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.

Second Quarter 2026 Key Highlights

• 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.

First Half 2026 Key Highlights

• 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."

Second Quarter 2026 Financial Review

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.

Notes:

(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.

Business Review

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.

AI business

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.

At the model and product level, Kling AI officially rolled out the native 4K video output feature in the Kling AI 3.0 model series. As the industry's first video generation model supporting native 4K output, this upgrade enables one-click cinema-grade 4K video generation. Designed for professional clients across the film, television and advertising industries, it directly delivers high-resolution visuals without the need for complex post-production, achieving industrial-grade cinematic visual effects. Concurrently, Kling AI released the Kling 3.0 Turbo model, which maintains stable, high-quality dynamic output and precise audio-visual synchronization, while significantly improving creative efficiency and reducing production costs. In addition, Kling MCP (Model Context Protocol) and Kling CLI (Command Line Interface) were officially launched, enabling AI agents to orchestrate Kling AI for batch content creation. These features further expanded Kling AI's applications in workflow automation and intelligent orchestration scenarios.

Kling AI continues to empower professional content creation through its integrated video creation capabilities, with its technological innovations and creative achievements earning broad industry recognition. At the 2026 Cannes Lions International Festival of Creativity (2026戛納國際創意節), two advertising videos generated by Kling AI won one Silver Lion and two Bronze Lion Awards, demonstrating recognition of Kling AI's creative capabilities by one of the world's premier creative awards programs. At the 2026 Beijing International Film Festival (2026北京國際電影節) , multiple works created with Kling AI including Paper Smartphone (紙手機) were nominated for the AIGC Section. Stroke of Genius (神•筆) with Liu Cixin serving as literary supervisor, was recognized as the "Annual Featured Work in Short Play/Micro-Short Play" in the Short Video Section. These achievements fully demonstrate Kling AI's strength in empowering professional filmmaking.

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.

User and content ecosystem

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.

Online marketing services

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.

During the second quarter of 2026, the content consumption, lifestyle services and AI application sectors continued to drive year-on-year growth in our non-e-commerce marketing services revenue. In the content consumption sector, AI reduced content production costs and lowered barriers to content creation, driving rapid growth in the supply of short play content, and catering to increasingly diverse user preferences. This further enriched the platform's content ecosystem and boosted related marketing demand. As of June 2026, the supply of short plays on Kuaishou platform, including both live-action and AI-generated short plays, increased by more than fivefold compared with January 2026. In the second quarter of 2026, the total spending from online marketing services driven by short plays increased by more than 100.0% year-over-year. In the lifestyle services sector, we continued to deepen our presence across sub-verticals, such as comprehensive services and local services, while exploring incremental growth opportunities across these areas. Meanwhile, by optimizing deep conversion capabilities, enhancing our full-stack lead-driven marketing solutions, and launching the user exploration AI agent, we enabled our clients to more effectively identify high-intent users, improving lead quality and subsequent conversion efficiency. In the AI application sector, we worked closely with our clients to better align advertising placement and in-app conversion, helping them improve user retention and conversion performance. These efforts further strengthened our competitiveness in capturing advertising spending from AI application clients.

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.

E-commerce

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.

In the second quarter of 2026, we continued to improve our KOL ecosystem and structure, enhancing the quality of supply across content-based scenarios. We deepened our collaborations with top-tier KOLs, increased support for mid-tier KOLs in verticals where Kuaishou has competitive advantages, such as Three Rural (三農) and anime, and improved the consistency of existing KOLs' performance, reinforcing our e-commerce content fundamentals. By integrating our outstanding KOL resources with distinctive product offerings nationwide, we deepened our penetration in industrial zones across China and launched differentiated content marketing initiatives, including product origins tracing livestreaming. These efforts strengthened the synergy between content and supply, empowered KOLs and improved merchants' conversion efficiency. Meanwhile, we continued to expand our KOL base through multiple channels, including in-platform incubation, partnerships with talent agencies and external recruitment. To boost KOL streaming frequency, we continuously refined our incentive policies. In the second quarter of 2026, the number of streamers hosting live sessions with over 10,000 followers increased year-over-year, while KOL streaming frequency continued to increase steadily. Regarding distribution pool development, we leveraged AI technologies to enhance our underlying product capabilities, creating a more targeted distribution pool system, further fostering the vibrancy of our distribution ecosystem. In the second quarter of 2026, the penetration of active KOLs participating in distribution continued to increase year-over-year, and the number of merchant-KOL matches in the distribution pool increased by over 20.0% year-over-year.

