Core Viewpoint - Goldman Sachs reports that Kuaishou's Keling AI has launched the Keling O1, positioned as the first unified multimodal creation tool, with further model upgrades expected this week [1] Group 1: Business Performance - Keling AI's model has seen a rapid increase in enterprise demand over the past few months, currently accounting for approximately 40% of Kuaishou's revenue [1] - Goldman Sachs forecasts Keling AI's revenue to exceed $140 million this year, with expectations to grow to between $230 million and $240 million by 2026 [1] Group 2: Market Outlook - The launch of Keling O1 may lead the market to adjust its revenue forecasts for Keling AI for the fourth quarter of this year [1] - Goldman Sachs values Keling AI's business at approximately $4.6 billion and maintains a "Buy" rating for Kuaishou, with a target price of HKD 83 [1]

Core Viewpoint - Citigroup reports that Kuaishou launched its latest Keling O1 model on December 1, positioning it as the "world's first unified multimodal video model" [1] Group 1: Product Features - The upgrade enhances video effects and consistency, featuring two key technological innovations: extending the video length limit from 5 seconds to 10 seconds, and introducing an integrated framework that allows users to combine multiple instructions in a single input box, such as text prompts, reference images, and videos [1] - The new model is expected to significantly improve user-generated video flexibility and efficiency [1] Group 2: Market Position and Valuation - Citigroup observes that Kuaishou continues to strengthen its Keling technology to maintain its leading position in the market [1] - The firm maintains a "Buy" rating for Kuaishou due to its low valuation, with a target price of HKD 88 [1]

3 December 2025 | 12:58AM HKT Equity Research Kuaishou Technology (1024.HK): Launching Kling O1, first unified multi-modal video model; what to look out for; Buy Kuaishou Kling AI has announced the launch of its first unified multimodal video model, Kling Video O1 model on Dec 1. Over the course of this week, Kling will also release more model upgrades (O1 image editing model launched on Dec 2 etc.). The O1 model is an integrated version that combines video editing, multiple images reference with better und ...

Group 1: Kuaishou's Keling AI Launch - Keling AI has released "Keling O1," positioned as the world's first unified multimodal creation tool, aiming to streamline the entire process from generation to deep editing [1] - The launch signifies a shift in the domestic AIGC sector from isolated functional breakthroughs to an ecosystem competition focused on reshaping complete workflows [1] - Challenges remain regarding high computing costs, reliability of actual outputs, and establishing a unique ecosystem amidst strong competition from major players [1] Group 2: Didi's Autonomous Driving Testing - Didi has commenced all-weather, fully unmanned passenger testing in designated areas of Guangzhou, allowing users to summon autonomous vehicles via the Didi app [2] - This public trial is a crucial step in Didi's commercialization roadmap, requiring proof of both technical feasibility and economic viability for large-scale operations [2] - The competition in autonomous driving is shifting from technology demonstration to cost, user experience, and operational efficiency, with Didi leveraging its network advantages [2] Group 3: JD's Digital Human Live Streaming - JD has announced that its digital human live streaming service will be free for all merchants, enabling quick setup of 24/7 live streaming rooms [3] - This move represents a strategic upgrade from "tool selling" to "ecosystem building," aiming to attract a larger supply of live streaming content to enhance overall traffic and transaction volume [3] - The sustainability of this free strategy will depend on whether the resulting GMV increase can cover the technological investments and how to balance digital human live streaming with content diversity on the platform [3]

Core Viewpoint - Kuaishou reported Q3 2025 earnings with revenue of 35.5 billion yuan, a year-on-year increase of 14%, slightly exceeding expectations. IFRS net profit was 4.5 billion yuan, up 7.19% compared to consensus, with a net profit margin of 12.6%. Non-IFRS net profit reached 4.99 billion yuan, up 3.2% against consensus, indicating better-than-expected performance [1] Group 1: Financial Performance - Q3 revenue reached 35.5 billion yuan, with a year-on-year growth of 14% and a slight increase of 0.69% compared to consensus [1] - IFRS net profit was 4.5 billion yuan, reflecting a year-on-year increase of 7.19% against consensus [1] - Non-IFRS net profit was 4.99 billion yuan, exceeding market expectations by 3.2% [1] Group 2: Business Highlights - Advertising revenue grew by 14% year-on-year, surpassing previous market expectations, with AI model applications contributing an increase of 3-4% to ad revenue [2] - Kuaishou's Keling product generated over 300 million yuan in revenue for Q3, with a quarter-on-quarter growth of 20% [2] - E-commerce GMV increased by 15% year-on-year, aligning with expectations [1] Group 3: AI and Commercialization - Keling's revenue growth and performance improvements are expected to accelerate B-end commercialization, especially with the rise of new video content formats [2] - AI tools have enhanced core business performance, with the introduction of a bidding model and expanded recommendation models leading to a 4%-5% increase in online marketing revenue [2] - E-commerce GMV growth was driven by improved user repurchase frequency and the introduction of new search and recommendation tools [2] Group 4: Operational Metrics - Q3 live streaming revenue was 9.6 billion yuan, showing a year-on-year increase of 3% [3] - Q3 gross profit was 19.4 billion yuan, with a gross profit margin of 54.7% [3] - Daily active users (DAU) reached 416 million, with a year-on-year growth of 2% [3]

