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12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 | | | | | | | ...

Core Viewpoint - The Hong Kong stock market's Hang Seng Technology Index achieved a remarkable annual increase of 23.45% in 2025, marking its best performance since 2020, with 22 out of 30 constituent stocks rising [1] Group 1: Stock Performance - Among the 30 constituent stocks, notable performers included Hua Hong Semiconductor, which surged by 243.19%, Horizon Robotics with a rise of 140.56%, and SMIC increasing by 124.69% [1] - Other significant gainers were JD Health at 97.51%, Alibaba-W at 77.50%, Xpeng Motors-W at 70.10%, Baidu Group-SW at 59.01%, and Tencent Music-SW at 58.44% [1][2] Group 2: Investment Preferences - The first tier of investment preference is in semiconductor manufacturing (Hua Hong, SMIC) and core AI chips (Horizon Robotics), reflecting a strong focus on hard technology and domestic substitution logic [1] - The second tier includes growth sectors such as smart electric vehicles (Xpeng, Li Auto), AI applications (Baidu, SenseTime), and digital health (JD Health), which benefit from industry trends but still face competitive and profitability uncertainties [1] - The third tier consists of value recovery in platform internet giants (Alibaba, Tencent) and mature applications (NetEase, Kuaishou, Tencent Music), with gains primarily driven by profit realization and value reassessment through dividends and buybacks, categorized as "high-quality mature assets" [1]

Investment Rating - The industry rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights that the commercialization potential of Keling AI has further improved due to multiple product iterations during the "All-in-One Inspiration Week" [2][4]. - Keling AI launched several models, including the "Video O1 Model" and "Image O1 Model," which enhance the stability and quality of video and image generation, catering to professional creative needs [3]. - The pricing strategy for Keling 2.6 model has been adjusted, with a charge of 50 inspiration points for high-quality video generation, indicating an increase in commercial viability [4]. Summary by Sections Industry Dynamics - Keling AI's "All-in-One Inspiration Week" introduced various models that enhance user experience and creative capabilities, including the ability to generate complete audio-visual content in a single session [3]. - The iterative improvements in Keling AI's offerings are expected to drive further commercialization opportunities [4]. Investment Recommendations - The report suggests focusing on Kuaishou and other "text-to-video" applications as potential investment opportunities within the industry [5].

作者 | 王小娟 编辑 | 周智宇 快手又现核心高管变动。 12月30日，有消息称，快手科技副总裁、基础大模型及推荐模型负责人周国睿即将离职。据了解，周国 睿的内部系统状态已显示为"休假"，个人签名改为"Log Out"。截至发稿前，快手官方还未对该事件做 出回应。 在AI技术高管频繁离职的同时，快手平台的技术防线也面临严峻考验。 在快手2025年Q1财报电话会上，公司创始人兼首席执行官程一笑将AI明确为公司的 "第二增长曲线"。 而当前，周国睿的离职触动了市场对快手AI战略连续性的敏感神经。 周国睿在快手的四年任职期，正是快手AI战略从萌芽到全面推进的关键阶段。作为北京邮电大学模式 识别实验室的硕士毕业生，他曾在阿里妈妈事业部担任高级算法专家，专注于深度学习在广告排序中的 应用。 2021年加入快手后，周国睿迅速成为公司AI技术革新，尤其是推荐系统优化的核心人物。 他最具标志性的贡献是主导研发了生成式端到端推荐架构OneRec。这一系统颠覆了传统推荐系统采用 多阶段拼接的"级联"架构，通过统一建模与链路压缩，实现了"更大模型、更低成本"的突破。 据公开信息，该系统将服务成本降至原系统的1/10，并已在短视频 ...

Core Viewpoint - The news highlights the potential departure of Kuaishou's Vice President, Zhou Guorui, who is responsible for foundational models and recommendation systems, with speculation about his future roles at Meta or TikTok [1][2][19]. Group 1: Zhou Guorui's Background and Contributions - Zhou Guorui joined Kuaishou in 2021 after working as a senior algorithm expert at Alibaba Mama, where he contributed to significant algorithm frameworks [2][4]. - At Kuaishou, he led the exploration of generative AI technologies in recommendation systems, resulting in the development of OneRec, an end-to-end large model recommendation system that has been implemented across various platforms [4][22]. - OneRec has reportedly brought significant business improvements to Kuaishou, marking a shift from multi-stage filtering to a comprehensive industrial-grade solution [4][22]. Group 2: Organizational Changes at Kuaishou - The news also mentions other management changes within Kuaishou's Community Science Line and Keling AI, indicating a broader trend of talent movement within the company [9][19]. - Notable departures include Zhang Di, who was responsible for generative AI models and returned to Alibaba after a brief stint at Bilibili, and other high-level executives who have left for various opportunities [19][22]. - The ongoing changes reflect a transitional phase in the AI talent landscape, emphasizing the importance of building a stable and efficient technical system to leverage advanced AI capabilities for long-term business advantages [22].

