Group 1 - The company Kuaishou-W (01024.HK) announced a share buyback on January 23, spending HKD 9.972 million to repurchase 124,000 shares [1]

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1月23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 | | | | | | | ...

Core Insights - The article emphasizes that AI video generation is opening a second growth curve for content platforms, leading to a new balance between efficiency and commercialization [1] - Companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication are highlighted as examples of this logic in the AI computing infrastructure sector, representing long-term value that has not yet been fully priced in [1][2] - Kuaishou is positioned similarly to these companies, with its AI video generation capabilities enhancing production efficiency and commercial value [2][3] Group 1: Investment Logic - The second growth curve for companies is clear, but the realization of this potential is slow, allowing for long-term investment opportunities [2] - The position in the industry chain determines the bargaining power, with these companies embedded in global AI infrastructure and serving high-certainty top clients [2] - The focus is on cost reduction and efficiency improvement rather than mere expansion, aligning with the characteristics of the "Yizhongtian" companies [2] Group 2: Kuaishou's Position - Kuaishou's AI video generation is not just about content supply explosion but represents a systematic leap in production efficiency [3] - Unlike platforms that prioritize algorithm efficiency and traffic scale, Kuaishou seeks a balance between reducing creator costs, enhancing commercial conversion efficiency, and stabilizing cash flow [3] - Kuaishou is still in a phase where its second growth curve is recognized but not fully priced in, with the impact of AI on content supply efficiency and conversion rates gradually emerging [3] Group 3: Organizational Strategy - Kuaishou maintains a relatively restrained approach in its organizational and strategic direction, embedding AI capabilities into existing business systems rather than undergoing aggressive restructuring [4] - This approach allows Kuaishou to avoid resource dispersion and strategic instability, providing higher certainty for the continuous iteration and commercialization of AI [5] Group 4: Community and Content - Kuaishou's core strength lies in its content community, which has established a differentiated advantage in lower-tier markets and high-interaction content areas [10] - The platform's community attributes enhance conversion efficiency and reduce user churn, making it a critical support during industry competition [10] Group 5: AI Video Generation - The AI video generation model "Keling" is a significant strategic breakthrough for Kuaishou, with its latest version achieving global leadership in key performance indicators [14] - The model has shown strong commercial potential, with a notable increase in user willingness to pay and a clear revenue growth trajectory [15] - Keling's content has gained popularity in international markets, demonstrating its cross-cultural dissemination capabilities [15] Group 6: Advertising and E-commerce - AI is becoming a core tool for Kuaishou to enhance monetization efficiency in its advertising business, with significant contributions from the OneRec system [18] - Kuaishou's live streaming and e-commerce businesses are operating steadily, with the potential for continued growth in GMV and improved monetization rates [20][21] Group 7: Financial Outlook - Kuaishou's projected net profits for 2025 and 2026 are 20.6 billion and 23.8 billion RMB, respectively, reflecting year-on-year growth of 16% and 15% [22] - The valuation remains reasonable, with a combination of stable profitability and technological growth offering a favorable risk-return profile for long-term investors [23] Conclusion - Kuaishou's core asset value lies in the combination of content and AI, positioning it as a capable content platform in the AI video generation era [26] - The company is focused on reducing content production costs and enhancing commercial conversion efficiency, establishing itself as a foundational infrastructure for content [27] - In an era of uncertainty, the synergy between its fundamental strengths and technological advancements represents a rare value for core assets [28]

Core Viewpoint - Kuaishou-W (01024) announced the grant of a total of 4.4865 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, pending acceptance by the grantees [1] Group 1 - The company will grant 4.4865 million restricted stock units on January 23, 2026 [1] - The grant is contingent upon acceptance by the grantees [1]

Core Viewpoint - Kuaishou-W (01024.HK) announced the grant of a total of 4.486 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, pending acceptance by the grantees [1] Group 1 - The company will issue the restricted stock units on January 23, 2026 [1] - The grant is part of the company's strategy to incentivize and retain key talent [1]

Group 1 - The company Kuaishou-W (01024) announced the grant of a total of 4.4865 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan [1]

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） 授出受限制股份單位 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，本公司於2026年1月23日向若干合資格參與者根據2023股份激勵計劃 授出合共4,486,457份受限制股份單位，惟須待承授人接納方可作實。 授出受限制股份單位 所授出受限制股份單位的詳情如下： 股份於授出日期的收市價： 每股81.25港元 所授出受限制股份單位的 歸屬期： 所授出受限制股份單位的總歸屬期（即授出日期與最後 歸屬日的期間）約為0至48個月 就授予若干承授人的受限制股份單位而言，授出日期與 首個歸屬日之間的期限短於12個月，以反映（i）根據基 於表現目標的歸屬條件，該等與受限制股份單位掛鈎的 表現目標的達成，及╱或（ ...

Core Viewpoint - The article emphasizes that AI video generation is opening a second growth curve for content platforms, leading to a new balance between efficiency and commercialization as the industry transitions from reliance on traffic expansion and subsidies to sustainable cash flow and cost reduction in content production [5][11]. Group 1: Investment Logic - The three companies referred to as "Yi Zhong Tian" (Xin Yi Sheng, Zhong Ji Xu Chuang, Tian Fu Tong Xin) exemplify the logic of AI infrastructure, being essential yet often overlooked components of AI data centers [5]. - These companies share characteristics such as a clear second growth curve, slow realization of value, and a focus on cost reduction and efficiency rather than mere expansion [6][10]. - Their positions in the supply chain enhance their bargaining power, as they cater to more stable, high-demand clients rather than end consumers [8]. Group 2: Kuaishou's Position - Kuaishou is positioned similarly to the "Yi Zhong Tian" companies, with AI video generation enhancing production efficiency rather than merely increasing content supply [11]. - Kuaishou aims to balance creator costs, commercialization efficiency, and stable cash flow, aligning with the logic of the aforementioned companies [11]. - The current valuation of Kuaishou indicates that its second growth curve is recognized but not fully priced in, with the impact of AI on content efficiency and monetization still unfolding [11]. Group 3: Business Analysis - Kuaishou's core functions are evolving, with a focus on commercial acceleration and global market potential, as evidenced by the success of its AI features in various international markets [13][27]. - The introduction of the "Keling" AI video generation model has led to significant revenue growth, with daily revenue reaching 2.5 times the average from mid-December [30]. - The platform's community-driven nature enhances user retention and conversion rates, making it resilient in competitive environments [22]. Group 4: Advertising and E-commerce - AI is becoming a crucial tool for Kuaishou to enhance advertising efficiency, with the OneRec system contributing positively to ad revenue [37]. - The e-commerce segment is expected to maintain growth above industry averages, supported by optimized commission structures and product offerings [41]. - These established business segments provide a stable cash flow foundation for AI investments and new product development [42]. Group 5: Long-term Outlook - Kuaishou's projected net profits for 2025 and 2026 are estimated at 20.6 billion and 23.8 billion RMB, respectively, reflecting a growth of 16% and 15% year-on-year [44]. - The combination of stable earnings and technological advancements presents a favorable risk-return profile for long-term investors [45]. - Kuaishou is evolving into a content infrastructure provider that reduces production costs and enhances commercialization efficiency in the AI era [48].

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

日前，快手电商发布2026年"星耀计划"，围绕新商成长经营全周期，升级十大惠商举措，涵盖保证金政 策升级、经营费用减免、智能工具提效、新商成长激励、产业带商家扶持、平台保障体验优化等多项举 措，赋能新商和中小商家成长，提升商家经营的长期确定性。 ...