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 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.</li><li>During the period, adjusted net profit declined by 26% YoY to RMB3.37bn, mainly due to the increase in AI-related investment, but 11% ahead of the consensus estimate mainly due to higher-than-expected other income/gains.</li><li>Kling AI maintained strong monetization momentum, with 1Q26 revenue up by over 300% YoY to RMB650mn. </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 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.During the period, adjusted net profit declined by 26% YoY to RMB3.37bn, mainly due to the increase in AI-related investment, but 11% ahead of the consensus estimate mainly due to higher-than-expected other income/gains.Kling AI maintained strong monetization momentum, with 1Q26 revenue up by over 300% YoY to RMB650mn. 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) - 1Q26 Review: Kling AI Maintained Strong Monetization Momentum

<ul><li>Kuaishou reported 4Q25 results: total revenue grew by 12% YoY to RMB39.6bn, and adjusted net profit was up by 16% YoY to RMB5.5bn, both 2% ahead of Bloomberg consensus estimates, thanks to the strong revenue growth of core commercial businesses (+17% YoY). FY25 total revenue/adj. net profit grew by 13%/17% YoY respectively.</li><li>Looking into FY26E, we expect total revenue to grow by 4% YoY, showing a deceleration mainly due to the live streaming business adjustment, overseas business headwinds, and initiatives to support e-commerce merchants. AI monetization momentum remains robust: management expects Kling AI revenue to grow by over 100% YoY in FY26E, but the increased AI investment will drag short-term margin.</li><li>Thus, we lower our FY26-27E adj. net income forecasts to RMB17.1/20.3bn (previous: RMB23.8/26.7bn), and trim our SOTP-derived TP to HK$80.0 (previous: HK$88.0). </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 4Q25 results: total revenue grew by 12% YoY to RMB39.6bn, and adjusted net profit was up by 16% YoY to RMB5.5bn, both 2% ahead of Bloomberg consensus estimates, thanks to the strong revenue growth of core commercial businesses (+17% YoY). FY25 total revenue/adj. net profit grew by 13%/17% YoY respectively.Looking into FY26E, we expect total revenue to grow by 4% YoY, showing a deceleration mainly due to the live streaming business adjustment, overseas business headwinds, and initiatives to support e-commerce merchants. AI monetization momentum remains robust: management expects Kling AI revenue to grow by over 100% YoY in FY26E, but the increased AI investment will drag short-term margin.Thus, we lower our FY26-27E adj. net income forecasts to RMB17.1/20.3bn (previous: RMB23.8/26.7bn), and trim our SOTP-derived TP to HK$80.0 (previous: HK$88.0). 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) - Solid AI monetization progress; increasing AI investment may impact ST margin

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>“Online marketing revenue per Daily Active User” continued to recover in 4Q25.</li>
<li>GMV (Gross Merchandise Value) continued to rise by two digits in 4Q25.</li>
<li>The operating margin has been improving in the past three years.</li>
</ul>


“Online marketing revenue per Daily Active User” continued to recover in 4Q25.
GMV (Gross Merchandise Value) continued to rise by two digits in 4Q25.
The operating margin has been improving in the past three years.


KS/Kuaishou (1024 HK): 4Q25, Operating Profit Up by 35%

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>None of the companies that we are monitoring got approval.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
None of the companies that we are monitoring got approval.


Tencent/Netease: Zero Game Approval Despite New High in Approved Games

<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

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) - 1Q26 Review: Kling AI Maintained Strong Monetization Momentum

Kuaishou announced 1Q26 results: total revenue was up by 3% YoY to RMB33.7bn, largely in line with Bloomberg consensus estimate.

CMB International

Kuaishou (1024 HK) - Solid AI monetization progress; increasing AI investment may impact ST margin

Despite short-term margin pressure, we expect the AI investment to gradually bear fruit through accelerating Kling AI monetization and core...

CMB International

KS/Kuaishou (1024 HK): 4Q25, Operating Profit Up by 35%

“Online marketing revenue per Daily Active User” continued to recover in 4Q25. GMV continued to rise by two digits in 4Q25. The operating margin...

Ming Lu

Tencent/Netease: Zero Game Approval Despite New High in Approved Games

NPPA released its August 2026 domestic game approval batch. None of the companies we track received approval despite overall monthly approval...

Ke Yan, CFA, FRM

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

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