Kuaishou: It is expected that the return on equity will increase to about 4% by 2026, and the full-year target of positive free cash flow will be maintained.

During the first quarter earnings conference call in 2026, Kuaishou Technology's Chief Financial Officer Jin Bing stated that on the basis of a 3 billion Hong Kong dollar annual dividend this year, Kuaishou will continue to actively engage in share buybacks. It is expected that the total shareholder return amount for 2026, including dividends and share buybacks, will further increase from the previous year, resulting in a shareholder return rate of approximately 4%. In terms of capital expenditures, Jin Bing stated that the company expects capital expenditures to be around 26 billion yuan in 2026, and the current guidance is not expected to be adjusted, with a majority of the capital expenditures expected to occur in the first half of the year. Additionally, in response to the increase in computational power prices, the company has made advance purchases to better control the cost of computational power purchases during the market price upswing phase. Despite these capital expenditures, Kuaishou's annual goal remains to maintain positive free cash flow at the group level.