Kuaishou Technology 快手科技 香港，2025年10月31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。 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，概不對因本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。 （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） 董事會會議召開日期 快手科技（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」）董事會（「董 事會」）謹此宣佈將於2025年11月19日（星期三）舉行董事會會議，藉以考慮及批准（其 中包括）本集團截至2025年9月30日止三個月及九個月之未經審核綜合第三季度業績。 承董事會命 快手科技 董事長 程一笑先生 ...

Core Insights - Kuaishou's report reveals that the platform has reached 140 million deep interest users in agriculture, with significant growth in provinces like Gansu, Tibet, Xinjiang, Qinghai, and Sichuan, particularly among users aged over 50 and under 30 [1][3] User Engagement and Content Creation - In the past year, Kuaishou's agricultural content creators generated over 720 billion video views and 11.9 billion interactions, with a notable 34.2% year-on-year increase in new creators from the post-95 generation [3][4] - Female creators represent 63% of the total, indicating a strong presence of women in agricultural content creation [3] Agricultural Knowledge Dissemination - Over 1.5 million users daily accessed authoritative agricultural information on Kuaishou, especially during critical farming periods [4][5] - The platform's agricultural technology authors exceeded 140,000, providing services through live streaming and short videos, with a focus on practical agricultural knowledge [7] Live Streaming and Video Content - Kuaishou's agricultural live streaming sessions saw over 9.4 million interactions, with a daily average of 36,000 broadcasts, reflecting a 17.6% increase in viewership [7] - The platform's agricultural video content covers 96.7% of major agricultural categories, addressing specific production issues through a combination of live Q&A and short video formats [7] Community and Economic Impact - The "community trust economy" is emerging, with 3.5 billion orders generated by agricultural authors, and 78% of the total GMV contributed by fans [16] - Local specialties like Hongze Lake crabs and various fruits have gained national popularity, with the GMV for Hongze Lake crabs increasing by 500% during the crab season [18] Cultural and Social Engagement - The rise of "village stage" performances has revitalized rural entertainment, with a 3.1% increase in creators focused on this content [9][11] - Daily average viewing hours for matchmaking live streams exceeded 440 hours, with a 52% year-on-year increase in consumption of matchmaking content by rural users [11] Wildlife Management and Community Safety - The increase in wild boar populations has led to the formation of hunting teams, with daily viewing times for "protective hunting" live streams growing nearly eightfold [13][15]

Core Insights - The integration of AI technology in the audiovisual industry is creating strategic opportunities for high-quality development in film and television production [1][2][3] Group 1: AI Empowerment in Creative Production - AI is recognized as a key driver in enhancing the efficiency and reducing costs in the film and television production process, with potential cost reductions to one-fourth of traditional methods and time savings of approximately 60% [3] - The launch of the latest version of Keling AI, which approaches film-level application standards, signifies advancements in AI video generation capabilities [1][3] Group 2: Industry Collaboration and Policy Support - The collaboration between Kuaishou and renowned directors under the "Keling AI Director Co-Creation Plan" has resulted in the permanent collection of nine short films at the China Film Museum, showcasing the successful integration of AI in filmmaking [2] - The release of the world's first AI unit story collection, "New World Loading," has garnered nearly 200 million global views, indicating strong market reception and the potential for international influence [2] Group 3: New Job Creation and Industry Transformation - The rise of AI technology is leading to the emergence of new professions such as AI prompt engineers and AI material editors, reflecting a transformation in the production logic of the film industry [3] - AI is facilitating a full-chain reconstruction of the film production process, enabling a trend towards "human-machine collaboration" [3] Group 4: Human-Centric Creative Focus - Despite technological advancements, the essence of film and television art remains focused on exploring human nature and emotional resonance, emphasizing the importance of storytelling over star power [4] - Kuaishou aims to leverage Keling AI to support the development of high-quality content that prioritizes human-centric storytelling [4]

Core Insights - The report reveals the emergence of the "new silver-haired" demographic, defined as individuals aged 45 and above, who are reshaping a trillion-dollar consumer market with a focus on a lifestyle philosophy termed "得劲" [1][2] Group 1: Demographic Characteristics - The new silver-haired group is characterized by a youthful mindset, emphasizing health, personal interests, and self-reliance, breaking traditional stereotypes associated with older adults [2][3] - This demographic is transitioning from being "family contributors" to "life managers," with 74% prioritizing health reserves and 62% actively pursuing personal interests [2][3] Group 2: Consumer Segmentation - The new silver-haired population is categorized into four distinct groups: Practical, Vitality, Composed, and Zen, each creating their unique "得劲 life" [2][3] - The Practical group focuses on family responsibilities and rational consumption, while the Vitality group seeks enjoyment through social interactions and self-investment [3] Group 3: Consumption Trends - The new silver-haired demographic is increasingly concerned with content attraction, decision safety, cost-effectiveness, and quality experience in their purchasing decisions [4] - Key consumption categories include health and wellness, travel and leisure, fashion, home improvement, interest-based learning, and technology, indicating high potential market segments [4][6] Group 4: Market Potential - The health and wellness sector is identified as the most urgent demand area, with 50.1% of users frequently engaging with health-related content [6] - The overall silver-haired economy in China exceeds 14 trillion yuan, showcasing significant market value and influence within family consumption dynamics [3][6] Group 5: Digital Engagement - Kuaishou has established a robust online community for the new silver-haired demographic, with over 100 million users aged 45 and above, representing about 25% of total users [7] - The platform's users exhibit high engagement, with nearly 70% using Kuaishou for over 22 days a month, indicating strong user retention [7] Group 6: Brand Opportunities - Brands are increasingly targeting the new silver-haired demographic through tailored content and products, with notable success stories highlighting significant sales growth [9][11] - Kuaishou facilitates a commercial ecosystem that transforms advertising from a disruption into a solution, enhancing consumer engagement and investment in lifestyle [9][11]

