Core Insights - Kuaishou Technology reported strong operational and financial results for Q3 2025, with average daily active users (DAUs) reaching a record 416.2 million and total revenue increasing by 14.2% year-over-year to RMB 35.6 billion [3][10][8] - The company continues to invest in AI technologies, launching the Kling AI 2.5 Turbo Model, which has improved content generation efficiency and reduced costs for creators by nearly 30% [3][11] - Kuaishou declared a special dividend of HKD 2.0 billion, reflecting confidence in its long-term growth prospects [3] Financial Performance - Total revenue for Q3 2025 was RMB 35.6 billion, up from RMB 31.1 billion in Q3 2024, with online marketing services contributing RMB 20.1 billion (up 14.0%) and live streaming revenue at RMB 9.6 billion (up 2.5%) [4][5][8] - Operating profit increased by 69.9% year-over-year to RMB 5.3 billion, while adjusted net profit rose 26.3% to RMB 5.0 billion, achieving a healthy adjusted net margin of 14.0% [3][7][8] - Gross profit for Q3 2025 was RMB 19.4 billion, with a gross profit margin of 54.7%, compared to 54.3% in Q3 2024 [8] User Engagement - Average monthly active users (MAUs) on the Kuaishou app reached 731.1 million, reflecting a 2.4% increase from the previous year [8][15] - The average daily time spent per DAU was 134.1 minutes, with total user time spent increasing by 3.6% year-over-year [15][16] AI and Technology Integration - Kuaishou's AI strategy has been pivotal in enhancing operational efficiency and driving revenue growth, with significant advancements in AI applications across various business scenarios [10][13] - The launch of the Kling AI 2.5 Turbo Model has positioned Kuaishou as a leader in content generation, achieving top rankings in AI benchmarking [11][12] E-commerce Growth - E-commerce gross merchandise volume (GMV) grew by 15.2% year-over-year to RMB 385.0 billion, supported by a robust ecosystem and increased user engagement [8][23] - The number of active e-commerce users and their repeat purchase frequency showed healthy trends, indicating improved user stickiness [23][25] Live Streaming Developments - Live streaming revenue grew by 2.5% year-over-year to RMB 9.6 billion, driven by high-quality content and innovative AI-powered features [5][29] - The company hosted successful offline events, such as the Summer Gaming Music Festival, which attracted significant viewership [30] Overseas Market Expansion - Kuaishou is focusing on high-quality growth in overseas markets, particularly in Brazil, where it has seen stable DAUs and reduced user acquisition costs [31][32]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 快手科技第三季度调整后净利润49.9亿元人民币，预估48.3亿元人民币。 快手科技第三季度净利润44.9 亿元人民币，预估41.5亿元人民币。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Kuaishou Technology 快手科技 （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） （於開曼群島註冊成立以不同投票權控制的有限公司） 截至2025年9月30日止三個月及九個月 的業績公告 快手科技董事會欣然宣佈本公司截至2025年9月30日止三個月及九個月的未經審核 合併業績。該等中期業績乃根據國際會計準則第34號「中期財務報告」編製並由本公 司獨立核數師羅兵咸永道會計師事務所（「核數師」）根據國際審計及鑒證準則理事 會頒佈的國際審閱準則第2410號「實體的獨立核數師對中期財務資料的審閱」審閱。 該等中期業績亦已由審核委員會審閱。 摘要 財務概要 | | | 截至9月30日止三個月 | | | | | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | | | 佔收入 | | ...

Core Insights - The article discusses the successful conclusion of the Kuaishou parent-child IP "Little Iron's Journey" in Hangzhou, which achieved over 4 billion total views and over 10 million views for its main and preview content, marking a significant breakthrough in parent-child content dissemination [1][2]. Group 1: Program Overview - "Little Iron's Journey" features a unique blend of historical and modern themes, introducing celebrity guests and a "time travel" concept through a series of 10 micro-episodes and 6 special short films [2]. - The program allows children to experience different historical periods, including the Song Dynasty, the 1980s, and modern technology, fostering a rich cultural exploration [4]. Group 2: Brand Collaboration - JD.com's sponsorship of the program aligns with its brand philosophy, promoting quality time between parents and children after school through its "Stationery 3:30" initiative [4]. - The program emphasizes the emotional connection between parents and children through the use of various historical stationery, illustrating a multi-generational narrative of learning and growth [4]. Group 3: Content Strategy - The core competitive advantage of "Little Iron's Journey" lies in its authentic experiences, moving away from scripted narratives to encourage children to express themselves freely in unfamiliar settings [5]. - The program integrates deep cultural and tourism elements, enhancing the storytelling experience by showcasing local heritage and natural beauty [6]. Group 4: Emotional Engagement - The program explores the differences in parenting styles between the 1980s and today, advocating for reduced reliance on electronic devices and promoting outdoor exploration and hands-on creativity [8]. Group 5: Platform Ecosystem - The success of "Little Iron's Journey" is supported by Kuaishou's robust ecosystem, which includes a diverse array of influencers and a strong user base focused on parent-child education [9][10]. - The program's influencer strategy combines established stars with emerging talents, ensuring broad audience reach and effective brand integration [9].

