Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Kuaishou (KS) reported C1Q25 rev., non-IFRS op. profit, and IFRS net income in line, in line, and 5.9% vs. our est.; </li>
<li>We see both BILI and KS as mid-sized platforms with more flexibility to grow both domestically and internationally, by monetization and technology;</li>
<li>We raised our TP from HK$70 to HK$73 to reflect better outlook in entertainment live streaming and Kling-AI related revenue. Traded at cheap valuation, </li>
</ul>


Kuaishou (KS) reported C1Q25 rev., non-IFRS op. profit, and IFRS net income in line, in line, and 5.9% vs. our est.; 
We see both BILI and KS as mid-sized platforms with more flexibility to grow both domestically and internationally, by monetization and technology;
We raised our TP from HK$70 to HK$73 to reflect better outlook in entertainment live streaming and Kling-AI related revenue. Traded at cheap valuation, 


[Kuaishou (1024 HK, BUY, TP HK$73) TP Change]: C1Q25 Review: Mid-Sized Has Better Chance to Grow

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.

<ul><li>Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both in line with consensus estimate.</li><li>Kling AI monetization is better than our expectation, generating over RMB150mn in 1Q25.</li><li>Supported by the upgrade of Kling AI 2.0, we are more upbeat on Kuaishou’s AI monetization and expect Kling AI revenue to surpass RMB700mn in FY25E.</li></ul><p><em>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.</em></p>

Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both in line with consensus estimate.Kling AI monetization is better than our expectation, generating over RMB150mn in 1Q25.Supported by the upgrade of Kling AI 2.0, we are more upbeat on Kuaishou’s AI monetization and expect Kling AI revenue to surpass RMB700mn in FY25E.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) - Inline 1Q25 Results; AI Monetization Accelerating

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>KS performance was just fine in 1Q25, but KS stock is undervalued.</li>
<li>In 1Q25, revenue grew by 11% YoY and the operating margin was flat with 1Q24.</li>
<li>We believe KS just moved part of e-commerce revenue from online marketing to live streaming.</li>
</ul>


KS performance was just fine in 1Q25, but KS stock is undervalued.
In 1Q25, revenue grew by 11% YoY and the operating margin was flat with 1Q24.
We believe KS just moved part of e-commerce revenue from online marketing to live streaming.


Kuaishou (1024 HK): 1Q25, Just Stable, But Undervalued Stable

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is now looking to raise up to US$421m, in its Hong Kong IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.


JD Industrials IPO - Valuation Cut Means Its Priced to Go

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, BUY, TP HK$73) TP Change]: C1Q25 Review: Mid-Sized Has Better Chance to Grow

Kuaishou's strong financials and growth potential lead to raised target price by analysts, highlighting opportunities in live streaming and AI...

Blue Lotus Research Institute

Kuaishou (1024 HK) - Inline 1Q25 Results; AI Monetization Accelerating

Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both...

CMB International

Kuaishou (1024 HK): 1Q25, Just Stable, But Undervalued Stable

KS performance was just fine in 1Q25, but KS stock is undervalued. In 1Q25, revenue grew by 11% YoY and the operating margin was flat with 1Q24.

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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[Kuaishou (1024 HK, BUY, TP HK$73) TP Change]: C1Q25 Review: Mid-Sized Has Better Chance to Grow

​Kuaishou's strong financials and growth potential lead to raised target price by analysts, highlighting opportunities in live streaming and AI...

Blue Lotus Research Institute

Kuaishou (1024 HK) - Inline 1Q25 Results; AI Monetization Accelerating

Kuaishou reported inline 1Q25 results: total revenue increased by 11% YoY to RMB32.6bn, and adjusted net profit was up by 4% YoY to RMB4.6bn, both...

CMB International

Kuaishou (1024 HK): 1Q25, Just Stable, But Undervalued Stable

KS performance was just fine in 1Q25, but KS stock is undervalued. In 1Q25, revenue grew by 11% YoY and the operating margin was flat with 1Q24.

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Kuaishou's strong financials and growth potential lead to raised target price by analysts, highlighting opportunities in live streaming and AI...