Interactive Media and Services

KUAISHOU-W

Kuaishou

Hot topic

01024

81024

BYTED

$KUAISHOU-W(01024.HK) sold off mainly on guidance from a small-group meeting (1Q26 &amp; 2026), which was broadly weak and fell well short of buy-side expectations. Management flagged pressure on top-line growth alongside higher investment, implying a sharp YoY decline in profit.1) Biggest drag: e-comm growth concerns — ads guided to low single-digit and GMV to stop being disclosed next year. Management now expects ad revenue growth of 8-9% in Q1 and 6-7% for the full year, a marked slowdown vs. 2025. While GMV will no longer be reported next year...

KUAISHOU-WR

ByteDance

Guide miss tanks shares; Is Kuaishou at $25bn a buy-the-dip?---

Conference Minutes

Below is Dolphin Research's Trans of Kuaishou's FY25 Q4 earnings call. For our take, see 'Kling Takes Off, Legacy Biz Delivers — Can Kuaishou Sustain an AI Re-rating?'. Key financials recap: 1) Shareholder returns — the BOD proposes a final dividend for the year ended Dec 31, 2025 of approx. HK$3.0bn; buybacks in 2025 total approx. HK$3.12bn (~56.78 mn shares, ~1.32% of shares outstanding), with a flexible approach to buybacks and dividends going forward...

Kuaishou (Trans): Ramp AI investment this year; flexible on buybacks and dividends

Financial Analysis

ARR-C

$KUAISHOU-W(01024.HK) released its Q4 report after the Hong Kong close on Mar 25 (Beijing time). The quarter slightly beat expectations overall.Key highlight: with revenue growth steady, internal efficiency gains lifted profits. In the breakdown, Kling fell short of the optimistic start-of-year sell-side expectations, and together with intensifying industry competition likely drove the pullback since Feb.However, management on the call indicated Kling actually performed solidly, with a constructive outlook. By contrast, legacy businesses are set to face notable pressure from the policy environment, competition, and the recognition of AI investment costs...

Ameriprise Financial

Armour Residential Reit

ARMOUR RESIDENTIAL REIT INC 7.00% CUM RED PFD STK SER C

AMTD Digital

Kuaishou: After a Near-Death Plunge, Can AI Power a Revival?

---

Kuaishou 4Q25 First Take: Q4 came in slightly ahead of expectations, with the upside driven more by tighter opex and better profitability. By revenue mix, the beat was in legacy ads and e-comm, while Kling marginally missed early-year buy-side expectations and thus did less for the valuation story. With the stock now at under 9x PE, this negative is likely priced in after the recent pullback. Guidance on Kling’s growth on the call will be key, as it will determine the rebound potential for a stock currently valued largely on its traditional businesses. 1) Kling fell short of early-year expectations: Kling v2.6 launched in Dec., and thanks to better motion control and synchronized audio-video features, user feedback was strong with monthly gross billings hitting a record of 20mn. On that, buy-side raised Q4 revenue expectations from the guided 300mn to 350–400mn, and for 2026 to nearly 2bn, implying an almost doubling. These were optimistic assumptions. Actual Q4 revenue was 340mn, near the low end of guidance and market expectations. There was likely some preview communication with investors; after a Dec. spike, metrics slipped quickly in Jan., and while Kling 3.0 arrived in Feb., the viral breakout of Seedance 2.0 dampened Kling’s rebound. As a result, expectations were cut, weighing on the share price since Feb. 2) E-comm growth steady: Q4 e-comm GMV rose 13%, with nearly 1.6tn for the full year. With influencer distribution, full custody, and the Super Link service, the commission take rate improved by 8bps YoY (down QoQ on peak-season rebate accruals). This drove e-comm revenue growth of roughly 22% YoY, slightly ahead of top-house estimates (~18%). 3) Ads slightly beat: Revenue grew 15%, helped by last year’s low base, solid e-comm, the continuing boom in short dramas (incl. AI comics) and mini-games, and incremental adoption of AIGC ad tools. Ad growth re-accelerated QoQ in Q4. 4) Margin expansion continued: Despite stepping up AI spend (equipment depreciation +10% YoY; R&amp;D +34% YoY), the company tightened basic opex, with staff costs up 4% and S&amp;M flat YoY. Core OPM reached 13.5%, up 350bps YoY and 40bps QoQ. 5) User ecosystem stable: The platform is mature, so user metrics were steady. MAU was 740mn, DAU 410mn, user stickiness 55%, and time spent was flat YoY. 6) Potential for higher shareholder returns: With the Q4 correction, the company stepped up buybacks, repurchasing HKD 3.2bn for the full year and announcing a HKD 3.0bn dividend, implying a 2.7% shareholder return. Kuaishou has ample cash and the stock remains under pressure, so it may maintain sizable buybacks after the blackout; watch management’s commentary on the call. $KUAISHOU-W(01024.HK) $KUAISHOU-WR(81024.HK)

Today’s Key News Recap

GOOG

GOOGL

HXXD

NVDA

01810

81810

XIACY

TSLA

0121 | Dolphin Research Focus: 🐬 Macro/Industry — China's MIIT will issue guidelines to build a comprehensive standardization framework for humanoid robots and embodied AI. The framework spans five core modules: foundational/common standards, safety, system integration, key components/tech, and testing. It will prioritize urgently needed specs such as multimodal perception and interfaces for core components.In parallel, supporting measures include industry investment funds and the build-out of open-source tech communities to speed tech transfer and global sharing. These moves target pain points around fragmented tech roadmaps and weak product interoperability.Policy support should accelerate the commercialization of humanoid robots. Beneficiaries include sensors, servo systems, and AI algorithms...

