24 September 2025 | 5:24AM HKT Equity Research With the Turbo 2.5 release, we believe Kuaishou Kling remains at top tier among global applications, and will likely see a step-up in user engagement with this new release. We maintain our current forecast of FY25 ARR US$154mn (vs. company guidance of $125mn) and see further user feedback/model iteration as key to monitor. Buy on Kuaishou with a 12m target price of HK$83. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald ...