Core Insights - Kuaishou E-commerce held an industry recruitment event in Yiwu, Zhejiang, attracting nearly 200 merchants, brands, and influencers to explore new opportunities in live-streaming e-commerce [1][3] Group 1: Incentives and Support for Merchants - Kuaishou E-commerce announced a series of incentive measures for merchants, including cash rewards, traffic support, and operational service optimization to lower entry barriers and enhance operational efficiency [3] - New merchants can receive a maximum reward of 4,000 yuan and benefit from a "zero-cost store" policy, which waives deposits and service fees [5] - For brand merchants and larger enterprises, the platform will offer tiered rewards up to 800,000 yuan based on GMV performance, along with return shipping fee support and traffic prioritization [5] Group 2: Diverse Business Scenarios - The platform emphasizes a diversified ecosystem where merchants can utilize various resources such as short videos, live streaming, and tools for comprehensive growth, including marketing management and search operations [7] - Kuaishou E-commerce introduced a "one-stop package entry" service to help new merchants adapt quickly to platform rules, covering the entire process from store setup to ongoing operations [9] Group 3: Future Plans and Expansion - The Yiwu recruitment event is the first in a series of industry events planned by Kuaishou E-commerce for 2025, with additional events scheduled in cities like Suzhou, Zhengzhou, and Guangzhou to support merchants in expanding their e-commerce growth [10]

Core Points - The 10th Chinese Charity Day is celebrated on September 5, marking the 10th anniversary of Tencent's "Jiu Jiu Charity Festival" [1] - Tencent has launched the "Nearby Charity" initiative in collaboration with Tencent Maps, featuring charity locations such as loving businesses, charity markets, and blood donation stations across 381 cities [1] - The "Nearby Charity" map includes 855 charity projects and a total of 188,000 charity points, covering 32 provinces, autonomous regions, municipalities, and special administrative regions [1] Company Initiatives - Over 140 Tencent products and services, including WeChat, QQ, and popular games, are participating in the Jiu Jiu Charity Festival [1] - Tencent Charity has partnered with various content platforms to incentivize charity content creators [1] - Collaborations with national chain stores like McDonald's and 7-Eleven have been established to promote charity efforts [1] Community Engagement - The festival's theme is "I Have a Little Red Flower," where participants can earn a "Little Red Flower" badge for their charitable actions [2] - Blood donors can receive a "Little Red Flower" honor badge through the "National Electronic Blood Donation Certificate" mini-program [2] - Various initiatives, such as the "Digital Cultural Relics National Protection Action," encourage public participation in cultural preservation and health screenings [2]

Group 1 - The Hang Seng Index (HSI) is currently in a neutral position, with support levels at 24,741 and 24,300, and resistance at 25,500 [1] - Investors are divided, with bullish investors suggesting a rebound to 25,200-25,500, while bearish investors anticipate a drop to 24,800 [1] - The market is unpredictable, and products that slightly move above or below support or resistance levels are considered safer [1] Group 2 - Tencent Holdings (00700.HK) closed at 592.5, above the middle line of the Bollinger Bands, indicating a critical level to maintain [7] - The technical signals for Tencent are neutral, with support at 575; if it falls below 591, it may require a longer time to recover [7] - Investors are advised to wait if they do not hold shares, as the market shows no clear direction [7] Group 3 - Kuaishou-W (01024.HK) closed at 69.9, with a neutral technical signal and support levels at 67.5 and 62.1 [13] - Investors are advised to be cautious with out-of-the-money options, as they may not be a good strategy unless there is strong confidence in the stock's performance [13] - It is recommended to consider options with a narrower out-of-the-money range of 10%-7% for better leverage [13] Group 4 - HSBC Holdings (00005.HK) closed at 99.6, below the middle line of the Bollinger Bands, indicating a slight bullish signal [19] - Resistance levels are at 102.9 and 106.2, with a potential target of 110, but further time may be needed [19] Group 5 - SMIC (00981.HK) has seen a significant drop, closing at 56, with support levels at 51.6 and 46 [25] - The technical signal is neutral, and the recovery price for bear certificates is set at 67, which is considered relatively safe [25] Group 6 - Baidu Group-SW (09888.HK) closed at 96, having broken through the upper Bollinger Band, indicating a sell signal [29] - The resistance levels are at 98.6 and 103.5, and investors holding options with a strike price of 105 should be cautious of potential technical adjustments [29]

