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29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 ...

Core Viewpoint - Kuaishou's financial business is rapidly expanding, as evidenced by the recent increase in registered capital of Kuaishou Microloan from 500 million to 1 billion RMB, indicating a strategic push into the financial sector [1] Group 1: Company Developments - Kuaishou Microloan was established in January 2016 and was previously known as Guangzhou Huanyu Microloan Co., Ltd. [1] - The company underwent a change in ownership, with 100% of its shares transferred to Beijing Yunchi Technology Co., Ltd. in March 2024, followed by a name change to Kuaishou Microloan in April 2024 [1] - Yunchi Technology, a wholly-owned subsidiary of Dajia Internet, has also recently increased its registered capital from 1.255 billion to 2.255 billion RMB [1] Group 2: Financial Business Expansion - Kuaishou's financial services began in 2020, starting with the acquisition of over 50% of EasyLink Payment for nearly 300 million RMB, which allowed Kuaishou to obtain a payment license [3] - In 2024, Kuaishou accelerated its financial business by obtaining a microloan license in March and acquiring 100% of Shanghai Shengda Insurance Brokerage Co., Ltd. in July [3] - Kuaishou's app sees 160 million users weekly engaging with financial content, with a conversion rate for financial ads 19 times higher than average users, yet only 12% of users receive financial-related ads [3] Group 3: Product Offerings - Following the acquisition of the microloan license, Kuaishou launched cash loan products "Kuaishou Monthly Payment" and "Kuaishou Easy Borrow," with the former offering a maximum interest-free period of 37 days and the latter having an annual interest rate ranging from 6.1% to 24% [4] - The minimum registered capital requirement for microloan companies is 1 billion RMB, with Kuaishou Microloan's recent increase still significantly lower than competitors like ByteDance's Zhongrong Microloan at 19 billion RMB and Tencent's WeChat Pay Microloan at 15 billion RMB [4] Group 4: Industry Trends - The microloan industry is experiencing a bifurcation, with several major companies increasing their registered capital while others exit the market due to poor performance [5][6] - As of September 2025, there are 4,863 microloan companies in China, a significant decrease from the peak of 8,910 in 2015 [6] - Stronger companies are increasing capital to meet regulatory requirements, while weaker firms are forced to exit, indicating a trend towards industry consolidation [7]

12月29日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨0.26%，报25886.75点，恒生科技 指数涨1.60%，国企指数涨0.77%。盘面上，科网股普涨，网易、美团涨超2%，百度、联想、快手、哔 哩哔哩涨超1%；汽车股走强，蔚来涨超6%；脑机接口概念普涨，心玮医疗涨超10%；纸业股涨幅居 前，玖龙纸业涨超4%。 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 但生科技指数 | NY | 5587.24 | +1.60% | | 800700 | | | | | 国企指数 | ี | 8983.59 | +0.77% | | 800100 | | | | | 恒生指数 | 200 | 25886.75 | +0.26% | | 800000 | | | | 汽车股走强，蔚来涨超6%。方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策， 多地遴选以旧换新平台企业。据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排 放车辆，同时提升新能源补贴与混动车型纯电续航门槛。 脑机接口概念普涨，心玮医疗涨超10%。光大证券发布 ...

证券时报·数据宝统计显示，12月24日有42家香港上市公司进行了股份回购，合计回购2401.18万股，回 购金额9.47亿港元。 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 105.60 | 63554.16 | 604.000 | 598.000 | 7812951.36 | | 01810 | 小米集团-W | 380.00 | 14893.66 | 39.260 | 39.080 | 598553.57 | | 00175 | 吉利汽车 | 195.60 | 3314.47 | 17.030 | 16.870 | 38467.28 | | 01024 | 快手-W | 46.40 | 2998.96 | 64.900 | 64.050 | 304843.07 | | 01919 | 中远海控 | 196.00 | 2722.51 | 13 ...

