Kuaishou Technology Announces Second Quarter and Interim 2026 Unaudited Financial Results

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Kuaishou Technology Announces Second Quarter and Interim 2026 Unaudited Financial Results PR Newswire Wed, August 19, 2026 at 4:38 AM EDT 8 min read 1024.HK 81024.HK HONG KONG, Aug. 19, 2026 /PRNewswire/ -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its unaudited consolidated results for the three months and six months ended June 30, 2026. Average DAUs on Kuaishou APP were 412.3 million, representing an increase of 0.8% from 408.9 million for the same period of 2025. Average MAUs on Kuaishou APP were 797.3 million, representing an increase of 11.5% from 714.8 million for the same period of 2025. Total revenue increased by 1.4% to RMB35.5 billion from RMB35.0 billion for the same period of 2025. Online marketing services and live streaming contributed 58.1% and 24.5%, respectively, to the total revenue. The other 17.4% came from other services. Gross profit was RMB18.3 billion, compared to RMB19.5 billion for the same period of 2025. Gross profit margin in the second quarter of 2026 was 51.6%, compared to 55.7% for the same period of 2025. Profit for the period was RMB3.2 billion, compared to RMB4.9 billion for the same period of 2025. Adjusted net profit (1) was RMB3.9 billion, compared to RMB5.6 billion for the same period of 2025. Operating profit from the domestic segment (2) was RMB3.7 billion, compared to RMB5.4 billion for the same period of 2025. Operating loss from the overseas segment (2) was RMB25 million, compared to operating profit of RMB19 million for the same period of 2025. Average DAUs on Kuaishou APP were 412.5 million, representing an increase of 1.0% from 408.5 million for the same period of 2025. Average MAUs on Kuaishou APP were 784.5 million, representing an increase of 10.0% from 713.3 million for the same period of 2025. Total revenue increased by 2.4% to RMB69.3 billion from RMB67.7 billion for the same period of 2025. Online marketing services and live streaming contributed 58.2% and 24.8%, respectively, to the total revenue. The other 17.0% came from other services. Gross profit was RMB35.6 billion, compared to RMB37.3 billion for the same period of 2025. Gross profit margin was 51.4%, compared to 55.1% for the same period of 2025. Profit for the period was RMB6.1 billion, compared to RMB8.9 billion for the same period of 2025. Adjusted net profit (1) was RMB7.3 billion, compared to RMB10.2 billion for the same period of 2025. Operating profit from the domestic segment (2) was RMB6.8 billion, compared to RMB9.7 billion for the same period of 2025. Operating loss from the overseas segment(2) was RMB56 million, compared to operating profit of RMB47 million for the same period of 2025. During the six months ended June 30, 2026 and up to August 19, 2026, the Company repurchased a total of 43,302,200 shares on the Hong Kong Stock Exchange at an aggregate consideration of HKD1.97 billion. Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, commented, "In the second quarter of 2026, we continued to unlock the strategic value of AI and delivered solid financial and operating performance amid a complex macroeconomic environment. We accelerated the integration of AI across our content ecosystem, online marketing, e-commerce and internal organizational enablement, enhancing both user experience and commercial efficiency. During the quarter, the average DAUs on the Kuaishou App reached 412.3 million and total revenues reached RMB35.5 billion. Even as we continued to invest in AI technologies, our adjusted net profit reached RMB3.9 billion, with an adjusted net margin of 11.0%, and our profitability remained at a healthy level, further demonstrating the resilience of our business. On the AI innovation front, we launched the Kling 3.0 Turbo model, reinforcing Kling AI's global leadership in video generation. Meanwhile, commercialization maintained strong growth momentum, with Kling AI generating revenue of over RMB850 million in the second quarter, representing year-over-year growth of more than 200.0%. Looking ahead, we will continue to integrate AI more deeply across our business scenarios. Through continued technological innovation and ecosystem development, we remain dedicated to meeting users' evolving needs and creating sustainable, long-term value for our shareholders." Revenue from our online marketing services increased by 4.4% to RMB20.6 billion for the second quarter of 2026, from RMB19.8 billion for the same period of 2025, primarily attributable to the increased online marketing spending, as we offered scenario-based marketing materials generation capabilities tailored to meet the needs across industries and clients. Revenue from our live streaming business decreased by 13.5% to RMB8.7 billion for the second quarter of 2026, from RMB10.0 