In the second quarter of 2026, we continued to optimize AI capabilities across our e-commerce scenarios throughout the full lifecycle of merchants, enabling merchants to reduce costs, improve efficiency and adopt intelligent business operations. These initiatives validated the feasibility of AI evolving from a productivity-enhancing tool into a comprehensive solution supporting business execution. In the first half of 2026, more than 850,000 merchants utilized our free AI-powered business operation tools across a wide range of scenarios, including product selection and listing, marketing materials generation, business analysis, smart placement and AI-powered customer service. These AI tools provided merchants with end-to-end operational support and capability enhancements.

Live streaming

In the second quarter of 2026, live streaming revenue reached RMB8.7 billion. We focused on the healthy development of our supply ecosystem and leveraged AI to empower live-streaming products, continuously driving ecosystem quality enhancements and product innovation. On the supply side, we launched the Confluence Initiative (百川計劃), through which we provided streamer acquisition incentives, early-stage growth support, and healthy ecosystem governance, to steadily expand the supply of new streamers from talent agencies, and further improve streamers' efficiency in gaining initial traction. Meanwhile, we strengthened independent streamer operations, focusing on identifying and nurturing high-value independent streamers, thereby solidifying our live streaming supply foundation through refined operations. Moreover, we encouraged top-tier streamers to expand into group live-streaming content formats, leveraging their traffic and influence to enrich the supply of high-quality live-streaming content.

On the product and technology front, AI capabilities further empowered live-streaming rooms. Powered by Kling AI's video generation capabilities, AI gifts with customizable special effects continued to evolve, offering a wider variety of gift formats and generation capabilities and further enhancing users' willingness to pay. In the second quarter of 2026, AI gifts sent by users surpassed 6 million in total. AI-driven content understanding capabilities continued to optimize our live streaming recommendation strategies, enabling more precise matching between streamers and users and supporting the expansion of our paying user base. In addition, intelligent live-streaming gift recommendation and ranking features based on real-time multimodal signals effectively improved users' payment experience and efficiency. AI tools such as AI Interaction Assistants (AI互動助手) and Digital Avatars Solution (數字分身服務) were further refined and upgraded, continuously improving streamers' service efficiency.

Overseas

In the second quarter of 2026, we remained committed to our high-value growth strategy, further strengthening the foundation of our overseas business in profitability, long-term operational capabilities and localized efforts. In traffic growth and the content ecosystem, we stayed focused on refined user acquisition. We enhanced our content offerings with distinctive local characteristics and expanded community-based creator networks, fostering an engaging community atmosphere around real-life scenarios and further deepening content consumption among core users. For online marketing services, leveraging major events such as Festa Junina and the World Cup, we empowered our marketing clients to achieve rapid growth during critical windows through AI-driven initiatives, including in-depth ROI analysis, user insights, innovative product features, and industry-specific strategies. Moreover, we further unlocked the monetization potential of short plays and other diversified content formats, forming a dual-engine growth model together with our marketing service product capabilities, while accelerating expansion into growth sectors such as e-commerce. Regarding overseas e-commerce, we continued to deliver solid year-over-year growth in GMV and order volume in the second quarter of 2026. At the same time, we drove growth in average order value through product mix optimization and high-quality supply, while maintaining solid operational efficiency and profit-generating ability.

Corporate social responsibility

Kuaishou remains firmly committed to its mission of "connecting good faith with technology and creating long-term values", continuously driving the deep integration of technological innovation and industrial development to foster high-quality employment. According to the 2025 Kuaishou Corporate Social Responsibility Report published on June 2, 2026, by the end of 2025, the Kuaishou platform had cumulatively created 48.6 million job opportunities and spawned 189 new professions in total. Among these, 15 new roles were directly generated by the advancement of AI, covering fields such as AIGC application specialists, prompt engineers, AI directors, and AI trainers.