21世纪经济报道记者肖潇 报道 每周，"合规周报"会盘点上一周国内外人工智能、互联网平台治理、科技竞争上值得关注的动态。 本周，我们重点的话题有：美国作家联合起诉六大AI公司，称使用盗版书籍训练大模型；北京发布典型仲裁案例，AI 替代岗 位，构成违法解雇；AI情感陪伴新规拟出台，收紧了训练数据、未成年人保护等规则。 网络安全和平台治理方面，还可以关注：OpenAI 承认 AI浏览器很难防御提示词攻击；丽江古城喊话审核"避雷贴"，小红书回 应：商家可提交证据材料；快手被黑灰产攻击 平台网络安全敲响警钟。 美国作家联合起诉六大AI公司，称使用盗版书籍训练大模型 知名非虚构作品《坏血：一个硅谷巨头的秘密与谎言》的作者John Carreyrou，联合了另外五位作家，在本周对xAI、 Anthropic、谷歌、OpenAI、Meta 以及 Perplexity 六家公司提起诉讼，指控未经许可使用受版权保护的书籍训练大模型。 但本次6位作家并未寻求联合发起集体诉讼，主要原因可能是不满和解金额。他们表示，集体诉讼这种形式对被告方更有利，因 为被告只需与众多原告协商达成一份和解协议即可。诉状指出："大语言模型企业不应能如此 ...

每周，"合规周报"会盘点上一周国内外人工智能、互联网平台治理、科技竞争上值得关注的动态。 本周，我们重点的话题有：美国作家联合起诉六大AI公司，称使用盗版书籍训练大模型；北京发布典型仲裁案例，AI 替代岗 位，构成违法解雇；AI情感陪伴新规拟出台，收紧了训练数据、未成年人保护等规则。 网络安全和平台治理方面，还可以关注：OpenAI 承认 AI浏览器很难防御提示词攻击；丽江古城喊话审核"避雷贴"，小红书回 应：商家可提交证据材料；快手被黑灰产攻击平台网络安全敲响警钟。 美国作家联合起诉六大AI公司，称使用盗版书籍训练大模型 知名非虚构作品《坏血：一个硅谷巨头的秘密与谎言》的作者John Carreyrou，联合了另外五位作家，在本周对xAI、 Anthropic、谷歌、OpenAI、Meta 以及 Perplexity 六家公司提起诉讼，指控未经许可使用受版权保护的书籍训练大模型。 今年8月，另一批作者就同样的版权侵权行为对Anthropic提起了集体诉讼。在那起案件中，法官裁定Anthropic公司使用盗版书籍 的方式训练大模型是非法的，最终Anthropic与原告作家们达成了15 亿美元的和解，每个符合条 ...

Group 1 - The article highlights the prevalence of harmful content targeting minors on platforms like Kuaishou, raising concerns among parents and educators about the impact on children's development and behavior [1][2][3] - Teachers have observed that students are increasingly using social media platforms to engage in inappropriate behaviors, such as mimicking harmful actions and discussing relationships at a young age [2][3] - Despite Kuaishou's claims of implementing measures to protect minors, complaints about inappropriate content and its effects on children continue to surface, indicating a persistent issue [6][8] Group 2 - Specific incidents of exploitation and abuse of minors through Kuaishou have been reported, including cases where individuals used the platform to solicit explicit content from underage victims [7] - The article mentions a significant number of complaints on consumer platforms regarding minors' exposure to inappropriate content and financial exploitation, with one case involving a child spending 13,000 yuan on the platform [6][8] - The ongoing presence of harmful content on Kuaishou raises questions about the platform's content management and regulatory responsibilities, as it appears to allow such material to persist [8]

