Kuaishou Technology 快手科技 香港，2025年10月31日 於本公告日期，董事會包括執行董事程一笑先生及宿華先生；非執行董事李朝暉先生、張斐先生 及王慧文先生；獨立非執行董事黃宣德先生、馬寅先生及盧蓉女士。 香港交易及結算所有限公司及香港聯合交易所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，概不對因本公告全部或任何部份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。 （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） 董事會會議召開日期 快手科技（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」）董事會（「董 事會」）謹此宣佈將於2025年11月19日（星期三）舉行董事會會議，藉以考慮及批准（其 中包括）本集團截至2025年9月30日止三個月及九個月之未經審核綜合第三季度業績。 承董事會命 快手科技 董事長 程一笑先生 ...

Core Insights - The China Securities Index for online consumption (931481) has shown a 0.70% increase as of October 31, 2025, with notable gains in constituent stocks such as Kunlun Wanwei (300418) up by 4.27% and Yidian Tianxia (301171) up by 4.13% [1][2] - The online consumption ETF fund (159793) has risen by 1.48%, with a latest price of 1.1 yuan, and has accumulated a 1.60% increase for the month as of October 30, 2025 [1] - The index comprises 50 listed companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Index Composition - As of September 30, 2025, the top ten weighted stocks in the online consumption index account for 55.76% of the total index, with Alibaba-W (09988) and Tencent Holdings (00700) being the largest contributors [2] - The weightings of the top ten stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), Kuaishou-W (6.37%), Meituan-W (5.50%), JD Health (4.86%), Giant Network (3.82%), Bilibili-W (3.74%), iFLYTEK (3.52%), Kaiying Network (2.98%), and Kunlun Wanwei (2.69%) [4]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1]. Group 1: Top Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - China Resources Beer-R (80291) follows with a short-selling ratio of 97.44% [2] - Sun Hung Kai Properties-R (80016) ranks third with a short-selling ratio of 77.85% [2] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.449 billion [2] - Tencent Holdings (00700) has a short-selling amount of 3.116 billion [2] - Meituan-W (03690) follows with a short-selling amount of 2.066 billion [2] Group 3: Top Short-Selling Deviation Values - Dream Garden (N23076) has the highest deviation value at 33.73% [2] - Changjiang Life Technology (00775) follows with a deviation value of 32.22% [2] - Geely Automobile-R (80175) ranks third with a deviation value of 30.81% [2]

Core Insights - The integration of artificial intelligence (AI) into content creation is rapidly transforming the broadcasting and television industry, making it essential for survival in the sector [1][2][3] - The Chinese government is actively promoting the deep integration of technology and industry, particularly through initiatives like "AI+" to guide the development of the industry [2][5] Policy Guidance - Comprehensive policies supporting the dual development of AI and the audiovisual industry are being established, with the National Radio and Television Administration (NRTA) leading efforts to create a full-chain management framework [5] - The 2025 "Illusion" AI audiovisual evaluation season has introduced a quantifiable evaluation system combining objective algorithms and subjective reviews, facilitating the standardization of AI-generated content (AIGC) assessments [5] Technological Breakthroughs - Domestic video generation technology is advancing, with significant improvements in AI video generation capabilities, nearing film-level application standards [6] - The launch of the KuaLing AI 2.5 Turbo version has marked a qualitative leap in physical simulation and audio-visual synchronization, positioning it among the global leaders in the field [6] Industry Transformation - The adoption of AI is lowering creative barriers and transforming production models, evolving from being a mere tool to becoming a creative partner [6][9] - A notable example includes the use of generative AI in the documentary "The Departure a Century Ago," where most scenes were generated by AI, significantly reducing production time and complexity [8] Human-Centric Approach - The focus remains on empowering creators rather than replacing them, allowing them to concentrate on valuable creative expression [10] - The recent global competition launched by KuaLing AI attracted over 4,600 entries, highlighting the appeal of new content production methods among younger creators [9] Efficiency and Cost Reduction - AI integration is expected to reduce production costs to one-fourth of traditional methods and decrease production time by approximately 60% [9] - The first AIGC original fantasy micro-drama, "The Mountain and Sea Wonders," demonstrated a tenfold increase in return on investment with AI assistance [9]

