Market Overview - On September 4, the Hang Seng Index fell by 1.12%, with total southbound trading amounting to HKD 1,470.86 billion, including buy transactions of HKD 738.96 billion and sell transactions of HKD 731.90 billion, resulting in a net buying amount of HKD 7.06 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total trading amount of HKD 569.41 billion, with buy transactions of HKD 281.30 billion and sell transactions of HKD 288.11 billion, leading to a net selling amount of HKD 6.80 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total trading amount of HKD 901.45 billion, with buy transactions of HKD 457.66 billion and sell transactions of HKD 443.79 billion, resulting in a net buying amount of HKD 13.86 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 120.58 billion, followed by SMIC and Tencent Holdings with trading amounts of HKD 99.57 billion and HKD 49.79 billion, respectively [1] - In terms of net buying, the top stocks included UBTECH with a net buying amount of HKD 8.28 billion, Xiaomi Group-W with HKD 7.03 billion, and Alibaba-W with HKD 5.50 billion [1] - The stock with the highest net selling was SMIC, with a net selling amount of HKD 11.58 billion, followed by Hua Hong Semiconductor and Kuaishou-W with net selling amounts of HKD 6.88 billion and HKD 5.41 billion, respectively [1] Continuous Net Buying and Selling - Two stocks, Alibaba-W and Yangtze Optical Fibre and Cable, experienced continuous net buying for more than three days, with Alibaba-W having a total net buying amount of HKD 173.78 billion over ten days [2] - The stocks with the highest continuous net selling were SMIC and Hua Hong Semiconductor, with total net selling amounts of HKD 23.06 billion and HKD 21.09 billion, respectively [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 706 million HKD today [1] - Notable net purchases include: UBTECH Robotics at 827 million HKD, Xiaomi Group-W at 702 million HKD, Alibaba-W at 550 million HKD, Meituan-W at 526 million HKD, CNOOC at 512 million HKD, Horizon Robotics-W at 401 million HKD, and Yangtze Optical Fibre and Cable at 105 million HKD [1] - Significant net sales include: SMIC at 1.158 billion HKD, Hua Hong Semiconductor at 688 million HKD, Kuaishou-W at 541 million HKD, and Tencent Holdings at 336 million HKD [1] Group 2 - Southbound funds have net bought Alibaba for 10 consecutive days, totaling 17.37889 billion HKD [1] - Southbound funds have net sold SMIC for 3 consecutive days, totaling 2.30585 billion HKD [1] - Southbound funds have net sold Hua Hong Semiconductor for 3 consecutive days, totaling 2.1089 billion HKD [1]

Group 1 - Southbound funds recorded a net purchase of 706 million HKD [1] - The top three companies with net purchases were UBTECH, Xiaomi Group-W, and Alibaba-W, with net purchases of 828 million HKD, 703 million HKD, and 550 million HKD respectively [1] - In terms of net sales, SMIC, Hua Hong Semiconductor, and Kuaishou-W experienced net sales of 1.158 billion HKD, 688 million HKD, and 541 million HKD respectively [1]

C M Y CM MY CY CMY K ai175668753012_Kuaishou IR2025 Cover 6.5mm CN OP.pdf 1 1/9/2025 上午8:45 目錄 | 公司資料 | 2 | | --- | --- | | 摘要 | 4 | | 主席報告 | 8 | | 管理層討論與分析 | 15 | | 其他資料 | 32 | | 中期財務資料的審閱報告 | 56 | | 簡明合併損益表 | 57 | | 簡明合併綜合收益表 | 58 | | 簡明合併資產負債表 | 59 | | 簡明合併權益變動表 | 61 | | 簡明合併現金流量表 | 63 | | 簡明合併中期財務資料附註 | 64 | | 釋義 | 103 | 李朝暉先生 張斐先生 林欣禾先生 （於2025年1月22日辭任） 王慧文先生 獨立非執行董事 黃宣德先生 馬寅先生 肖星教授 （於2025年4月28日辭任） 盧蓉女士 （於2025年4月28日獲委任） 審核委員會 黃宣德先生 （主席） 馬寅先生 肖星教授 （於2025年4月28日辭任） 盧蓉女士 （於2025年4月28日獲委任） 薪酬委員會 公司資料 董事會 執行董事 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 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9月4日 I. 法定/註冊股本變動 | 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 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,938.94 | ...

