KUAISHOU TECHNOLOGY(1024.HK)4Q25 PREVIEW：INLINE QUARTER; SOLIDIFIED KLING AI UNLOCKING L-T IMAGINATIONS; UPGRADE TO BUY

Earnings and forecasts change: Considering above factors and our latest estimates of Kling, we cut our FY2026- 27E total forecasts by 2% due to 2-3% of streaming and ad cut, partially offsetting by increasing revenue contribution from Kling AI. Our 6-7% adj EPS cut reflects our increasing AI-related expenses but we deem it will be manageable to maintain Kling leading position. 机构：中银国际 研究员：Raphael CHEN/Dolores Tang We model an inline 4Q25 with +10% YoY topline and RMB5.4bn adj. net profit. Despite N-T pressu ...