香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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） 截至2025年6月30日止三個月及六個月 的業績公告 及 宣派特別股息 快手科技董事會欣然宣佈本公司截至2025年6月30日止三個月及六個月的未經審核 合併業績。該等中期業績乃根據國際會計準則第34號「中期財務報告」編製並由本公 司獨立核數師羅兵咸永道會計師事務所（「核數師」）根據國際審計及鑒證準則理事 會頒佈的國際審閱準則第2410號「實體的獨立核數師對中期財務資料的審閱」審閱。 該等中期業績亦已由審核委員會審閱。 摘要 財務概要 – 1 – 截至6月30日止三個月 2025年 2024年 金額 佔收入 百分比 金額 佔收入 百分比 同比變動 （人民幣百萬元，百分比除外） 收入 35,046 100.0 30,975 ...

他发布的作品会显示在这里 你可能感兴趣的人 #辛巴快手账号作品清空##辛巴快手账号仅剩直播回放#贝壳财经搜索发现，辛巴快手账号上的短视频已 经清空，还剩去年嘉年华的直播回放，其粉丝量仍然是9999万➕ 查看更多 > 周国歧合唱作品 ... 发现通讯录朋友 你可能认识的人 你身边的朋友在星 14:34 ▲ 3 18日 周一晚8点18分 9999万+ 3.4亿 185 粉丝 关注 获赞 辛有志 辛巴 818 ♡ 辛选集团创始人 我的一个老朋友 ol 摩羯座 IP: 广东 直播动态 购物团 店铺 大促 6件商品上新 喊 TA开播 查看历史记录 十 关注 作品 0 音乐 2 直播 1 直播回放 最新回放 IB 28-19 没有更多直播了 ...

Core Viewpoint - The article highlights the rapid rise of the "live streaming stage" model introduced by Kuaishou, which has become a phenomenon in cultural tourism, creating new landmarks that attract both online and offline visitors [1][2]. Group 1: Live Streaming Economic Impact - Kuaishou's live streaming stage model has gained popularity across China, with over 2,000 stages established in 31 provinces and more than 200 cities [1]. - The live streaming economy is seen as a tool to enhance urban image and stimulate night economy, with a focus on integrating cultural tourism and local industries [2][4]. - The live streaming events have significantly increased local engagement, with one event attracting over 4.8 million online viewers, which is more than ten times the local population of Chun'an County [9]. Group 2: Local Government and Industry Collaboration - Chun'an County is leveraging the "live streaming + cultural tourism" approach to support economic transformation and promote rural revitalization, in line with national strategies [2]. - Local authorities are enhancing their collaboration with new media platforms like Kuaishou to empower cultural tourism and agriculture [2]. - The integration of live streaming with local businesses has created new opportunities for merchants, enhancing their revenue and customer engagement [4][9]. Group 3: Night Economy and Community Engagement - The live streaming stage has revitalized the night market scene, providing increased foot traffic and sales for local vendors [6][8]. - The presence of live streaming events has transformed the local economy, with vendors reporting significant increases in customer demand during these events [6][9]. - The initiative has fostered a sense of community among local residents, as seen through the engagement of various age groups in the night market activities [6][8].

Market Performance - The Hong Kong stock market indices continued to decline, with the Hang Seng Index falling by 0.57% to 24,980.20, the Hang Seng China Enterprises Index down by 0.67% to 8,945.88, and the Hang Seng Tech Index dropping by 1.26% to 5,472.25, marking a breach of the 25,000-point threshold again [1]. Sector Performance - Large technology stocks showed weak performance, with Kuaishou down nearly 5%, Alibaba down 1.6%, JD.com down 1.46%, and Baidu down 1%. Tencent, NetEase, Meituan, and Xiaomi also experienced declines [3]. - The pharmaceutical sector faced significant adjustments, particularly in internet healthcare and innovative drug stocks, with Tongyuan Kangyi falling nearly 22%, and other notable declines from Gilead Sciences, Nuo Cheng Jianhua, and Fosun Pharma [3]. - Chinese brokerage stocks were collectively weak, with Hongye Futures and Dongfang Securities showing notable declines [3]. Notable Stock Movements - Fuyao Glass surged nearly 14% following its earnings report, indicating strong performance in the glass manufacturing sector [3]. - New consumption concept stocks saw a rise, particularly Pop Mart, which increased by 8.6%, surpassing the 300 HKD mark for the first time [3].

