Application Software

AMTD Digital

Kuaishou

Financial Analysis

01024

81024

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...

KUAISHOU-W

KUAISHOU-WR

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

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Today’s Key News Recap

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1121 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night's non-farm payroll data was released, presenting a 'split' scenario. On one hand, the number of jobs grew beyond expectations, while on the other hand, the unemployment rate unexpectedly rose to a four-year high, leading to a setback in the Federal Reserve's rate cut expectations. The VIX fear index surged significantly during the day. Meanwhile, after NVIDIA's earnings report, its stock initially surged but quickly retreated, causing tech stocks to collectively decline, with Chinese concept stocks simultaneously falling. Market sentiment spread to Asia-Pacific, and today, both Hong Kong and A-share markets are under pressure...

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The market is in distress; Xiaomi Rises Courageously｜Today's Important News Review

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$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

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Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

Kuaishou 3Q25 Quick Interpretation: The third-quarter performance slightly exceeded expectations overall, not as poor as recent stock prices suggest. The current valuation corresponds to approximately 15x P/E for this year's core business (13x for next year), indicating that the premium for the Keling segment has not been significantly factored in. Therefore, the price adjustment from HKD 90 to HKD 60 is mainly related to the competitive impact of Sora 2 at the end of September and the overall decline in AI sentiment. 1. Significant internal efficiency improvement: The highlight of the financial report is the profit performance, with the core operating profit margin increasing by nearly 5 percentage points year-on-year, more significantly than in Q1 and Q2. The contraction in selling and administrative expenses deviates from market expectations. 2. Keling slightly exceeds expectations: The company guided Keling's third-quarter revenue to be between 280-300 million, and it is expected to increase in the fourth quarter due to the release of Kling 2.5 Turbo, with actual Keling revenue exceeding 300 million. Currently, Kling 2.5 Turbo remains at the top of the WenSheng video and TuSheng video large model rankings in terms of performance ELO scores. 3. Slowing growth in e-commerce transactions, potential increase in short drama monetization rate: Excluding Keling (calculated at 330 million), other income in Q3 grew by 34% year-on-year, significantly higher than the 20% growth in Q2. However, the year-on-year growth rate of Q3 e-commerce GMV was 15%, showing a slowdown. Considering changes in the year-on-year base, the growth rate is slightly below past levels when viewed from an inter-seasonal perspective. Therefore, the incremental income in other revenue items likely comes from paid short dramas, games, etc., and possibly from an increase in e-commerce commission rates. The actual situation can be monitored in the conference call. 4. Steady recovery in advertising: The growth rate of marketing and advertising revenue in the third quarter was 14%, continuing to recover from the second quarter, mainly benefiting from AI model iterations, new features enhancing ROI, and the penetration of intelligent delivery solutions, with UAX's penetration rate in external circulation ads reaching 70%. Additionally, the prosperity of the short drama industry itself will bring more traffic revenue and IAA revenue sharing. 5. Finally, let's look at the ecosystem: Kuaishou's user metrics have not performed well on third-party platforms in recent years. Although the data is not comprehensive, the pressure is greater compared to peers at least in horizontal comparison. The user metrics disclosed in the Q3 financial report also show low-speed stability, but the average daily user duration reached a new high, possibly related to growth driven by rich content such as short dramas and exclusive galas. The growth bottleneck of the ecosystem is one of the core factors suppressing Kuaishou's valuation. Although there is still room for improvement in current profitability (as shown in Q2 and Q3), the valuation is slightly inferior to the expected profit growth level. $KUAISHOU-W(01024.HK) $KUAISHOU-WR(81024.HK)

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AMTD Digital released FY2025 Q3 earnings on February 27, 2026 (EST) with actual revenue of USD 31.47 M and EPS of USD 0.0435

AMTD Digital released FY2025 Annual Earnings on February 27, 2026 (EST) with actual revenue of USD 136.1 M and actual EPS of USD 0.176

AMTD Digital released FY2024 Q4 earnings on February 27 (EST), actual revenue USD 7.138 M, actual EPS USD 0.024

AMTD Digital released FY2025 9 Months Earnings on February 27, 2026 (EST) with actual revenue of USD 104.63 M and actual EPS of USD 0.0435

AMTD Digital released FY2024 Q3 earnings on February 27, 2026 (EST), with actual revenue of USD 7.138 M and EPS of USD 0.024

AMTD Digital released FY2025 Q4 earnings on February 27, 2026 (EST), with actual revenue of USD 31.47 M and actual EPS of USD 0.0435

AMTD Digital released FY2024 9 Months earnings on February 27, 2026 (EST), with actual revenue of USD 13.31 M and EPS of USD 0.208