Core Insights - The article discusses the transition from Variational Autoencoders (VAE) to a new model called SVG developed by Tsinghua University and Kuaishou's Keling team, which shows significant improvements in training efficiency and generation speed [1][3]. Group 1: Model Comparison - SVG achieves a 62-fold increase in training efficiency and a 35-fold increase in generation speed compared to traditional VAE methods [1]. - The main issue with VAE is semantic entanglement, where features from different categories are mixed, leading to inefficiencies in training and generation processes [3][5]. - The RAE model focuses solely on generation performance by reusing pre-trained encoders, while SVG aims for both generation and multi-task applicability through a dual-branch feature space [5][6]. Group 2: Technical Innovations - SVG utilizes the DINOv3 pre-trained model for semantic extraction, which effectively captures high-level semantic information, addressing the semantic entanglement issue [8]. - A lightweight residual encoder is added to DINOv3 to recover high-frequency details that are often lost, ensuring a comprehensive feature representation [8]. - The distribution alignment mechanism is crucial for matching the output of the residual encoder with the semantic features from DINOv3, significantly enhancing image generation quality [9]. Group 3: Performance Metrics - Experimental results indicate that removing the distribution alignment mechanism leads to a significant drop in image generation quality, as measured by the FID score [9]. - In training efficiency, the SVG-XL model achieves an FID score of 6.57 after 80 epochs, outperforming the VAE-based SiT-XL model, which has an FID of 22.58 [11]. - The SVG model's feature space can be directly applied to various tasks such as image classification and semantic segmentation without the need for fine-tuning, achieving competitive accuracy metrics [13].

Core Points - The "Qin Voice Miles, Warm Hearts" charity event was held in Fengzhuang Village, Yan'an, during the 2025 Chongyang Festival, organized by Kuaishou Public Welfare in collaboration with Kuaishou New Knowledge and One Foundation [1] - The event featured donations of winter clothing, food, and assistive devices worth 100,000 yuan to a local nursing home, aiming to meet the daily needs of the elderly [1][8] - The initiative is part of Kuaishou's ongoing "Together for Good" campaign, focusing on supporting vulnerable groups, particularly the elderly and children [1][8] Donation and Performance - The donation ceremony was followed by a special Qin opera performance for the elderly, featuring classic segments that engaged the audience and created a lively atmosphere [3] - The performance included interactive singing and martial arts displays, enhancing the overall experience for the attendees [3] Social Responsibility and Community Engagement - Kuaishou's senior director of corporate social responsibility emphasized the importance of connecting positive influencers with those in need, transforming online attention into offline warmth [8] - The "Together for Good" initiative has been active in multiple provinces, aiming to improve the living conditions of youth and the elderly through collective efforts [8] Future Plans - Kuaishou plans to continue its focus on the elderly's needs and improve their quality of life through ongoing projects like "Together for Good," aiming to foster a more elderly-friendly society [8]

Core Insights - The article discusses the transformation of rural areas through the integration of technology and information, highlighting the role of platforms like Kuaishou in bridging the information gap between urban and rural communities [2][3][25] Group 1: Information Gap in Agriculture - Traditional farmers often lack access to modern agricultural techniques and market information, leading to low productivity and financial losses [6][8] - Farmers face challenges in understanding agricultural policies and subsidies, resulting in missed opportunities for financial support [9][11] - The article emphasizes the cycle of "having grain but no buyers" and "having buyers but no grain," which is exacerbated by regional information disparities [8][9] Group 2: Role of Influencers in Rural Development - Influencers like @大虫儿, @农业小燕子, and @维丰助农 have emerged as key figures in disseminating agricultural knowledge and connecting farmers with markets [3][20] - These influencers utilize short videos and live broadcasts to simplify complex agricultural concepts and provide real-time market information [18][20] - Their efforts have led to significant improvements in agricultural practices, with increased adoption of techniques like "large ridge planting" resulting in higher yields [13][15] Group 3: New Agricultural Economy - The influx of young individuals returning to rural areas is creating a new wave of "vital new farmers" who leverage technology to enhance agricultural productivity [4][25] - Kuaishou has become an essential platform for rural communities, facilitating the flow of information and creating a sustainable "new agricultural business" model [27][28] - The article highlights the success of these influencers in building trust and community engagement, leading to a sustainable cycle of content creation, community interaction, and commercial conversion [28][29]

