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8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 | | | | | | | | | | | | 已發行股 ...

具体来看： 大型科技股多数呈现下跌行情但总体跌幅较小，腾讯、京东、网易、小米、京东跌幅在1%以内，阿里巴巴、快手、携程控股跌超 1%，百度逆市大涨3.45%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW.) | 125.800 | +4.200 | 3.45% | | 03690 | 美团-W | 99.500 | +0.450 | 0.45% | | 09626 | 時陣時陣-W | 203.600 | -0.200 | -0.10% | | 02015 | 理想汽车-W | 69.650 | -0.250 | -0.36% | | 01810 | 小米集团-W | 42.580 | -0.200 | -0.47% | | 099999 | 网易-5 | 216.800 | -1.200 | -0.55% | | 09618 | 京东集团-SW | 116.200 | -0.800 | -0.68% | | 00700 | 腾讯控股 | 605.000 | -5.000 | -0.82% ...

Core Insights - Multiple companies, including Tencent Holdings and China Petroleum & Chemical Corporation, conducted share buybacks on December 5, 2025, with Tencent leading in both volume and monetary value [1][2] Company Summaries - **Tencent Holdings (00700)**: Repurchased 1.046 million shares for a total of 636 million, with a year-to-date total of 85.148 million shares, representing 0.927% of total share capital [2] - **China National Offshore Oil Corporation (01919)**: Bought back 3 million shares for 41.6745 million, with a cumulative total of 6.9543 million shares, accounting for 2.415% of total share capital [2] - **Kuaishou-W (01024)**: Acquired 438,000 shares for 29.9859 million, with a year-to-date total of 682,460 shares, representing 0.159% of total share capital [2] - **Fenbi (02469)**: Conducted a buyback of 6.657 million shares for 21.0954 million, with a cumulative total of 26.657 million shares, accounting for 1.193% of total share capital [2] - **Jinxin Fertility (01951)**: Repurchased 7.722 million shares for 19.7977 million, with a total of 7.722 million shares year-to-date, representing 0.280% of total share capital [2] - **Yum China (09987)**: Engaged in two buybacks, totaling 57,000 shares for 19.1905 million, with a cumulative total of 16.2024 million shares, accounting for 4.350% of total share capital [2] - **China Feihe (06186)**: Bought back 3 million shares for 12.3 million, with a cumulative total of 208 million shares, representing 2.295% of total share capital [2] - **Haier Smart Home (06690)**: Acquired 450,000 shares for 12.1991 million, with a total of 330,000 shares year-to-date, representing 0.116% of total share capital [2] - **Vitasoy International (00345)**: Repurchased 1.302 million shares for 8.6504 million, with a cumulative total of 1.928 million shares, accounting for 1.837% of total share capital [2] - **Coolpad Group (02369)**: Conducted a buyback of 4.144 million shares for 5.5725 million, with a total of 15.048 million shares year-to-date, representing 3.925% of total share capital [2]

证券时报·数据宝统计显示，12月5日有46家香港上市公司进行了股份回购，合计回购4367.28万股，回购 金额8.54亿港元。 腾讯控股回购数量104.60万股，回购金额6.36亿港元，回购最高价为610.500港元，最低价为605.000港 元，年内累计回购金额698.65亿港元；中远海控回购数量300.00万股，回购金额4167.45万港元，回购最 高价为14.010港元，最低价为13.820港元，年内累计回购金额61.13亿港元；快手-W回购数量43.80万 股，回购金额2998.59万港元，回购最高价为68.950港元，最低价为67.500港元，年内累计回购金额23.95 亿港元。 以金额进行统计，12月5日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是中远海控，回 购金额为4167.45万港元；回购金额居前的还有快手-W、粉笔等。回购数量上看，12月5日回购股数最 多的是锦欣生殖，当日回购量为772.20万股；其次是粉笔、安东油田服务等，回购数量分别为665.70万 股、558.60万股。 12月5日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | ...

Group 1 - Kuaishou has tightened the usage permissions for several third-party programming tools, leading to issues where employees cannot access tools like Cursor and Claude Code without special approval [1] - The rationale behind this decision is to prioritize code and data security, especially in commercial and core business departments, to prevent potential leaks of algorithms and business strategies [1] - Other major companies, such as ByteDance and Amazon, have also implemented similar restrictions on tools like Cursor, indicating a common industry approach to balancing efficiency with security [1]

