股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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: 2026年2月5日 I. 法定/註冊股本變動 | 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 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,938.94 | | 增加 / 減少 (-) | | | | | | ...

Core Viewpoint - Kuaishou is set to create a diverse content matrix for the 2026 Spring Festival, integrating online and offline experiences to enhance the festive atmosphere across various regions in China [1][8]. Group 1: Event Activities - From February 4 to 23, Kuaishou will launch a series of red envelope activities, including various interactive games and cash rewards, to create an immersive New Year experience [3][14]. - On February 10, Kuaishou will host a 12-hour live broadcast titled "Immersive Northeast New Year," showcasing local traditions and festivities in cities like Shenyang and Huludao [5][6]. - Kuaishou will collaborate with local talents for live performances, including a special event featuring popular figures from the "Liu Laogen Stage" to celebrate the New Year [6][8]. Group 2: Cultural Integration - Kuaishou will present a variety of cultural events, including the "Cloud Temple Fair" IP series, which allows users to experience traditional customs both online and offline [10][12]. - The platform will feature a range of performances, including traditional Chinese opera and folk shows, to celebrate the New Year and promote regional cultural diversity [6][8]. - Kuaishou will also produce a series of themed videos and short films in collaboration with Xinhua News Agency, highlighting unique local stories and traditions [14]. Group 3: Interactive Features - Kuaishou will introduce new interactive features such as "Red Packet Exchange" and "Golden Card" to enhance user engagement during the festive period [15][17]. - The platform will host a "Kuaishou Scholar" quiz series with AI-generated hosts, providing entertainment and cash rewards to participants [17]. - Kuaishou will also launch a "New Year Player Carnival" featuring popular games and exclusive rewards, aiming to attract gamers during the holiday season [17]. Group 4: Community Engagement - Kuaishou aims to foster a warm community atmosphere by connecting users through various online and offline activities, enhancing the sense of togetherness during the Spring Festival [17]. - The platform will distribute over 10,000 movie vouchers and organize more than 20 private screenings in multiple cities to encourage social interactions among users [7][12].

Core Viewpoint - The sudden and severe sell-off in Hong Kong's tech stocks on February 3, 2026, was driven by a combination of external macroeconomic factors, domestic policy rumors, and technical market dynamics, leading to a significant loss in market value and investor confidence [1][4][8]. Group 1: Market Reaction - The Hang Seng Tech Index experienced a drop of over 4%, with major companies like Tencent and Kuaishou seeing declines of 5.18% and 6.56% respectively, resulting in a market value loss exceeding 330 billion HKD [2][4]. - The sell-off was characterized as indiscriminate, affecting not only tech stocks but also sectors like semiconductors and electric vehicles, with companies like SMIC and XPeng also facing declines around 2.6% [2][4]. Group 2: External Factors - A key trigger for the market's downturn was the rumor regarding the potential nomination of Kevin Walsh, known for his hawkish stance, as the next Federal Reserve Chair, which raised concerns about a faster tightening of monetary policy [4][5]. - The immediate reaction in the bond and forex markets included a sharp rise in the U.S. 10-year Treasury yield and a strengthening of the U.S. dollar, which negatively impacted capital flows into Hong Kong's markets [5]. Group 3: Domestic Policy Rumors - Concurrently, rumors circulated about potential changes to tax policies affecting internet companies, including the possible removal of the 15% corporate tax rate for high-tech firms and significant increases in VAT for digital services [7]. - Despite being debunked by analysts, these rumors exacerbated market fears regarding the profitability of major internet companies, further fueling the sell-off [7]. Group 4: Technical Market Dynamics - The Hang Seng Tech Index had been in a downward trend since reaching a peak in October 2025, and the breach of the annual support line triggered automated sell orders, intensifying the market's decline [8][10]. - The market's structure, combined with pre-holiday cash preservation strategies, led to a liquidity squeeze, as investors sought to liquidate positions in response to the downturn [10][11]. Group 5: Key Technical Levels - The index approached a critical support level at 5390 points, which had previously provided support, leading to a battle between buyers and sellers, with each breach prompting further selling pressure [11].

