J.P. Morgan: Maintains "overweight" rating on Kuaishou-W, 4Q25 performance is stable and exceeds expectations, Canling and advertising businesses are bright spots.

On March 26, J.P. Morgan released a research report stating that they maintain an "overweight" rating for Kuaishou Technology (Kuaishou-W), with a target price of 89 Hong Kong dollars. The bank believes that Kuaishou's performance in the fourth quarter of 2025 is overall stable, with revenue slightly exceeding market expectations, and that advertising and the KouLing AI business continue to be the main highlights.