Key takeaways from Kuaishou's 2Q26 Earnings call.

$KUAISHOU-W(01024.HK) Q2 results were muted. While the print was broadly in line, core segments disappointed with ads missing. The numbers alone are unlikely to lift a valuation that has been under pressure.

The following is Dolphin Research's Trans of the $Kuaishou-W(01024.HK) 1Q26 earnings call. For our earnings analysis, cf. 'Kuaishou: Comeback rides on Keling'.

$KUAISHOU-W(01024.HK) sold off mainly on guidance from a small-group meeting (1Q26 & 2026), which was broadly weak and fell well short of buy-side expectations.

1) Biggest drag: e-comm growth concerns — ads guided to low single-digit and GMV to stop being disclosed next year.

Below is Dolphin Research's Trans of Kuaishou's FY25 Q4 earnings call.

$KUAISHOU-W(01024.HK) released its Q4 report after the Hong Kong close on Mar 25 (Beijing time). The quarter slightly beat expectations overall.

The following is the content of the 3Q25 earnings call minutes for $KUAISHOU-W(01024.HK) organized by Dolphin Research. For financial report interpretation, please refer to "Kuaishou: Saying Goodbye to 'Rustic' Valuation, Still Relying on KOLs." 1. Review of Core Financial Information: Total revenue for the third quarter increased by 14.2% year-on-year to RMB 35.6 billion, with core commercial business (online marketing services and other services, mainly e-commerce) revenue growing by 19.2% year-on-year. Driven by stable revenue performance, operating profit increased by 69.9% year-on-year to RMB 5.3 billion...

$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

The following are the minutes of the FY25Q2 earnings call for $KUAISHOU-W(01024.HK) organized by Dolphin Research. For earnings interpretation, please refer to "Keling to the Rescue, E-commerce Kuaishou 'Transforming' AI Kuaishou?" 1. Review of Core Financial Information 1. Important Announcement: Stop Disclosing GMV a. Reason: The e-commerce business has matured (annual GMV exceeds 1.5 trillion), and a single GMV metric cannot fully reflect its health and long-term value (such as AI empowerment, user experience, etc.). Aligning with industry peers. b. GMV will still be disclosed in Q3, Q4 of 2025 and the 2025 annual report...

$KUAISHOU-W(01024.HK) released its second-quarter report after the Hong Kong stock market closed on August 21, Beijing time. Recently, Kuaishou's stock price performance can be described as one of the hottest in the Hong Kong stock market, with the major contributor being Kling. Although Kling's contribution to the group's profit is not significant, the shift in sentiment has already driven Kuaishou's e-commerce valuation from 10x slowly towards a 15x "platform & technology" valuation. So how is the performance of the traditional main business outside of Kling? Specifically, the second-quarter results are as follows: 1. User ecosystem remains stable: The monthly active users in the second quarter reached 715 million, with a net increase of 3 million compared to the previous quarter...