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KUAISHOU-W

01024
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Delay Closed: Nov 13, 16:08:17

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  • D
    Dolphin Research

    Kling 4.0 API debuts; Micron says 4F² is not the way forward | Daily News Recap

    1022 | Dolphin Research Focus: 🐬 Stock 1, $NVIDIA(NVDA.US) Jensen Huang delivered the keynote at GTC Berlin. Rubin is now fully ramped.

    Dolphin Research believes that, rather than just chasing performance, the company at this GTC Europe put more emphasis on 'making the economics work' on the product side. The only new product, DSX POD, shortens deployment time and could unlock $10-20 bn in potential revenue for customers. Beyond the 'economics' theme...

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    KUAISHOU-W

    KUAISHOU-W

    HK01024

    Today’s Key News Recap
  • D
    Dolphin Research

    Zhipu GLM-5.3 goes global on AWS; GOOGL to invest $1bn in nuclear to bolster compute capacity｜Daily News Recap

    1006 | Dolphin Research Focus: 🐬 Macro/Industry. The Houthis claimed three waves of large-scale strikes on Saudi territory, targeting Riyadh's King Khalid Intl Airport and Aramco's Rabigh refinery.

    Harassment along the Bab el-Mandeb strait has intensified, stoking concerns the conflict could shift from long-range strikes to physical control. Saudi Aramco's CEO warned global oil inventories are 'thin to a frightening degree', and even if hostilities ease, restocking could take two years.

    Red Sea shipping insurance costs are rising, so the $100 oil risk remains. Middle East supply risk has picked up again. If Saudi core oil and gas facilities suffer material damage, oil prices would move up rapidly...

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    KUAISHOU-W

    KUAISHOU-W

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    Today’s Key News Recap
  • F
    Fattycat
    Featured

    $KUAISHOU-W(01024.HK)

    🎬 Kling 4.0 is officially launching this October and How it Turn Video Creation Into Smart Operational Spend

    Kuaishou is set to launch its upgraded Kling 4.0 AI video model. Here is a quick breakdown of the major highlights and how it affects its financial reporting going forward.

    🔷Current Year Financial Impact

    • OpEx Versus Capitalisation

    Near zero marginal production costs mean AI video generation expenses go straight to Operating Expenses under IAS 38 and IFRS. They are no longer treated as capitalised intangible assets .

    • SaaS Accounting

    Enterprise platform subscriptions are expensed evenly over the subscription period.

    • Valuation and Equity

    Morgan Stanley analysts expect Kling 4.0 to lift stock valuations. Jefferies points to competition from ByteDance as a risk factor. Separately, Kuaishou bought back about HK$10 million in shares to support its share price.

    🔷Future Years Financial Impact

    • Detailed Cost Tracking

    Three level asset management at Enterprise, Project and Member levels lets finance teams assign exact AI compute usage to specific departments. Costs are no longer lumped broadly under marketing.

    • CapEx Pre Visualization

    Upcoming capital expenditure projects such as new facilities can be shown through thirty second video previews included directly in management reports.

    🔷Bottom Line

    Kling 4.0 turns video creation from a large capital spend into a controllable operational cost with clear internal tracking.

    Are you in favour of Kuaishou’s business operating model right now?

    Not financial and investment advice. Do your own DD ☺️.

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    品 Kling 4.0： The Future of AI Video Kuaishou set to revolutionize generative vid
    KUAISHOU-W

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    HK01024

  • F
    Fattycat

    $KUAISHOU-W(01024.HK)$BILIBILI-W(09626.HK)

    🚨 Tencent Sold - But Kuaishou & Bilibili Are Fine! Here’s Why

    Are Kuaishou and Bilibili in trouble after Tencent trimmed its stakes? The short answer is absolutely not. ✅

    The market reacted with short-term anxiety. Their latest earnings tell a very different story.