美银最新研报恢复了对快手的覆盖，给予"买⼊"评级，目标价92港元。采用SOTP估值法：1) 可灵8港元 (估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。 美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币 化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1 亿美元，长期增长潜力巨大，目标进军规模超百亿美元的专业视频创作市场。 对于快手的核心业务，美银认为广告和电商板块均能跑赢行业，并从AI赋能中受益。与电商同行相 比，美银更青睐快手，因为其收入增速更快，且不参与补贴战，盈利可见性更高。快手广告增速也远高 于整体在线广告市场7%的增速。同时快手通过AI赋能其内容和商业生态系统，在流量、广告效果与消 耗、电商商家的销售和运营效率方面均看到了积极效益。 ...

Core Viewpoint - Kuaishou's top influencer, Xinba, announced his departure from the live streaming industry due to health issues, coinciding with controversies surrounding his brand "Cotton Password" [1][2][3] Group 1: Xinba's Departure - Xinba cited severe lung health problems as the reason for his exit, revealing a history of bronchitis and alarming medical assessments [2] - This is not Xinba's first announcement of leaving the industry; he has made similar claims multiple times in the past [2] - The timing of his departure raises questions about its connection to the "Cotton Password" sanitary napkin controversy, which has been labeled as potentially carcinogenic [3] Group 2: Brand Controversy - The "Cotton Password" brand, which Xinba claims to have developed, faced backlash after reports indicated that 7 out of 10 samples tested positive for thiourea, a substance linked to health risks [3][4] - Despite the controversy, Xinba's brand achieved significant sales, with approximately 799,000 units sold and an estimated revenue of 140 million yuan in the past six months [4] Group 3: Business Strategy Shift - Xinba has significantly reduced his live streaming frequency, indicating a shift in business focus towards a more corporate structure [7] - The relocation of Xinba's company headquarters from Hangzhou to Guangzhou suggests a strategic realignment and resource integration [7] - Xinba's transition from a leading influencer to a more behind-the-scenes role aligns with broader trends in the industry, where many top streamers are stepping back from direct selling [7] Group 4: Performance Metrics - In the past six months, Xinba's live streaming sessions were limited, yet he generated an estimated sales total of 5.256 billion yuan, ranking second on the Kuaishou platform [5][10] - The data indicates a significant drop in the beauty and personal care category's contribution to Xinba's sales, reflecting a strategic reduction in product offerings [6][9] Group 5: Industry Context - The live streaming industry is facing increased regulatory scrutiny, with new guidelines being proposed to ensure compliance and reduce risks associated with influencer marketing [12][13] - The evolving regulatory landscape necessitates that brands, platforms, and influencers carefully navigate compliance to maintain consumer trust and ensure sustainable growth [13]

每经记者｜王郁彪 每经编辑｜张海妮 "快手带货一哥"辛巴（本名辛有志）又"性情"了。 在8月18日晚间的"818"粉丝专场直播中，辛巴称，即日起将正式离开直播行业，不再参与各项工作。他 在直播中数度哽咽，称自己身体出现严重问题，无法继续直播。 "20岁的时候得了肺结核，24岁时检查出有支气管炎，31岁时得了肺气肿。"辛巴还称，三年前直播就已 经很吃力，经常需要边直播边吸氧。曾经还为了坚持直播多次注射过"能量针"，甚至肾上腺素。 8月19日，辛选相关负责人向《每日经济新闻》记者确认，辛巴目前身体不能承受任何压力，肺功能已 达极限，这次辛巴的退出是个人健康与公司长期发展的平衡选择。1亿粉丝账号作为公司资产已移交， 并正式任命联合创始人初瑞雪（辛巴妻子）全面接管辛选集团。 辛选旗下另一个粉丝过亿的主播，也是辛巴的大徒弟蛋蛋（原名杨润心）并未在这场"告别直播"中露 面。此前，辛巴在直播中宣布，将为蛋蛋成立独立公司。"她如果不愿叫我师傅，随时可以自立为 王。"辛巴说。 就在上个月，有消息称，辛巴自创品牌"棉密码"卫生巾被检出致癌物。前几日，相关用户维权困难的消 息也挂上了热搜。曾多次宣布"退网"的辛巴，在这个微妙的时间 ...