Business Outlook

In the first half of 2026, we maintained our strategic focus on AI and continued to increase our investment, delivering high-quality, resilient growth across our content and business ecosystems. Looking ahead to the second half of 2026, the Group reaffirms its strategic direction of deepening AI investment and pursuing long-term sustainable development through advanced technology and a distinctive ecosystem. However, we are cautious about the short-term business outlook as the operating environment has become increasingly complex and challenging. We will continue to adopt a prudent and disciplined approach. We will continue to deepen AI integration across these ecosystems by advancing the capabilities of our large models across multiple scenarios, helping merchants and marketing clients operate more efficiently. We will also continue to scale Kling AI's model capabilities and expand its adoption across professional creative scenarios, unlocking additional commercialization opportunities. We remain dedicated to meeting users' evolving needs and creating sustainable, long-term value for Shareholders.

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

For investor and media inquiries, please contact

Kuaishou Technology
Investor Relations
Email: [email protected]

BEIJING, Aug. 19, 2026 /PRNewswire/ -- Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the quarter ended June 30, 2026.

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented: "We are excited to deliver a quarter of both strong growth and profitability. Gross billings from our AI cloud business grew 82% year-over-year, representing 56% of public cloud revenue, driven by incremental contributions from our AI cloud infrastructure services as well as Model-as-a-Service (MaaS) offerings. Profitability-wise, we recorded positive operating margin (GAAP) for the first time, and our adjusted operating profit margin increased significantly to reach 4.0%^[1], thanks to our improved gross margin and operating efficiency. We remain committed to pursuing high-quality, sustainable growth strategy, deepening collaboration with customers both within and beyond our ecosystem, and strengthening our market position."

Ms. Yi Li, Chief Financial Officer of Kingsoft Cloud, added, "We delivered a strong quarter, with total revenue reaching a record high of RMB3,072.0 million, representing an increase of 30.8% year-over-year. Adjusted gross profit increased by 34.6% year-over-year to RMB471.7 million, with an adjusted gross margin of 15.4%^[2], an improvement from last quarter. We also reached breakeven on operating profit (GAAP), with adjusted operating profit margin reaching 4.0%, demonstrating improving profitability thanks to AI demand tailwinds and operational optimization. We remain committed to investing for sustainable long-term growth, with capital expenditures (including capitalized assets through leasing arrangements) amounting to RMB3.3 billion in Q2, an increase from Q1."

Second Quarter 2026 Financial Results

Total Revenues reached RMB3,072.0 million (US$452.8^[3] million), increased by 30.8% year-over-year from RMB2,349.2 million in the same quarter of 2025, and increased by 13.6% quarter-over-quarter from RMB2,703.7 million in the first quarter of 2026. The increase was mainly due to revenue growth from AI-related customers, supported by continued upgrades to our AI infrastructure and product offerings.

Revenues from public cloud services were RMB2,357.6 million (US$347.5 million), increased by 45.1% year-over-year from RMB1,625.3 million in the same quarter of 2025 and increased by 18.1% quarter-over-quarter from RMB1,996.3 million last quarter. The increase was mainly driven by growing demand for AI cloud services. AI cloud gross billings reached RMB1,327 million (US$195.6 million), while our other public cloud services also maintained solid growth.

Revenues from enterprise cloud services were RMB714.3 million (US$105.3 million), representing a year-over-year decrease of 1.3% from RMB723.9 million in the same quarter of 2025 and a quarter-over-quarter increase of 1.0% from RMB707.4 million last quarter.

