翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 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： 2025年11月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | ...

Kuaishou Technology (1024.HK) Conference Call Summary Company Overview - **Company**: Kuaishou Technology - **Ticker**: 1024.HK - **Market Cap**: HK$292.7 billion / $37.6 billion - **Current Price**: HK$68.65 - **12-Month Target Price**: HK$83.00, indicating an upside of 20.9% [2][22] Key Industry Insights - **AI Integration**: Kuaishou is leveraging AI to enhance user experience and advertising monetization, with a focus on the Kling AI platform [1][5] - **User Ecosystem**: The user base is divided into professional (P-end) and business (B-end) users, with a notable shift in user mix from 70:30 to 60:40 in favor of B-end users [7][8] Core Business Highlights - **User Growth**: - Approximately 200 million professional users globally, with a low single-digit percentage of paying users out of 20-30 million monthly active users (MAU) [7] - Average Revenue Per User (ARPU) is currently between $20-$30 per month, with expectations for stability in the short term [7] - **Advertising and E-commerce**: - Advertising revenue growth of 4-5% in Q3 2025 attributed to AI technology [12] - E-commerce now accounts for approximately 30% of total Gross Merchandise Value (GMV), with a target to increase this to over 40% [11] - The aggregate take rate is around 4%, with 1% from e-commerce commissions and 3% from e-commerce ads [11] Financial Projections - **Kling AI Revenue**: Expected to reach $343 million by 2027, with a forecast of $45 million+ in Q4 2025 [14][16] - **Revenue Growth**: - Revenue projections for Kuaishou are as follows: - 2025E: RMB 142.0 billion - 2026E: RMB 157.0 billion - 2027E: RMB 172.4 billion [19][22] Risks and Challenges - **Key Risks**: - Slower-than-expected recovery in advertising budgets - Weaker monetization of the Kling platform - Slower growth in user engagement metrics - Lower-than-expected profitability and AI progress [20] Additional Insights - **User Engagement**: Kuaishou is focusing on attracting younger users through diverse content categories to drive daily active users (DAU) and traffic [12] - **Advertising Strategy**: The current ad load is approximately 9%, with plans to increase this to over 9% through improved native advertising and algorithm enhancements [12] - **Financial Health**: The company is maintaining a strong gross margin, projected to reach 57.3% by 2027 [19] This summary encapsulates the key points from the conference call, highlighting Kuaishou's strategic focus on AI, user growth, and financial projections while also addressing potential risks that could impact its performance.

Core Insights - Kuaishou reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14.21% and a quarter-on-quarter increase of 1.45% [1] - Adjusted EBITDA for Q3 2025 reached 7.653 billion yuan, up 37.2% year-on-year, while adjusted net profit was 4.986 billion yuan, reflecting a 26.3% year-on-year growth [1] Revenue Growth - The online marketing revenue for Kuaishou in Q3 2025 was 20.102 billion yuan, marking a 14.0% year-on-year increase, with growth accelerating from 12.8% in Q2 2025 [1] - The DAU and MAU reached 416 million and 731 million respectively, both hitting record highs for three consecutive quarters, with daily usage time averaging 134.1 minutes [1] AI Empowerment - The OneRec model has enhanced the platform's ecosystem, leading to accelerated growth in online marketing revenue [1] - AI technology has significantly improved advertising content creation and distribution, with AIGC marketing materials driving over 3 billion yuan in online marketing service consumption in Q3 2025 [1] E-commerce Performance - Kuaishou's e-commerce GMV reached 385 billion yuan in Q3 2025, a year-on-year increase of 15.2% [2] - The OneSearch model has improved product matching and user experience, increasing search order volume by nearly 5.0% [2] Future Outlook - The company aims to continue enhancing its e-commerce business through AIGC content production and improving merchant efficiency [2] - Kuaishou's Keling AI generated over 300 million yuan in revenue in Q3 2025, with the new Keling AI 2.5 Turbo model achieving significant improvements in content generation [3] Financial Projections - Revenue projections for Kuaishou are estimated at 142.062 billion yuan, 154.990 billion yuan, and 167.064 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 20.498 billion yuan, 22.915 billion yuan, and 25.308 billion yuan [3]