billion for the same period of 2025, as a result of our continuous efforts to develop a rich and healthy live streaming ecosystem and diverse high-quality content. Revenue from our other services increased by 18.5% to RMB6.2 billion for the second quarter of 2026, from RMB5.2 billion for the same period of 2025, primarily due to the growth of our Kling AI business. The growth of Kling AI business was primarily attributable to our advanced AI technology and exceptional product performance. Other Key Financial Information for the Second Quarter of 2026 Operating profit was RMB3.8 billion, compared to RMB5.3 billion for the same period of 2025. Adjusted EBITDA (3) was RMB7.1 billion, compared to RMB7.7 billion for the same period of 2025. Total available funds (4) reached RMB121.3 billion as of June 30, 2026. (1) We define "adjusted net profit" as profit for the period adjusted by share-based compensation expenses and net fair value changes on investments. (2) Unallocated items, which consist of share-based compensation expenses, other income, and other gains, net, are not included. (3) We define "adjusted EBITDA" as adjusted net profit for the period adjusted by income tax expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance expenses, net. (4) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others. In the second quarter of 2026, amid a complex macroeconomic environment and industry competition, we remained committed to our long-term vision and strategic AI investments, achieving high-quality growth. In the second quarter of 2026, the average DAUs on the Kuaishou App reached 412.3 million. Total revenues increased by 1.4% year-over-year to RMB35.5 billion. Revenues from our core commercial business, including online marketing services and other services, primarily e-commerce and Kling AI (可靈AI) , increased by 7.4% year-over-year. Adjusted net profit reached RMB3.9 billion, with an adjusted net margin of 11.0%. Overall profitability remained stable, further demonstrating the resilience of our business operations. In the second quarter of 2026, Kling AI continued to advance its vision of "empowering everyone to craft captivating stories with AI". Through breakthroughs in advanced model capabilities, upgrades to professional product features, and the expansion of a globalized creative ecosystem, Kling AI further reinforced its global leadership among multimodal large video generation models. Driven by breakthroughs in model capabilities, continuous product enhancements and deeper penetration across application scenarios, Kling AI's commercialization maintained strong growth momentum. In the second quarter of 2026, Kling AI generated revenue of over RMB850 million, representing year-over-year growth of more than 200.0%, and continued to lead the commercialization of AI video generation globally. In the second quarter of 2026, we continued to make solid progress in the research and application of our general-purpose large models. We released Keye-VL-2.0-30B-A3B , an upgraded version of our multimodal large model. The model successfully enables deep perception across 256K ultra-long context, while delivering nearly lossless reasoning capabilities for long-video temporal understanding. We introduced AgentX , a self-evolving AI agent for industrial recommendation systems. It enables recommendation systems to autonomously drive recommendation model and strategy design, evaluate performance and accumulate insights, significantly boosting the iteration efficiency of recommendation algorithms. As part of our large model technology applications, we developed agent capabilities for scenario-based marketing materials generation in online marketing service scenarios. By offering tailored marketing materials generation capabilities to meet the needs across industries and clients, we achieved over 70% year-over-year growth in spending on AIGC short video marketing materials in the second quarter of 2026. We continued to extend our generative recommendation and intelligent bidding large models to a broader range of scenarios, including live streaming, search, and pan-shelf-based e-commerce, improving the effectiveness of marketing content recommendations, and unlocking marketing budgets from our clients. In the second quarter of 2026, in terms of organizational efficiency enhancement and empowerment, Kuaishou's proprietary general-purpose agent product, MyFlicker , has successfully integrated skills across key internal systems and is now widely adopted by our employees. In June 2026, over 92.0% of Kuaishou employees were actively using our in-house AI agent products, with the ratio of AI-generated code hitting 60.0% within our R&D team. Meanwhile, Kuaishou Vanchin (快手萬擎) , our enterprise-grade large model service and development platform, integrates high-performance model inference, cost-efficient model customization and fully