Cost of revenues was RMB2,605.8 million (US$384.0 million), representing an increase of 29.6% from RMB2,010.4 million in the same quarter of 2025, which was mainly due to our continued investment in AI computing resources. IDC costs increased by 23.3% year-over-year from RMB803.1 million to RMB990.1 million (US$146.0 million) this quarter, largely in line with our revenue expansion. Depreciation and amortization costs increased from RMB552.0 million in the same quarter of 2025 to RMB963.8 million (US$142.0 million) this quarter. The increase was mainly due to the depreciation of newly acquired and leased servers, and network equipment which were mainly related to AI cloud business. Solution development and services costs increased by 3.9% year-over-year from RMB563.7 million in the same quarter of 2025 to RMB585.7 million (US$86.3 million) this quarter. The increase was mainly due to the solution personnel expansion. Fulfillment costs and other costs were RMB15.1 million (US$2.2 million) and RMB51.1 million (US$7.5 million) this quarter.

Gross profit was RMB466.2 million (US$68.7 million), representing an increase of 37.6% from RMB338.9 million in the same quarter of 2025. The increase was mainly due to the expansion of our revenue scale, especially the intelligent computing services. Gross margin was 15.2% in this quarter, compared with 14.4% in the same quarter of 2025 and 12.8% last quarter. The increase was mainly due to higher profit contribution from our AI cloud business. Non-GAAP gross profit^[4] was RMB471.7 million (US$69.5 million), compared with RMB350.6 million in the same period in 2025. Non-GAAP gross margin^[4] was 15.4%, compared with 14.9% in the same period in 2025.

Total operating expenses were RMB443.2 million (US$65.3 million), decreased by 33.4% from RMB665.8 million in the same quarter of 2025 and decreased by 13.4% from RMB511.9 million last quarter. Among which:

Selling and marketing expenses were RMB113.1 million (US$16.7 million), decreased by 14.3% from RMB132.0 million in the same period in 2025 and decreased by 8.6% from RMB123.8 million last quarter. The decrease was mainly due to the decrease of share-based compensation and personnel costs.

General and administrative expenses were RMB140.2 million (US$20.6 million), decreased by 58.7% from RMB339.6 million in the same period in 2025 and decreased by 28.0% from RMB194.8 million last quarter. The decrease was mainly due to the decrease of credit loss expenses and share-based compensation.

Research and development expenses were RMB189.9 million (US$28.0 million), decreased by 2.3% from RMB194.3 million in the same period in 2025 and decreased by 1.8% from RMB193.3 million last quarter. The year-over-year decrease was mainly due to the decrease of personnel costs and share-based compensation.

Operating profit was RMB23.0 million (US$3.4 million), compared with operating loss of RMB327.0 million in the same period in 2025 and operating loss of RMB166.1 million last quarter. The year-over-year improvement was mainly due to the increase of revenue, while the sequential improvement was mainly due to the impact of increase in gross profit. Non-GAAP operating profit^[5] was RMB124.0 million (US$18.3 million), compared with operating loss of RMB166.4 million in the same period last year and operating loss of RMB59.8 million last quarter.

Net loss was RMB93.0 million (US$13.7 million), narrowed by 79.6% from RMB456.9 million in the same quarter of 2025 and narrowed by 72.9% from RMB343.7 million last quarter. Non-GAAP net loss^[6] was RMB59.8 million (US$8.8 million), compared with RMB300.5 million in the same quarter of 2025 and RMB237.1 million last quarter.

Non-GAAP EBITDA^[7] was RMB1,100.5 million (US$162.2 million), compared with RMB406.0 million in the same quarter of 2025 and RMB747.5 million last quarter. Non-GAAP EBITDA margin was 35.8%, compared with 17.3% in the same quarter of 2025 and 27.6% last quarter.

Basic and diluted net loss per share was RMB0.02 (US$0.00), compared with RMB0.11 in the same quarter of 2025 and RMB0.08 last quarter.

Cash and cash equivalents were RMB4,674.3 million (US$688.9 million) as of June 30, 2026, compared with RMB6,018.0 million as of December 31, 2025. The decrease was mainly due to the investment into the procurement of computing power equipment.

Outstanding ordinary shares were 4,501,784,337 as of June 30, 2026, equivalent to about 300,118,956 ADSs.

Conference Call Information

Kingsoft Cloud's management will host an earnings conference call on Wednesday, August 19, 2026 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day).