Core Viewpoint - Citigroup maintains a "Buy" rating for Kuaishou with a target price of HKD 88, anticipating a 13% year-on-year revenue growth to RMB 35.2 billion for Q3, with adjusted net profit around RMB 4.86 billion, aligning with market expectations [1] Revenue and Profit Forecast - Kuaishou's revenue is projected to grow by 13% year-on-year to RMB 35.2 billion, with adjusted net profit estimated at RMB 4.86 billion, consistent with market forecasts [1] - The company's GMV is expected to achieve approximately 15% year-on-year growth, driven by the recovery of live-streaming e-commerce and strong momentum in shelf e-commerce [1] Advertising and Other Revenue Growth - Domestic advertising business is anticipated to maintain steady growth, while other revenue growth is expected to accelerate due to improved commission monetization rates, commercialization of e-commerce value-added services, and advancements in Kuaishou's AI capabilities [1] Double Eleven Promotion Strategy - For the upcoming Double Eleven shopping festival, Kuaishou plans to simplify discount strategies and empower merchants through AI technology [1] - The platform has committed to investing RMB 18 billion in traffic subsidies during the pre-sale phase, with total traffic subsidies expected to reach several hundred billion [1] - During the official sale phase, Kuaishou will provide RMB 2 billion in user red envelopes and RMB 1 billion in product subsidies to help users, influencers, and merchants capitalize on the Double Eleven benefits [1] AI Development and Market Potential - Investors are advised to pay attention to management's guidance on the revenue outlook for Kuaishou's AI capabilities by 2025 [1] - The recent launches of OpenAI's Sora2 and Google's upgraded Veo may accelerate the market adoption of video generation models, potentially expanding the market development space for Kuaishou's AI [1]

Core Insights - Kuaishou is undergoing significant adjustments in its local life services business, transitioning service providers to become advertising service providers, which indicates a strategic shift towards enhancing advertising revenue generation [1][2][9] - The restructuring of the local life division, now renamed the Life Services Division, aims to integrate with the commercialization system, suggesting a focus on operational efficiency and revenue growth [1][9] - The competitive landscape in local life services is intensifying, with Kuaishou, Meituan, and Douyin dominating the market, while Alibaba and JD.com are increasing investments in instant retail and local services [2][8] Organizational Changes - The Life Services Division will now report to a higher executive level, with Liu Xiao appointed as the head, indicating a potential increase in resource allocation despite perceptions of reduced business weight [1][9] - The integration of various industry lines such as automotive, finance, education, and telecommunications into the Life Services Division is expected to enhance service efficiency for local merchants [1] Market Position and Strategy - Kuaishou's local life services are currently capturing approximately 25% of the transaction volume compared to Douyin, highlighting a significant gap in market share [8] - The operational strategy of Kuaishou's local life services is aligning closely with Douyin's, focusing on short videos and live streaming to sell local service packages, although Kuaishou has not yet seen a corresponding increase in transaction volume [2][8] - The adjustment in service provider assessment criteria to include advertising spending reflects a strategic pivot towards enhancing revenue generation through advertising [9] Future Outlook - Kuaishou is expected to introduce new policies following the restructuring, aiming to create a more favorable environment for service providers and enhance overall business performance [10]

Core Insights - The core viewpoint of the article emphasizes that the competition in the technology industry is increasingly centered around effectively integrating AI technology with specific application scenarios [3][4]. Group 1: AI Application and Innovation - Kuaishou's "1024 Programmer Festival" highlighted the importance of AI applications in driving innovation and efficiency within the company [3][5]. - The company has made significant breakthroughs in AI technology, including the upgrade of its Keling AI model, which has shown superior performance compared to other models in various dimensions [3][4]. - Kuaishou introduced the OneSearch framework for e-commerce, which has successfully served millions of users daily, marking a significant advancement in industrial search technology [4]. Group 2: AI in Development and Collaboration - Kuaishou launched a comprehensive AI programming suite, including self-developed models and intelligent development tools, aimed at enhancing collaboration in AI development [4][5]. - The CodeFlicker tool has been widely adopted by over 80% of Kuaishou's programmers, showcasing its effectiveness in addressing complex enterprise needs [4]. Group 3: Efficiency and Cost Reduction - AI applications have significantly reduced the development time for new live streaming gifts, allowing for the creation of 160 new gift types in just three weeks, compared to three months previously [6]. - The introduction of AI tools has lowered the costs associated with technical development in live streaming, providing users with more diverse expression options [6]. Group 4: Market Value Reassessment - Kuaishou's advancements in AI technology have prompted brokers to accelerate the reassessment of the company's market value, indicating a positive outlook for its future [8].