Core Viewpoint - The Hang Seng Tech Index has experienced a decline, with Xiaomi falling over 4% and Kuaishou, Li Auto, and Horizon Robotics each dropping more than 2% [1] Group 1 - The Hang Seng Tech Index's decline has reached 1% [1] - Xiaomi's stock price has decreased by more than 4% [1] - Kuaishou, Li Auto, and Horizon Robotics have all seen declines exceeding 2% [1]

Core Insights - The 2025 "Double Eleven" shopping festival shows a significant increase in mobile shopping penetration and user engagement, indicating a shift towards a more mature consumer behavior in e-commerce [1][8][11]. Industry Insights - The active penetration rate of the mobile shopping industry reached 87.5% in October 2025, a 0.6% increase from the previous year [8]. - The content interaction volume during "Double Eleven" experienced explosive growth, reaching 1.12 times the peak of the 618 shopping festival [1]. - The logistics sector saw a year-on-year increase of 8% in collection volume and 6.6% in delivery volume during the promotional period [1]. - Major e-commerce platforms like Taobao, Tmall, JD.com, and Pinduoduo saw daily active user growth on "Double Eleven," with Taobao reaching 508 million users, a 4.2% increase year-on-year [23]. Platform Strategies - E-commerce platforms are shifting from "traffic dividends" to "retention operations," focusing on deepening user engagement and simplifying promotional rules [6][27]. - The overlap of users among Taobao, Pinduoduo, and JD.com exceeded 50 million, marking a 19.9% year-on-year increase [2]. - Platforms are utilizing diverse marketing strategies, including media advertising, content preheating, and brand collaborations to attract users [2][36]. User Behavior - The user base is expanding to include more male, middle-aged, and lower-tier market consumers, with notable growth in users over 41 years old on Taobao [1][2]. - The competition for users is intensifying, with platforms like Douyin and Xiaohongshu attracting younger demographics, while comprehensive e-commerce platforms are focusing on retaining existing users [2][46]. Brand Marketing - Brands are adjusting their marketing strategies to focus on conversion, with significant differences in marketing rhythms across industries [50]. - The beauty and personal care sector continues to rely heavily on hard advertising, while the food and beverage sector balances hard and soft advertising for effective marketing [57][61]. - The home appliance industry is increasingly investing in hard advertising to drive direct conversions, with top brands like Midea and Haier dominating ad exposure during the festival [68].

Core Insights - The report highlights the increasing penetration of mobile shopping, reaching 87.5% in October 2025, a 0.6 percentage point increase from the previous year [15] - The "Double Eleven" shopping festival continues to be a significant marketing event, with a shift from "traffic-driven" to "value-driven" strategies in e-commerce [19][12] Industry Insights - The logistics sector saw a year-on-year increase of 8% in collection volume and 6.6% in delivery volume during the "Double Eleven" period [4] - Major e-commerce platforms like Taobao, Tmall, JD, and Pinduoduo experienced user growth on "Double Eleven," with active users reaching 508 million, 414 million, and 227 million respectively, marking increases of 4.2%, 2.5%, and 9.8% [32] - The user base is expanding, particularly among male, middle-aged, and lower-tier market consumers, with notable growth in users aged 41 and above on Taobao [4][6] Platform Strategies - E-commerce platforms are simplifying promotional rules to enhance user experience and are increasingly utilizing AI technologies to improve transaction efficiency [37][39] - Marketing strategies are shifting towards integrated approaches, focusing on user retention and engagement through various channels, including short videos and search engines [44][48] - The competition among platforms is intensifying, with overlapping user bases exceeding 50 million, a 19.9% increase year-on-year [6] Brand Marketing - Brands are adjusting their marketing strategies to focus on conversion, with significant differences in marketing rhythms across industries [65] - The beauty and personal care sector relies heavily on hard advertising, while the food and beverage sector emphasizes broad exposure strategies [72][79] - The home appliance industry is increasingly investing in hard advertising to drive direct conversions, with top brands like Midea and Haier leading in advertising exposure [87]