Group 1 - The core point of the article highlights a decline in Hong Kong's tech stocks, with notable companies such as Bilibili, Tencent Music, and Kuaishou experiencing drops of over 2% [1] - Alibaba, Tencent Holdings, BOSS Zhipin, Alibaba Health, and NetEase also saw declines, indicating a broader trend in the tech sector [1] Group 2 - The article mentions specific stock performance, indicating that multiple key players in the tech industry are facing downward pressure [1]

可灵 3.0 有望进一步推进技术前沿 买入（维持） 核心观点 快手-W 01024.HK 公司研究 | 动态跟踪 核心观点：1 月初可灵海外出圈后，整个 1 月看收入和 DAU 端都保持相对高位，热度持 续性表现好。目前数据意义在于整体稳在更高水位后，从 1 月初主要在低 ARPU 地区流 量扩圈（如东南亚、中亚等）→高付费能力地区收入震荡爬升，预期后者对可灵 ARR 提升作用更大。此外新一代可灵 3.0 版本内测中，统一架构下工作流衔接性更好，且区 别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿水平。产品层面更侧重于 专业创作各环节提效，若年前能全量使用，有望延续 1 月产品热度，带动需求释放。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年经调整归母净利润为 204/225/259 亿元。维持此前给予公司 26 年 18xPE 估值，对应合理价值为 4,048 亿 CNY，折合 4,542 亿 HKD（港币兑人 民币汇率 0.891），目标价 104.36 港元/股，维持"买入"评级。 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可 灵技术迭代不及预期 公司主要 ...

Core Insights - The conference highlighted the importance of finding long-term growth amidst global economic uncertainty and the acceleration of Chinese companies going overseas [1] - The focus has shifted from mere expansion to a systematic examination of profitability, long-term operations, and localization understanding in overseas markets [1] Group 1: Market Focus and Strategy - Kuaishou's international commercialization head, Du Zheng, emphasized that Brazil has become a crucial market for Chinese companies going abroad, with a focus on understanding local needs and leveraging Chinese offerings [2] - The strategy for Brazil will involve brand building and consumer conversion, aiming for sustainable profitability while enhancing commercial capabilities to support partners [2] Group 2: Advertising and Content Strategy - The year 2025 is seen as a pivotal year for overseas commercialization, transitioning from a single advertising logic to a comprehensive solution focused on real business growth [4] - Kuaishou's overseas brand advertising has expanded across various industries, including mobile, beauty, automotive, and home appliances, achieving growth despite market pressures [4] Group 3: Product and Operational Enhancements - Kuaishou is enhancing its commercial products to improve user engagement and extend advertising reach through innovative models like WiFi hotspots and offline scenarios [11] - The company is transitioning from manual to AI-driven advertising strategies to increase efficiency and reduce costs, aiming for more stable and precise conversion rates [11] Group 4: Brand Marketing and Emotional Connection - Kuaishou's brand marketing has shifted from mere exposure to emotional connection, utilizing local content marketing strategies to integrate brands into the Brazilian market effectively [13] - The company plans to continue focusing on emotional marketing in 2026, leveraging major events to help brands convert marketing budgets into long-term investments [15] Group 5: Channel Development and Policy Framework - Kuaishou has established a dual-track agency service model to enhance its channel ecosystem, achieving significant growth in new customer budgets and operational efficiency [15][16] - The company will maintain stable policies while supporting new industries and opportunities, with a focus on preventing policy abuse to ensure business growth certainty in 2026 [16][19]

