表格類別： 股票 狀態： 新提交 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) 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） 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司截至2025年12月23日已發行股份數目總額4,319,350,230股(包括702,579,449 A類普通股及 3,616,770,781 B類普通股)。 第 2 頁 共 7 頁 v 1.3.0 FF305 呈交日期： 2025年12月24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 | | | ...

Core Viewpoint - The article discusses a significant content safety incident on the short video platform Kuaishou, where users encountered explicit and inappropriate content during live broadcasts, leading to a sharp decline in the company's market value and raising concerns about its content moderation capabilities [1][4]. Incident Overview - On December 22, Kuaishou experienced a severe content safety incident, with users reporting the appearance of pornographic and vulgar content during live streams, causing a surge in viewership in some rooms to nearly 100,000 [1][3]. - The incident sparked public outrage, with users questioning the effectiveness of the platform's content review system, leading to a 3.52% drop in Kuaishou's stock price, resulting in a market value loss of approximately 10.15 billion HKD [1][4]. Response and Measures - In response to the incident, Kuaishou implemented emergency measures, including temporarily shutting down all live streaming functions and reporting the situation to authorities [5][6]. - The company stated that the platform was targeted by an organized attack from the black market, which overwhelmed its traditional content review processes [5][9]. Technical Analysis - Experts indicated that the incident was likely a highly automated attack, utilizing batch registration tools and automated streaming methods to flood the platform with violations, highlighting vulnerabilities in Kuaishou's real-time review and security systems [5][12]. - The attack's automated nature created a situation where the speed of content removal could not keep pace with the generation of new violations, exposing significant weaknesses in Kuaishou's defenses [9][14]. User Impact and Reactions - Despite the incident, Kuaishou's app saw a surge in downloads, ranking second in the Apple App Store's free chart, indicating a paradoxical increase in user interest following the controversy [6][9]. - The incident raised broader discussions about the responsibilities of live streaming platforms, especially concerning the protection of younger audiences [6][9]. Financial Performance - Kuaishou reported a total revenue of 35.6 billion CNY for Q3 2025, with a year-on-year growth of 14.2%, and live streaming revenue of 9.6 billion CNY, reflecting a 2.5% increase [17]. - The company continues to focus on enhancing its AI capabilities and content moderation systems to prevent future incidents [15][17].

Group 1 - The core issue revolves around a significant cyber attack on Kuaishou Technology, which has raised concerns about the security of live streaming platforms and their vulnerability to black and gray market activities [1] - Following the attack, Kuaishou's stock price showed a slight increase of 0.54%, indicating a somewhat stabilizing market response despite the ongoing impacts of the incident [1] - The attack was characterized by a long preparation time of 1-2 months, with relatively low resource consumption, primarily involving the purchase of zombie accounts and fake traffic to manipulate live stream popularity [1] Group 2 - The indirect losses for Kuaishou, including reputational damage, regulatory scrutiny, and stock price volatility, are expected to far exceed the costs incurred by the attackers [1] - Data from a cybersecurity firm indicates that there have been multiple instances of Kuaishou-related data being traded on the dark web in recent years, suggesting prior targeting by malicious actors [1]

Core Insights - Kuaishou Music's content sensitivity and promotional strategy bring certainty to the market [1] - The "π" plan aims to collaborate with over 130 music companies to promote over 370 songs by 2025 [1] - The platform will invest significant resources in customized promotional strategies for different songs in 2026 [1][10] Group 1: Music Production and Trends - Kuaishou Music plans to release 105 self-produced songs and 10 tailored artist projects by 2025 [1][6] - The hit song "Midu Mountain Song (PHONK)" has topped streaming charts for over 100 days, showcasing the effectiveness of Kuaishou's music production strategy [1][5] - The song's success is attributed to its unique blend of traditional and modern styles, appealing to users' fresh auditory experiences [3][4] Group 2: User Engagement and Community Interaction - The song "Midu Mountain Song (PHONK)" has generated over 1 billion views on related topics, indicating strong user engagement [4][6] - Kuaishou Music's approach allows for rapid content dissemination, shortening the cycle from creator usage to user viewing by 9.17% [4][6] - The platform's community-driven environment fosters high interaction, leading to various user-generated content forms like covers and dance challenges [4][9] Group 3: Revenue and Monetization Strategies - Streaming platforms remain a crucial revenue source for Kuaishou Music, with "Midu Mountain Song (PHONK)" successfully converting short video users into streaming listeners [5][6] - The report indicates that by 2025, Kuaishou's songs will achieve a total usage of 5 million times, with significant exposure across platforms [6][8] Group 4: Future Plans and IP Development - Kuaishou aims to scale and brand two major IPs, "Touring Music Journey" and "Kuaishou Music Class," to enhance user experience [2][10] - The company plans to expand offline events into music lifestyle festivals, integrating various entertainment elements [2][11] - By 2025, Kuaishou will focus on creating emotional consumption scenarios through events like singer birthday parties and signing sessions [2][11]

