西部证券（002673）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。 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。 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。 ...

12月2日，香港恒生指数高开0.6%，恒生科技指数涨0.76%。 | 名称 | 现价 | 涨跌幅 ◆ | | --- | --- | --- | | 阿里巴巴-W | 160.100 | 3.36% | | 9988.HK | | | | 快手-W | 70.500 | 3.15% | | 1024.HK | | | | 网易-S | 226.400 | 1.80% | | 9999.HK | | | | 比亚迪股份 | 99.050 | 1.12% | | 1211.HK | | | | 腾讯控股 | 625.500 | 0.97% | | 0700.HK | | | | 海尔智家 | 26.940 | 0.90% | | 6690.HK | | | | 阿里健康 | 5.550 | 0.73% | | 0241.HK | | | | 联想集团 | 9.810 | 0.72% | | --- | --- | --- | | 0992.HK | | | | ASMPT | 77.050 | 0.72% | | 0522.HK | | | | 百度集团-SW | 116.400 | 0.69% | | 9888 ...

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。 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。 来源：智通财经网 ...

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。 ...

Core Insights - Sora 2, developed by OpenAI, was initially seen as a revolutionary tool in the video generation space but has faced significant challenges in user retention and overall effectiveness [1][3][34] Group 1: User Engagement and Retention - Despite a strong launch with over 1 million downloads in the first week on iOS and 470,000 on Android, Sora 2's user retention rates are alarmingly low, with a 30-day retention rate of less than 1% [5][8][9] - The app's rapid decline in App Store rankings, dropping from first to fourth place within two weeks, indicates a significant loss of interest among users [6][9] - Comparatively, other social apps like TikTok and Kuaishou maintain much higher retention rates, highlighting Sora 2's struggle to convert initial curiosity into sustained usage [8][9] Group 2: Product Quality and User Experience - The quality of video generation is inconsistent, with only 5% to 10% of generated videos deemed usable, leading to user frustration [10][11] - Users face long wait times for video generation, which, combined with high failure rates, results in a poor overall experience [11][12] - The lack of advanced editing features and community engagement tools further limits user satisfaction, as users cannot modify videos directly within the app [12][18] Group 3: Business Model and Financial Viability - OpenAI's current model is unsustainable, with daily operational costs reaching $15 million, translating to approximately $4.5 billion annually [27][29] - The introduction of paid services to supplement free usage has not resolved the underlying issues of low user retention and high operational costs [26][27] - Legal challenges regarding intellectual property and content generation add complexity to the business model, as restrictions on content can negatively impact user experience [29][30] Group 4: Industry Implications - The rapid decline of Sora 2 serves as a cautionary tale for the AI video generation industry, emphasizing that technological advancement does not guarantee product success [34][35] - The industry is still in the early stages of commercial exploration, with many companies struggling to find viable business models [32][33] - OpenAI's experience highlights the need for a balance between user engagement and ethical considerations, as the pursuit of user retention can lead to potential over-dependence on addictive features [31][34]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Insights - The company reported a revenue of 35.55 billion yuan for Q3 2025, representing a year-on-year growth of 14.2%, exceeding Bloomberg's consensus estimate of 13.5% [1] - Adjusted net profit for Q3 2025 was 4.99 billion yuan, a year-on-year increase of 26.3%, also surpassing Bloomberg's consensus estimate of 22.4% [1] - The company's AI revenue exceeded 300 million yuan in Q3 2025, marking a continuous increase from 150 million yuan in Q1 and 250 million yuan in Q2 [1] Financial Data and Valuation - Total revenue projections for the company are as follows: 113.47 billion yuan in 2023, 126.90 billion yuan in 2024, 142.13 billion yuan in 2025E, 152.05 billion yuan in 2026E, and 160.66 billion yuan in 2027E, with year-on-year growth rates of 20%, 12%, 12%, 7%, and 6% respectively [2][11] - Adjusted net profit is projected to be 10.27 billion yuan in 2023, 17.72 billion yuan in 2024, 20.59 billion yuan in 2025E, 23.67 billion yuan in 2026E, and 26.74 billion yuan in 2027E, with significant growth rates [8][12] - The company has a total market capitalization of 295.7 billion HKD, with a current share price of 68.4 HKD [3] User Engagement and AI Integration - Daily Active Users (DAU) and Monthly Active Users (MAU) reached 416 million and 730 million respectively in Q3 2025, with year-on-year growth of 2.1% and 2.4% [7] - The average usage time per DAU was 134.1 minutes, indicating increased user engagement [7] - The AI-driven model OneRec has significantly improved user retention and engagement metrics [7] E-commerce Performance - E-commerce transaction volume and profitability exceeded expectations, with Q3 2025 GMV growing by 15.2% to 385 billion yuan [7] - Revenue from live streaming business was 9.57 billion yuan, showing a year-on-year growth of 2.5% [7] - The online marketing services revenue reached 20.1 billion yuan, a year-on-year increase of 14.0% [7] AI Commercialization - The company’s AI revenue has shown a steep growth trajectory, with Q3 2025 AI revenue exceeding 300 million yuan [7] - The introduction of the OneRec model has enhanced advertising matching efficiency and customer ROI [7] - The AI technology has contributed approximately 4%-5% to the online marketing revenue in Q3 2025 [7] Profitability and Financial Ratios - The adjusted PE ratio is projected to decrease from 26.0 in 2023 to 10.0 in 2027, indicating improving valuation metrics [12] - The company’s return on equity (ROE) is expected to stabilize around 20.6% in 2026 and 19.2% in 2027 [12]

