Kuaishou Technology
1024.HK · HKSE
Company research
Kuaishou Technology (1024.HK) is a Beijing-based Chinese internet investment holding company founded in 2011 and listed on the Hong Kong Stock Exchange in February 2021, operating one of China's leading short-video and live-streaming ecosystems under CEO Yixiao Cheng. The company's core platforms — including Kuaishou Flagship, Kuaishou Express, and Kuaishou Concept — serve over 400 million daily active users, with particularly strong penetration in lower-tier cities and rural areas across China, fostering a trust-based, community-driven social commerce model. Kuaishou generates revenue through three primary pillars: online marketing services (advertising), live-streaming virtual gifting, and a fast-growing e-commerce and other services segment that also encompasses artificial intelligence (AI) initiatives and mobile gaming. Beyond its domestic dominance as China's second-largest short-video platform by user time spent, Kuaishou continues to expand its digital ecosystem through creative tools such as Yitian Camera and Kmovie, content platforms including AcFun, and broader technology development efforts in software, hardware, and network infrastructure.
Research reports
1Q26 revenue grew 3% year-on-year to RMB 33.7bn with adjusted net profit of RMB 3.4bn, modestly ahead of both the firm’s forecast and Visible Alpha consensus, as online advertising (especially external-loop ads in content, local services, and AI applications) and other income offset a 13% decline in live-streaming. Management reported KLING AI’s ARR accelerating from USD 300m in January to USD 500m in March 2026, reiterated RMB 26bn in 2026 capex for AI, and maintained a “buy” rating with HK$64 target price while emphasizing risks from KLING capex outpacing revenue, tighter regulation, higher sales and marketing spend, macro softness, and intensifying live-streaming competition.
Huaxing Securities (Hong Kong) · March 27, 2026快手科技 (1024 HK, 买入, 目标价: HK$63.00)The authors highlight a strong 4Q25 print, with revenue up 11.8% year-on-year to RMB 39.6bn and adjusted net profit of RMB 5.5bn modestly above their and consensus estimates, driven by 5% total traffic growth, 15% e-commerce GMV growth, and 12% advertising revenue growth. They nonetheless forecast a 2026 slowdown in core business (about 4% revenue growth and a 12% decline in adjusted operating profit) given macro uncertainty, intensified e-commerce competition, Brazilian ad regulation, and more cautious live-streaming operations, but maintain a “buy” rating with a trimmed HK$63 target price based on 10x 2026E P/E for the core business plus a USD 5.3bn valuation for KLING AI, and flag AI capex, regulation, marketing expenses, macro weakness, and live-streaming competition as key risks.
SPDB International Securities Limited · March 26, 2026快手科技（1024.HK）：AI投入加大， 短期利润或承压SPDB International reports that 4Q25 revenue reached RMB 39.6bn (+11.8% year-on-year), with online marketing services up 14.5%, other services up 28.0%, and e-commerce GMV up 12.9% to RMB 521.8bn, supporting adjusted net profit of RMB 5.5bn and a 13.8% adjusted net margin, all slightly above market expectations. They see KLING AI as a major long-term growth driver, expecting 2026 AI revenue to roughly double to about USD 300m, and raise their target price to HK$68 (28% upside) while warning that increased AI investment may compress short-term margins and citing slower traffic and profit growth plus intense industry competition as principal risks under their maintained “buy” rating.