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30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 Insights - Kuaishou's Vice President and head of foundational models, Zhou Guorui, is reported to be leaving the company, with speculation about his next move including potential roles at Meta or TikTok [1][3]. Company Developments - Zhou Guorui is currently listed as on leave within Kuaishou's internal system, with his personal signature updated to "Log Out" [3]. - Kuaishou has not yet responded officially to the news of Zhou's departure [5]. Background of Zhou Guorui - Zhou Guorui holds both bachelor's and master's degrees in Information and Communication Engineering from Beijing University of Posts and Telecommunications [8]. - He previously worked at Alibaba's advertising division, focusing on deep learning applications in advertising ranking and model optimization [10]. Contributions to Kuaishou - Zhou joined Kuaishou in 2021 and advanced from Vice President of recommendation algorithms to head of foundational and recommendation models [13]. - He led the development of the OneRec architecture, which significantly improved the efficiency and cost-effectiveness of Kuaishou's recommendation systems [14][17]. - OneRec achieved a reduction in overall system costs to about one-tenth of previous levels while enhancing model performance [15]. Impact on Kuaishou's AI Strategy - Zhou's departure is part of a broader trend of technical executives leaving Kuaishou, with several vice president-level technology leaders having exited in recent months [21]. - In the short term, the impact on Kuaishou's AI strategy may be limited due to the established stability of the OneRec architecture and the company's commitment to self-developed recommendation models [21]. - However, the ongoing loss of core technical talent could affect the pace of technological iteration and stability in the long term [21].

Core Insights - The article discusses the rise and challenges of group broadcasting (团播) in China, highlighting the disparity between the perceived wealth and the harsh realities faced by many young participants in the industry [2][21] - It emphasizes the increasing barriers to entry in the group broadcasting sector due to regulatory scrutiny and the need for professional training and equipment [4][11] Group 1: Industry Overview - Group broadcasting has become a popular employment avenue for young people, particularly those born after 2000, due to its low entry requirements [4][11] - The market for group broadcasting is projected to exceed 15 billion yuan by 2025, with a growth rate of over 3% from 2024 [11][23] - Daily broadcast sessions have surpassed 8,000, indicating a significant increase in activity within the sector [11] Group 2: Challenges Faced by Participants - Many young individuals enter the group broadcasting industry despite knowing the risks, often facing exploitative conditions such as low pay and high-pressure environments [4][5] - A user shared their experience of earning only 26 yuan in a month after working extensively, highlighting the disparity between promised earnings and actual income [6][9] - Participants often have to maintain relationships with wealthy viewers ("大哥大姐") to secure income, which can lead to uncomfortable situations [5][9] Group 3: Professionalization and Investment - The industry is shifting towards a more professional model, with significant investments in talent and production quality, moving away from simple "颜值直播" (appearance-based broadcasting) [14][21] - Major players in the industry are now requiring higher qualifications for roles, including degrees from prestigious universities and professional backgrounds in entertainment [12][14] - The costs associated with establishing a professional group broadcasting team can exceed 600,000 yuan, with some teams requiring investments in the millions [13][14] Group 4: Revenue Streams and Market Dynamics - The revenue model for group broadcasting is evolving from primarily relying on viewer donations to include e-commerce and brand partnerships, significantly increasing potential earnings [21][22] - Group broadcasting teams are now collaborating with well-known brands, achieving sales exceeding 10 million yuan in single sessions [22][23] - The competitive landscape is intensifying, with a notable divide in income between top-tier and average broadcasters, where leading figures can earn substantial amounts while many struggle to make a living [10][21]

Group 1 - Kuaishou concept stocks rose by 1.22%, ranking 8th in terms of increase among concept sectors, with 28 stocks rising, and Baina Qiancheng hitting a 20% limit up [1] - The leading gainers in the Kuaishou concept include BlueFocus, Vision China, and ZhiDeMai, which increased by 7.02%, 5.16%, and 4.46% respectively [1] - The main losers in the sector were Online Offline, Xinhua Du, and Capital Online, which fell by 4.76%, 3.42%, and 2.43% respectively [1] Group 2 - The Kuaishou concept sector saw a net inflow of 1.098 billion yuan, with 28 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2] - The top net inflow stock was BlueFocus, with a net inflow of 391 million yuan, followed by Baina Qiancheng and Vision China with net inflows of 268 million yuan and 242 million yuan respectively [2] - The net inflow ratios for Baina Qiancheng, Vision China, and Shengtian Network were 18.64%, 13.61%, and 10.77% respectively [3] Group 3 - The trading volume and turnover rates for leading stocks in the Kuaishou concept were significant, with BlueFocus at a turnover rate of 24.27% and Baina Qiancheng at 21.18% [3] - Other notable stocks included Yidian Tianxia with a 4.38% increase and a turnover rate of 19.24%, and ZhiDeMai with a 4.46% increase and a turnover rate of 19.07% [3] - The overall market performance showed a mixed trend, with various sectors experiencing both gains and losses [2][4]

