香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 Kuaishou Technology 快手科技 （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） （於開曼群島註冊成立以不同投票權控制的有限公司） 公司秘書資格的更新 及 變更聯席公司秘書及授權代表 公司秘書資格的更新 茲提述快手科技（「本公司」）日期為2023年2月20日的公告，內容有關香港聯合交易 所有限公司（「聯交所」）就趙華夏先生（「趙先生」）擔任本公司聯席公司秘書（「聯席 公司秘書」）的資格授予本公司豁免嚴格遵守聯交所證券上市規則（「上市規則」）第 3.28條及8.17條的規定，自2023年2月20日（即趙先生委任生效日期）起至2026年2月19 日止為期三年（「豁免期間」）。 本公司董事會（「董事會」）欣然宣佈，本公司已於近期獲得聯交所確認，趙先生於豁 免期間結束後已符合上市規則第3.28條及8.17條項下擔任本公司公司秘書的資格， 因此毋須進一步豁免。 為追求高標準的企業 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 建議採納新組織章程大綱及細則須於2026年6月25日（星期四）舉行的本公司股東週 年大會（「股東週年大會」）上經本公司股東之特別決議案通過。本公司將適時向本 公司股東寄發一份通函，當中載有（其中包括）建議修訂組織章程大綱及細則的詳 情以及召開股東週年大會的通告。 承董事會命 快手科技 董事長 程一笑先生 香港，2026年3月25日 於本公告日期，董事會包括執行董事程一笑先生及宿華先生；非執行董事李朝暉先生、張斐先生 及王慧文先生；獨立非執行董事黃宣德先生、馬寅先生及盧蓉女士。 （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） （於開曼群島註冊成立以不同投票權控制的有限公司） 建議採納本公司新組織章程大綱及細則 本公告由快手科技（「本公司」）董事會（「董事會」）根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第13.51(1)條刊發，內容有關建議採納本公司新組織章程 大綱及細則（「 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 快手科技 | | 股份代號 | 01024 | | 多櫃檯股份代號及貨幣 | 81024 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 建議派發2025年末期股息 | | 公告日期 | 2026年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.69 HKD | | 股東批准日期 | 2026年6月25日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.69 HKD | | 匯率 | 1 HKD : 1 HKD | | 除 ...

Group 1 - The core point of the article is that Kuaishou Technology reported an adjusted net profit of 5.46 billion RMB for the fourth quarter, exceeding the estimated 5.38 billion RMB [1] Group 2 - The reported adjusted net profit of 5.46 billion RMB indicates a strong financial performance for Kuaishou Technology in the fourth quarter [1] - The actual profit surpassed market expectations, suggesting positive investor sentiment and potential growth for the company [1]