Investment Rating - The report maintains a recommendation for the industry [3] Core Insights - The release of Sora2 by OpenAI marks a second revolution in the AI video industry, showcasing significant technological breakthroughs and the integration of social interaction features [2][18] - The report highlights the rapid growth of "AI comic dramas" and other innovative content forms, which are expected to capture a larger share of internet usage among younger demographics [2][16] - The report identifies three key trends for the future of AI video applications: deep integration with social interactions, evolution towards an ecosystem represented by ChatGPT, and the combination with AI agents for comprehensive video creation solutions [7][17] Industry Overview - The industry consists of 160 listed companies with a total market capitalization of 1,947 billion and a circulating market value of 1,783.1 billion [3] - The absolute performance of the industry over 1 month, 6 months, and 12 months is -5.4%, 20.3%, and 27.7% respectively, while the relative performance is -8.5%, -3.8%, and 9.3% [5] Technological Breakthroughs - Sora2 has achieved three major technological advancements: realistic simulation of the physical world, multi-modal integration for simultaneous audio generation, and initial capabilities for narrative logic and editing akin to a director [18][51] - The report emphasizes the shift from professional tools to consumer-level applications, with AI video tools becoming more accessible and integrated into social platforms [43][44] Market Opportunities - Investment opportunities are identified in various sectors: - Film industry: AI video tools are revolutionizing traditional content production, creating new dynamics [7][8] - Gaming: AI video technology is enhancing game development and gameplay innovation, increasing commercial potential [7][8] - Intellectual Property (IP): AI video is accelerating the visualization of IP, reshaping industry value [7][8] Related Companies - Key companies mentioned include Tencent Holdings, Kuaishou, Bilibili, Meitu, Kunlun Wanwei, and Mango TV, among others, which are leveraging AI technologies to enhance their core business operations [8]

Group 1 - The Hong Kong stock market indices experienced a collective decline in the afternoon, with the Hang Seng Tech Index dropping over 1% [2] - Notable declines were observed in key tech stocks, including Sunny Optical Technology falling over 5%, SenseTime and Trip.com dropping over 3%, and companies like NetEase, SMIC, Baidu, and Kuaishou decreasing over 2% [2] Group 2 - The latest figures for the major indices are as follows: Hang Seng Tech Index at 6025.32, down 1.12%; the Hang Seng Index at 26208.24, down 0.52%; and the National Enterprises Index at 9316.89, down 0.63% [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

Core Insights - Kuaishou's report reveals that the platform has reached 140 million deep interest users in agriculture, with significant growth in provinces like Gansu, Tibet, Xinjiang, Qinghai, and Sichuan, particularly among users aged over 50 and under 30 [1][3] User Engagement and Content Creation - In the past year, Kuaishou's agricultural content creators generated over 720 billion video views and 11.9 billion interactions, with a notable 34.2% year-on-year increase in new creators from the post-95 generation [3][4] - Female creators represent 63% of the total, indicating a strong presence of women in agricultural content creation [3] Agricultural Knowledge Dissemination - Over 1.5 million users daily accessed authoritative agricultural information on Kuaishou, especially during critical farming periods [4][5] - The platform's agricultural technology authors exceeded 140,000, providing services through live streaming and short videos, with a focus on practical agricultural knowledge [7] Live Streaming and Video Content - Kuaishou's agricultural live streaming sessions saw over 9.4 million interactions, with a daily average of 36,000 broadcasts, reflecting a 17.6% increase in viewership [7] - The platform's agricultural video content covers 96.7% of major agricultural categories, addressing specific production issues through a combination of live Q&A and short video formats [7] Community and Economic Impact - The "community trust economy" is emerging, with 3.5 billion orders generated by agricultural authors, and 78% of the total GMV contributed by fans [16] - Local specialties like Hongze Lake crabs and various fruits have gained national popularity, with the GMV for Hongze Lake crabs increasing by 500% during the crab season [18] Cultural and Social Engagement - The rise of "village stage" performances has revitalized rural entertainment, with a 3.1% increase in creators focused on this content [9][11] - Daily average viewing hours for matchmaking live streams exceeded 440 hours, with a 52% year-on-year increase in consumption of matchmaking content by rural users [11] Wildlife Management and Community Safety - The increase in wild boar populations has led to the formation of hunting teams, with daily viewing times for "protective hunting" live streams growing nearly eightfold [13][15]

