External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><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 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

Kuaishou Technology

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