Core Insights - The event "Flowing · Women Charity 30+" highlighted the role of women in promoting public welfare, with Kuaishou's Vice President Song Tingting recognized for her contributions to internet-based charity initiatives [1][2] Group 1: Kuaishou's Charity Development - Kuaishou's unique internet charity model emphasizes "real warmth" and "technology for all," significantly transforming the execution of charity projects [2][4] - The platform enables users to witness the impact of charity through short videos and live broadcasts, making participation more accessible and engaging [2][4] Group 2: Empowering Rural Women - The internet provides unprecedented opportunities for rural women, allowing them to learn skills and access information, thus breaking geographical barriers [5][6] - Kuaishou has initiated projects like "Happy Women's Classroom" to equip rural women with digital skills, enabling them to create their own livelihoods with dignity [6] Group 3: Training and Community Impact - Since 2018, Kuaishou has launched various support programs aimed at providing free digital skills training to women, helping them overcome the digital divide [6] - The company has trained over ten thousand female leaders nationwide, positively impacting hundreds of thousands by enhancing their income and employment opportunities [6]

Kuaishou Conference Call Summary Company Overview - **Company**: Kuaishou - **Industry**: Short-form video and online marketing - **Position**: 2nd largest player in the short-form video market in China, with a strong creator and user ecosystem driving content generation and monetization [1][10][11] Key Insights AI Transformation - Kuaishou is undergoing a holistic AI transformation aimed at enhancing content generation, recommendation, and advertising targeting, which is expected to improve platform engagement and monetization over time [1][4][9] - The AI recommendation model, OneRec, is projected to boost monetization and improve content-user matching, currently covering 25% of user traffic with plans to expand to 50-60% [4][50] Advertising Revenue - **Revenue Composition**: 57% of Kuaishou's revenue comes from online marketing, with internal and external advertising loops contributing equally [10] - **External Ads**: Expected to grow at 12% YoY in 2025, driven by increased usage, ad load, and eCPM growth [5][61] - **Internal Ads**: Anticipated to grow at 14% YoY in 2025, supported by GMV growth from livestreaming and shelf-based categories [6][76] User Engagement - Kuaishou's platform sees an average daily time spent of 127 minutes per user, with a user base of 714 million MAUs [11] - The platform is particularly strong in lower-tier cities, focusing on community building and user interaction rather than viral content [10] Livestreaming and E-commerce - Livestreaming is a significant growth driver, particularly for smaller ticket items like health and fitness products, with expected growth of 8% YoY [3][79] - Shelf-based GMV is projected to grow at 32% YoY, driven by categories such as household necessities and food [6][79] Financial Projections - **Target Price**: Kuaishou is rated as "Outperform" with a target price of HKD 100, reflecting a 47% upside potential [9] - **Adjusted EPS**: Expected to increase from RMB 4.02 in 2024 to RMB 4.89 in 2025, with an adjusted P/E ratio decreasing from 19.5x to 16.0x [7][9] Additional Insights - Kuaishou's advertising strategy is heavily focused on performance ads, which account for 80% of its platform, benefiting from a loyal user base and high purchase frequency in lower-tier markets [2][22] - The company has the lowest percentage of additional rebates among Chinese e-commerce platforms, which is expected to reduce further in 2H25 [3][35][91] - AI tools are being utilized to enhance ad targeting and content creation, with significant improvements in engagement and conversion rates noted [49][51] Conclusion Kuaishou is positioned for growth through its AI initiatives, strong user engagement, and a robust advertising model. The focus on community-driven content and e-commerce, particularly in lower-tier cities, presents a unique opportunity for sustained revenue growth in the competitive landscape of short-form video and online marketing.

Core Insights - Kuaishou is preparing for the 2025 Double Eleven shopping festival, aiming to improve its performance after losing major influencers [2][4] - The overall sales during the 2024 Double Eleven reached 14,418 billion yuan, marking a 26.6% year-on-year increase, primarily due to extended promotional periods across platforms [3] - Kuaishou's e-commerce GMV grew by 17.6% year-on-year in Q2 2025, reaching 358.9 billion yuan, with an average monthly buyer count of 134 million [3] Group 1: Kuaishou's E-commerce Strategy - Kuaishou's e-commerce evolution has shifted from merely increasing GMV to focusing on user growth, repurchase rates, and brand value [7][10] - The platform's user growth has slowed, with a 2.1% year-on-year increase in monthly active users, totaling 712 million [7][8] - Kuaishou's repurchase rate is high at 4.2 times per month, significantly surpassing Douyin and Pinduoduo, but it struggles to attract high-value consumers [7][8] Group 2: Competitive Landscape - Kuaishou's competitors, such as JD and Taobao, have established strong membership programs to retain high-value users, while Kuaishou lags in this area [8] - During the last Double Eleven, Kuaishou's platform saw 55% of categories dominated by private label brands, indicating a need to enhance brand recognition [9][10] - The absence of major influencers during the upcoming Double Eleven poses a challenge for Kuaishou, which has historically relied on them for sales boosts [12][14] Group 3: Market Trends and Consumer Behavior - The trend of consumers prioritizing quality and value is evident, with 45% of shoppers comparing prices before purchasing [22][23] - Kuaishou plans to invest 180 billion yuan in traffic subsidies and user incentives for the upcoming Double Eleven [22] - The overall e-commerce landscape is shifting towards efficiency, quality, and ecosystem competition, moving beyond mere GMV comparisons [25]