Core Insights - The integration of AI technology in the audiovisual industry is creating strategic opportunities for high-quality development in film and television production [1][2][3] Group 1: AI Empowerment in Creative Production - AI is recognized as a key driver in enhancing the efficiency and reducing costs in the film and television production process, with potential cost reductions to one-fourth of traditional methods and time savings of approximately 60% [3] - The launch of the latest version of Keling AI, which approaches film-level application standards, signifies advancements in AI video generation capabilities [1][3] Group 2: Industry Collaboration and Policy Support - The collaboration between Kuaishou and renowned directors under the "Keling AI Director Co-Creation Plan" has resulted in the permanent collection of nine short films at the China Film Museum, showcasing the successful integration of AI in filmmaking [2] - The release of the world's first AI unit story collection, "New World Loading," has garnered nearly 200 million global views, indicating strong market reception and the potential for international influence [2] Group 3: New Job Creation and Industry Transformation - The rise of AI technology is leading to the emergence of new professions such as AI prompt engineers and AI material editors, reflecting a transformation in the production logic of the film industry [3] - AI is facilitating a full-chain reconstruction of the film production process, enabling a trend towards "human-machine collaboration" [3] Group 4: Human-Centric Creative Focus - Despite technological advancements, the essence of film and television art remains focused on exploring human nature and emotional resonance, emphasizing the importance of storytelling over star power [4] - Kuaishou aims to leverage Keling AI to support the development of high-quality content that prioritizes human-centric storytelling [4]

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports-R and Great Wall Motors-R both having a short-selling ratio of 100.00% [1][2] - Alibaba-SW leads in short-selling amount at 1.343 billion, followed by Pop Mart at 1.242 billion and Tencent Holdings at 1.215 billion [1][2] Short-Selling Ratios - Anta Sports-R (82020) has a short-selling amount of 635,500 and a ratio of 100.00% with a deviation of 10.36% [2] - Great Wall Motors-R (82333) has a short-selling amount of 7,250 and a ratio of 100.00% with a deviation of 30.20% [2] - SenseTime-WR (80020) has a short-selling amount of 1,122,200 and a ratio of 97.63% with a deviation of 51.92% [2] - Lenovo Group-R (80992) has a short-selling amount of 2,438,200 and a ratio of 94.23% with a deviation of 34.69% [2] Short-Selling Amounts - Alibaba-SW (09988) has a short-selling amount of 1.343 billion with a ratio of 9.98% and a deviation of -6.17% [2] - Pop Mart (09992) has a short-selling amount of 1.242 billion with a ratio of 30.78% and a deviation of 9.42% [2] - Tencent Holdings (00700) has a short-selling amount of 1.215 billion with a ratio of 11.50% and a deviation of -4.97% [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 51.92% [2] - HAPO Pharmaceutical-B (02142) has a short-selling amount of 15,513,500 with a deviation of 37.04% [2] - Lenovo Group-R (80992) has a deviation of 34.69% [2] - Great Wall Motors-R (82333) has a deviation of 30.20% [2]