Participants can register for the conference call by navigating to https://register-conf.media-server.com/register/
BIf61186884fdb445fabf9794d01884399. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.ksyun.com. 

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating (loss) profit, Non-GAAP operating (loss) profit margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross profit as gross profit excluding share-based compensation expenses allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP operating (loss) profit as operating (loss) profit excluding share-based compensation expenses and amortization of intangible assets and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation expenses and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors' assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud's strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud's goals and strategies; Kingsoft Cloud's future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud' s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud's ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China's political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX: 3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: http://ir.ksyun.com. 

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited
Investor Relations
Email: [email protected] 

香港2026年8月19日 /美通社/ -- 領先的內容社區及社交平台快手科技（「快手」或「公司」；港幣櫃台股份代號：01024 / 人民幣櫃台股份代號：81024），今日發佈截至2026年6月30日止三個月及六個月的未經審核合併業績。

2026年第二季度業績摘要

• 快手應用平均日活躍用戶為4.123億，較去年同期4.089億增長0.8%。
• 快手應用平均月活躍用戶為7.973億，較去年同期7.148億增長11.5%。
• 總收入為人民幣355億元，較去年同期的人民幣350億元增長1.4%。從對總收入貢獻比例來看，線上營銷服務佔比58.1%，直播業務佔比24.5%，其他服務佔比17.4%。
• 毛利為人民幣183億元，去年同期為人民幣195億元。毛利率為51.6%，去年同期為55.7%。
• 期內利潤為人民幣32億元，去年同期為人民幣49億元。經調整利潤淨額^（1）為人民幣39億元，去年同期為人民幣56億元。
• 國內分部經營利潤^（2）為人民幣37億元，去年同期為人民幣54億元。海外分部經營虧損^（2）爲人民幣25百萬元，去年同期為經營利潤人民幣19百萬元。

2026年上半年業績摘要

• 快手應用平均日活躍用戶為4.125億，較去年同期4.085億增長1.0%。
• 快手應用平均月活躍用戶為7.845億，較去年同期7.133億增長10.0%。
• 總收入為人民幣693億元，較去年同期的人民幣677億元增長2.4%。從對總收入貢獻比例來看，線上營銷服務佔比58.2%，直播業務佔比24.8%，其他服務佔比17.0%。
• 毛利為人民幣356億元，去年同期為人民幣373億元。毛利率為51.4%，去年同期為55.1%。
• 期內利潤為人民幣61億元，去年同期為人民幣89億元。經調整利潤淨額^（1）為人民幣73億元，去年同期為人民幣102億元。
• 國內分部經營利潤^（2）為人民幣68億元，去年同期為人民幣97億元。海外分部經營虧損^（2）爲人民幣56百萬元，去年同期為經營利潤人民幣47百萬元。
• 截至2026年6月30日止六個月及直至2026年8月19日，本公司於聯交所以總價款19.7億港元合共購回43,302,200股股份。

快手聯合創始人、董事長兼首席執行官程一笑先生表示：「2026年第二季，我們持續發揮AI策略價值，在複雜的宏觀環境下，實現了穩健的財務與營運表現。我們加速推動AI技術在內容生態、線上營銷、電商及內部組織賦能等場景的深度融合，有效提升了用戶體驗與商業效率。本季度，快手應用的日均活躍用戶達到4.123億，總營收達355億元人民幣。在堅定AI技術投入的同時，我們的經調整淨利達到人民幣39億元，經調整淨利潤率達11.0%，盈利能力保持健康水準，經營韌性進一步凸顯。在AI技術創新方面，第二季度我們推出了可靈3.0 Turbo模型，鞏固了可靈AI在全球視頻生成產業的領導地位。同時，可靈AI的商業化變現保持高速增長，2026年第二季度，可靈AI營業收入超過8.5億元人民幣，同比增長逾200.0%。展望未來，我們將持續深化AI技術與業務場景的融合，通過不斷的技術創新與生態建設，我們始終致力於滿足用戶不斷變化的需求，並為股東創造可持續的長期價值。」