Core Insights - The rise of IP marketing has significantly influenced consumer behavior, with its share in brand marketing events reaching 71.6% by Q1 2025, driven by emotional connections to popular characters and stories [3][18] - The success of films like "Ne Zha" and "Zootopia" has led to a surge in related merchandise, creating a scale effect in the market [3][18] - Consumers are willing to pay for products associated with beloved IPs, reflecting a deeper emotional recognition and community belonging [5][18] Group 1: IP Marketing Trends - IP marketing has become a primary battleground for brands, with significant engagement seen during the release of "Ne Zha," which generated 686 million interactions online during the Spring Festival [3] - The influence of IPs is evident in the rapid sales of merchandise, such as toys and themed products, following the release of "Zootopia 2" [3][18] - Emotional resonance with characters leads to consumer spending beyond just ticket purchases, as seen in the case of "Ne Zha" [5] Group 2: Content Creation and Monetization - Content platforms are enhancing monetization strategies for creators, with a notable increase in creators earning over 1,000 yuan monthly on platforms like Kuaishou, which saw a 12% year-on-year growth [8][10] - The coupling of algorithms, emotional engagement, and commercial monetization is reshaping the global information consumption chain [7] - Video platforms are exploring diverse IP monetization models to extend the lifecycle of IPs, with iQIYI actively developing IP consumer products and experiential businesses [14][16] Group 3: Globalization of IP - The globalization of IP has emerged as a new growth engine for content platforms, with initiatives like the "Inspiration China" program aimed at fostering international collaboration [16] - iQIYI's international business has become a significant growth driver, achieving its highest revenue growth in nearly two years in Q3 [16]

Group 1 - The Hang Seng Index experienced a sharp drop after opening but rebounded significantly, closing up by 0.58% [1] - The Hang Seng Tech Index led the gains, rising by 1.33%, with notable increases from Baidu Group (up 5.01%), Kuaishou (up 2.52%), and Xiaomi Group (up 1.91%) [3] - The banking sector showed signs of recovery, with a 0.28% increase, highlighted by China Merchants Bank (up 2.09%) and Industrial and Commercial Bank of China (up 1.77%) [3] Group 2 - Despite the overall market rebound, some banks like Everbright Bank fell by 1.91%, while others like Agricultural Bank of China and Minsheng Bank also saw slight declines [3] - The pharmaceutical sector faced mixed results, with companies like Innovent Biologics and BeiGene experiencing declines, while Hansoh Pharmaceutical saw an increase of 3.66% [3]

Market Overview - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.541, down 0.41% from the previous close; Tencent Holdings closed at HKD 608.677, down 0.22% [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 610.000, down HKD 2.000 (-0.33%); ADR price HKD 608.677, down HKD 1.323 [3] - HSBC Holdings: Latest price HKD 111.000, down HKD 0.500 (-0.45%); ADR price HKD 110.541, down HKD 0.459 [3] - Alibaba Group: Latest price HKD 155.000, up HKD 0.600 (0.39%); ADR price HKD 154.057, down HKD 0.943 [3] - AIA Group: Latest price HKD 78.300, down HKD 0.700 (-0.89%); ADR price HKD 78.371, up HKD 0.071 [3] - Meituan: Latest price HKD 99.050, up HKD 0.950 (0.97%); ADR price HKD 98.981, down HKD 0.069 [3] - Ping An Insurance: Latest price HKD 60.450, up HKD 3.800 (6.71%); ADR price HKD 60.370, down HKD 0.080 [3] - BYD Company: Latest price HKD 99.150, up HKD 0.750 (0.76%); ADR price HKD 98.086, down HKD 1.064 [3]

Group 1 - The report highlights a significant surge in Kuaishou's e-commerce performance during November 2025, driven by the Double 11 shopping festival, with the platform investing 30 billion yuan in subsidies to stimulate consumer spending [1][10] - Overall promotional activity increased by 1.52% compared to October, indicating a robust marketing environment [10] - Key product categories showing strong growth include food, pet products, and baby supplies, with specific items like nut gift boxes and instant frozen foods leading the sales [1][10][14] Group 2 - The food sector experienced remarkable growth, particularly in the nut and snack categories, with products like nut gift boxes and health-oriented snacks gaining popularity [1][19][22] - Instant frozen foods also saw a significant rise in sales, with hot pot ingredients and combination packs being consumer favorites [1][24][25] - Fresh egg products led the poultry and egg category, emphasizing health and quality as key selling points [1][27][28] Group 3 - The health food segment is thriving, with immune-boosting products and precise nutritional needs driving market growth, showing a GMV increase of 166.3% [1][29][30] - Baby nutrition products are focusing on specific ingredients like DHA algae oil, which has become a highlight in the market [1][32][33] - The baby and toddler product category is also growing, with brands like Kangaroo Mom leading the charge through effective marketing strategies [1][34][35] Group 4 - Kuaishou has launched initiatives such as the "Xingnong Plan" and "Treasure City" activities to enhance product visibility and drive GMV growth [1][10] - The platform is also focusing on upcoming trends for December, targeting themes like winter warmth and holiday gifts, with specific categories expected to perform well [1][10]

证券时报·数据宝统计，快手-W在港交所公告显示，12月5日以每股67.500港元至68.950港元的价格回购 43.80万股，回购金额达2998.59万港元。该股当日收盘价69.200港元，上涨2.52%，全天成交额19.87亿 港元。 自12月3日以来公司已连续3日进行回购，合计回购132.30万股，累计回购金额8966.07万港元。 其间该 股累计上涨0.36%。 今年以来该股累计进行32次回购，合计回购4562.19万股，累计回购金额23.95亿港元。（数据宝） 快手-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.05 | 43.80 | 68.950 | 67.500 | 2998.59 | | 2025.12.04 | 44.50 | 67.550 | 67.000 | 2992.30 | | 2025.12.03 | 44.00 | 67.900 | 67.350 | 2975.17 | | 2025.11.26 | 40.00 | 68.8 ...