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Li Ning (82331), and JD Group (89618) having the highest short-selling ratios at 100.00%, 100.00%, and 91.68% respectively [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with figures of 3.531 billion, 1.787 billion, and 1.421 billion respectively [1][3] - China Mobile (80941), Shanghai Industrial Holdings (00807), and AIA Group (81299) have the highest deviation values, indicating significant differences from their historical short-selling averages [1][3] Short-Selling Ratios - AIA Group (81299) and Li Ning (82331) both have a short-selling ratio of 100.00%, while JD Group (89618) has a ratio of 91.68% [2] - Other notable companies with high short-selling ratios include Kuaishou (81024) at 90.75% and China Mobile (80941) at 90.20% [2] Short-Selling Amounts - Alibaba (09988) has the highest short-selling amount at 3.531 billion, followed by Xiaomi (01810) at 1.787 billion and Tencent (00700) at 1.421 billion [3] - Other companies with significant short-selling amounts include XPeng Motors (09868) at 1.012 billion and BYD (01211) at 1.001 billion [3] Deviation Values - China Mobile (80941) leads with a deviation value of 43.82%, indicating a significant increase in its short-selling ratio compared to its historical average [3] - Other companies with high deviation values include Shanghai Industrial Holdings (00807) at 40.85% and AIA Group (81299) at 36.63% [3]

Key Points - On November 14, significant net inflows were observed for Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981), with net inflows of 2.247 billion, 2.160 billion, and 798 million respectively [1][2] - The top three companies with the highest net outflows were China Shenhua (01088), China Life (02628), and Kuaishou-W (01024), with net outflows of -259 million, -248 million, and -213 million respectively [1][2] - In terms of net inflow ratios, ICBC South China (03167), Southern Hong Kong Technology (03442), and Southern Hong Kong Stock Connect (03432) led the market with ratios of 100.00%, 83.79%, and 78.17% respectively [1][2] - The companies with the highest net outflow ratios included Kunlun Energy (00135), Tongrentang (03613), and Modern Dairy (01117), with ratios of -56.35%, -48.89%, and -48.07% respectively [1][2] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 2.247 billion, representing a 14.18% increase, closing at 154.900 with a decrease of 4.38% [2] - Tencent Holdings (00700) saw a net inflow of 2.160 billion, with a 16.74% increase, closing at 641.000 with a decrease of 2.29% [2] - SMIC (00981) recorded a net inflow of 798 million, with an 11.40% increase, closing at 73.500 with a decrease of 2.78% [2] - Other notable inflows included Xiaomi Group-W (01810) with 611 million and a 10.30% increase, and China Construction Bank (00939) with 559 million and a 36.81% increase [2] Top 10 Net Outflows - China Shenhua (01088) experienced a net outflow of -259 million, with a -46.43% decrease, closing at 41.640 with a decrease of 2.21% [2] - China Life (02628) had a net outflow of -248 million, representing an -8.70% decrease, closing at 27.380 with a decrease of 3.25% [2] - Kuaishou-W (01024) saw a net outflow of -213 million, with a -9.27% decrease, closing at 67.100 with a decrease of 2.89% [2] - Other significant outflows included Agricultural Bank (01288) with -188 million and a -27.08% decrease, and Sanofi (01530) with -176 million and a -9.38% decrease [2] Net Inflow Ratios - ICBC South China (03167) achieved a net inflow ratio of 100.00% with a net inflow of 28,900 [3] - Southern Hong Kong Technology (03442) had a net inflow ratio of 83.79% with a net inflow of 20,525,100 [3] - Southern Hong Kong Stock Connect (03432) recorded a net inflow ratio of 78.17% with a net inflow of 203,000 [3] - Other notable ratios included China Everbright Bank (06818) with 75.72% and a net inflow of 1.07 billion [3]

Group 1 - Kuaishou concept stocks rose by 2.65%, ranking 4th in the concept sector, with 35 stocks increasing in value [1] - The top gainers in the Kuaishou concept include Xuanyua International with a 20% limit up, Yuanlong Yatu, and Vision China, both hitting the limit up as well [1] - The leading decliners in the sector were Sanwei Communication, Wanrun Technology, and Lishang Guochao, with declines of 4.25%, 4.08%, and 3.35% respectively [1] Group 2 - The Kuaishou concept saw a net inflow of 3.529 billion yuan from main funds, with 33 stocks receiving net inflows [2] - Liou Co. led the net inflow with 1.286 billion yuan, followed by Vision China, Yuanlong Yatu, and Zhongwen Online with net inflows of 548 million yuan, 276 million yuan, and 272 million yuan respectively [2] - The net inflow ratios for Yuanlong Yatu, Vision China, and Liou Co. were 45.48%, 20.70%, and 19.09% respectively [3] Group 3 - The trading volume and turnover rates for key stocks in the Kuaishou concept were significant, with Liou Co. at 21.38% turnover and a 7.66% increase, while Vision China had a 16.97% turnover with a 10% increase [3] - Other notable stocks included Zhongwen Online with a 5.07% increase and a turnover of 14.11%, and Worth Buying with a 14.40% increase and a high turnover of 51.26% [3][4]