Financial Performance - Kuaishou Technology reported total revenue of RMB 142.776 billion for the year ended December 31, 2025, representing a year-on-year increase of 12.5%[4] - The adjusted net profit for the year reached RMB 20.647 billion, reflecting a growth of 16.5% compared to the previous year[4] - In Q4 2025, total revenue was RMB 39.568 billion, a year-on-year increase of 11.8%[5] - The operating profit for the year was RMB 20.637 billion, which is a 35.0% increase from RMB 15.287 billion in 2024[4] - The adjusted EBITDA for the year was RMB 29.839 billion, representing a 20.5% increase from the previous year[4] - The company achieved an adjusted net profit margin of 14.5% for the year 2025[12] - Profit before tax increased by 32.1% from RMB 15.5 billion in 2024 to RMB 20.5 billion in 2025[49] - Net profit for the year rose from RMB 15.3 billion in 2024 to RMB 18.6 billion in 2025[51] - Total revenue for Q4 2025 was RMB 39.6 billion, an 11.8% increase from RMB 35.4 billion in Q4 2024[53] - Operating profit for Q4 2025 was RMB 5.79 billion, a 35.7% increase from RMB 4.27 billion in Q4 2024[66] User Engagement - The average daily active users (DAUs) for 2025 were 410.2 million, up from 399.4 million in 2024, indicating a steady growth in user engagement[11] - The average daily active users of the Kuaishou app reached 407.7 million, with an average daily usage time of 126 minutes in Q4 2025[17] - The number of active users making repeat purchases in the e-commerce sector increased year-on-year, contributing to stable business growth[22] - The number of active live streamers with over 10,000 followers increased by 12.7% year-on-year in Q4 2025, enhancing fan growth and transaction performance[23] E-commerce Performance - The total e-commerce Gross Merchandise Volume (GMV) for 2025 was RMB 1,598.071 billion, an increase from RMB 1,389.582 billion in 2024[11] - In Q4 2025, the e-commerce business GMV increased by 12.9% year-on-year to RMB 521.8 billion[22] - The e-commerce search order volume increased by nearly 3% in Q4 2025 due to enhancements in the OneSearch retrieval architecture[16] - The penetration rate of the "super link" in shelf e-commerce product cards increased to 19.1% in Q4 2025[24] Marketing and Advertising - Kuaishou Technology's core business revenue, including online marketing services and e-commerce, grew by 17.1% year-on-year in Q4 2025[12] - The online marketing service revenue in Q4 2025 reached RMB 23.6 billion, representing a year-on-year growth of 14.5%[19] - The AIGC marketing materials generated an online marketing service expenditure of RMB 4 billion in Q4 2025, contributing to the growth of marketing budgets from clients[15] - The upgraded end-to-end generative recommendation model, OneRec-V2, improved recommendation accuracy, contributing to a 5% increase in domestic online marketing service revenue in Q4 2025[15] - The UAX fully automated advertising solution achieved nearly 80% penetration in non-e-commerce marketing service expenditures in Q4 2025[20] - The AI-driven marketing tools helped enhance the marketing material production capabilities of small and medium-sized businesses, further driving online marketing consumption growth[19] Research and Development - Research and development expenses increased by 18.8% from RMB 12.2 billion in 2024 to RMB 14.5 billion in 2025, reflecting increased investment in AI[41] - Research and development expenses rose by 20.1% from RMB 35 billion in Q4 2024 to RMB 41 billion in Q4 2025, reflecting increased investment in AI[62] - The company aims to deepen AI integration to enhance operational efficiency and drive high-quality growth in core business areas[30] Dividends and Shareholder Returns - The board has proposed a final dividend of HKD 0.69 per share for the year ending December 31, 2025, totaling approximately HKD 3 billion, pending shareholder approval[29] - The company declared a special dividend of HKD 0.46 per share, totaling approximately HKD 2 billion, paid in October 2025[134] - The company repurchased a total of 58,069,600 Class B shares at a total cost of HKD 3,217,867,971.62, aimed at enhancing shareholder value[146] Financial Position - Total assets of the company reached RMB 164,504 million in 2025, up from RMB 139,873 million in 2024, indicating a growth of 17.6%[102] - Total liabilities rose to RMB 84,920 million in 2025, compared to RMB 77,849 million in 2024, representing an increase of 9.4%[103] - Total equity attributable to the company's equity holders increased to RMB 79,558 million in 2025 from RMB 62,004 million in 2024, a growth of 28.5%[103] - Cash and cash equivalents decreased to RMB 11,180 million in 2025 from RMB 12,697 million in 2024, a decline of 11.9%[104] Corporate Governance - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual since October 29, 2023[148] - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ended December 31, 2025, without any disagreements on accounting treatments[150] Future Outlook - The company aims to enhance its market presence through strategic initiatives and potential acquisitions in the future[155] - Forward-looking statements in the announcement are subject to risks and uncertainties, and investors should not overly rely on them[155]

Market Overview - The Hong Kong stock market experienced a significant decline on March 19, with the Hang Seng Index dropping by 2.02% and the Hang Seng Tech Index falling by 2.19% [1][7] - Southbound capital recorded a net inflow of over 26 billion HKD [1] Index Performance - Hang Seng Index closed at 25,500.58, down 524.84 points, with a trading volume of 306.2 billion HKD [2][7] - Hang Seng Tech Index ended at 4,996.28, down 112.02 points, with a trading volume of 88.3 billion HKD [2][7] - Hang Seng Biotech Index fell by 2.96%, closing at 14,237.24 with a trading volume of 8 billion HKD [2][7] - Hang Seng China Enterprises Index decreased by 1.58%, closing at 8,695.88 with a trading volume of 119.9 billion HKD [2][7] - Hang Seng Composite Index dropped by 2.60%, closing at 3,849.77 with a trading volume of 205.5 billion HKD [2][7] Major Stock Movements - Major tech stocks saw significant declines, with Tencent Holdings and Kuaishou both dropping over 6%, and Alibaba falling over 4% [2][7] - Other notable declines included Huahong Semiconductor and Bilibili, both down over 5%, and Baidu and SMIC, both down over 3% [2][7] Specific Stock Performance - Tencent Music fell by 8.05% to 41.12 HKD [3][8] - Tencent Holdings decreased by 6.81% to 513.00 HKD [3][8] - Kuaishou dropped by 6.19% to 55.35 HKD [3][8] - Alibaba fell by 4.14% to 132.00 HKD [3][8] - MiniMax saw a significant drop of 13.89% to 1,066.00 HKD, while Zhiyuan fell by 11.25% to 659.00 HKD [4][9] Sector Performance - The large model concept stocks experienced a pullback, with MiniMax and Zhiyuan leading the declines [4][9] - The non-ferrous metal sector also faced substantial losses, with the WanGuo Gold Group dropping over 19% [5][10] - Other companies in the non-ferrous metal sector, such as Lingbao Gold and Long Resources, also saw declines exceeding 10% [5][10] New Listings - Lantu Automotive's stock fell by 13.2% on its first trading day, closing at 6.51 HKD per share [6][11]