12月24日，针对此次快手科技（1024.HK）遭遇的黑灰产网络安全事故，资本市场态度渐趋和缓。港股 开盘，快手股价维持下行走势，盘中回调。截至发稿，快手股价涨0.54%。 规模空前的黑灰产网络攻击在直播间内暂告一段落，但此次攻防失守造成的影响仍在持续。直播平台该 如何做好内容生态平衡？作为攻击回报率较高的领域，直播平台该如何做好日常网络安全防御？黑灰产 如此大规模攻击到底图什么？ 根据现有公开信息分析，安恒研究院专家对第一财经记者表示，即便是如此大规模的攻击，筹备时间会 长至1-2个月，但消耗的资源其实并不大，只需要在灰产市场上购入僵尸账号、买通水军配合直播间人 本文字数：2612，阅读时长大约4分钟 气等虚假流量、结合如接码平台实现认证等，总体成本可控。而被攻击平台直接资金损失难以量化，但 名誉折损、监管问责风险及股价波动等间接损失，远超攻击方投入成本的百倍千倍。 此次快手所遭攻击已非简单的"内容违规"问题，而是一次典型的基础设施级别安全事件。当日公司股价 下挫3.52%，核心原因在于公司未披露事件波及的直播间数量、封禁账号规模、收入影响区间等量化信 息，以及事故具体原因与改进动作，投资者担心类似事件有可 ...

Core Viewpoint - Kuaishou experienced a significant content safety crisis due to a large-scale attack that led to the proliferation of inappropriate content on its platform, raising concerns about its technical security and governance capabilities [1][2][4][5]. Group 1: Incident Overview - On December 22, Kuaishou's platform was flooded with live streams containing pornographic, violent, and terror-related content, resulting in a breakdown of its content review system [1][4]. - The company reported a surge of 4 million returning users and a rise in daily active users (DAU) despite the crisis, indicating a temporary spike in interest driven by curiosity [1][6]. - Kuaishou's official response labeled the incident as a "black and gray industry attack," and the company initiated an emergency plan to restore normal operations [2][5]. Group 2: Technical and Governance Issues - The incident highlighted potential deep-seated issues within Kuaishou's technical risk control, emergency response, and corporate governance, questioning the effectiveness of its content safety measures [4][8]. - Experts suggested that the attack exploited a vulnerability in Kuaishou's live streaming interface, allowing attackers to bypass traditional content review processes [7][8]. - The incident raised alarms about Kuaishou's overall security architecture and its ability to handle automated attacks, indicating a need for improved technical defenses [7][8]. Group 3: Financial Implications - Kuaishou's live streaming business, a significant revenue source, reported nearly 10 billion RMB in revenue for Q3 2025, highlighting its importance to the company's financial health [9][10]. - Despite the crisis, Kuaishou's revenue growth remained strong, with a 14.2% year-on-year increase in total revenue, but the incident raised questions about the adequacy of its investment in security measures [11][12]. - The company's stock price fell significantly following the incident, reflecting investor concerns about the impact on its reputation and future earnings [12][19]. Group 4: Industry Context - The incident at Kuaishou is part of a broader trend where many tech companies face increasing threats from black market activities and cyber attacks, indicating a growing need for robust security measures across the industry [16][17]. - Other platforms, such as Tencent and ByteDance, have also experienced similar security challenges, emphasizing the need for enhanced defenses against sophisticated attacks [16][17].

Core Viewpoint - The recent cyber attack on Kuaishou Technology has raised concerns about the security of live streaming platforms, highlighting the need for improved risk management and defense strategies in the industry [2][3]. Group 1: Incident Overview - Kuaishou experienced a significant cyber attack that has led to a decline in its stock price by 3.52%, with investors worried about the lack of disclosed information regarding the number of affected live streams and accounts [2]. - The attack is characterized as a major infrastructure-level security incident rather than a simple content violation, with potential indirect losses far exceeding the attackers' costs [2]. Group 2: Market Reaction - The capital market's response has become calmer, but the incident serves as a warning for Kuaishou and the broader industry regarding risk management [3]. Group 3: Cybersecurity Threats - Data from dark web monitoring indicates that Kuaishou has been targeted multiple times, with claims of leaked data and transactions involving millions of user records [5][6]. - The frequency of attacks on short video and live streaming platforms is increasing due to their large user bases and clear monetization paths, making them attractive targets for cybercriminals [7]. Group 4: Security Gaps and Recommendations - Key security failures identified include inadequate real-time monitoring systems, ineffective review processes, and slow decision-making chains that hinder rapid response to threats [8][9]. - Experts suggest that Kuaishou and similar platforms should enhance their preemptive defense strategies, focusing on a comprehensive system that includes proactive measures, real-time interception, and post-incident analysis [9][10]. Group 5: Strategic Investment in Security - Investment in security should be viewed as a strategic necessity rather than a cost burden, with a call for platforms to build a collaborative defense ecosystem that includes technology, mechanisms, compliance, and industry cooperation [10].