    These divestments are secondary-market transactions. Zero cash changes hands at the company level and founders keep full operational control. 🤝

    Why They Remain Strong:

    ✅ Partnerships Unchanged:

    Core collaborations - advertising, cloud, gaming and payments are completely unaffected.

    Tencent even recently backed Kuaishou’s AI unit, Kling AI! 🤖

    ✅ Financially Independent & Solid:

    Both are profitable, cash-positive and self-sustaining:

    • Kuaishou: Q2 revenue RMB 35.5B, profit RMB 3.1B, liquidity RMB 62.3B 💰

    • Bilibili: Liquidity RMB 24.3B, Q1 adjusted profit +62% YoY 📈

    Short-term sentiment and share supply may pressure prices but realistically and operationally nothing has changed.

    These are mature, self-sustaining businesses.

    Don’t let market noise overshadow strong fundamentals! 📊

    See the real numbers in the infographic below 👇

    Not financial advice. Please do your own DD😉.

    The Tencent Divestment： Market Sentiment vs. Operational Reality OPERATIONAL REA
    KUAISHOU-W

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    HK01024

  • D
    Dolphin Research

    Kuaishou is 'ripe'; all hopes now rest on Kling!

    $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 key is management's outlook for Keling's growth. This is especially important amid intensifying competition in video models, with peers rolling out new models that could add pressure.

    1) Keling delivered high growth as expected, but the sustainability of the next leg remains to be confirmed. Q2 Keling revenue was over RMB 850 mn (+30% QoQ), slightly above the ~RMB 840 mn guide provided after the Q1 print...

    G 快手
    shou Kling Revenue 100 millions 10.00 DolphinResearch c Kling e S qoq 91.2% ese
    Launch date Version Key new features Jun-24 Kling 1.0 Text-to-video launched， su
    Kuaishou uC Online Marketing Revenue CNY 100mn 250 earch Advertising Advertising+13
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    HK01024

    KuaishouFinancial Analysis
  • D
    Dolphin Research

    First Take on Kuaishou 2Q26: Q2 was soft. Headline results were broadly in line, but core sub-segments disappointed.

    On their own, the prints are unlikely to lift a valuation that has been correcting. The focus shifts to management’s growth outlook for Kolin, especially amid intensifying competition in video models and frequent rival launches.

    1) Kolin delivered high growth as guided: Q2 Kolin revenue exceeded RMB 850 mn, up over 30% QoQ.

    With MiniMax H3 launched in early Aug and drawing some traction, and major platforms stepping up investment in multimodal models, Kolin’s growth visibility will likely diminish. Management needs to provide key operating metrics and articulate the strategic path forward.

    2) Legacy biz remains under pressure, with small uplifts from new initiatives.

    Incremental innovation helps, but scale is still limited.

    (1) Ads missed: Q2 ad growth was ~4% YoY vs. the prior ~6% expectation.

    Growth has decelerated for three straight quarters, partly due to weaker ecosystem traffic (MAU still added 26 mn net, but ad-relevant DAU fell 1 mn net, suggesting a short-lived traffic push). It also reflects a soft consumption backdrop (e-commerce stopped disclosing GMV, and based on Q1 guidance growth is low; with reverse traffic subsidies in e-commerce, domestic-cycle ads are likely flat YoY or low-single-digit).

    Short dramas provided some incremental demand (Q2 short-drama ad spend +100%), but the share is small and competition is intense.

    Layer on high comps in H2, a near-term reacceleration looks unlikely.

    (2) Live-streaming continued to decline: Q2 live-streaming revenue fell 13.5%.

    It remains pressured by regulatory clean-ups and industry headwinds, and was in line with expectations.

    (3) E-commerce & others: Other revenue excluding Kolin was RMB 5.4 bn, +7% YoY, above guidance for flat YoY.

    The release did not detail specific drivers. Dolphin Research suspects shoppable boosts during CBA broadcasts (CBA rights signed in Mar, with embedded shopping entry points in CBA streams selling sports-related merchandise), plus revenue from online concerts launched in Apr; the call should clarify.

