External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net profit grew by 26% YoY to RMB4.99bn, 3/2% ahead of consensus/our estimate, primarily due to enhanced operating efficiency.</li><li>Revenue from Kling AI exceeded RMB300mn in 3Q25 (+c.20% QoQ), beating our expectation again.</li><li>Kuaishou highlighted several concrete data points on how AI empowers advertising and e-commerce businesses (e.g. driving additional 4-5% growth in domestic ad revenue), which reinforces our constructive views on Kuaishou’s AI development. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net profit grew by 26% YoY to RMB4.99bn, 3/2% ahead of consensus/our estimate, primarily due to enhanced operating efficiency.Revenue from Kling AI exceeded RMB300mn in 3Q25 (+c.20% QoQ), beating our expectation again.Kuaishou highlighted several concrete data points on how AI empowers advertising and e-commerce businesses (e.g. driving additional 4-5% growth in domestic ad revenue), which reinforces our constructive views on Kuaishou’s AI development. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) - 3Q25 Results: AI Empowers All Business Lines

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Revenue growth accelerated for third quarter to 14% YoY in 3Q25.</li>
<li>GMV of live streaming e-commerce grew by 18% YoY in 3Q25.</li>
<li>The operating margin improved significantly by 4.7 ppt YoY in 3Q25.</li>
</ul>


Revenue growth accelerated for third quarter to 14% YoY in 3Q25.
GMV of live streaming e-commerce grew by 18% YoY in 3Q25.
The operating margin improved significantly by 4.7 ppt YoY in 3Q25.


KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up

<ul><li>Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).</li><li>For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.</li><li>We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead of Bloomberg consensus estimates, mainly thanks to the solid ecommerce business (GMV +18% YoY) and better-than-expected AI monetization (Kling AI revenue surpassing RMB250mn).For 3Q25E, we expect total revenue to grow by 13% YoY, driven by the strong momentum of ecommerce business and resilient growth of online marketing business.We slightly raise our FY25-27E earnings forecasts by 0-1% to reflect the positive development on the AI front. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum

<ul>
<li>The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.</li>
<li>The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.</li>
<li>We conclude an stock upside of 91% for the next twelve months. Buy.</li>
</ul>


The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.
The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.
We conclude an stock upside of 91% for the next twelve months. Buy.


KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the short-video specialist tries to capitalize on growing public interest in the tools.</li><li>“Google is a very strong competitor to Kling AI in areas ranging from technology to AI infrastructure and talent, with co-founder Sergey Brin personally overseeing the research and development of its video generation models,” Wan Pengfei, head of Kuaishou’s visual generation and interaction center, said in an interview with Caixin on the sidelines of the World Artificial Intelligence Conference held in Shanghai from Saturday to Monday.</li><li>Riding the AI video wave sparked by OpenAI’s text-to-video model Sora in early 2024, Kuaishou in June that year <a href="https://www.caixinglobal.com/2024-06-07/kuaishou-unveils-a-rival-to-sora-that-produces-video-from-text-102204052.html" target="_blank" rel="noopener">launched Kling AI</a>, which can create short videos from written prompts and images.</li></ul>

An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the short-video specialist tries to capitalize on growing public interest in the tools.“Google is a very strong competitor to Kling AI in areas ranging from technology to AI infrastructure and talent, with co-founder Sergey Brin personally overseeing the research and development of its video generation models,” Wan Pengfei, head of Kuaishou’s visual generation and interaction center, said in an interview with Caixin on the sidelines of the World Artificial Intelligence Conference held in Shanghai from Saturday to Monday.Riding the AI video wave sparked by OpenAI’s text-to-video model Sora in early 2024, Kuaishou in June that year launched Kling AI, which can create short videos from written prompts and images.

Google Is Our Biggest Rival, Kuaishou’s AI Video Chief Says 

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) - 3Q25 Results: AI Empowers All Business Lines

Kuaishou announced 3Q25 results: total revenue increased by 14% YoY to RMB35.6bn, in line with Bloomberg consensus/our estimate; adjusted net...

CMB International

KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up

Revenue growth accelerated for third quarter to 14% YoY in 3Q25. GMV of live streaming e-commerce grew by 18% YoY in 3Q25. The operating margin...

Ming Lu

Kuaishou (1024 HK) - 2Q25 Results Beat; Solid AI and Core Businesses Momentum

Kuaishou reported 2Q25 results: total revenue was up by 13% YoY to RMB35.0bn and adjusted net profit grew by 20% YoY to RMB5.6bn, 2% and 11% ahead...

CMB International

KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside

The growth rate of GMV rose to 18% YoY in 2Q25 from 15% YoY in 1Q25. The operating margin improved to 13% in 2Q25 from 11% in 2Q24. We conclude an...

Ming Lu

Google Is Our Biggest Rival, Kuaishou’s AI Video Chief Says

An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the...

Caixin Global

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