2026年第二季度財務回顧

線上營銷服務收入由2025年同期的人民幣198億元增加4.4%至2026年第二季度的人民幣206億元，主要是由於我們提供基於場景的營銷素材生產能力以滿足不同行業及客戶的需求，推動線上行銷消耗增加。

直播業務收入由2025年同期的人民幣100億元減少13.5%至2026年第二季度的人民幣87億元，是由於我們持續努力以建立一個豐富及健康的直播生態系統及多元化的優質內容。

其他服務收入由2025年同期的人民幣52億元增加18.5%至2026年第二季度的人民幣62億元，主要是由於我們可靈AI業務的增長。可靈AI業務的增長主要是由於先進的AI技術及卓越的產品性能。

2026年第二季度其他主要財務資料

經營利潤為人民幣38億元，去年同期為人民幣53億元。

經調整EBITDA^（3）為人民幣71億元，去年同期為人民幣77億元。

可利用資金總額^（4）截至2026年6月30日為人民幣1,213億元。

業務回顧

2026年第二季度，面對複雜的宏觀經濟環境和行業競爭，我們堅持長期主義，堅定AI戰略投入，實現了高質量增長。2026年第二季度，快手應用的平均日活躍用戶達到412.3百萬，總收入同比增長1.4%至人民幣355億元，其中，包含線上營銷服務和以電商及可靈AI為主的其他服務在內的核心商業收入，同比增長達7.4%。經調整利潤淨額為人民幣39億元，經調整淨利潤率為11.0%，公司整體盈利能力相對穩定，經營韌性進一步凸顯。

AI業務

2026年第二季度，可靈AI繼續踐行「讓每個人都能用AI講好故事」的願景，通過前沿的模型能力突破、專業的產品功能升級以及國際化的創意生態拓展，進一步鞏固其在多模態視頻生成大模型的全球領先地位。

在模型與產品層面，可靈AI在可靈AI 3.0系列模型中正式推出原生4K視頻直出功能，這是業內首個支持原生4K直出的視頻生成模型，支持一鍵生成院線級質感4K視頻。該功能面向影視、廣告等專業客戶，可在無需複雜後期處理的情況下，直接輸出高分辨率畫面，實現影視工業級視覺效果。同時，可靈AI推出可靈3.0 Turbo模型，在保證穩定動態高質量輸出與精准音畫同步的同時，大幅提升創作效率並降低創作成本。此外，可靈MCP (Model Context Protocol)與可靈CLI (Command Line Interface) 正式上線，實現了讓AI智能體（AI agents）調度可靈AI進行批量作品創作的能力，進一步拓展了可靈AI在工作流自動化與智能編排場景中的應用。

可靈AI持續以一體化的視頻創作能力賦能專業創作，其技術創新與創作成果在行業內獲得廣泛認可。在2026戛納國際創意節上，兩部由可靈AI生成的廣告影片獲得一座銀獅獎及兩座銅獅獎，顯示了可靈AI的創作能力得到了全球頂級創意評獎體系的 認可。在2026北京國際電影節上，包括《紙手機》在內的多部使用可靈AI創作的作品入圍AIGC單元。由劉慈欣擔任文學監製的《神 • 筆》榮獲短視頻單元「短劇╱微短劇年度關注作品」，充分展現了可靈AI在賦能專業影視製作方面的實力。

在模型能力的突破、產品功能持續完善以及應用場景滲透深化的推動下，可靈AI的商業化保持強勁增長態勢。2026年第二季度，可靈AI營業收入超過人民幣8.5億元，同比增長超過200.0%，持續引領全球AI視頻生成行業的商業化進程。

2026年第二季度，我們在通用大模型的研究和應用上繼續取得穩健進展。我們發佈了升級版本的多模態大模型Keye-VL-2.0-30B-A3B，成功解鎖了256K超長上下文的深度感知，同時在長視頻時序感知上實現了幾乎無損的推理能力。我們面向工業推薦系統推出了自主迭代AI智能體AgentX，讓推薦系統自主完成推薦模型及策略設計、效果評估與經驗沉澱，大幅提升推薦算法迭代效率。