managed services. Vanchin not only supports Kuaishou's internal AI application scenarios but also provides large model infrastructure services to numerous external enterprise clients. In the second quarter of 2026, average DAUs on the Kuaishou App reached 412.3 million, and average MAUs reached 797.3 million. In terms of new user acquisition, we leveraged AI-powered smart placement to improve user acquisition efficiency while enhancing overall retention among new and reactivated users. We consistently refined our traffic allocation system to better safeguard the experience of our highly active core users. We continued to refine our social features. The number of users with mutual followers engaging in private messaging increased by more than 15.0% year-over-year in the second quarter of 2026. We also focused on optimizing Kuaishou App's basic features, comprehensively elevating the user experience through systematic improvements to product features, video playback smoothness and intelligent interaction. We firmly believe in the power of community and continue to enhance the differentiated, high-quality content ecosystem that highlights Kuaishou's community-centric core. During June and July 2026, riding the wave of the World Cup, we launched our native IP the Kuaishou World Cup Fans Trophy (快手鐵力神杯) . Beyond covering trending topics and news, we introduced a series of original activities, including the Kuaishou X.Y.Style FC (快手象牙山足球大賽), Dream Chasers Youth Football Tournament (逐夢少年足球賽) . Through trending topic operations, engaging interactions, and community-wide content co-creation, we built a new sports hub where every user on Kuaishou platform could participate, engage, and share their passion. During the campaign period, Content related to these events generated 68.2 billion impressions on the Kuaishou App, while livestreams of these initiatives garnered nearly 360 million viewers. We have deepened our innovative copyright cooperation mechanisms, utilizing a joint-operation model to deliver higher-value content consumption for our users. We leveraged e-commerce live streaming to introduce live broadcasting rights for the 2026 CBA season. Furthermore, we introduced the ticketed live-streaming model to online music performances. In April 2026, we hosted the TOP (TOP登陸少年組合) concert, generating more than RMB10 million in sales from this single event, realizing a synergy between content and commercialization. Furthermore, this model has driven grassroots sports events, establishing a notable regional scale, especially across Northwest China. In the second quarter of 2026, revenue from online marketing services reached RMB20.6 billion, representing a year-over-year increase of 4.4%. Our non-e-commerce marketing services continued to expand across the content consumption, lifestyle services and AI application sectors. Empowered by our omni-domain traffic synergy strategy and dedicated programs for brand merchants, our e-commerce marketing services demonstrated resilience. At the same time, by leveraging AI technologies, we further deepened the application of AI across the full online marketing services workflow. For e-commerce marketing services, in the second quarter of 2026, we strengthened omni-domain traffic synergy across our e-commerce and online marketing businesses to improve the efficiency of matching merchants with relevant traffic. We conducted more granular merchant segmentation and implemented tiered operations, tailoring differentiated product strategies to address merchants' core needs across different segments. Meanwhile, we intervened at the supply level of marketing materials by actively taking governance measures, including incentivizing first-launch content and increasing recommendation diversity. These initiatives effectively optimized the content mix for e-commerce marketing materials, enabling high-quality content to reach target traffic more efficiently, while further optimizing our long-term commercialization ecosystem. Amid continued macro consumption and merchant operational challenges, we remained committed to providing traffic support to high-quality merchants. The T2000 brand initiative (T2000品牌專項) launched in the fourth quarter of 2025 has delivered promising initial results. Marketing spend by T2000 brand merchants outpaced that of our broader e-commerce marketing, and its contribution to online marketing services revenue continued to increase in the second quarter of 2026. At the product level of e-commerce marketing services, our Net Transaction ROI (淨成交ROI) product continued to evolve. By enhancing omni-scenario transaction bidding capabilities and refining bidding mechanisms and model strategies, its client penetration rate increased from 45.0% in the first quarter of 2026 to 55.0% in the second quarter of 2026, effectively helping merchants reduce product return rates. In the second