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

NVIDIA

Meta Platforms

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Tesla

PDD hit with RMB 100k fine; TSLA Dojo3 returns | Daily News Recap

09980

BULL

605499

BULLW

Jan 16 | Dolphin Research Focus: 🐬 Stocks. 1、$NVIDIA(NVDA.US) Nvidia was criticized for errors in a technical report on data-center copper usage, and has quietly revised the figures.It cut the estimated copper busbar requirement per GW for traditional racks to 200 tons from 500,000 tons — a drastic change. The correction undercuts the aggressive thesis that AI compute would trigger an explosive surge in copper demand, prompting a reset of supply-demand assumptions across the copper value chain. Near term, it deflates copper-price froth and eases data-center build-cost pressure.2、$KUAISHOU-W(01024.HK) Kuaishou announced a dual-currency senior notes offering. ...

EASTROC

Webull

EASTROC BEVERAGE

WisdomTree Gold

Taiwan Semiconductor

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

NVDA quietly revises data, slashing its copper consumption forecast; Kuaishou to issue a three-tranche notes offering | Daily News Recap

00772

09868

XPEV

0112 | Dolphin Research Focus: 🐬 Stock 1, $CHINA LIT(00772.HK) jumped 10%+ today. The move was driven by a deep AIGC tie-up with Shengshu Tech.Its 'Yuewen Comic-Drama Assistant' fully integrated the multimodal LLM 'Vidu'. AI now spans the end-to-end creation workflow to cut costs, boost efficiency, and strengthen visual IP monetization, aligning with the industrialization of AI content.This should accelerate the conversion of online-literature IP into comic-dramas and short-form series, opening new growth avenues. Sentiment was also helped by a rebound in China and AI names on the day...

CHINA LIT

XPENG-W

XPeng

XPEV's Aeroht files for IPO confidentially; AI theme takes off｜Daily News Recap

600519

0105 | Dolphin Research Focus: 🐬 Macro/Industry — Over the weekend, the U.S. move to detain Venezuela's President Nicolás Maduro roiled global markets. Washington tightened the oil blockade, driving the country's crude exports near zero, stranding over 17 mn bbl at sea, and forcing field shutdowns. Markets swung sharply, with Brent/WTI whipsawing at the open and gold rallying on haven demand, underscoring how U.S. unilateralism can disrupt diplomacy and energy markets...

Moutai

Kling Frenzy Lifts Kuaishou; Moutai Rallies on a Flurry of Moves | Daily News Recap

1223 | Dolphin Research Focus: 🐬 Macro/Industry. Dec 22–23, the National Housing and Urban-Rural Development Work Conference in Beijing set stabilizing the property market as the core task through 2026.Planned actions include city-specific policies to cap new additions, clear inventory, and optimize the supply mix, and converting existing commercial housing into affordable units. A 'whitelist' program will support developer financing, and a completed-home sales regime will be promoted to curb delivery risk. At the same time, Housing Provident Fund reforms will be deepened and a housing quality upgrade initiative rolled out...

BABA-W

BABA plans a big order to secure AMD MI308; Kuaishou hit by fraud rings, campaign backfires | Daily News Recap

HMTD

03690

02015

83690

MPNGY

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

SOXS

SOXL

1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

Meituan HK SDR 5to1

MEITUAN

LI AUTO-W

MEITUAN-WR

Meituan

Li Auto

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Salesforce

Micron Tech

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

Kuaishou's Kling AI Reportedly Launches Membership Model Discount Plan

Rival AI video apps like Kuaishou's Kling AI are gaining ground after OpenAI's Sora shutdown

Kuaishou's Esports Team to Compete in Honor of Kings Pro League Spring Playoffs

Kuaishou's 'Manju' (animated drama) business sees daily consumption soar to 20 million yuan

Kuaishou repurchased 1.8846 million shares for approximately HK$84.59 million on March 30

China Merchants Securities International lowers Kuaishou's target price to HK$76, maintains 'Overweight' rating

China's SAMR Vows to Strictly Regulate the Live-Streaming E-commerce Industry

Kuaishou's game "Lord of the Mysteries" is confirmed to be officially launched in 2026

Kuaishou's stock price plummets after releasing 'contradictory' financial report, as market worries about slowing growth and high AI investment

CSC Financial Reaffirms Buy Rating on Kuaishou Technology's Class B Shares

Kuaishou repurchased 1,075,000 shares

Multiple investment banks are optimistic about Kuaishou following its 2025 earnings release, focusing on AI business growth and valuation repair

Kuaishou Technology Executive Attends 2026 China Network Media Forum

Kuaishou's 'Beijing Style' Spring Festival event contributed over 900 million yuan in incremental consumption

Morgan Stanley slashes Kuaishou's target price by 25% to HK$55, stating the AI story cannot support its fundamentals

Kuaishou releases 2025 Community Governance Report, deepening platform content ecosystem management

Kuaishou Technology to Hold Annual General Meeting on June 25, 2026

 Haitong International Publishes Report: Kuaishou's Total Revenue Grew by 12% to 39.6 Billion Yuan in 2025

KUAISHOU-W(01024.HK)

KUAISHOU-W Stock Performance Chart