in the third quarter, again exceeding expectations [1] Group 2: Future Outlook - The bank forecasts a 10% year-on-year revenue growth for Kuaishou in the fourth quarter, driven by robust growth in online marketing and e-commerce [1] - Profit forecasts for 2025 to 2027 have been slightly adjusted upwards by up to 2% [1] - Target price has been raised from 84 HKD to 88 HKD, maintaining a "buy" rating [1]