AMTD Digital released FY2025 Semi-Annual earnings on October 31 (EST), actual revenue USD 73.16 M, actual EPS USD 0

AMTD Digital released FY2025 Q2 earnings on October 31, 2025 (EST), with actual revenue of USD 36.58 M and EPS of USD 0

AMTD Digital released FY2025 Q1 earnings on October 31 (EST), actual revenue USD 36.58 M, actual EPS USD 0

AMTD Digital released FY2024 annual earnings on February 28 (EST), actual revenue 20.45 M USD, actual EPS 0.2316 USD

Shangchengshu Technology Co., Ltd. Board of Directors Approves Change in Fiscal Year End Date

AMTD Digital released FY2024 Q2 earnings on April 30, 2024 (EST), with actual revenue of USD 3.085 M and EPS of USD 0.092

AMTD Digital released FY2024 Q1 earnings on April 30, 2024 (EST), with actual revenue of USD 3.085 M and EPS of USD 0.092

AMTD Digital released FY2024 Semi-Annual earnings on April 30 (EST), actual revenue USD 6.169 M, actual EPS USD 0.184

AMTD Digital released FY2023 Annual Earnings on August 23 (EST), actual revenue USD 49.9 M, actual EPS USD 0.3335

AMTD Digital released FY2023 Q4 earnings on August 23 (EST), actual revenue USD 17.25 M, actual EPS USD 0.0831

AMTD Digital released FY2023 Q3 earnings on August 23 (EST) with actual revenue of 17.27 M USD and EPS of 0.0832 USD

AMTD Digital released FY2022 Annual Earnings on August 30 (EST), with actual revenue of 42.21 M USD and EPS of 0.1627 USD

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AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

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AMTD

AMTD Digital Inc. (NYSE:HKD) saw its stock price decline by 2.3% to $1.71, with a trading volume of 252,918 shares. Analysts have rated the stock as a 'Sell', with Weiss Ratings initiating coverage. Institutional investors have increased their stakes, with Renaissance Technologies boosting its holdings by 127.2%. AMTD Digital, a digital technology and financial service provider, offers various digital solutions. Despite the recent sell rating, some analysts suggest alternative stocks may be better investments.

Market Beat

AMTD Idea

Virtu Finc

AMTD Digital (NYSE:HKD) Trading Down 2.3%  - Time to Sell?

AMTD Provides Updates to Shareholders Regarding Positive Developments on the Expected Closing of Various Transactions Amounting to ~US$328 Million | HKD Stock News

StockTitan

AMTD Provides Updates to Shareholders Regarding Positive Developments on the Expected Closing of Various Transactions Amounting to ~US$328 Million | HKD Stock News

AMTD-Produced Films Achieve Cumulative Box Office of Over US$789 Million | HKD Stock News

AMTD-Produced Films Achieve Cumulative Box Office of Over US$789 Million | HKD Stock News

Dr. Feridun Hamdullahpur, Chairman of AMTD Group, Appointed to the Global Strategic Advisory Board of HKUST (GZ) | HKD Stock News

Dr. Feridun Hamdullahpur, Chairman of AMTD Group, Appointed to the Global Strategic Advisory Board of HKUST (GZ) | HKD Stock News

Dr. Calvin Choi, Founder of AMTD IDEA, Re‑Appointed as the Chief President of the Hong Kong Island Youth United Association | HKD Stock News

Dr. Calvin Choi, Founder of AMTD IDEA, Re‑Appointed as the Chief President of the Hong Kong Island Youth United Association | HKD Stock News

AMTD owned Global Art Media - The Art Newspaper Officially Registered in Hong Kong with the Government and Launches Its Inaugural Hong Kong Edition | HKD Stock News

AMTD owned Global Art Media - The Art Newspaper Officially Registered in Hong Kong with the Government and Launches Its Inaugural Hong Kong Edition | HKD Stock News

AMTD Digital(HKD.US)

AMTD Digital (NYSE:HKD) Trading Down 2.3% - Time to Sell?

AMTD Provides Updates to Shareholders Regarding Positive Developments on the Expected Closing of Various Transactions Amounting to ~US$328 Million | HKD Stock News

AMTD-Produced Films Achieve Cumulative Box Office of Over US$789 Million | HKD Stock News

Dr. Feridun Hamdullahpur, Chairman of AMTD Group, Appointed to the Global Strategic Advisory Board of HKUST (GZ) | HKD Stock News

Dr. Calvin Choi, Founder of AMTD IDEA, Re‑Appointed as the Chief President of the Hong Kong Island Youth United Association | HKD Stock News

AMTD owned Global Art Media - The Art Newspaper Officially Registered in Hong Kong with the Government and Launches Its Inaugural Hong Kong Edition | HKD Stock News

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