作為大模型技術應用的一部分，我們在線上營銷服務場景構建了場景化的營銷素材生產agent能力，根據不同行業和客戶的需求，提供最適合的營銷素材生成能力，2026年第二季度，我們實現AIGC短視頻營銷素材的投放消耗同比增長超過70%。我們將生成式推薦大模型和智能出價大模型繼續擴展到直播、搜索、泛貨架電商等更廣泛的場景，提升營銷素材推薦效果，撬動客戶營銷預算。2026年第二季度，在組織提效和賦能方面，快手自研的通用agent產品MyFlicker完成了重要內部系統的技能(skill)化集成，並被員工廣泛使用。2026年6月，快手員工使用自研的AI agent產品的人數佔比超過92.0%，研發技術人員的AI代碼貢獻率達到了60.0%。同時，快手萬擎作為企業級大模型服務與開發平台，集成高性能模型推理、低成本模型定製與全託管服務，除支持快手內部AI使用場景之外，也為眾多外部企業客戶提供大模型基礎設施服務。

用戶及內容生態系統

2026年第二季度，快手應用的平均日活躍用戶和平均月活躍用戶分別達到了412.3百萬及797.3百萬。在新用戶獲取方面，我們通過AI驅動的智能化投放手段，提升用戶獲取效率，同時提高了新增和回流用戶的整體留存。我們通過迭代流量分配體系，更好地保障高活躍的核心用戶的體驗。我們持續完善社交功能，2026年第二季度的雙關私信用戶數同比增加超過15.0%；同時亦著力於改善快手應用的基礎功能，在產品功能、視頻播放流暢度及智能化交互等維度實現系統性優化，全方位提升用戶體驗。

我們始終堅信社區的力量，持續強化體現快手社區內核的差異化優質內容生態系統。2026年6-7月，我們圍繞世界杯這一社會熱點事件，打造了原生IP快手鐵力神杯，除了做好熱點及資訊內容外，我們還推出了快手象牙山足球大賽、逐夢少年足球賽等多個原創系列活動，通過熱點話題運營、趣味互動及全民共創，打造了一個快手平台用戶都能參與、投入和表達其熱情的全新體育主場。活動相關內容在快手應用的總曝光達到682億，該等活動的直播累計觀看人次近3.6億。

我們深化版權內容的創新合作機制，以版權聯運的模式為用戶帶來更多高價值的內容消費。我們以電商帶貨的模式引入2026賽季CBA直播版權。此外，我們將付費直播模式引入到線上音樂演出，在2026年4月推出TOP登陸少年組合演唱會，實現單場銷售額超過1千萬人民幣，達成了內容與商業的共贏。同時，該模式也帶動了群眾自辦體育賽事，特別是在中國西北地區形成了區域性規模效應。

線上營銷服務

2026年第二季度，線上營銷服務收入達到人民幣206億元，同比增長4.4%。我們的非電商營銷服務在內容消費、生活服務及AI應用行業持續拓展，電商營銷服務在全域流量融合與品牌商家專項下顯示出韌性，同時，通過應用AI技術，我們進一步深化了AI在線上營銷服務全流程中的應用。

2026年第二季度，內容消費、生活服務及AI應用行業驅動非電商營銷服務收入同比持續增長。在內容消費行業，AI降低了內容生產成本及創作門檻，推動短劇內容供給快速增長，覆蓋更多元的用戶內容偏好，從而進一步豐富平台內容生態並帶動了相關營銷需求。截至2026年6月，快手平台上包括真人短劇和AI短劇在內的短劇的供給量，相較於2026年1月增長超5倍；2026年第二季度，短劇線上營銷服務總投放消耗同比增長超100.0%。在生活服務行業，我們持續深耕綜合服務、本地服務等細分行業，探索細分行業的增量空間。同時，通過優化深度轉化能力、完善線索全棧營銷解決方案，並推出用戶探索AI agent，幫助客戶更有效地識別高意向用戶，提升線索質量及後續轉化效率。在AI應用行業，我們與客戶緊密合作，以更好提升投放與應用內承接的一致性，幫助客戶改善用戶留存及轉化效果，從而進一步鞏固我們在AI應用客戶預算承接中的競爭力。