Core Viewpoint - Kuaishou announced a donation of 5 million HKD through the Beijing Kuaishou Public Welfare Foundation to support emergency rescue and post-disaster recovery efforts following a fire in Tai Po, Hong Kong [1] Group 1 - The company expressed deep condolences to the victims of the incident and high respect for the firefighters, medical personnel, and all those involved in the rescue efforts [1] - Kuaishou will continue to monitor the situation and collaborate with relevant organizations to support ongoing rescue and recovery work [1] - The company wishes for the affected residents to overcome difficulties and return to normal life as soon as possible [1]

在陕北，唢呐的曲子是这方水土中不可或缺的一种关乎生命的韵律。代代相传的子洲唢呐在时光中走过，以陕北群山为坐标的音乐标记，同信天游、秧 歌、剪纸、民俗等具有陕北文化内涵的所有事物交织于一体，成为整个陕北民间文化最嘹亮、高亢的文化符号。高鹏的唢呐启蒙，正是扎根于这样深厚的文 化土壤中。 回忆起学艺时光，高鹏说："最基础的就是拔长音，每天早上起来，一个音一个音地练。"辛苦吗？他笑了笑："那时候就像玩一样，挺好玩的。"十六七 岁时，他在一场农村婚礼上完成了首次登台。"紧张是肯定的，"他坦言，"但舞台多了就习惯了。"这把唢呐，从父亲手中传到他手里，传递的不仅是技艺， 更是一份责任。 陕北的传统里，唢呐有着严格的规矩。"红事要选喜庆的曲子，白事吹哀怨的曲牌，连曲名都很讲究。"高鹏细数着这些祖辈传下的规矩。然而，时代在 变，唢呐也需要新的声音。 《黄土谣》和《沸腾的大理河》的出现带来了转机。这两首由作曲家张伦创作，高鹏父亲首吹的新式唢呐曲，打破了传统曲牌的固定模式。这两首曲子 在保留陕北唢呐传统框架的基础上，借鉴现代协奏曲和交响乐的创作手法，改变了陕北传统唢呐全程粗犷豪放的风格，运用细腻多变的气息指法，使旋律在 强弱对比中 ...

Core Points - Kuaishou-W announced a share buyback on November 26, purchasing 400,000 shares at a price range of HKD 68.650 to HKD 68.800, totaling HKD 27.49 million [2] - The stock closed at HKD 68.650 on the same day, reflecting a decline of 2.83%, with a total trading volume of HKD 2.16 billion [2] - Year-to-date, Kuaishou-W has conducted 29 buybacks, acquiring a total of 4.43 million shares for a cumulative amount of HKD 2.31 billion [2] Buyback Details - The latest buyback on November 26 involved 400,000 shares at a maximum price of HKD 68.800 and a minimum price of HKD 68.650, with a total expenditure of HKD 27.49 million [2] - Previous buybacks include: - November 21: 750,000 shares at a maximum price of HKD 64.250, totaling HKD 47.77 million [2] - November 20: 900,000 shares at a maximum price of HKD 64.950, totaling HKD 58.21 million [2] - October 14: 1.31 million shares at a maximum price of HKD 75.100, totaling HKD 98.41 million [2] - September 22: 1 million shares at a maximum price of HKD 74.300, totaling HKD 73.80 million [2]

Core Viewpoint - Kuaishou-W (01024) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 400,000 shares at a total cost of HKD 27.4889 million [1] - The buyback price per share ranges from HKD 68.65 to HKD 68.80 [1]

Core Viewpoint - Kuaishou-W (01024) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 400,000 shares at a total cost of HKD 27.4889 million [1] - The buyback price per share ranges from HKD 68.65 to HKD 68.80 [1]

Group 1 - Kuaishou-W (01024.HK) announced a share buyback of 400,000 shares at a cost of HKD 27.49 million on November 26 [1]

FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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： 2025年11月26日 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 ...