Core Viewpoint - The article highlights the revival and promotion of traditional Chinese Qinqiang opera through modern platforms like Kuaishou, showcasing the journey of artist An Wan and the cultural significance of Qinqiang as a non-material cultural heritage [1][9]. Group 1: An Wan's Journey - An Wan, known as the "Northwest Qinqiang King," faced challenges due to a congenital condition but found his passion for Qinqiang at a young age [2]. - His career included various performances and struggles, including a period of despair that led him to burn his props, but he later found success on Kuaishou, where he built a supportive community [3]. - In 2024, An Wan established a new theater troupe with over 150 members, aiming to promote Qinqiang across the Northwest [3]. Group 2: Kuaishou's Role in Cultural Promotion - Kuaishou has become a significant platform for traditional opera, with An Wan amassing 2.818 million followers and maintaining over 100,000 live viewers during performances [5][7]. - The platform supports traditional arts through initiatives like "Lao Tie Li Yuan" and "New City Good Actors," creating diverse stages for opera and integrating modern performance styles [11]. - Kuaishou's "Art Summer" initiative has organized over 11,000 performances, reaching a total viewership of 900 million, demonstrating its commitment to cultural outreach [12]. Group 3: Future of Traditional Arts - Kuaishou plans to assist at least 500 theater troupes in the next year, providing support through traffic boosts, content guidance, and financial aid to innovate traditional opera [12]. - The blending of live streaming and traditional performance is reshaping the landscape of cultural heritage, allowing for broader visibility and engagement with non-material cultural heritage [12].

Core Insights - Kuaishou's platform has over 100 million monthly active users in the college demographic (ages 18-24), redefining campus marketing strategies through engaging and value-driven actions [1][7] - The college demographic serves as a significant social influence for brands, acting as "social spokespersons" and contributing to brand growth and reputation [8][9] - Early engagement with students can mitigate talent mismatch risks, as demonstrated by ASUS's "Shuoshi Student" program [10] Group 1: User Demographics - The college demographic is Kuaishou's second-largest user segment, with an average of over 100 million monthly users in the first half of 2025, peaking during summer and Chinese New Year [1][18] - The user base is predominantly composed of undergraduates and associate degree holders, with TGI scores exceeding 280 and 290 respectively [23][24] - The demographic shows high activity during late-night hours, with a TGI score over 220 during the early morning [25] Group 2: Consumption Patterns - An average of 14 million college users make purchases on Kuaishou monthly, with a consumption peak in the fourth quarter [2][31] - In the first five months of 2025, the number of users making five or more purchases increased by 13.3%, while brand product spending rose by 70% year-on-year [2][31] - Digital products are the largest expenditure category, with significant spending during key periods such as back-to-school and holiday seasons [32][36] Group 3: Content Ecosystem - The college demographic primarily engages with entertainment content, with high search volumes for movies, games, and variety shows [2][26] - Content creators in this demographic focus on gaming, food, and short dramas, aligning their creative interests with their search behaviors [2][26] - Kuaishou's CAMPUS strategy encourages student participation in content creation, fostering brand engagement through co-creation [2][31] Group 4: Marketing Strategies - Kuaishou's marketing strategy emphasizes content co-creation, event-driven marketing, and leveraging consumer interest during peak shopping periods [2][31] - The strategy aims to create a win-win situation for brands and college users by activating their interests and facilitating brand interactions [2][31] - Brands are encouraged to utilize campus events and student influencers to enhance their visibility and engagement within this demographic [2][31]

Core Viewpoint - Credit Lyonnais forecasts that Kuaishou will achieve steady growth in the second quarter, with online marketing revenue and adjusted EBIT expected to grow by 12% and 15% year-on-year, reaching 19.7 billion yuan and 5 billion yuan respectively [1] Group 1: Financial Performance - Online marketing revenue is projected to grow by 12% year-on-year, reaching 19.7 billion yuan [1] - Adjusted EBIT is expected to increase by 15% year-on-year, amounting to 5 billion yuan [1] - The forecast for GMV (Gross Merchandise Volume) is a stable year-on-year growth of 13.5% [1] Group 2: Business Drivers - The expansion of the shelf model e-commerce and the trade-in policy are key factors driving growth [1] - Kuaishou's new product, Keling, is anticipated to exceed revenue expectations, with second-quarter revenue projected at 300 million yuan [1] - Keling attracts global professional users with high-quality AI-generated videos and competitive pricing, becoming a new revenue driver [1] Group 3: Target Price Adjustment - Based on the launch of Keling and moderate growth in e-commerce, the target price for Kuaishou has been adjusted from 67 HKD to 83 HKD [1] - The rating for Kuaishou remains "Outperform" [1]