quarter of 2026, we continued to optimize the applications of AI across industry-specific scenarios, further enhancing clients' marketing placement efficiency and expanding our capacity to attract incremental marketing budgets across industries. In content consumption scenarios, through content understanding, user matching, smart placement and monetization strategy optimization, AI enabled high-quality content to reach potential users more efficiently. In lifestyle service scenarios, AI capabilities were primarily applied across areas including marketing materials generation, digital human live streaming, conversational business operations, user intent identification and deep conversion prediction, helping merchants reduce the costs associated with content creation, marketing placement operations and manual customer service. In the second quarter of 2026, we further advanced our e-commerce strategy by focusing on three key areas: growing our paying user base, expanding supply, and deepening the integration of e-commerce and commercialization traffic. We prioritized optimizing our merchant ecosystem and merchant mix, strengthening the acquisition and development of brands and new merchants, and fostering greater synergies between e-commerce and e-commerce marketing. During the second quarter of 2026, we focused on increasing the number of high-quality users, while the number of active paying users in our e-commerce business remained largely stable quarter-over-quarter. With users' omni-domain consumption habits continuing to develop, we strengthened our private-domain advantages, meanwhile, by aligning traffic across diverse scenarios, we enabled content-driven product recommendation, shelf-based conversion and store repurchases to increasingly reinforce one another, creating a positive growth cycle. In the second quarter of 2026, we further enhanced cross-scenario synergies and optimized subsidy efficiency, driving balanced development across content-based scenarios and pan-shelf-based scenarios. On the supply side, in the second quarter of 2026, we continued to onboard new merchants and advance brand expansion. Through initiatives focused on cost reduction, efficiency improvement, growth incentives, product empowerment and operational support, we consistently supported the growth of new merchants and small and medium-sized merchants, further improving our merchant ecosystem and mix. We launched an upgraded version of our Starlight Initiative (星耀計劃) , offering tiered support programs for different merchant segments, including brand merchants, large merchants, industrial zone merchants, and small and medium-sized merchants, to help more merchants scale their businesses more rapidly. Supported by these initiatives, the number of newly onboarded merchants increased year-over-year and rose nearly 10.0% quarter-over-quarter in the second quarter of 2026. The number of new merchants achieving scaled growth in their second month after onboarding increased by nearly 30.0% year-over-year, reflecting continued improvements in the quality of growth among new merchants. On the brand merchant side, self-operated GMV from T2000 brands maintained strong year-over-year growth with contribution to overall GMV increased steadily. Meanwhile, marketing spend from brand merchants grew rapidly year-over-year, further enhancing their contribution to both overall e-commerce GMV and online marketing revenue.

AI 시장 분석

Kuaishou Technology announced its Q2 and H1 2026 results, reporting MAUs of 797.3 million, up 11.5%, and total revenue of 35.5 billion yuan, an increase of 1.4%. However, adjusted net profit, a key profitability indicator, fell to 3.9 billion yuan compared to the same period last year, and the overseas segment turned to an operating loss. Investors must carefully monitor profitability pressure factors despite the continuous growth in user scale.

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하락 영향

DYAX 전담 분석

Kuaishou's recent earnings showed solid growth in MAUs and DAUs, but a decline in the gross margin to 51.6% and a decrease in adjusted net profit to 3.9 billion yuan raised concerns over slowing profitability. In particular, the overseas business segment turning to an operating loss and increased AI investment costs served as major drivers of margin contraction.

Future stock price direction will be determined by cost efficiency improvements from AI tech investments and the revenue contribution of online marketing services. In the bullish scenario, technological innovations like Kling AI lead to meaningful monetization in global markets, while in the bearish scenario, ongoing cost increases cause profit margin contraction that exerts downward pressure on the stock.

AI가 생성한 분석으로 투자 자문이 아닙니다.

DYAX Investor Sentiment

Bullish (Long) 42% · Bearish (Short) 58%

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