Kuaishou Technology
- Отрасль
- Internet Platforms
- Биржа
- Гонконг
- Страна / Регион
- Hong Kong
- Сотрудники
- 24 202
- Сайт
- www.kuaishou.com
Сводный диапазон оценки · консервативный HK$38–HK$43 / справедливый HK$44–HK$60 / оптимистичный HK$70–HK$78. При HK$42.66, В пределах консервативного диапазона внутренней стоимости · значительный запас прочности.
На момент публикации HK$45.88 (14 июня 2026 г.)
Данные EODHD, показаны в валюте отчётности; только для справки, не является инвестиционной рекомендацией.
Kuaishou Technology, an investment holding company, provides live streaming, online marketing, and other services in the People's Republic of China. It offers Kuaishou Flagship, a short video and content based social networking platform; Kuaishou Express; Kuaishou Concept; Yitian Camera, an app to create features Japanese-and-Korean-style filters and cute stickers; Kmovie, a shooting, editing, and production tool; and AcFun, a video sharing website. The company also provides entertainment, e-commerce, online games, online knowledge-sharing, and others. In addition, it engages in developing software, hardware, and network technology; investment activities; and providing programming and advertising, internet information, technology development, promotion, and other services. Kuaishou Technology was founded in 2011 and is headquartered in Beijing, China.
История
Kuaishou Technology traces back to GIF Kuaishou, the original mobile application launched in 2011 from which today's Kuaishou Flagship app descends; the company was founded in 2011 and is headquartered in Beijing, with founder control still held by Cheng Yixiao and Su Hua as weighted-voting-right beneficiaries. It began as a tool that evolved into a community before commercialization, and in 2020 generated revenue of RMB 58.78 billion, of which live streaming contributed RMB 33.21 billion (56.5%) and advertising RMB 21.85 billion (37.2%). In 2021 revenue rose to RMB 81.08 billion with average DAU of 308.2 million and advertising revenue of RMB 42.67 billion (up 95.2%), while the adjusted net loss widened to RMB 18.85 billion and operating cash flow turned to a net outflow of RMB 5.52 billion. The company shifted toward profitability thereafter: 2022 revenue reached RMB 94.18 billion (up 16.2%) with the adjusted net loss narrowing to RMB 5.75 billion and operating cash flow turning positive at RMB 2.20 billion; 2023 revenue was RMB 113.47 billion (up 20.5%) with adjusted net profit of RMB 10.27 billion and operating cash flow of RMB 20.78 billion, and the revenue mix tilted toward advertising (RMB 60.30 billion, 53.1%) over live streaming (RMB 39.05 billion, 34.4%). After launching Kling in June 2024, cumulative commercialization revenue exceeded RMB 100 million by February 2025, and 2024 revenue reached RMB 126.90 billion with adjusted net profit of RMB 17.72 billion (up 72.5%). In 2025 revenue rose to RMB 142.78 billion with adjusted net profit of RMB 20.65 billion and average DAU of 410.2 million, and the company paid its first special dividend (HKD 0.46 per share) in August 2025; in the first quarter of 2026 revenue grew 3.4% while adjusted net profit fell from RMB 4.6 billion to RMB 3.4 billion, gross margin declined from 54.6% to 51.2%, and Kling's quarterly revenue exceeded RMB 650 million with a March ARR of about USD 500 million and App Store number-one rankings in 42 countries and regions.
Положение в отрасли
Kuaishou is the second-largest short video platform in China, operating behind the market leader by a wide margin: QuestMobile-cited data showed Douyin's main app at roughly 936 million monthly active users versus Kuaishou's main app at about 458 million as of September 2025. Its 2026 first-quarter revenue mix was advertising RMB 19.6 billion (58.3%), live streaming RMB 8.5 billion (25.2%) and other services RMB 5.6 billion (16.5%), with the company stating that growth in other services came mainly from Kling. The platform's differentiation rests on combining community relationships with transaction chains so that advertising, e-commerce and live streaming run within one ecosystem, and on its own large-scale content and commercial scenarios—advertising, e-commerce, short drama and live streaming—into which AI models can be embedded. The Chinese short video sector is mature, with CNNIC reporting 1.040 billion short video users (93.8% of netizens) as of December 2024 and an online audiovisual market of RMB 1.22 trillion (up 6.1%); China's internet advertising market in 2025 was about RMB 793.08 billion (up 4.6%) per QuestMobile, where budgets concentrate toward the most effective platforms. In the video-generation field, Kling competes with Google DeepMind's Veo, Runway and ByteDance's models, while OpenAI's Sora web and app service stopped on April 26, 2026; Kling's distinguishing facts are that it has generated real paying revenue rather than only downloads, runs on a consumer-internet product cadence, and can feed back into Kuaishou's own advertising, e-commerce and content production.
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