Core Viewpoint - The recent cyber attack on Kuaishou Technology has raised concerns about the security measures in place for live streaming platforms, highlighting the need for improved defenses against organized cyber threats [2][5][7]. Group 1: Incident Overview - Kuaishou experienced a significant cyber attack that has led to a decline in its stock price, which fell by 3.52% on the day of the incident [2]. - The attack is characterized as a major infrastructure-level security event rather than a simple content violation, with investors worried about the potential for similar attacks on e-commerce and advertising sectors [2][3]. Group 2: Cybersecurity Threats - Data from dark web monitoring indicates that Kuaishou has been targeted multiple times, with claims of compromised data and transactions being sold [5][6]. - The frequency of attacks on short video and live streaming platforms has increased, attributed to their large user bases and clear monetization paths, making them attractive targets for cybercriminals [7][8]. Group 3: Security Gaps and Recommendations - The incident revealed three critical failures in Kuaishou's security: inadequate real-time monitoring, an overwhelmed review system, and slow internal decision-making processes [8][9]. - Experts suggest that platforms should enhance their preemptive defenses, including improving AI models for detecting bulk violations and establishing efficient emergency response protocols [9][10]. - A comprehensive defense strategy should be developed, focusing on technology, mechanisms, and compliance to effectively counteract cyber threats [10].

Core Insights - The article discusses the significant advancements in the KlingAvatar2.0 technology, which enhances digital avatars' ability to express emotions and interact more naturally, moving beyond basic performance to a more lifelike representation [1][17]. Group 1: Technological Innovations - KlingAvatar2.0 introduces a spatiotemporal cascading framework that allows for coherent long video generation, addressing issues of quality degradation in traditional AI tools [4][5]. - The system generates a low-resolution "blueprint video" to capture global semantics and actions, which is then refined into high-resolution, temporally coherent segments [5][7]. - A collaborative reasoning director system, comprising three AI experts, transforms vague instructions into detailed storylines, effectively managing multimodal conflicts [8]. Group 2: Character Control and Performance - The technology employs identity-specific multi-role control, ensuring that each digital character is accurately represented with its own voice and actions, avoiding confusion in multi-character scenarios [9][11]. - The performance metrics show a significant improvement in expressiveness, with KlingAvatar2.0 achieving a 43.2% overall enhancement compared to competitors like HeyGen and OmniHuman-1.5 [14][16]. - The emotional expression capabilities have been refined, allowing for natural facial expressions that convey complex emotions, and the overall motion quality has been enhanced to synchronize perfectly with audio [15][16]. Group 3: Industry Implications - The continuous evolution of digital human technology is lowering creative barriers and raising production standards across various sectors, including e-commerce, entertainment, online education, and corporate services [18]. - The advancements in KlingAvatar2.0 signify a leap in AI's understanding of human expressive arts, transforming technology from a mere tool into a medium for creative expression and emotional communication [18].

Core Viewpoint - Kuaishou, a well-known short video platform in China, experienced a significant network attack that led to the appearance of illegal content in multiple live streams, prompting the company to take immediate action by reporting the incident and removing the content [1][3]. Group 1: Impact on Users - The network attack caused Kuaishou's security system to collapse within 60 to 90 minutes, indicating a rare and large-scale automated attack [3]. - Experts suggest that the attack may have been orchestrated by foreign hackers, although a definitive classification of the incident is still pending further investigation [3][4]. - Users face risks such as potential theft of personal information, usage records, and consumption data if the platform lacks a robust security system [5]. Group 2: Security Breach Mechanism - Kuaishou's platform, despite having a stringent review system, was breached as hackers bypassed firewalls and both human and AI monitoring [7]. - The attack's effectiveness was attributed to the shift towards "automated attacks," while the platform relied on traditional human defenses, leading to a mismatch in defense capabilities [7][10]. - The timing of the attack during peak user activity further exacerbated the platform's vulnerability [7]. Group 3: Recommendations for Enhanced Security - Experts emphasize the need for platforms to prioritize network security over traffic, advocating for improved content review mechanisms and a comprehensive security framework [7][10]. - The implementation of AI-driven automated security measures is crucial to counteract the evolving tactics of hackers [10]. - Regular risk simulations and internal vulnerability assessments are recommended to identify and strengthen weak points in security defenses [11].