编辑：桃子 【导读】 年底离职潮愈加猛烈！最新爆料称，快手大模型负责人周国睿即将离职，未来去向未 知。 快手大模型掌舵人，被曝出即将离职！ 今天，多个媒体爆料，快手副总裁、基础大模型及推荐模型负责人周国睿即将离职。 目前，他本人在快手内部系统中，已显示为休假状态，个人签名也更新为「Log Out」。 关于周国睿下一步去向，也成了谜团： 据传他将加入Meta，也有消息称，他可能会转投TikTok，具体不得而知。 报道 截至发稿前，官方还未对此做出回应。 北邮学霸，快手AI掌门人 这位大佬的来头可不小... LinkedIn主页显示，周国睿在北京邮电大学完成了学士和硕士学位，专业主修信息与通讯工程。 个人研究方向涵盖了，大规模机器学习、自然语言处理、计算广告、推荐系统。 硕士毕业后，周国睿加入阿里妈妈事业部，任高级算法专家，专注于阿里精准定向广告的排序核心业 务。 在此期间，他的工作主要集中在—— 深度学习在广告排序中的落地、模型结构设计与优化、模型压缩、深度学习框架的工程化开发，其研 究成果还登上了AAAI等顶会。 2021年，周国睿正式加入快手，从推荐算法副总一直做到了大模型以及推荐模型的负责人。 在此期间， ...

Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] - Tesla announced that its 9 millionth electric vehicle rolled off the production line at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, and aims to establish over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Samsung has reportedly received U.S. approval to ship chip manufacturing equipment to its factories in China starting in 2026 [10] - Micron's wireless charging chips have been successfully integrated into AI phones developed in collaboration with ByteDance and ZTE [11] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has begun its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] - Cao Cao Mobility announced the acquisition of 100% stakes in Yao Mobility and Geely Business Travel for a total cash consideration of approximately 225 million yuan [14] Group 2: Product and Technology Innovations - Qingtian Rental launched a "1 yuan instant rental" service, aimed at making robotic applications more accessible for businesses [15] - Tencent released and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, with options for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing its potential in competitive settings [17]

Summary of Key Points Core Viewpoint - On December 30, 61 Hong Kong-listed companies conducted share buybacks, totaling 45.6855 million shares and an aggregate amount of HKD 906 million [1]. Group 1: Buyback Details - Tencent Holdings repurchased 1.062 million shares for HKD 636.5 million, with a highest price of HKD 600.5 and a lowest price of HKD 594.5, bringing its total buyback amount for the year to HKD 79.401 billion [1][2]. - China COSCO Shipping Holdings repurchased 4.3715 million shares for HKD 61.0054 million, with a highest price of HKD 14.06 and a lowest price of HKD 13.86, totaling HKD 6.9266 billion for the year [1][2]. - China Feihe repurchased 8.837 million shares for HKD 36.3424 million, with a highest price of HKD 4.12 and a lowest price of HKD 4.07, totaling HKD 1.10005 billion for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on December 30 was from Tencent Holdings at HKD 636.5 million, followed by China COSCO Shipping Holdings at HKD 61.0054 million [1][2]. - In terms of share quantity, China Feihe had the highest buyback volume on December 30 with 8.837 million shares, followed by Maple Leaf Education and China COSCO Shipping Holdings with 7.648 million and 4.3715 million shares, respectively [1][2]. Group 3: First-Time Buybacks - Notably, Sunac Services and Changfeng Pharmaceutical conducted their first buybacks of the year on this date [2].

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]

Summary of Key Points Core Viewpoint - A total of 70 companies, including Tencent Holdings and Kweichow Moutai, conducted share buybacks on December 30, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.062 million shares for a total of 636 million, representing 1.098% of its total share capital [1][2] - China COSCO Shipping Holdings (01919) repurchased 4.3715 million shares for 61.05 million, accounting for 4.283% of its total share capital [2] - China Feihe (06186) repurchased 8.837 million shares for 36.34 million, which is 2.863% of its total share capital [2] Group 2: Other Notable Buybacks - Kuaishou-W (01024) repurchased 464,000 shares for 29.88 million, which is 0.413% of its total share capital [2] - Sanhua Intelligent Control (02050) repurchased 375,000 shares for 18.89 million [2] - Baidu Cloud-W (06608) repurchased 1.2 million shares for 13.67 million, representing 1.319% of its total share capital [2] Group 3: Additional Companies - Vitasoy International (00345) repurchased 626,000 shares for 3.99 million, which is 2.368% of its total share capital [3] - Keep (03650) repurchased 100,000 shares for 358,400, which is 0.146% of its total share capital [3] - Nine Mao Jiu (09922) repurchased 554,000 shares for 1.00 million, representing 0.458% of its total share capital [3]