Core Viewpoint - The "Seeking Beauty in China Good Deeds Continuous" content creator program has been launched to encourage content creators across various platforms to focus on public welfare and charity topics, aiming to produce high-quality charitable content [1][3]. Group 1: Program Launch and Objectives - The program is open to content creators on platforms such as Douyin, WeChat Video, Kuaishou, Weibo, Bilibili, and others, promoting the recording and sharing of local charitable stories [1]. - The initiative aims to amplify small acts of kindness and ensure they are recognized and sustained [1]. Group 2: Impact and Participation - The "Seeking Beauty in China" campaign has reached all 31 provinces in China and has generated over 113.5 billion views online, showcasing the significant engagement in charitable activities [3]. - During the 2024 "Jiujiu Public Welfare Festival," 32,500 creators produced 219,000 charitable videos, achieving a total view count of 3.95 billion and 64.76 million likes [3]. Group 3: Support from Platforms - Major platforms like Tencent, Kuaishou, and Weibo are set to release plans for supporting charitable content through increased traffic and resources [4][6]. - The 2025 "Jiujiu Public Welfare Festival" will shift from a donation-centric model to a more diverse public welfare action approach, providing richer scenarios for content creators [6]. Group 4: Collaboration and Resources - A collaborative effort among various platforms will establish a "creator public welfare material library" to provide essential resources for content creators [6]. - The "Seeking Beauty in China Good Deeds Continuous" program is seen as a practical implementation of the "Good Deeds Spread Thousands of Miles" initiative, emphasizing its innovative approach to charity communication [7].

C M Y CM MY CY CMY K ai175668753012_Kuaishou IR2025 Cover 6.5mm CN OP.pdf 1 1/9/2025 上午8:45 目錄 | 公司資料 | 2 | | --- | --- | | 摘要 | 4 | | 主席報告 | 8 | | 管理層討論與分析 | 15 | | 其他資料 | 32 | | 中期財務資料的審閱報告 | 56 | | 簡明合併損益表 | 57 | | 簡明合併綜合收益表 | 58 | | 簡明合併資產負債表 | 59 | | 簡明合併權益變動表 | 61 | | 簡明合併現金流量表 | 63 | | 簡明合併中期財務資料附註 | 64 | | 釋義 | 103 | 李朝暉先生 張斐先生 林欣禾先生 （於2025年1月22日辭任） 王慧文先生 獨立非執行董事 黃宣德先生 馬寅先生 肖星教授 （於2025年4月28日辭任） 盧蓉女士 （於2025年4月28日獲委任） 審核委員會 黃宣德先生 （主席） 馬寅先生 肖星教授 （於2025年4月28日辭任） 盧蓉女士 （於2025年4月28日獲委任） 薪酬委員會 公司資料 董事會 執行董事 ...

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8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 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9月4日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,938.94 | ...

Group 1: Financial Performance - Company reported Q2 2025 revenue of 35.046 billion yuan, a year-on-year increase of 13.1% [1] - Adjusted EBITDA for Q2 2025 was 7.715 billion yuan, up 21.6% year-on-year [1] - Adjusted net profit attributable to shareholders for Q2 2025 reached 5.618 billion yuan, reflecting a 20.1% year-on-year growth [1] - Company announced its first special dividend of 0.46 HKD per share, totaling approximately 2 billion HKD, indicating confidence in long-term growth prospects and robust financial health [1] Group 2: AI and Commercialization - Company continues to iterate on its Keling AI, launching the Keling AI 2.1 series model in May 2025, enhancing model quality and performance [2] - New feature "Ling Animation Canvas" launched in July 2025, providing a comprehensive creative experience for creators [2] - Keling AI generated over 250 million yuan in revenue for Q2 2025, with 45 million creators on the C-end and over 20,000 enterprises and developers on the B-end [2] - The launch of Ling Animation Canvas and 2B subscription services in H2 2025 is expected to accelerate Keling AI's commercialization [2] Group 3: Advertising and User Engagement - AI continues to empower the company's content and commercial ecosystem, with the introduction of the OneRec end-to-end generative recommendation model [3] - Q2 2025 daily active users (DAU) grew by 3.4% year-on-year to 409 million, reaching a historical high [3] - Daily usage time per DAU increased by 7.5% year-on-year to 126.8 minutes [3] - Online marketing service revenue for Q2 2025 rose by 12.8% year-on-year to 19.8 billion yuan, significantly up from 8.0% growth in Q1 2025 [3] Group 4: E-commerce Performance - E-commerce GMV for Q2 2025 increased by 17.6% year-on-year to 358.9 billion yuan, exceeding market expectations [4] - The growth was primarily driven by an increase in per capita spending [4] - AI technologies have enhanced product information extraction and improved matching efficiency between products and users [4] - The company has significantly reduced operational costs for merchants through AIGC content production and intelligent customer service [4] Group 5: Investment Outlook - Company’s Keling AI commercialization progress exceeds expectations, with AI fully empowering core business areas [4] - Revenue projections for 2025-2027 are 143.255 billion yuan, 159.085 billion yuan, and 173.482 billion yuan respectively [4] - Adjusted net profit forecasts for the same period are 19.99 billion yuan, 25.23 billion yuan, and 28.97 billion yuan respectively [4] - Corresponding PE ratios are projected at 16.2, 12.9, and 11.1 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [16]. Core Insights - The company's adjusted net profit exceeded market expectations, with a significant focus on the commercialization of its AI technology, Keling AI, which is leading the video generation sector [1][2]. - The company reported a revenue of 350.46 billion yuan for Q2 2025, a year-on-year increase of 13.1%, and an adjusted net profit of 56.18 billion yuan, up 20.1% year-on-year [1]. - Keling AI's revenue surpassed 250 million yuan in Q2 2025, with a creator base of 45 million and over 20,000 enterprise users, indicating strong growth potential in various application scenarios [2]. Financial Summary - The company is projected to achieve revenues of 143.26 billion yuan, 159.09 billion yuan, and 173.48 billion yuan for the years 2025, 2026, and 2027 respectively, with adjusted net profits of 17.52 billion yuan, 22.15 billion yuan, and 25.72 billion yuan for the same years [1][7]. - The company's revenue growth rates are expected to be 12.89%, 11.05%, and 9.05% for 2025, 2026, and 2027 respectively [1][8]. - The report highlights a significant increase in the company's advertising revenue, which grew by 12.8% year-on-year to 198 billion yuan in Q2 2025, benefiting from improved user engagement and new monetization channels [3]. Business Performance - The e-commerce segment showed a GMV growth of 17.6% year-on-year, reaching 358.9 billion yuan in Q2 2025, driven by an increase in per capita spending [4]. - The company has introduced new features and models in its AI technology, enhancing user experience and operational efficiency across its content and commercial ecosystem [2][3][7].

