Kuaishou Technology (1024 HK): 4Q25: Intact Top-line And Earnings Growth; Ramps Up Kling AI Capex; Soft 2026 Outlook.

Kuaishou’s 4Q25 results are in line with expectations. Revenue increased 12% yoy to Rmb39.6b, slightly better than our and consensus estimates. Gross profit margin expanded 1ppt yoy to 55%. Non-IFRS net profit grew 16% yoy to Rmb5.5b, largely in line with our and consensus forecasts. Management guided a 1Q26 revenue growth of 2.5% while earnings are estimated to drop over 40% yoy to Rmb3b, missing our and consensus estimates. Maintain BUY with a slightly lower target price of HK$82.00.

Greater China Daily: Thursday, March 26, 2026

Top Stories Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overseas and downstream growth partly offset weak domestic demand. Maintain BUY. Target price: HK$26.10. C...

PDD 4Q25 Results: Supply Chain Remains a Key Area of Investments

What’s new: PDD’s reported 4Q25 revs that are largely in-line with consensus and above our expectations. Visibility on profitability would remain limited as the company is willing to let go of short term profit in exchange for long-term development of the platform ecosystem. We lower our PT from US$120 to US$110 on lowered margin expectations. Our updated PT of US$110 implies 9.8x FY26E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

Grasping the AI Infra Buildout & GTC takeaways