# Kuaishou Technology (1024.HK)

Canonical: https://gigainvestors.com/s/1024.HK

Analysis as of: 2026-10-16T07:35:05.003Z. Financial observations: FY2017–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 28.58 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 4.68×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: -0.03×

- FY2019: 0.02×

- FY2020: -0.18×

- FY2021: -0.34×

- FY2022: -0.12×

- FY2023: 0.05×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 32.9%

- ROIC, second-lowest year: -53.3%

- Typical minus recent gross margin: -12.6 pp

- Typical gross margin (annual median): 42.0%

- Recent gross margin (lower of latest and 3-year median): 54.6%

- Years with nonpositive capital: 4

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 22.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 0.0%

- FY2019: >100%

- FY2020: 0.0%

- FY2021: -172.6%

- FY2022: -53.3%

- FY2023: 37.1%

- FY2024: 34.4%

- FY2025: 32.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -63B

- Net income, five-year total: CNY -51B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 3.9 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -81B

- FY2022: CNY -15B

- FY2023: CNY 6.4B

- FY2024: CNY 13B

- FY2025: CNY 13B

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 100.0% vs 34.4%

- Per-share earnings: -4.78 to 3.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 1.1%

- Per-share value change: CNY 8.26

- Per-share value, starting three-year median: CNY -4.78

- Per-share value, ending three-year median: CNY 3.48

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 34.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY -4.88

- FY2018: CNY -3.03

- FY2019: CNY -4.78

- FY2020: CNY -28.04

- FY2021: CNY -18.47

- FY2022: CNY -3.22

- FY2023: CNY 1.44

- FY2024: CNY 3.48

- FY2025: CNY 4.23

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -287.2%

- FY2018: -86.5%

- FY2019: -85.4%

- FY2020: -228.1%

- FY2021: -78.4%

- FY2022: -16.2%

- FY2023: -13.5%

- FY2024: -10.3%

- FY2025: -4.9%

## Holders

## Price story

Down 72% since Oct 2021 · sales +12.5%

Story as of 2026-10-16T10:00:03.605Z; price observation 2026-10-15.

- 2025-12-23: China's Kuaishou shares fall to near five-week low after livestreaming cyberattack ([finance.yahoo.com](https://finance.yahoo.com/news/chinas-kuaishou-shares-fall-near-035850224.html))

- 2026-01-15: Kuaishou Markets First Offshore Bond to Fund AI Push ([finance.yahoo.com](https://finance.yahoo.com/news/kuaishou-markets-first-offshore-bond-154730085.html))

- 2026-07-06: Kuaishou Jumps 6.9% as Kling AI Secures $2 Billion ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/kuaishou-jumps-6-9-kling-173121772.html))

### Sales · FY2024–2025

sales +12.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 8.3B 

- FY2018: CNY 20B 

- FY2019: CNY 39B 

- FY2020: CNY 59B 

- FY2021: CNY 81B 

- FY2022: CNY 94B 

- FY2023: CNY 113B 

- FY2024: CNY 127B 

- FY2025: CNY 143B 

### Gross margin · FY2025

gross margin 55%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 31.3% 

- FY2018: 28.6% 

- FY2019: 36.1% 

- FY2020: 40.5% 

- FY2021: 42.0% 

- FY2022: 44.7% 

- FY2023: 50.6% 

- FY2024: 54.6% 

- FY2025: 55.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are CNY 142.8 billion.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2025-12-31 (filed 2026-10-16T07:35:05.003Z); FY2025: revenue 142776000000; grossProfit 78549000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1024.HK: Kuaishou Technology, an investment holding company, provides live streaming, online marketing, and other services in the People's Republic of China. It offers Kuaishou Flagship, a short video and content based social networking platform; Kuaishou Express; Kuaishou Concept; Yitian Camera, an app to create features Japanese-and-Korean-style filters and cute stickers; Kmovie, a shooting, editing, and production tool; and AcFun, a video sharing website. The company also provides entertainment, e-commerce, online games, online knowledge-sharing, and others. In addition, it engages in developing software, hardware, and network technology; investment activities; and providing programming and advertising, internet information, technology development, promotion, and other services. Kuaishou Technology was founded in 2011 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 50.6% to 55% during 2023–25; it earns 32.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2023-12-31 (filed 2026-10-16T07:35:05.003Z); FY2023: grossProfit / revenue = 50.6%.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2024-12-31 (filed 2026-10-16T07:35:05.003Z); FY2024: grossProfit / revenue = 54.6%.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2025-12-31 (filed 2026-10-16T07:35:05.003Z); FY2025: grossProfit / revenue = 55%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:05.003Z); 9-year return on capital observations [[2017,1.000001],[2018,0],[2019,1.000001],[2020,0],[2021,-1.7263933845231973],[2022,-0.5333002301077874],[2023,0.37079752066628713],[2024,0.34379402205359444],[2025,0.329404919356859]]; median 0.329404919356859. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 29.2% of cash earnings on expansion; paid dividends in 1 of 7 years.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2023-12-31 (filed 2026-10-16T07:35:05.003Z); FY2023: growth capex 0; upkeep 4897000000; owner earnings 6354600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2024-12-31 (filed 2026-10-16T07:35:05.003Z); FY2024: growth capex 923000000; upkeep 7140000000; owner earnings 13247800000. Growth capex / owner earnings = 0.06967194553057866.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2025-12-31 (filed 2026-10-16T07:35:05.003Z); FY2025: growth capex 3659820059.037264; upkeep 11282179940.962736; owner earnings 12542020059.037264. Growth capex / owner earnings = 0.29180467275685373.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:05.003Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2025,1800000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/5Y0.F.json#2025-12-31 (filed 2026-10-16T07:35:05.003Z); FY2025: cash repurchases 2927000000 CNY.