Core Insights - Kuaishou Technology is transforming AI from a cost center into a profit center, demonstrating how AI can drive efficiency in traffic, advertising, and e-commerce operations [1][6] - The company’s AI tool, Keling AI, is transitioning from a user acquisition phase to a monetization phase, with projected quarterly revenue exceeding $45 million by Q4 2025 and annual revenue reaching $343 million by 2027 [1][4] Keling AI Development - Keling AI is positioned as a "professional content creation tool," with a significant shift in user demographics from 70% consumer to 60% business users, indicating a move towards B2B applications [4] - The tool has onboarded approximately 10,000 B2B clients, including platforms like Freepik and various advertising agencies, which are expected to provide higher retention and payment capabilities compared to C-end users [4] Cost Efficiency and Model Performance - The latest Keling 2.5 Turbo model has significantly reduced video generation costs while maintaining high performance, with costs per video dropping to as low as $0.201 [5] - AI algorithms have contributed to a 4-5% growth in Kuaishou's core advertising business, showcasing the effectiveness of AI in enhancing revenue streams [6] User Engagement and Revenue Metrics - Despite recent price reductions aimed at expanding the user base, increased user engagement has mitigated the impact on revenue, with average revenue per user (ARPU) stabilizing between $20 and $30 per month [7] - The global market for professional video creators is vast, with a low penetration rate indicating significant growth potential for Keling AI [7] AI's Impact on Core Business - AI-driven systems like OneRec are applied to 25%-30% of traffic distribution, resulting in at least a 1% increase in video views and user engagement, translating to substantial commercial value [8] - The application of AI in advertising has led to a 4-5% incremental growth in ad revenue for Q3 2025, highlighting the technology's effectiveness in improving return on investment (ROI) [8] Traditional Metrics and Growth Opportunities - Kuaishou's current ad load rate is approximately 9%, significantly lower than competitors like Douyin, which stands at 14%-15%, indicating room for improvement [9] - The company aims to increase its shelf-based e-commerce GMV from 30% to over 40% by enhancing product offerings and integrating more live-streaming links [9]

Core Insights - The article emphasizes the shift in consumer behavior towards a more rational approach, focusing on genuine quality of life, which necessitates brands to engage in meaningful marketing that resonates with everyday life [1][12] - The collaboration between Jetta, Kuaishou, and New Weekly to create the "Little Shop China" IP effectively connects brand values with real-life scenarios, enhancing user emotional engagement and driving sales conversion [1][9] Group 1: Brand Marketing Strategy - Jetta's marketing strategy centers around "content creativity + product performance + emotional resonance," utilizing the "Little Shop China" IP to create relatable narratives that foster emotional connections with users [1][5] - The documentary-style short films highlight the daily lives of small shop owners, showcasing the Jetta VS8's product features while amplifying emotional resonance through storytelling [3][5] - The campaign transforms Jetta's brand perception from merely a transportation tool to a reliable companion in users' lives, establishing a new marketing path based on shared values [1][8] Group 2: Content Creation and User Engagement - Kuaishou's approach involves immersive short films that evoke emotional responses, effectively embedding the Jetta VS8 into the daily routines of small shop owners, thus enhancing brand penetration [5][6] - The campaign leverages real-life scenarios to naturally present the VS8's selling points, reinforcing user recognition of product functionality while aligning with positive life philosophies [8][10] - Kuaishou's integration of high-traffic IPs and warm content facilitates deep engagement with potential consumers, driving brand awareness and emotional connection [9][14] Group 3: Targeted Marketing for VS5 - For the Jetta VS5, Kuaishou employs seasonal themes and collaborates with rural influencers to create relatable content that highlights the vehicle's strengths in everyday rural scenarios [12] - The campaign avoids overt technical specifications, instead showcasing the VS5's advantages through authentic, relatable moments in rural life, enhancing its market positioning [12][14] - Kuaishou's strategic use of various advertising resources ensures broad exposure for the brand, maintaining discussion momentum around the vehicles [14]

快手-W(01024)发布公告，该公司于2025年11月28日注销165万股已回购股份。 于同日，根据首次公开发售前雇员持股计划(于2018年2月6日采纳)行使期权而发行2.03万股;及转换 627.31万股A类普通股至B类普通股。 ...

Group 1 - Kuaishou-W (01024) announced the cancellation of 1.65 million repurchased shares on November 28, 2025 [1] - On the same day, the company issued 20,300 shares through the employee stock ownership plan adopted on February 6, 2018 [1] - The conversion of 6.2731 million Class A ordinary shares to Class B ordinary shares also took place [1]