KUAISHOU-W (01024) has seen an increase of over 4%, rising 4.02% to HKD 89.2 with a trading volume of HKD 4.677 billion as of the time of reporting. Citigroup has released a research note stating that KUAISHOU-W is expected to announce its third-quarter results for the year around mid-November, with forecasts indicating that revenue and profits will align with market expectations. The growth of Gross Merchandise Value (GMV) is likely to maintain an approximate 15% year-on-year increase, driven by a recovery in live e-commerce and a solid performance in traditional e-commerce. Additional revenue growth could accelerate due to raised commission rates and monetization of e-commerce value-added services, as well as support for KUAISHOU’s promotional activities. Apart from core operations, Citigroup believes investors may focus on whether the management is more optimistic about KUAISHOU AI's revenue outlook for FY2025. For the upcoming Double 11 discount day, Citigroup anticipates that KUAISHOU will simplify its discount strategies and provide AI technological support to merchants to enhance GMV. The bank predicts that KUAISHOU's total revenue for the third quarter will rise 13% year-on-year to RMB 35.2 billion, in line with market expectations. Specifically, advertising, other revenue, and live streaming revenue are expected to grow by 12%, 36%, and 5% year-on-year, respectively, benefiting from a 15% year-on-year increase in GMV. Gross margin is projected to be 55%, while adjusted operating profit margin is expected to be 14%, down from 17% in Q2 2025, mainly due to increased marketing expenses. Consequently, adjusted earnings are anticipated to be RMB 4.86 billion, consistent with market expectations.