除了核心业务外，花旗认为，投资者可能关注管理层是否对可灵AI2025财年收入前景更乐观。对于即 将到来的双十一折扣日，花旗认为，快手会简化折扣策略，并为商家提供AI技术支援，以推动商品交 易总额增长。 花旗预测，快手第三季度总收入按年13%，达到352亿元人民币，符合市场预期，其中广告、其他收 入、直播收入分别按年增长12%、36%、5%，得益于商品交易总额按年增长15%。毛利率预计为55%； 调整后营业利润率预计为14%，低于2025年第二季度的17%，主要由于市场推广支出增加。因此，调整 后盈利预计为48.6亿元人民币，符合市场预期。 快手-W(01024)涨超4%，截至发稿，涨4.02%，报89.2港元，成交额46.77亿港元。 花旗发布研报称，快手-W或于11月中旬公布今年第三季度业绩，花旗维持预估，收入及利润与市场预 期一致。商品交易总额(GMV)增长可能保持约15%的按年增幅，直播电商复苏及货架基础电商势头不 错。其他收入增长可能因佣金抽成率提高、电商增值服务变现以及可灵的推广而加速。 ...

Core Viewpoint - Kuaishou-W (01024) shares rose over 4%, reaching HKD 89.2 with a trading volume of HKD 4.677 billion, as analysts anticipate stable Q3 earnings in line with market expectations [1] Financial Performance - Citigroup forecasts Kuaishou's Q3 total revenue to grow by 13% year-on-year, reaching RMB 35.2 billion, aligning with market expectations [1] - The projected growth in revenue is supported by a 15% year-on-year increase in Gross Merchandise Volume (GMV) [1] - Advertising revenue, other income, and live streaming revenue are expected to grow by 12%, 36%, and 5% year-on-year, respectively [1] Profitability Metrics - The gross margin is anticipated to be 55%, while the adjusted operating profit margin is expected to decrease to 14% from 17% in Q2 2025, primarily due to increased marketing expenses [1] - Adjusted profit is projected to be RMB 4.86 billion, consistent with market expectations [1] Strategic Insights - Investors may focus on management's outlook regarding the revenue prospects of Kuaishou's AI initiative, Keling, for the fiscal year 2025 [1] - For the upcoming Double Eleven discount day, Kuaishou is expected to simplify its discount strategy and provide AI technology support to merchants to boost GMV [1] Market Trends - The recovery in live e-commerce and the momentum in shelf-based e-commerce are contributing positively to Kuaishou's growth [1] - Other income growth may accelerate due to increased commission rates, monetization of e-commerce value-added services, and Keling's promotions [1]

Group 1 - OpenAI has tightened regulations on its AI video generation application Sora to prevent deepfake content, collaborating with actor Bryan Cranston and the SAG-AFTRA union [1] - As of October 20, 2025, the CSI Online Consumption Theme Index (931481) rose by 1.47%, with notable increases in stocks such as Bilibili-W (6.88%) and Kuaishou-W (3.04%) [1] - The CSI Online Consumption ETF (159793) increased by 1.60%, reaching a latest price of 1.08 yuan, and has seen a cumulative rise of 10.95% over the past three months [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Online Consumption Theme Index accounted for 55.76% of the index, including Alibaba-W, Tencent Holdings, and Kuaishou-W [2] - The weight and performance of key stocks in the index include Tencent Holdings (1.35%), Alibaba-W (3.03%), and Meituan-W (1.60%) [4]

Core Viewpoint - The Hong Kong stock market opened positively on October 21, with the Hang Seng Index rising by 1.17% and the Hang Seng Tech Index increasing by 1.84% [1] Group 1: Market Performance - The majority of technology stocks experienced gains, with notable increases in shares of Sunny Optical Technology, Alibaba, and Bilibili, each rising over 3% [1] - Tencent Holdings, JD Health, Xiaomi Group, and Kuaishou also saw upward movement in their stock prices [1] Group 2: Stock Price Changes - Sunny Optical Technology: Current price at 81.500, up by 3.69% [2] - Alibaba-W: Current price at 167.500, up by 3.46% [2] - Tencent Holdings: Current price at 643.000, up by 2.47% [2] - JD Health: Current price at 64.650, up by 2.38% [2] - Xiaomi Group-W: Current price at 48.140, up by 2.12% [2] - Kuaishou-W: Current price at 75.550, up by 1.96% [2]

Core Viewpoint - Citigroup predicts Kuaishou will announce its Q3 earnings in mid-November, with total revenue expected to grow by 13% year-on-year to 35.2 billion yuan, aligning with market consensus [1] Revenue Breakdown - Advertising revenue is projected to increase by 12% year-on-year [1] - Other revenue is expected to rise by 36% year-on-year [1] - Live streaming revenue is anticipated to grow by 5% year-on-year [1] - The growth in total gross merchandise volume (GMV) is likely to maintain an approximate 15% year-on-year increase [1] Profitability and Margins - Gross margin is expected to be 55% [1] - Adjusted profit is projected to be 4.86 billion yuan, consistent with market consensus [1] Management Outlook - Investors may focus on whether management expresses a more optimistic outlook for AI revenue in fiscal year 2025 [1] Strategic Initiatives - For the upcoming Double Eleven discount day, Kuaishou is expected to simplify its discount strategy and provide AI technology support to merchants to drive GMV growth [1] Investment Rating - Citigroup maintains a "Buy" rating on Kuaishou, considering its valuation reasonable, with a target price set at 88 HKD [1]