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **Kuaishou** and the **Hong Kong stock market** in relation to the **AI application industry** and its impact on market performance [2][3][4]. Core Insights and Arguments - The current Hong Kong stock market resembles the period from **2012 to 2014**, characterized by a weak economic recovery and low inflation, with domestic demand remaining weak [2][4]. - **AI applications** are identified as a key driver for the Hong Kong stock market, similar to the mobile internet wave in the past [2][5]. - Chinese companies, particularly **Alibaba** and **Tencent**, are leading in the **multimodal large model** space, benefiting from a vast market and user base that fosters AI innovation [2][6]. - The **technology sector** in Hong Kong is more focused on software services and media, with a market capitalization significantly higher than that of A-shares [2][7]. - The **Hang Seng Technology Index** has a price-to-earnings (PE) ratio of approximately **20 times**, indicating a low valuation compared to international giants like Amazon and Google, suggesting potential for valuation uplift as AI trends accelerate [2][9]. Additional Important Content - The **second quarter financial results** for Kuaishou exceeded expectations, with a **13% year-on-year revenue growth** and a **35% increase in operating profit**. The company also announced a special dividend of **2 billion HKD** [4][11]. - Kuaishou's **daily active users (DAU)** and **monthly active users (MAU)** grew by **3%**, reaching **410 million** and **715 million**, respectively, indicating strong user engagement [4][12]. - The **e-commerce segment** of Kuaishou showed a **17.6% year-on-year increase** in total merchandise transaction value, driven by the recovery of live-streaming e-commerce [4][14]. - Concerns regarding Kuaishou's potential entry into the **food delivery business** were addressed, clarifying that the company will not directly participate but will continue its strategic partnership with Meituan [4][15]. - **Koning**, another company discussed, reported revenue exceeding **250 million RMB** in the second quarter, with a significant increase in paid user numbers, indicating strong market potential [4][16]. Market Dynamics - The **Hong Kong stock market** is expected to continue its upward trend in the second half of the year, supported by potential foreign capital inflows due to the Federal Reserve's interest rate cuts and the scarcity of tech and consumer assets compared to A-shares [3][10]. - The **AI application** landscape is rapidly evolving, with domestic companies positioned to benefit significantly from this trend, particularly in the software and content application sectors [2][6][8].

Core Viewpoint - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" by four government departments aims to ensure transparency and credibility in AI-generated content across various platforms [2][3]. Group 1: Regulatory Framework - The new regulations require all AI-generated content, including text, images, audio, and video, to be clearly identified [2]. - Platforms must add explicit and implicit identifiers to AI-generated content to enhance user awareness and trust [3][4]. Group 2: Platform Responses - Major platforms like Tencent, Douyin, Kuaishou, Bilibili, and DeepSeek have quickly adapted to the new regulations by implementing AI content identification features [3]. - Tencent announced the addition of explicit and implicit identifiers to comply with the new regulations, enhancing content recognition capabilities [3]. - Douyin launched two core features: an AI content identification function and an AI content metadata identification function to support content traceability [3][11]. Group 3: Identification Methods - Explicit identifiers inform users directly that content is AI-generated, while implicit identifiers embed information in the content's metadata for traceability [4]. - Kuaishou and Douyin have implemented explicit identifiers such as "AI generated" and warnings for suspected AI-generated content [4][11]. Group 4: Compliance and Enforcement - Users are prohibited from deleting, altering, or concealing AI identifiers and from using AI to create or disseminate false information [5][6]. - Platforms will impose penalties for violations of laws and regulations, ensuring compliance with the new measures [6][8].