Core Viewpoint - Kuaishou-W (01024) shares rose over 4%, reaching HKD 89.2 with a trading volume of HKD 4.677 billion, driven by the anticipated impact of OpenAI's new video generation model Sora2 on the short video ecosystem [1] Group 1: Company Performance - Kuaishou is expected to benefit from advancements in AI video technology, positioning itself as a leader in the AI video sector [1] - The company is projected to achieve a 13% year-on-year revenue growth in Q3, reaching RMB 35.3 billion, with a 15% increase in Gross Merchandise Volume (GMV) [1] - Kuaishou's gross margin is expected to expand to approximately 55%, with non-IFRS profit estimated at around RMB 4.84 billion [1] Group 2: Industry Trends - OpenAI's Sora2 is anticipated to reshape the short video ecosystem, potentially increasing the proportion of AI-generated content and narrowing the content gap between other short video platforms and Douyin [1] - The development of AI video models is seen as a significant trend, with the market for video generation being in its early stages and poised for substantial growth [1]

Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 4%, currently trading at 89.2 HKD with a transaction volume of 4.677 billion HKD, driven by the anticipated impact of OpenAI's new video generation model Sora 2 on the short video ecosystem [1] Group 1: Company Performance - Kuaishou is expected to benefit from advancements in AI video technology, positioning itself as a leader in the AI video sector [1] - The company is projected to achieve a 13% year-on-year revenue growth in Q3, reaching approximately 35.3 billion RMB, with a total transaction volume (GMV) expected to rise by 15% [1] - Kuaishou's gross margin is anticipated to expand to around 55%, with non-IFRS profit estimated at about 4.84 billion RMB [1] Group 2: Industry Insights - OpenAI's launch of Sora 2 is expected to reshape the short video ecosystem, potentially increasing the share of AI-generated content and narrowing the gap between other short video platforms and Douyin [1] - The AI video generation market is identified as a large and early-stage development area, highlighting the significance of artificial intelligence in the industry [1]

杰富瑞发表研究报告，预计快手将可如期达成该行对其收入和盈利的预测，即预计第三季总收入按年增 长13%至353亿元，交易总额(GMV)料升15%，毛利率料扩张至约55%，非IFRS盈利料达约48.4亿元。该 行强调，人工智能是一个关键范畴，而影片生成是一个处于早期发展阶段的庞大市场。该行维持快 手"买入"评级，目标价106港元。 ...

Investment Rating - The investment rating for Kuaishou-W (01024.HK) is "Outperform the Market" (maintained) [2][7]. Core Insights - OpenAI's release of the Sora 2 video generation model and the Sora App is expected to accelerate the demand for AI-generated content (AIGC) [3][6]. - Sora 2 features significant advancements in image resolution, style control, and instruction adherence, integrating audio-video synchronization technology to enhance physical simulation accuracy [4]. - The Sora App, designed similarly to TikTok, allows users to create AI-generated videos up to 10 seconds long and includes a "Cameo" feature for digital avatars, which could create new monetization opportunities for IP holders [5][6]. Financial Forecast and Valuation - The projected financials for Kuaishou include: - Revenue growth from CNY 660.26 billion in 2024 to CNY 865.93 billion in 2027, reflecting an annual growth rate of approximately 8% to 11% [19]. - Net profit is expected to increase from CNY 194.07 billion in 2024 to CNY 268.42 billion in 2027, with a net profit growth rate of 8% to 18% [19]. - The adjusted EPS is forecasted to rise from CNY 24.15 in 2024 to CNY 34.12 in 2027 [19]. - Key financial ratios include: - ROE is projected to decrease from 20% in 2024 to 17% in 2027 [19]. - The gross margin is expected to improve from 53% in 2024 to 58% in 2027 [19].

Investment Rating - The investment rating for Kuaishou-W (01024.HK) is "Outperform the Market" (maintained) [2][7]. Core Insights - OpenAI's release of the Sora 2 video generation model and the Sora App is expected to significantly boost the demand for AI-generated content, creating new opportunities in the social media landscape [3][6]. - Sora 2 features advancements in image resolution, style control, and instruction adherence, integrating audio-visual synchronization to enhance realism in generated videos [4][5]. - The Sora App, designed similarly to TikTok, allows users to create and share AI-generated videos, fostering a new social ecosystem around AI content creation [5][6]. Summary by Sections Company Overview - Kuaishou is positioned as a leader in the AI video sector, with its AI-generated video capabilities showing strong performance and continuous improvement [6]. Market Dynamics - The introduction of Sora 2 is anticipated to reshape the short video ecosystem, potentially increasing the proportion of AI-generated content and narrowing the gap with platforms like Douyin [6]. Financial Projections - The financial outlook includes projected revenues of 660,257 million in 2024, increasing to 865,930 million by 2027, with a net profit growth rate of 68% in 2024 [19].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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10月8日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 3,591,333,495 | | | 0 | | 3,591,333,495 | | 增加 / 減少 (-) | | | 9,179 ...

Core Insights - The rapid growth of short video platforms is transforming digital marketing for businesses, with Kuaishou's monthly active users exceeding 600 million and average daily usage time surpassing 120 minutes, making it a crucial traffic source for enterprises [1][3] - Kuaishou's enterprise account creates a complete commercial loop of "content-traffic-conversion," leveraging smart recommendation systems and various business tools to lower the digitalization threshold for merchants [3][4] - The demand for specialized digital service talents is increasing due to the commercialization of short videos, requiring skills in content planning, data analysis, and business conversion [5][6] Industry Trends - The future of short video marketing will see richer interactive forms with the maturation of AI technology and the metaverse concept, with innovations like virtual live streaming and 3D product displays expected to become mainstream by 2025 [8][9] - Continuous operation of enterprise accounts can establish stable traffic sources within 3-6 months, with high-quality accounts achieving a fan repurchase rate of over 40% [7] - Compliance in promotional services is essential, emphasizing accurate information, respect for merchant autonomy, and adherence to platform rules to maintain a healthy commercial ecosystem [6]