Group 1 - Kuaishou's live streaming function was attacked by cybercriminals, leading to a significant security incident that requires systemic upgrades across the industry for better prevention measures [1] - The Lijiang Cultural and Tourism Bureau publicly criticized Xiaohongshu for inadequate monitoring and management, resulting in consumer misinformation and damage to local businesses [2] - Wentech plans to assert its rights regarding the control of its subsidiary, Anshi Semiconductor, through a hearing in January 2026, with potential claims reaching up to $8 billion [3] - The Shanghai Stock Exchange issued guidelines for commercial rocket companies, requiring successful orbital launches as a precondition for listing [4] - JD.com faced theft at its warehouse in France, but the reported losses were exaggerated compared to actual figures [5][6] - UBTECH announced a significant acquisition of 43% of Fenglong shares, marking a strategic move in the humanoid robotics sector [7] - NetEase's veteran executive Ding Yingfeng will retire after 23 years, having played a crucial role in the development of several flagship games [8] - Harman International agreed to acquire ZF's ADAS business for €1.5 billion, indicating a strategic entry into the growing ADAS market [9] - The successful first flight of China's first 6-ton tilt-rotor aircraft, Lanying R6000, marks a breakthrough in tilt-rotor technology and opens new opportunities in low-altitude economy [10][11] - TCL Technology plans to acquire 80% of Zhao Yuan Optoelectronics for ¥490 million, entering the LED chip sector [12] - Visionary Technology's IPO was approved, aiming to raise ¥2.015 billion for expanding its Micro OLED production capacity [13] - The global AI hardware market is projected to grow significantly, attracting innovation in various sectors, with a focus on overcoming scene capability challenges [14]

Core Insights - The "new silver-haired population" aged 45 and above has grown from 460 million in 2020 to 660 million in 2023, becoming a significant driver of the consumption market, shifting from "basic elderly care" to "quality living" [1] - The report by iResearch and Kuaishou reveals that the consumption needs of this demographic are evolving from basic utility to a pursuit of quality and peace of mind, aligning well with Kuaishou's content and e-commerce ecosystem [1] Group 1: Demographic Characteristics - The new silver-haired population is characterized by "vitality, value, and a comfortable lifestyle," breaking traditional stereotypes and creating an economic system that balances family responsibilities with self-actualization [2] - Kuaishou has identified four typical user groups within this demographic: Practical, Vitality, Composed, and Zen, each exhibiting unique consumption behaviors and attitudes [2] Group 2: Market Size and Growth - The population aged 45 and above has steadily increased, with their proportion rising from 42.2% to 44.7% from 2019 to 2023, indicating a significant market opportunity worth over 14 trillion yuan, with expectations to expand towards 20 trillion yuan due to policy support [4] - Kuaishou's platform has over 4 billion daily active users, with approximately 25% belonging to the new silver-haired demographic, showcasing their strong engagement and consumption potential [6] Group 3: Consumption Preferences - The new silver-haired population prioritizes health and personal interests, with 74% focusing on health reserves and 62% on personal interest development, indicating a shift from traditional family-oriented consumption [8] - Key consumption categories include health and wellness products, travel and leisure experiences, fashion, home improvement, and educational entertainment, reflecting a diverse range of interests and needs [13] Group 4: Consumption Trends - The consumption mindset is transitioning from "survival needs" to "quality self-enjoyment," with a focus on product quality, brand value, and emotional attachment, moving beyond mere price considerations [38] - The "she economy" is evolving into a "she + he + it" economy, where consumption decisions often involve multiple family members, indicating a trend towards comprehensive family solutions [41] Group 5: Strategic Opportunities - Kuaishou's content-driven e-commerce ecosystem is well-suited to meet the values and needs of the new silver-haired population, emphasizing practical knowledge, interest-based content, and skill learning [8][28] - The platform's operational strategy focuses on building trust through user engagement, simplifying merchant onboarding, and creating a seamless connection between content and commerce to enhance user retention and satisfaction [30][22]

Group 1 - The article discusses a recent controversy surrounding Kuaishou, where multiple live streams were reported to contain explicit content, leading to significant public outcry and user complaints about ineffective moderation [3]. - A user reported that many live streams had over 100,000 viewers, indicating a potential spike in traffic for Kuaishou amidst the controversy [3]. - There are speculations that Kuaishou may have intentionally allowed such content to attract users from Douyin, although this is deemed unlikely as it could harm the company's reputation [3]. Group 2 - Following the incident, Kuaishou has been actively recruiting for security positions, including application security experts and information security specialists, highlighting a response to the backlash and a focus on improving content moderation [3].