Major Hong Kong-listed stocks traded mixed on Thursday as their earnings painted an uneven picture of demand, advertising momentum and artificial intelligence-driven spending heading into 2026.

Baozun (HKG:9991) shares jumped nearly 12% after the brand-e-commerce solutions' management signaled store expansion and stronger growth in the first quarter of 2026.

The firm runs Gap's business in mainland China through stores and e-commerce under its Baozun Brand Management segment which recorded 24% higher revenue during the final quarter of 2025.

Baozun chairman and founder Vincent Qiu told Bloomberg TV that China's consumer market had recovered "a little," and the firm expected to see an even stronger first-quarter 2026 in terms of growth.

The firm also plans to open 50 new Gap stores in tier one to tier three cities in China during 2026 and is planning a come back in Hong Kong.

Kingsoft (HKG:3888) shares jumped over 4% after the Chinese tech firm posted stellar gains in its earnings even as revenue took a hit.

The firm's attributable profit more than doubled to 975 million yuan in the fourth quarter of 2025 from 460.2 million yuan a year prior, while annual profit jumped 29% to 2 billion yuan from 1.55 billion yuan.

Kingsoft said it saw growth across its principal business areas thanks to the expanded number of paying subscribers and continuous iteration of AI capabilities.

Optimism surrounding Kuaishou Technology's (HKG:1024) business dampened Thursday as the stock fell nearly 14% in afternoon trade.

The Chinese short-video platform's 2025 profit and revenue rose from 2024 levels, though its outlook for 2026 was subdued.

Analysts at Nomura downgraded the stock to neutral after the firm predicted 4% growth in revenue for the year, below the Bloomberg consensus estimate of 9.5%.

According to the firm's research, Kuaishou's profits could come under pressure in 2026 on ramped-up artificial intelligence investments and slowdown in the ads business, which accounts for over half of the company's total revenue.

Sunac Services (HKG:1516) shares slumped over 23% in Thursday trade even as the property manager returned to profitability in 2025.

The firm booked 202.7 million yuan in attributable profit for the year, compared to a 451.2 million yuan loss in 2024.

Revenue fell 2.2% year on year to 6.82 billion yuan, while the company declared a final dividend of 0.01 yuan per share which compared to the 0.143 yuan at the end of 2024.