Core Viewpoint - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" aims to regulate the production and dissemination of AI-generated content, enhancing transparency and accountability across various platforms [1][6]. Group 1: Implementation by Platforms - Major platforms such as Tencent, Douyin, DeepSeek, Weibo, Bilibili, and Kuaishou have announced the launch of AI-generated content identification features to comply with the new regulations [1][3]. - Douyin requires users to actively add explicit identification when publishing AI-generated content and will verify unmarked content for AI generation [3]. - DeepSeek has implemented identification for AI-generated content and prohibits users from maliciously altering or hiding these identifiers [3]. - Bilibili and Weibo have also introduced similar identification features, ensuring that unmarked AI-generated content will be flagged according to community rules [4]. Group 2: Challenges and Considerations - Platforms face multiple challenges in implementing these measures, including the need for advanced computational power and algorithms to handle vast amounts of content identification [5]. - There is a necessity for user education to reduce resistance to the identification process and to ensure compliance with the new regulations [5]. - Experts suggest that a dual identification system (explicit and implicit) will significantly enhance content transparency and help users quickly identify AI-generated information [6][7]. Group 3: Impact on the Industry - The new measures are expected to reshape the current AI content ecosystem by enforcing a clear identification system that can help mitigate the spread of false information and deepfakes [6][7]. - The identification requirements will likely disrupt low-quality content generation models while favoring high-quality, human-assisted content creation [7]. - In the long term, the identification system is anticipated to establish a trustworthy foundation for the healthy development of the AI industry, shifting it from "wild growth" to "regulated innovation" [7].

Market Performance - The Hang Seng Index closed down 1.21% at midday on September 4 [1] - The Hang Seng Tech Index fell by 1.66% [1] Sector Performance - Semiconductor stocks experienced a broad decline, with major players like SMIC, Shanghai Fudan, and Huahong Semiconductor dropping over 6% [1] - Large technology stocks mostly declined, with Alibaba falling nearly 4% and Xiaomi and Kuaishou dropping over 2% [1]

Group 1 - The Hang Seng Index closed down 1.21% and the Hang Seng Tech Index fell by 1.66% [1] - Semiconductor stocks experienced a broad decline, with SMIC, Shanghai Fudan, and Huahong Semiconductor each dropping over 6% [1] - Major technology stocks mostly declined, with Alibaba down nearly 4% and Xiaomi and Kuaishou each falling over 2% [1]

Core Viewpoint - Kuaishou and Tsinghua University's Sun Lifeng team have developed the LingXi system, a groundbreaking personalized optimization system for adaptive video streaming, which has been accepted at the prestigious ACM SIGCOMM 2025 conference [2][4]. Group 1: Background and Motivation - The transition from traditional Quality of Service (QoS) to personalized Quality of Experience (QoE) is highlighted, emphasizing the limitations of existing QoS optimization methods in enhancing user experience [6]. - A large-scale A/B test demonstrated that traditional QoS metrics do not translate into improved user experience, indicating a saturation of optimization paths [7][14]. - The study identifies "buffering" as the primary negative factor affecting user experience, necessitating a focus on this aspect for effective QoE optimization [15][23]. Group 2: System Design and Components - The LingXi system is designed as a dynamic optimization module compatible with existing Adaptive Bitrate (ABR) algorithms, ensuring seamless integration without disrupting user experience [31][34]. - The system comprises three core components: 1. Online Bayesian Optimization (OBO) for dynamic parameter exploration [34]. 2. Monte Carlo Sampling for simulating future decisions based on historical data [35]. 3. Hybrid Exit Rate Predictor for accurately quantifying user experience [36][38]. Group 3: Experimental Results - A 10-day large-scale A/B test on the Kuaishou platform showed significant improvements in both QoE and QoS metrics, validating the effectiveness of the LingXi system [40][46]. - The system particularly benefits low-bandwidth users, reducing buffering time by approximately 15% in scenarios with bandwidth below 2000 kbps [52][58]. - The analysis of user sensitivity to buffering revealed a clear negative correlation between buffering sensitivity and the parameters assigned by the system, demonstrating the system's ability to adapt to individual user needs [56]. Group 4: Conclusion - The successful implementation of the LingXi system marks a significant evolution in adaptive video streaming optimization, shifting from static system-level goals to personalized strategies for diverse user experiences [57][58].

Group 1: Market Performance - The Hong Kong stock market opened high but closed lower on September 4, with the Hong Kong Technology 30 ETF (513160) narrowing its gains to 0.32% and trading volume exceeding 500 million yuan [1] - In the four trading days since August 29, the Hong Kong Technology 30 ETF (513160) has seen a net inflow of over 430 million yuan [1] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes major technology companies listed in Hong Kong [1] Group 2: Company Developments - UBTECH Robotics has secured a record-breaking 250 million yuan order for humanoid robots, marking the largest single contract in the global humanoid robot market [2] - The contract primarily involves the Walker S2 humanoid robot, which features an autonomous hot-swappable battery system, with delivery expected to start within the year [2] Group 3: Capital Flows - Southbound capital has significantly increased, with net inflows exceeding 100 billion Hong Kong dollars year-to-date, the highest since the launch of the Hong Kong Stock Connect in 2014 [2] - As of September 2, the net inflow of southbound capital for that day was 9.281 billion Hong Kong dollars [2] Group 4: Market Outlook - Industry analysts remain optimistic about the Hong Kong stock market, suggesting that the bull market is ongoing, particularly for undervalued stocks represented by the Hang Seng Technology Index [3] - The current economic environment shows strong resilience, with continuous policy support and increasing confidence from domestic and international investors [3] - The expectation of a potential interest rate cut by the Federal Reserve by the end of the year is likely to create a favorable liquidity environment, further supporting the market [3]