Group 1 - The core viewpoint of the article highlights the unpredictable nature of the internet industry's listing game, emphasizing the interplay of timing and fate in the success of companies like ByteDance and Kuaishou [1] - ByteDance has not yet entered the capital market despite years of preparation, while Kuaishou has successfully completed its listing, indicating a strategic divergence and the influence of external factors [1] Group 2 - The current listing window is characterized by a significant compression of price-to-earnings ratios, which has become a consensus in the industry [3] - Xu Xin's decision to buy existing shares is described as a high-risk gamble rather than a stable value investment, with the potential for extraordinary returns or significant losses [3] - The differing listing experiences of ByteDance and Kuaishou are attributed to a combination of timing and corporate choices, while Xu Xin's gamble reflects both confidence in her judgment and a test of market conditions [3]

Core Viewpoint - Kuaishou-W is expected to report Q4 revenue between 38.292 billion to 40.471 billion RMB, representing a year-on-year growth of 8.2% to 14.4% [1][8] - The net profit forecast for Q4 is between 3.886 billion to 4.905 billion RMB, with a year-on-year change of -2.2% to 23.4% [1][8] - Adjusted net profit is anticipated to be between 4.920 billion to 5.727 billion RMB, showing a year-on-year growth of 4.7% to 21.8% [1][8] Revenue and Profit Forecast - Q4 revenue consensus forecast: 38.292 billion to 40.471 billion RMB, with an average estimate of 39.043 billion RMB, indicating a 10.3% year-on-year increase [3][10] - Q4 net profit consensus forecast: 3.886 billion to 4.905 billion RMB, with an average estimate of 4.588 billion RMB, reflecting a 15.4% year-on-year increase [3][10] - Q4 adjusted net profit consensus forecast: 4.920 billion to 5.727 billion RMB, with an average estimate of 5.405 billion RMB, indicating a 15.0% year-on-year increase [3][10] Recent Performance Insights - Kuaishou-W's Q3 performance showed revenue of 35.6 billion RMB, a year-on-year increase of 14.2%, and adjusted net profit growth of 26.3% [5][14] - Daily Active Users (DAU) reached 416 million and Monthly Active Users (MAU) reached 731 million, both setting historical highs [5][12] - E-commerce Gross Merchandise Volume (GMV) reached 385 billion RMB, growing 15.2% year-on-year, with the share of general merchandise e-commerce GMV exceeding 32% [5][12] AI and Marketing Innovations - AI technology, particularly AIGC, has enhanced content production and efficiency, improving conversion rates and user trust [5][12] - The OneRec model contributed to a 14.0% increase in online marketing revenue, generating an additional 4% to 5% revenue growth [6][13] - The commercialization of Kuaishou's AI has progressed, with Q3 revenue exceeding 300 million RMB and a nearly 30% reduction in generation costs [7][14]

智通财经获悉，快手-W(01024)涨超5%，截至发稿，涨5.19%，报71.9港元，成交额6.06亿港元。 消息面上，12月1日，可灵AI正式发布其全新产品"可灵O1"，定位为首个大一统的多模态创作工具。可 灵O1基于全新的视频和图像模型，整合文字、视频、图片、主体等多模态输入，将所有生成和编辑任 务融合于一个全能引擎之中。可灵O1的推出，彻底解决了AI视频生成中角色、场景等一致性难题，为 影视、自媒体、广告电商等应用场景，提供了深度适配的一站式解决方案。 西部证券认为，在生成式AI应用加速落地的背景下，公司基于多模态大模型技术积极迭代软硬件，或 将进一步促进公司主营业务持续增长，同时，公司生成式AI应用不断推进技术落地和商业化也有望为 公司带来新的增量空间。浦银国际也表示，看好公司在视频大模型领域的领先地位或将为公司增长带来 新的动能，带动估值提升。 本文源自：智通财经网 ...

12月2日，港股恒生指数、恒生科技指数早盘集体上涨。 相关ETF方面，截至发稿，港股消费ETF（159735）涨0.6%。成分股中，快手-W涨超4%，比亚迪股 份、阿里巴巴-W、恒安国际、美的集团等涨幅领先。 东莞证券表示，当前消费环境呈现"政策支持增强、需求温和回升、结构亮点突出"的组合特征，在此背 景下，围绕景气度明确、商业模式成熟且具备长期扩展能力的细分方向展开，关注在品牌心智、供应链 效率与渠道能力上具备比较优势的企业。 华泰证券指出，2025年，新旧消费延续分化表现，"人货场"的变革与科技进步，正推动消费行业的快速 迭代创新与结构性成长机会，潮玩IP、美妆个护、现制饮品等新消费赛道涌现一批优秀龙头。展望2026 年，我们认为促消费政策持续发力有望激发供需潜力，内需有望延续稳健复苏态势，行业延续景气分 化，龙头凭借领先与创新优势，以及整合能力实现持续成长。 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 ...

格隆汇12月2日｜快手-W(1024.HK)盘初拉升，大涨超5%，报71.95港元。消息面上，12月1日，可灵AI 正式发布其全新产品"可灵O1"，定位为首个大一统的多模态创作工具。可灵O1基于全新的视频和图像 模型，整合文字、视频、图片、主体等多模态输入，将所有生成和编辑任务融合于一个全能引擎之中。 可灵O1的推出，彻底解决了AI视频生成中角色、场景等一致性难题，为影视、自媒体、广告电商等应 用场景，提供了深度适配的一站式解决方案。 ...