Core Viewpoint - Kuaishou-W (01024) announced the issuance of a total of $600 million in 2031 U.S. dollar notes, $900 million in 2036 U.S. dollar notes, and RMB 3.5 billion in RMB notes, with specific terms for maturity and redemption [1][2] Group 1 - The 2031 U.S. dollar notes will bear an annual interest rate of 4.125%, with interest accruing from January 22, 2026, and payable semi-annually starting July 22, 2026 [2] - The 2036 U.S. dollar notes will have an annual interest rate of 4.750%, with similar interest accrual and payment terms as the 2031 notes [2] - The RMB notes will carry an annual interest rate of 2.450%, with interest accruing from January 22, 2026, and payable semi-annually [2] Group 2 - The total proceeds from the issuance of the U.S. dollar notes, before deducting underwriting commissions and estimated offering expenses, will be approximately $1.489 billion [2] - The total proceeds from the issuance of the RMB notes, before deductions, will be approximately RMB 3.5 billion [2] - The net proceeds from the issuance of the notes are intended for general corporate purposes [2]

Group 1 - The company will issue a total of $600 million in 2031 USD notes, $900 million in 2036 USD notes, and RMB 3.5 billion in RMB notes, with respective maturities on January 22, 2031, and January 22, 2036 [1] - The issuance prices for the 2031 USD notes, 2036 USD notes, and RMB notes are set at 99.402%, 99.153%, and 100.00% of the principal amounts, respectively [1] Group 2 - The 2031 USD notes will bear an annual interest rate of 4.125%, with interest accruing from January 22, 2026, and payable semi-annually starting July 22, 2026 [2] - The 2036 USD notes will have an annual interest rate of 4.750%, with similar interest accrual and payment terms as the 2031 notes [2] - The RMB notes will carry an annual interest rate of 2.450%, with interest accruing from January 22, 2026, and payable semi-annually [2] Group 3 - The total proceeds from the issuance of the USD notes, before deducting underwriting commissions and estimated expenses, will be approximately $1.489 billion [2] - The net proceeds from the issuance of the RMB notes will be approximately RMB 3.5 billion, intended primarily for general corporate purposes [2]

Group 1 - The company Kuaishou announced the issuance of $600 million in 4.125% senior notes due in 2031 [1] - The company also issued $900 million in 4.750% senior notes due in 2036 [1] - Additionally, Kuaishou issued RMB 3.5 billion in 2.450% senior notes due in 2031 [1]

Group 1 - Kuaishou announced the issuance of $600 million of 4.125% senior notes due in 2031 [1] - The company will also issue $900 million of 4.750% senior notes due in 2036 [1] - Additionally, Kuaishou plans to issue RMB 3.5 billion of 2.450% senior notes due in 2031 [1]

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，概不就因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。 本公告僅供參考，並不構成對本公告所述證券的收購、購買或認購的要約或邀請。本公告並非在 美國或任何其他司法權區內要約出售或收購本公司證券的邀請，亦非招攬購買本公司證券的要約， 而在該等司法權區內，於未根據當地證券法完成註冊或取得資格前，作出任何該等邀請、要約、 收購、招攬或出售均屬違法。 本公告及其內容並不構成任何合約或承諾的根據。本公告及其任何副本不得帶入美國或在美國分發。 本公告所述證券並無亦不會根據1933年美國證券法（經修訂）或向美國任何州或其他司法權區的任 何證券監管機構登記，且不得在美國提呈發售或出售，惟獲得1933年美國證券法（經修訂）及適用 州或地方證券法登記規定的適用豁免，或屬不受1933年美國證券法（經修訂）及適用州或地方證券 法登記規定約束的交易則除外。任何在美國公開發售的證券都將通過招股章程的方式進行。該招 股章程將包含有關提出要約的公司及其管理層及財務報表的詳細資料。本公告提及的 ...

Core Viewpoint - Kuaishou-W is expected to report a revenue of RMB 38.29 billion to RMB 40.47 billion for Q4 2026, representing a year-on-year growth of 8.2% to 14.4% [1][8] - The net profit is projected to be between RMB 3.89 billion and RMB 4.91 billion, with a year-on-year change of -2.2% to 23.4% [1][8] - Adjusted net profit is forecasted to be between RMB 5.02 billion and RMB 5.73 billion, indicating a growth of 6.7% to 21.8% year-on-year [1][8] Revenue and Profit Forecast - Revenue forecast range: RMB 38.29 billion to RMB 40.47 billion, with a year-on-year growth of 8.2% to 14.4% [1][10] - Net profit forecast range: RMB 3.89 billion to RMB 4.91 billion, with a year-on-year change of -2.2% to 23.4% [1][10] - Adjusted net profit forecast range: RMB 5.02 billion to RMB 5.73 billion, with a year-on-year growth of 6.7% to 21.8% [1][10] Analyst Predictions - Average revenue forecast: RMB 39.08 billion, with a year-on-year growth of 10.4% [10] - Median revenue forecast: RMB 38.90 billion, with a year-on-year growth of 9.9% [10] - Various institutions have provided differing forecasts, with some predicting revenue as high as RMB 40.47 billion [10][11] Business Performance Insights - Kuaishou has made significant advancements in AI technology, particularly with the launch of the Keling AI video O1 series model and the Keye-VL-671B-A37B large language model [5][13] - The average daily active users (DAU) reached 416 million, and the monthly active users (MAU) reached 731 million, with an average daily usage time of 134.1 minutes [6][13] - Core commercial revenue grew by 19.2%, with e-commerce GMV increasing by 15.2% [6][14]

