Kuaishou Q1: overall revenue +3%, Kling AI +300%, annualized ARR approaching USD 500M. this is the classic "mature core, high-growth satellite" structure. the short video business funds the AI moonshot while the market prices in the old multiple. the investment question is whether Kling can scale internationally against Sora and Runway — domestic competition is fierce too. it's a fascinating risk-reward setup if you believe Chinese AI products can break out globally.
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