Core Insights - Kuaishou has officially opened a channel for prescription drug sales, targeting specific categories and recruiting qualified pharmaceutical merchants, marking a significant expansion into the pharmaceutical sector after OTC drugs, medical devices, and health products [2] - The entry into prescription drugs is selective, focusing on chronic disease areas such as cardiovascular, respiratory, and digestive systems, which have stable online demand and high user engagement [2] - The timing aligns with the upcoming implementation of the revised Drug Administration Law in February 2026, which will regulate third-party platforms for drug transactions, establishing clear responsibilities for platform operators [3] Industry Context - The Chinese pharmaceutical e-commerce landscape is dominated by giants like Alibaba Health and JD Health in B2C, and Meituan and Ele.me in O2O instant retail, creating a competitive environment for new entrants like Kuaishou [3] - The consumption logic of pharmaceuticals contrasts with the impulse-driven model of interest-based e-commerce, posing challenges for Kuaishou in gaining traction in this market [3] Governance Challenges - Kuaishou faces ongoing governance issues within its pharmaceutical vertical, with concerns over gray market activities disguised as health education, leading to the sale of counterfeit products [4] - The platform is actively working to combat these issues, having reported significant efforts in 2024 to tackle black and gray market activities, including collaboration with law enforcement to address related crimes [4] Market Opportunities - The fastest-growing category within prescription drugs is chronic disease management, which aligns well with Kuaishou's strengths in short video and live streaming for patient education [4] - Pharmaceutical companies are considering establishing official flagship stores on Kuaishou, not just for sales but to enhance brand recognition and engage with targeted users through content [5] - Kuaishou's entry into prescription drugs may redefine the dynamics of user engagement, shifting from a traditional model of "goods finding people" to "people finding goods" as users may regularly purchase medications based on content engagement [5]

Core Insights - Kuaishou Public Welfare Foundation collaborates with Hong Kong Social Services to address post-disaster support needs in Tai Po District following a fire incident, focusing on psychological services, social worker development, and academic discussions [1] Group 1: Collaboration Objectives - The partnership aims to establish a "regular psychological health support system" for disaster-affected individuals, transitioning from temporary intervention to ongoing support [1] - A "frontline worker support program" will be initiated to provide continuous support and development for non-official rescue personnel involved in the Tai Po fire relief efforts, enhancing urban grassroots service resilience [1] - An "International Seminar on Urban Disaster Governance" will be co-hosted to facilitate academic collaboration and experience exchange regarding urban disaster management and post-disaster support systems [1] Group 2: Organizational Background - Kuaishou Public Welfare Foundation has a long-standing focus on youth education, assistance for disadvantaged families, and disaster emergency relief, promoting the integration of "short videos + live streaming" with charitable activities [1] - Hong Kong Social Services, established in 1957, advocates for social inclusion and provides diverse social services and support for those in need [1]

Group 1 - Kuaishou has launched its 2026 spring campus recruitment, targeting both 2026 graduates and 2027 interns [1] - The recruitment includes over 200 job types across various fields such as algorithms, engineering, product, operations, gaming, design, marketing, sales, strategic analysis, project management, and functional roles [1] - The focus of this recruitment round is on technical positions, with a doubling in demand for roles related to large models, generative AI, multimodal understanding and creation, and recommendation systems [1] Group 2 - The Kuaistar-X internship program has been officially launched to attract high-potential young talents, particularly in technology innovation [1] - The company is continuously releasing demands for research and development and innovation positions in core areas [1]

Core Insights - Kuaishou has officially launched its 2026 spring campus recruitment, targeting both 2026 graduates and 2027 interns, with a focus on attracting high-potential talent, especially in technology innovation [1][2] Recruitment Overview - The spring recruitment offers over 200 job types across various fields including algorithms, engineering, product, operations, gaming, design, marketing, sales, strategic analysis, project management, and functional roles, with a particular emphasis on technical positions [1] - The demand for positions related to large models has doubled, reflecting Kuaishou's ongoing commitment to AI capability development and innovation [1] Fast-Track Programs - The Kuaishou Star-X internship program is aimed at top global technical talent, focusing on engineering and algorithm roles, and will have continuous recruitment throughout the year [2] - Participants in the Star-X program may receive competitive compensation and opportunities to tackle world-class technical challenges [2] Growth and Support - Kuaishou provides a comprehensive growth and support system for new hires, including a "3+1" training system, dedicated mentorship, housing subsidies, and various benefits [2] - Data indicates that 94.2% of new hires achieve a promotion within two years, with the fastest promotion occurring as early as 44 days after joining [2] Strategic Focus - Kuaishou aims to attract more exceptional talent to accelerate growth and unleash potential in a broader range of business scenarios driven by AI [3]