Group 1 - The core point of the article is that Kuaishou Technology announced that its AI product, Keling AI, is expected to achieve a revenue of over 20 million USD in December 2025, corresponding to an annual recurring revenue (ARR) run rate of 240 million USD [1] - Previously, Keling AI had announced in March 2025 that its ARR had surpassed 100 million USD [1]

Group 1 - Kuaishou Technology is advancing its first offshore bond issuance plan, aiming to raise approximately $2 billion, marking a significant step in diversifying its capital structure and enhancing international financing capabilities [2] - The company plans to issue $1.5 billion in 5-year and 10-year USD-denominated bonds, along with approximately $500 million in 5-year dim sum bonds, with proceeds primarily allocated for general corporate purposes and to bolster offshore cash reserves [2] - Kuaishou's total capital expenditure is expected to exceed 14 billion RMB by 2025, with over two-thirds directed towards its AI platform "Kling," which is central to its technology strategy [2] Group 2 - Kuaishou's AI platform "Kling" achieved a monthly revenue of over $20 million in December 2025, corresponding to an annual recurring revenue (ARR) rate of approximately $240 million, marking a significant milestone in its commercialization process [2] - The offshore bond issuance is expected to optimize Kuaishou's debt structure and reduce financing costs, while also enhancing its credit recognition in international capital markets [3] - Analysts project that Kuaishou's main business will continue to grow steadily in 2026, with a revenue increase of 9% year-on-year to 154.9 billion RMB, driven by a 10% growth in advertising and a 21% increase in other business segments [3]

首都在线：与可灵签署战略合作协议，为其提供云计算与GPU算力支持，并接入视频大模型API推动商 业化落地。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据证券时报报道，快手日前披露，旗下可灵AI在2025年12月当月收入突破2000万美元，对应年化收入 运行率（ARR）达2.4亿美元，显示其商业化进展持续提速。可灵AI曾于2025年3月宣布ARR突破1亿美 元。短短9个月内，ARR实现翻倍以上增长，商业化爬坡速度显著快于市场预期。此外，快手科技在与 投资者沟通时表示2025年的总资本支出预计超过140亿元人民币，其中超过三分之二投向人工智能平台 可灵，公司计划今年维持类似的资本支出分配结构。 多家国际投行在最新研报中指出，可灵AI的商业化已逐步进入兑现阶段。花旗表示，可灵12月单月收 入略高于此前预期，这一表现指向2026年全年收入仍存在上修空间；摩根士丹利测算，2025年第四季度 可灵AI收入约为3.5–4亿元人民币，明显高于公司此前3亿元人民币的指引。东吴证券看好技术突破以及 AI爆款视频出圈推动AI在视频生产行业渗透率提升，可灵作为头部玩家之一享受成长红利。 公司方 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.27 HKD per share, based on an 18x PE valuation for 2026 [4][10][6]. Core Insights - The company's ARR reached 240 million USD by December 2025, ranking 14th globally in commercialization, with expectations for continued revenue growth in January 2026 driven by product advantages in the consumer sector [2][3]. - The company is projected to achieve a 9% year-on-year revenue growth in 2026, with total revenue expected to reach 154.9 billion CNY, and an adjusted profit of 22.5 billion CNY, reflecting a 10% increase [3][4]. Financial Performance Summary - Revenue for 2023 is forecasted at 113.47 billion CNY, with a growth rate of 20.5%. This is expected to increase to 167.52 billion CNY by 2027, with a growth rate of 8.2% [5][12]. - Adjusted net profit is projected to grow from 6.4 billion CNY in 2023 to 24.77 billion CNY by 2027, with corresponding growth rates of -146.7% in 2023 and 15.4% in 2027 [5][12]. - The company’s gross margin is expected to improve from 50.6% in 2023 to 56.8% in 2027, while the net profit margin is projected to rise from 5.6% to 14.8% over the same period [5][12].