    3) Core profit missed: Core OP (GP minus the three opex lines, excluding other gains) was RMB 2.9 bn, down 38% YoY, below market expectations, mainly on a 35% surge in R&D.

    GPM was in line, flat QoQ and lower YoY, driven by Kolin compute investments and a higher mix of IAA short dramas with lower margins. S&M and G&A tightened in Q2.

    Adj. net profit was RMB 3.9 bn with an 11% margin, down 30% YoY and in line.

    4) Capex vs. shareholder returns: Q2 Capex was RMB 5.9 bn; management guided RMB 26 bn for FY26, with 1H totaling RMB 18 bn, consistent with front-loaded compute purchases concentrating Capex in 1H.

    Shareholder returns stepped up in Q2: HKD 880 mn spent repurchasing 19.6 mn shares at an Avg. price of HKD 45. Based on last quarter’s guidance, FY26 returns will exceed FY25’s HKD 5 bn; on top of a HKD 3 bn dividend, special dividends and buybacks imply a >4% yield. $KUAISHOU-W(01024.HK)

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  • F
    Fattycat

    $KUAISHOU-W(01024.HK)

    There are so much information flying around Kuaishou results now. let’s cut to the key points!

    Kuaishou Technology’s Q2 2026 earnings delivered a slight beat vs analyst expectations.

    Total revenue reached RMB 35.5 billion, up 1.4% year-on-year, with both operating profit and adjusted EPS coming in ahead of forecasts. 🎯

    Kling AI was the clear star, The revenue surged over 200% YoY, topping RMB 850 million, driven by breakthroughs like native 4K video output and Kling 3.0 Turbo.

    Monthly active users also grew strongly, up 11.5% to 797.3 million! 🤖

    R&D investment jumped 34.7% to RMB 4.6 billion to fuel AI growth, while the domestic business remained solidly profitable at RMB 3.7 billion.

    For the full breakdown of revenue drivers, profitability, and market comparisons, please read our two infographics for all the details! 👇

    Not financial advice. Do your own DD.

    Kuaishou Q2 2026： Navigating Growth Through AI Innovation A high-level overview
    品 KUAISHOU Kuaishou Technology Q2 2026： Analyst Expectations & Segment Analysis
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  • F
    Fattycat

    Today is Kuaishou earnings. I will be watching closely as I hold it through the HST ETF. I believe a good result will set the mood for Hang Seng Tech tomorrow. 🧐

    It will also support Alibaba shares price before its earning due tomorrow HK market closed.

    Beside this, metals close RED yesterday .Market is selling down due to recent higher bond yield (German, US and Japan). Do prepare for roller coaster ride if those rates stay longer than expected.

    C
    Captain's Watch
    ☕️ [Task Coins Giveaway] Daily Market Talk — Micron Gives Back $1,000

    Bonds set the price of everything yesterday, and an SG portfolio felt it from both ends. Memory took the worst of it, Micron handing back the $1,000 level it won a session earlier, while the STI slid ...

  • D
    Dolphin Research

    NVDA Adds $1.5bn to AI Compute Infra; META Teen-Addiction Trial Opens | Daily News Recap

    0818 | Dolphin Research Focus: 🐬 Macro/Industry

    1) The 30Y UST yield climbed to 5.32%, the highest since 2007, with the 10Y nearing 5%. The breakdown in U.S.-Iran talks fueled a 3-day oil rally, while global stocks and bonds weakened in tandem and Japan fell over 2%.

    Large fiscal deficits, oil-driven inflation, and heavy AI infra issuance are pushing up the long end. Equity multiples and risk appetite are under pressure.

    Higher long-end yields compress valuations for long-duration tech growth. Geopolitics are supporting oil and reinforcing sticky inflation, leaving risk assets under near-term pressure. Financing demand for compute and AI infrastructure continues to ramp...

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    KUAISHOU-W

    KUAISHOU-W

    HK01024

    Today’s Key News Recap
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