Core Insights - The rapid growth of the short video sector has led to increased interest in the Kuaishou platform, particularly from various agencies and individuals looking to capitalize on its user base and live streaming ecosystem [1][5] Group 1: Application Process for Kuaishou Guilds - Establishing a Kuaishou guild requires registration under a company or institution, as personal accounts are not eligible [3] - Applicants must provide a complete business license with relevant operational scope, including cultural, media, and performance agency categories, which serves as a basic entry requirement [3][4] - A stable operational team and fixed office space are necessary to support streamers with training, content planning, and traffic support, ensuring long-term viability [3][4] Group 2: Application Requirements and Documentation - After preparing the necessary qualifications, applicants must fill out detailed application information on Kuaishou's official guild entry page, including company details, contact information, and an operational plan [4] - The operational plan must clearly outline the guild's positioning, streamer recruitment strategies, content development direction, and future plans, significantly increasing the chances of approval [4] - The platform will also check the credit history of the applying company to ensure there are no negative business records or legal disputes [4] Group 3: Quality and Compliance Considerations - Kuaishou emphasizes the quality of content and streamer ecosystems, encouraging guilds to cultivate positive, talented streamers who can consistently produce quality content [5] - Demonstrating a commitment to content compliance and having a clear growth plan for streamers can serve as advantages during the application process [5] - The review process for guild applications can be lengthy, with potential communication or site visits from platform staff, making it crucial for applicants to maintain open lines of communication and cooperate with the review process [5] Group 4: Professional Guidance - Given the complexity of the application process, it is advisable for applicants to seek professional guidance to avoid common pitfalls that could lead to application failures [6]

Core Viewpoint - Kuaishou-W is expected to report Q3 revenue between 35.2 billion to 35.53 billion RMB, representing a year-on-year growth of 13.1% to 14.1% [1] - The net profit for Q3 is projected to be between 4.171 billion to 4.195 billion RMB, with a year-on-year increase of 27.6% to 28.4% [1] - Adjusted net profit is forecasted to be between 4.706 billion to 4.940 billion RMB, showing a year-on-year growth of 19.2% to 25.1% [1] Revenue and Profit Forecast - Q3 revenue forecast: 35.2 billion to 35.53 billion RMB, with a growth rate of 13.1% to 14.1% [1][2] - Q3 net profit forecast: 4.171 billion to 4.195 billion RMB, with a growth rate of 27.6% to 28.4% [1][2] - Q3 adjusted net profit forecast: 4.706 billion to 4.940 billion RMB, with a growth rate of 19.2% to 25.1% [1][2] Business Performance Insights - In Q2 2025, Kuaishou-W achieved revenue of 35.046 billion RMB, a year-on-year increase of 13.1% [3][5] - The gross margin was reported at 55.7%, with a net profit of 4.922 billion RMB and a net profit margin of 14.0% [5] - E-commerce GMV grew by 17.6%, with short video e-commerce GMV increasing by over 30% [4][5] Marketing and AI Developments - Online marketing services revenue grew by 12.8%, driven by content consumption and local life demands [3][4] - The AI application, "Keling AI," has seen continuous upgrades, with commercial revenue exceeding 250 million RMB, and is expected to double in 2025 [4][5]

Core Points - Kuaishou-W (01024) announced the grant of a total of 6.5673 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, effective on October 17, 2025, pending acceptance by the grantees [1]

Core Viewpoint - Kuaishou-W (01024.HK) announced the grant of a total of 6.567 million restricted stock units to several qualified participants under the 2023 Share Incentive Plan, pending acceptance by the grantees [1] Summary by Category - **Company Announcement** - Kuaishou-W will grant 6.567 million restricted stock units to qualified participants [1] - The grant is part of the 2023 Share Incentive Plan [1] - Acceptance by the grantees is required for the grant to take effect [1]

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。 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，本公司於2025年10月17日向若干合資格參與者根據2023股份激勵計劃 授出合共6,567,269份受限制股份單位，惟須待承授人接納方可作實。 授出受限制股份單位 所授出受限制股份單位的詳情如下： Kuaishou Technology 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） （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） 授出受限制股份單位 股份於授出日期的收市價： 每股72.95港元 所授出受限制股份單位的 歸屬期： 所授出受限制股份單位的總歸屬期（即授出日期與最後 歸屬日的期間）約為0至48個月 就授予若干承授人的受限制股份單位而言，由於本公司 出於行政原因於年內分批授出受限制股份單位，因此授 出日期與首個歸屬日之間的期限短於12個月，以反映該 等受限制股份單位本應授出 ...