Orient Securities has issued a research report forecasting KUAISHOU-W's (01024) adjusted net profit attributable to shareholders at 196/230/259 billion yuan for 2025-2027. Referencing comparable companies, the firm assigns a 17x PE valuation for 2026, corresponding to a reasonable value of 3,911 billion CNY, equivalent to 4,281 billion HKD (at an exchange rate of 0.914 HKD to CNY), with a target price of HK$99.07 per share, maintaining a "Buy" rating.

The report highlights that on the multimodal front, KUAISHOU's Keling can maintain its leading position through foundational model iterations. The 2.5 Turbo version, with its combination strategy of "performance upgrades and 30% price reduction," is expected to further drive user growth and revenue increase.

Regarding the core business, AI continues to drive efficiency improvements in the main operations. Following the previous content recommendation system OneRec, which provided support for community ecosystem health, the AI reconstruction of the commercialization system brings long-term momentum for steady growth in the main business.