快手科技-人工智能推动生态系统全链路价值增长；在加大投资与利润率扩张之间实现良好平衡；买入评级

20 November 2025 | 6:55AM HKT Equity Research Kuaishou Technology (1024.HK) 3Q25 Earnings Review: AI driving value across ecosystem; fine balance between step-up investments and margin expansion; Buy 1024.HK 12m Price Target: HK$83.00 Price: HK$63.50 Upside: 30.7% Kuaishou reported a profit beat in 3Q, helped by disciplined cost efficiency. Post the mgmt. call, we view the 4Q25 guidance as largely in-line with earlier expectation on ads/GMV growth, while the profit outlook has been raised due to effective S ...