Core Insights - The departure of Zhou Guorui, Vice President of Kuaishou and head of foundational and recommendation models, has raised concerns about the impact on Kuaishou's AI strategy, as he was a key executor of the company's AI initiatives [1][5][9] - Zhou's contributions included the development of the OneRec architecture, which significantly improved Kuaishou's recommendation system efficiency while reducing costs [3][8] - The ongoing trend of high-level technical executive departures at Kuaishou reflects broader organizational changes and potential internal governance issues [7][9] Company Overview - Zhou Guorui joined Kuaishou in 2021 and quickly took on a core technical role, leading the foundational model and recommendation model business [3] - He successfully advocated for increased resources for the AI team, resulting in a substantial increase in computational power from hundreds to thousands of GPUs [3] - Zhou's technical vision emphasized the necessity of embracing large models for commercial success, influencing the operational logic of Kuaishou's technical team [3][4] Industry Context - The departure of Zhou Guorui is part of a larger trend of executive turnover in Kuaishou's technical leadership, with several other high-ranking officials leaving in recent months [7] - This turnover coincides with significant organizational restructuring at Kuaishou, which has affected multiple business lines and management levels [7] - The competitive landscape in the short video industry is intensifying, with rivals like Douyin and WeChat Video also ramping up their AI capabilities, making talent retention critical for Kuaishou [9]

Core Viewpoint - The announcement of the 2025 National Green Computing Power Facility List aims to promote the green and low-carbon development of computing power facilities in accordance with the national energy-saving and carbon reduction action plan [1]. Group 1: Industrial Sector - The list includes various computing power facilities in the industrial sector, such as Hongsheng Copper Industry Data Center [2]. - The facilities are part of a broader initiative to enhance energy efficiency and reduce carbon emissions in the industrial domain [1]. Group 2: Information and Communication Sector - Numerous data centers from China Telecom and China Mobile are featured, including the China Telecom Hangzhou Smart Computing Center and the China Mobile Yangtze River Delta (Jinhua) Data Center [2][3]. - These facilities are expected to contribute significantly to the digital infrastructure and support the transition to a low-carbon economy [1]. Group 3: Energy Sector - The list highlights energy-related computing power facilities, such as the State Power Investment Corporation Guian Data Center and the Southern Power Grid Green Smart Data Center [3][4]. - These facilities are crucial for integrating renewable energy sources and enhancing the overall efficiency of energy management [1]. Group 4: Internet Sector - The Internet sector is represented by facilities like the Karamay Carbon and Water Cooling Data Center and the New Silk Road Cloud Computing Center [4]. - These centers are designed to support large-scale data processing and storage while adhering to green standards [1]. Group 5: Financial Sector - Financial institutions are also included, with data centers such as the Bank of Communications Data Center and the People's Insurance Group Northern Information Center [4]. - This inclusion reflects the financial sector's commitment to sustainability and efficient data management practices [1]. Group 6: Public Institutions - The list features data centers from public institutions, including the Beijing Urban Sub-center Administrative Office Data Center [4]. - These facilities are essential for improving public service delivery and enhancing data management capabilities in government operations [1].

新浪科技讯 12月30日上午消息，有市场消息称，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，内部系统显示其处于休假状态，签名改为Log Out。对此消息，截至发稿，快手官方暂无回 应。 据公开资料，周国睿硕士毕业于北京邮电大学模式识别实验室，毕业后加入阿里巴巴，曾任阿里妈妈事 业部高级算法专家。2021年，周国睿加入快手，先后担任推荐算法副总裁、基础大模型及推荐模型负责 人。 责任编辑：杨赐 新浪科技讯 12月30日上午消息，有市场消息称，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，内部系统显示其处于休假状态，签名改为Log Out。对此消息，截至发稿，快手官方暂无回 应。 据公开资料，周国睿硕士毕业于北京邮电大学模式识别实验室，毕业后加入阿里巴巴，曾任阿里妈妈事 业部高级算法专家。2021年，周国睿加入快手，先后担任推荐算法副总裁、基础大模型及推荐模型负责 人。 责任编辑：杨赐 ...

Summary of Key Points Core Viewpoint - On December 29, 55 Hong Kong-listed companies conducted share buybacks, totaling 37.9 million shares and an aggregate amount of HKD 999 million [1][2]. Group 1: Major Companies Involved in Buybacks - Tencent Holdings repurchased 1.057 million shares for HKD 636 million, with a yearly total buyback amount of HKD 78.765 billion [1][2]. - Xiaomi Group-W bought back 3.9 million shares for HKD 151 million, with a total buyback amount of HKD 6.136 billion for the year [1][2]. - China COSCO Shipping Holdings repurchased 3.46 million shares for HKD 47.9 million, with a total buyback amount of HKD 6.866 billion for the year [1][2]. Group 2: Buyback Statistics - The highest buyback amount on December 29 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 151 million [1][2]. - The largest number of shares repurchased on December 29 was by Four Seasons Medicine, with 8 million shares, followed by Xiaomi Group-W and China COSCO Shipping Holdings with 3.9 million and 3.46 million shares, respectively [1][2]. Group 3: Additional Companies and Their Buyback Data - Kingsoft repurchased 713,600 shares for HKD 20 million, with a total buyback amount of HKD 33.465 million for the year [2]. - Kuaishou-W bought back 310,000 shares for HKD 20 million, with a total buyback amount of HKD 306.840 million for the year [2]. - Other notable companies include Miniso Group, which repurchased 320,600 shares for HKD 1.195 million, and Four Seasons Medicine, which had a total buyback amount of HKD 15.332 million for the year [2][3].

Group 1 - The article highlights the stock buybacks conducted by various companies on December 29, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2] - Tencent Holdings repurchased 1.057 million shares for a total of 636 million, representing 1.087% of its total share capital [2] - Other notable companies involved in buybacks include Xiaomi Group-W (01810) with 3.9 million shares repurchased for 151 million, and China Merchants Industry Holdings (01919) with 3.46 million shares for 47.9 million [2] Group 2 - The total number of shares repurchased by various companies in 2025 includes 9.987 million for Tencent, 1.42 million for Xiaomi, and 1.19 million for China Merchants Industry [2] - The buyback amounts for other companies vary, with notable figures such as Kuaishou-W (01024) repurchasing 310,000 shares for 19.97 million and Sihuan Pharmaceutical (00460) repurchasing 8 million shares for 10.01 million [2] - The data indicates a trend of companies engaging in share buybacks as a strategy to enhance shareholder value [1][2]

Core Viewpoint - The article discusses the challenges and realities of the group broadcasting (团播) industry, highlighting the disparity between the perceived opportunities for quick wealth and the actual experiences of many participants, particularly younger individuals seeking employment [2][3][4]. Group 1: Industry Overview - Group broadcasting has become a popular employment option for young people, especially those born after 2000, due to its low entry barriers, such as no educational or professional requirements [4]. - The market size for group broadcasting is expected to exceed 15 billion yuan by 2025, with a growth rate of over 3% compared to 2024 [9][27]. - The average daily number of group broadcasting sessions has surpassed 8,000 [9]. Group 2: Challenges Faced by Participants - Many young individuals, despite knowing the risks, still pursue group broadcasting due to financial urgency, leading to experiences of exploitation and low earnings [3][4]. - A user shared that after working for a month, they received only 26 yuan, highlighting the stark contrast between promised earnings and actual income [5][7]. - Participants often face high-pressure environments, including maintaining relationships with financial supporters (referred to as "大哥大姐") and fulfilling demanding work hours [5][6]. Group 3: Professionalization of the Industry - The group broadcasting industry is moving towards professionalization, with increased investment in training, equipment, and production quality, comparable to major television productions [10][15]. - Leading MCN (Multi-Channel Network) organizations are focusing on building professional teams, with many members having backgrounds in entertainment and production [10][11]. - The costs associated with establishing a professional group broadcasting team can range from hundreds of thousands to millions of yuan, indicating a significant investment requirement [13][16]. Group 4: Revenue Sources and Market Dynamics - The revenue model for group broadcasting is evolving from primarily relying on viewer donations to include e-commerce sales, idol economy, and brand partnerships [22][24]. - Group broadcasting has shown effectiveness in driving sales and increasing transaction volumes for brands, making it an attractive option for both platforms and advertisers [27]. - Major platforms like Kuaishou and Douyin are implementing supportive policies to attract quality group broadcasting organizations, with Kuaishou reporting a 2.5% increase in live broadcast revenue to 9.6 billion yuan [20][21].