Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Financial Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of online marketing service revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou's AI capabilities, including the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL, have significantly enhanced efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% of the incremental revenue for Kuaishou's domestic online marketing services in this quarter [1] - The penetration rate of AI-generated content in marketing scenarios has significantly increased, with over 3 billion yuan in online marketing service consumption attributed to AIGC marketing materials in Q3 [1]

Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Revenue Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou leveraged AI capabilities such as the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL to significantly enhance efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% incremental revenue to Kuaishou's domestic online marketing service income this quarter [1] Group 3: AIGC Marketing Material - The penetration rate of AI-generated content (AIGC) in marketing scenarios has significantly increased, with online marketing service expenditures from AIGC marketing materials exceeding 3 billion yuan in Q3 [1]

Core Insights - Kuaishou (HKEX: 1024) reported Q3 2025 financial results with revenue of 35.6 billion yuan, a year-on-year increase of 14.2% [1] - Net profit reached 4.5 billion yuan, compared to 3.3 billion yuan in the same period of 2024 [1] - Adjusted net profit, based on non-IFRS measures, was 4.986 billion yuan, up from 3.948 billion yuan in 2024 [1] Financial Performance - Average daily active users (DAUs) were 416.2 million, compared to 407.5 million in 2024 [1] - Average monthly active users (MAUs) reached 731.1 million, an increase from 714.1 million in 2024 [1] - Average revenue per daily active user (ARPU) for online marketing services was 48.3 yuan, up from 43.3 yuan in 2024 [1] - Gross Merchandise Volume (GMV) for e-commerce was 385.0435 billion yuan, compared to 334.1625 billion yuan in 2024 [1]

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香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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，概不會就本公告全部或任何部 分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。 Kuaishou Technology 快手科技 （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） 截至2025年9月30日止三個月及九個月 的業績公告 快手科技董事會欣然宣佈本公司截至2025年9月30日止三個月及九個月的未經審核 合併業績。該等中期業績乃根據國際會計準則第34號「中期財務報告」編製並由本公 司獨立核數師羅兵咸永道會計師事務所（「核數師」）根據國際審計及鑒證準則理事 會頒佈的國際審閱準則第2410號「實體的獨立核數師對中期財務資料的審閱」審閱。 該等中期業績亦已由審核委員會審閱。 摘要 財務概要 | | | 截至9月30日止三個月 | | | | | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | | | 佔收入 | | ...

Core Insights - The article discusses the successful conclusion of the Kuaishou parent-child IP "Little Iron's Journey" in Hangzhou, which achieved over 4 billion total views and over 10 million views for its main and preview content, marking a significant breakthrough in parent-child content dissemination [1][2]. Group 1: Program Overview - "Little Iron's Journey" features a unique blend of historical and modern themes, introducing celebrity guests and a "time travel" concept through a series of 10 micro-episodes and 6 special short films [2]. - The program allows children to experience different historical periods, including the Song Dynasty, the 1980s, and modern technology, fostering a rich cultural exploration [4]. Group 2: Brand Collaboration - JD.com's sponsorship of the program aligns with its brand philosophy, promoting quality time between parents and children after school through its "Stationery 3:30" initiative [4]. - The program emphasizes the emotional connection between parents and children through the use of various historical stationery, illustrating a multi-generational narrative of learning and growth [4]. Group 3: Content Strategy - The core competitive advantage of "Little Iron's Journey" lies in its authentic experiences, moving away from scripted narratives to encourage children to express themselves freely in unfamiliar settings [5]. - The program integrates deep cultural and tourism elements, enhancing the storytelling experience by showcasing local heritage and natural beauty [6]. Group 4: Emotional Engagement - The program explores the differences in parenting styles between the 1980s and today, advocating for reduced reliance on electronic devices and promoting outdoor exploration and hands-on creativity [8]. Group 5: Platform Ecosystem - The success of "Little Iron's Journey" is supported by Kuaishou's robust ecosystem, which includes a diverse array of influencers and a strong user base focused on parent-child education [9][10]. - The program's influencer strategy combines established stars with emerging talents, ensuring broad audience reach and effective brand integration [9].

Group 1 - Kuaishou concept stocks rose by 2.65%, ranking 4th in the concept sector, with 35 stocks increasing in value [1] - The top gainers in the Kuaishou concept include Xuanyua International with a 20% limit up, Yuanlong Yatu, and Vision China, both hitting the limit up as well [1] - The leading decliners in the sector were Sanwei Communication, Wanrun Technology, and Lishang Guochao, with declines of 4.25%, 4.08%, and 3.35% respectively [1] Group 2 - The Kuaishou concept saw a net inflow of 3.529 billion yuan from main funds, with 33 stocks receiving net inflows [2] - Liou Co. led the net inflow with 1.286 billion yuan, followed by Vision China, Yuanlong Yatu, and Zhongwen Online with net inflows of 548 million yuan, 276 million yuan, and 272 million yuan respectively [2] - The net inflow ratios for Yuanlong Yatu, Vision China, and Liou Co. were 45.48%, 20.70%, and 19.09% respectively [3] Group 3 - The trading volume and turnover rates for key stocks in the Kuaishou concept were significant, with Liou Co. at 21.38% turnover and a 7.66% increase, while Vision China had a 16.97% turnover with a 10% increase [3] - Other notable stocks included Zhongwen Online with a 5.07% increase and a turnover of 14.11%, and Worth Buying with a 14.40% increase and a high turnover of 51.26% [3][4]