### Are managers owners

Insiders own 16% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1024.HK SharesStats.PercentInsiders = 15.956999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:05.003Z); Closing price 28.58 HKD; reporting-to-trading FX 1.1727222788982186; FY2025 annual sales per share 32.434348023625624; price multiple 0.7513838846251608. FY2025 cash earnings/share 2.8491640297676657. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2021-02: HKD 308.80 per share

- 2021-03: HKD 270.00 per share

- 2021-04: HKD 263.00 per share

- 2021-05: HKD 194.30 per share

- 2021-06: HKD 194.80 per share

- 2021-07: HKD 110.10 per share

- 2021-08: HKD 84.50 per share

- 2021-09: HKD 82.70 per share

- 2021-10: HKD 103.50 per share

- 2021-11: HKD 84.95 per share

- 2021-12: HKD 72.05 per share

- 2022-01: HKD 87.95 per share

- 2022-02: HKD 89.55 per share

- 2022-03: HKD 74.20 per share

- 2022-04: HKD 66.75 per share

- 2022-05: HKD 76.00 per share

- 2022-06: HKD 87.40 per share

- 2022-07: HKD 79.00 per share

- 2022-08: HKD 68.80 per share

- 2022-09: HKD 50.95 per share

- 2022-10: HKD 32.30 per share

- 2022-11: HKD 56.55 per share

- 2022-12: HKD 71.05 per share

- 2023-01: HKD 68.65 per share

- 2023-02: HKD 52.50 per share

- 2023-03: HKD 60.45 per share

- 2023-04: HKD 51.30 per share

- 2023-05: HKD 53.00 per share

- 2023-06: HKD 53.55 per share

- 2023-07: HKD 67.20 per share

- 2023-08: HKD 64.20 per share

- 2023-09: HKD 62.85 per share

- 2023-10: HKD 50.35 per share

- 2023-11: HKD 57.70 per share

- 2023-12: HKD 52.95 per share

- 2024-01: HKD 39.10 per share

- 2024-02: HKD 44.50 per share

- 2024-03: HKD 49.05 per share

- 2024-04: HKD 55.95 per share

- 2024-05: HKD 55.45 per share

- 2024-06: HKD 46.15 per share

- 2024-07: HKD 43.80 per share

- 2024-08: HKD 40.30 per share

- 2024-09: HKD 54.85 per share

- 2024-10: HKD 45.90 per share

- 2024-11: HKD 48.20 per share

- 2024-12: HKD 41.35 per share

- 2025-01: HKD 42.10 per share

- 2025-02: HKD 50.60 per share

- 2025-03: HKD 54.35 per share

- 2025-04: HKD 51.60 per share

- 2025-05: HKD 53.30 per share

- 2025-06: HKD 63.30 per share

- 2025-07: HKD 77.00 per share

- 2025-08: HKD 75.35 per share

- 2025-09: HKD 84.60 per share

- 2025-10: HKD 72.35 per share

- 2025-11: HKD 67.80 per share

- 2025-12: HKD 63.95 per share

- 2026-01: HKD 80.15 per share

- 2026-02: HKD 62.85 per share

- 2026-03: HKD 45.12 per share

- 2026-04: HKD 42.90 per share

- 2026-05: HKD 45.54 per share

- 2026-06: HKD 41.60 per share

- 2026-07: HKD 43.70 per share

- 2026-08: HKD 33.58 per share

- 2026-09: HKD 30.94 per share

- 2026-10: HKD 28.58 per share

## Annual estimated value (HKD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.