Core Insights - The conference highlighted the importance of finding long-term growth amidst global economic uncertainty and the acceleration of Chinese companies going overseas [1] - The focus has shifted from mere scale expansion to a systematic examination of profitability, long-term operations, and localization understanding in overseas markets [1] Group 1: Market Focus and Strategy - Kuaishou's international commercialization head, Du Zheng, emphasized that Brazil has become a crucial market for Chinese companies going abroad, with Kuaishou focusing on brand building and consumer conversion [2] - The strategy for 2025 involves a dual approach of breaking through and deepening engagement in overseas commercialization [4] Group 2: Advertising and Content Strategy - The overseas advertising strategy is evolving from a single ad placement logic to a comprehensive solution focused on real business growth, covering various industries such as mobile, beauty, automotive, and home appliances [4] - Kuaishou aims to enhance advertising monetization through diverse content, particularly short dramas, and to integrate e-commerce businesses [6] Group 3: Product and Operational Enhancements - Kuaishou is implementing a dual-driven approach of "placement + operation" and "product + gameplay" to support client growth, optimizing the entire advertising process from foundational infrastructure to flow matching [7] - The product matrix has been expanded to include Kwai Pro, Kwai Lite, and SnackVideo, enhancing user engagement and introducing innovative monetization models [9] Group 4: Brand Marketing and Emotional Connection - The focus of brand marketing is shifting from "strong exposure" to "emotional connection," with Kuaishou leveraging local community engagement through various content marketing projects [11] - For 2026, Kuaishou plans to continue using emotional marketing as a key strategy, integrating major cultural events to help brands convert marketing budgets into long-term investments [13] Group 5: Channel Development and Policy - Kuaishou has achieved significant progress in building a dual-track agency service model for its overseas channel ecosystem, leading to rapid growth in new customer budgets [15] - The company will maintain a stable policy framework while supporting new industries and opportunities, with a focus on preventing policy arbitrage [17]

Core Viewpoint - The report from Citi predicts that Kuaishou-W (01024) will see a 10% year-on-year increase in total revenue to 38.8 billion RMB in Q4 2025, with adjusted net profit expected to rise by 16% to 5.4 billion RMB [1] Revenue and Profit Forecast - Citi has raised its adjusted net profit forecast for Kuaishou for 2026 and 2027 by 2% [1] - The target price for Kuaishou has been increased from 83 HKD to 85 HKD, maintaining an outperform rating [1] Performance of Kuaishou's AI Segment - The revenue performance of Kuaishou's AI subsidiary is expected to continue exceeding expectations [1] - The platform is believed to have significant advantages in cost efficiency, which should support sustained user growth and revenue acceleration [1]

Core Viewpoint - The report from Citi predicts that Kuaishou-W (01024) will see a 10% year-on-year increase in total revenue to 38.8 billion RMB in Q4 2025, with adjusted net profit expected to rise by 16% to 5.4 billion RMB [1] Revenue and Profit Forecast - Citi has raised its adjusted net profit forecast for Kuaishou for 2026 and 2027 by 2% [1] - The target price for Kuaishou has been increased from 83 HKD to 85 HKD, maintaining an outperform rating [1] Performance of Kuaishou's AI Segment - The revenue performance of Kuaishou's AI subsidiary is expected to continue exceeding expectations [1] - The platform is believed to have significant advantages in cost efficiency, which should support sustained user growth and revenue acceleration [1]

Core Viewpoint - Credit Suisse forecasts Kuaishou's total revenue for Q4 2025 to grow by 10% year-on-year to 38.8 billion yuan, with adjusted net profit expected to increase by 16% year-on-year to 5.4 billion yuan [1] Group 1 - The firm has raised its adjusted net profit forecasts for Kuaishou for 2026 and 2027 by 2% [1] - The target price for Kuaishou has been increased from 83 HKD to 85 HKD, maintaining an "outperform" rating [1] - Kuaishou's subsidiary, Kuaishou AI, is expected to continue exceeding revenue expectations, indicating significant cost-effectiveness advantages [1] Group 2 - The user base and revenue growth momentum of Kuaishou is anticipated to accelerate [1]