Core Insights - Kuaishou Supermarket has officially entered the Zhejiang local chain supermarket market through a "store-in-store" model, marking its offline debut just 11 months before launching its self-operated e-commerce business in October 2024. This move reflects the company's response to the challenges faced by the e-commerce sector, particularly the saturation of online growth and increasing regulatory pressures [1] Group 1: Industry Trends - The Chinese e-commerce market has solidified into a competitive landscape dominated by four major players: Alibaba, JD.com, Pinduoduo, and Douyin, with Kuaishou ranking fifth and facing a widening gap. The decline in online traffic growth and rising customer acquisition costs have made traditional "traffic + low price" models unsustainable [2] - Major platforms are shifting focus to offline strategies, with Meituan launching its own discount supermarket, Alibaba upgrading its Hema stores, and JD.com adopting a large store model. This shift is driven by the realization that online traffic has peaked and offline efficiency is becoming crucial [2][4] Group 2: Growth Challenges - Kuaishou's GMV growth has significantly slowed, dropping from 78% in 2021 to an expected 12% in the first half of 2025, which is well below the industry average. The company's reliance on a "white label" product expansion model is facing scrutiny due to regulatory investigations into false marketing and product quality issues [5] - The AI business, seen as a potential growth avenue, has underperformed, generating only 250 million yuan in Q2 2025 while incurring 3.4 billion yuan in R&D expenses. This financial strain highlights the company's weak profitability and the need for offline retail as a viable option for cash flow [6] - Frequent organizational changes and strategic adjustments have led to a lack of coherent execution in Kuaishou's e-commerce strategy, further complicating its entry into the offline market [8] Group 3: Offline Strategy - The "store-in-store" model adopted by Kuaishou in collaboration with Multi-Party Selection allows for a low-risk entry into offline retail by leveraging existing local supply chains and customer bases without incurring heavy operational costs [10] - However, this model presents challenges in brand recognition and scalability, as it relies heavily on the partner's store network, which may limit Kuaishou's long-term strategic autonomy [10][11] Group 4: Future Outlook - Kuaishou's offline expansion faces significant challenges, including established competitors with first-mover advantages and a lack of operational experience in offline retail. The company must overcome its supply chain weaknesses and regulatory risks to succeed [13] - Despite these challenges, there are opportunities in the untapped lower-tier markets and potential collaborations with local supermarkets to create a unique ecosystem that combines online and offline resources [14] - The success of Kuaishou's offline strategy will depend on its ability to enhance its brand, build a regional supply chain, and integrate online content with offline retail effectively [15]

Core Viewpoint - The Kuaishou concept stock has seen a 2.50% increase, ranking 9th among concept sectors, with 37 stocks rising and notable gains from Xuan Ya International, BlueFocus, and Easy Point Tianxia [1][2]. Group 1: Market Performance - The Kuaishou concept stock sector experienced a net inflow of 1.652 billion yuan, with 27 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows [2]. - BlueFocus led the net inflow with 703 million yuan, followed by Liou Co., Xuan Ya International, and Easy Point Tianxia with net inflows of 224 million yuan, 222 million yuan, and 126 million yuan respectively [2][3]. Group 2: Stock Performance - Xuan Ya International achieved a 20% limit-up, while BlueFocus, Easy Point Tianxia, and Jiuqi Software saw increases of 12.42%, 7.50%, and 5.75% respectively [1]. - The stocks with the largest declines included Qingniao Fire Protection, Sanwei Communication, and Yuanlong Yatu, which fell by 2.12%, 1.69%, and 1.32% respectively [1][5]. Group 3: Fund Flow Ratios - Xuan Ya International, YaKang Co., and Xinhua Dou had the highest net inflow ratios at 23.60%, 12.86%, and 10.84% respectively [3]. - The Kuaishou concept stock flow rankings highlighted BlueFocus with a 12.42% increase and a turnover rate of 23.61% [3].

Group 1 - The Hong Kong stock market experienced a slight decline, with the Hang Seng Tech Index dropping over 0.5% on November 17, 2023 [1] - Major ETFs, particularly the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with leading stocks like Trip.com, Lenovo, Baidu, and BYD Electronics underperforming, while Hua Hong Semiconductor, SMIC, and Alibaba showed gains [1] - A number of technology companies, including Baidu, Xiaomi, Kuaishou, Netease, and Xpeng Motors, are set to release their latest financial results this week, with key earnings announcements scheduled for November 17 and 18 [1] Group 2 - According to Minsheng Securities, the recent earnings reports from leading internet companies like Tencent and Bilibili exceeded market expectations, and there is a recommendation to focus on the upcoming financial results from Xiaomi, Trip.com, Kuaishou, and Netease [1] - The report highlights a positive outlook on the revaluation of AI in China, suggesting attention to platform-based internet companies with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan [1] - As of November 14, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 22.47 times, which is lower than other major global tech indices, indicating that the index remains in a historically undervalued range [2]