2026年第二季度，在電商營銷服務方面，我們持續加強電商及線上營銷業務的全域流量協同，致力提升商家與流量的匹配效率。我們對商家進行更精細化的分層分類和運營，針對不同類型商家的核心需求，定製差異化的產品策略；同時，我們從素材供給層面著手，積極採取治理措施，通過扶持首發素材及提升推薦多樣性，有效優化了電商營銷的素材結構，使優質內容能更有效地觸達目標流量，同時進一步優化長期商業生態。在宏觀消費與商家經營仍面臨挑戰的環境下，我們堅定為優質商家提供流量支持。我們自2025年第四季度推出的T2000品牌專項已初見成效，T2000品牌商家的營銷投放於2026年第二季度的增長速度超越整體電商營銷服務大盤增速，其對線上營銷收入的貢獻佔比持續提升。在電商營銷產品方面，淨成交ROI產品持續升級，通過完善全場景淨成交出價能力，以及持續迭代出價機制與模型策略，其客戶滲透率已由2026年第一季度的45.0%提升至2026年第二季度的55.0%，有效幫助商家降低產品退貨率。

2026年第二季度，我們持續優化AI在具體行業場景中的落地應用，進一步提升了客戶的營銷投放效率，並增強了我們對行業營銷預算的承接能力。在內容消費場景，AI通過內容理解、人群匹配、智能投放及變現策略優化，幫助優質內容更高效地觸達潛在用戶。在生活服務場景，AI能力重點應用於營銷素材生成、數字人直播、對話式經營、人群意向識別及深度轉化預估等環節，協助商家降低內容創作、投放操作及人工客服等方面的成本。

電商

2026年第二季度，我們延續聚焦付費買家增長、供給引入以及電商與商業化流量深度融合的三大核心領域的電商戰略方向，著力優化商家生態及結構，強化品牌和新商引入與培育，推動電商與電商營銷服務產生更大協同效應。2026年第二季度，我們關注高質量用戶數量的增長，電商活躍付費買家數環比基本保持穩定。隨著用戶的全域消費習慣逐步形成，我們強化自身私域優勢的同時，打通各場域的流量，使得內容種草、貨架承接以及店舖復購日益相互強化，逐步形成一個正向增長循環。2026年第二季度，我們進一步提升跨場域協同效率和優化補貼效率，推動內容場和泛貨架場均衡發展。

2026年第二季度，在供給側，我們持續推進新商引入和品牌擴容，圍繞降本增效、成長激勵、產品賦能、經營保障等舉措，持續助力新商家和中小商家成長，商家生態及結構進一步改善。我們推出星耀計劃升級版，針對品牌商家、大商、產業帶商家及中小商家等不同群體分層扶持，幫助更多商家加速起量成長。在上述舉措推動下，2026年第二季度新入駐商家規模同比增長，環比增長近10.0%，新商次月躍遷數量同比增長近30.0%，新商成長質量持續改善。品牌商家側，T2000品牌自賣GMV保持同比較高增速，佔全域大盤比例持續提升；同時，品牌商業化消耗同比亦實現較快增長，其對整體電商GMV及線上營銷收入的雙重貢獻持續加大。

2026年第二季度，我們持續優化達人生態結構，推動內容場供給質量提升。通過加深和頭部達人的合作，加大中腰部達人在快手優勢賽道，如三農、二次元等的扶持力度，提升存量達人的表現穩定性，强化電商內容基本盤。我們通過整合平台的優質達人資源，以及全國各地域的特色商品貨盤，深化對全國各地方產業帶的滲透，開展溯源直播等特色內容營銷事件，加強內容與供給的協同發力，賦能達人，提升商家轉化效率。同時，我們持續通過站內孵化、機構合作和站外引入等方式，擴大達人的引入。在達人勤奮度方面，我們持續迭代激勵政策，2026年第二季度，萬粉+主播有效開播數保持同比正增長，達人開播勤奮度穩步提升。在分銷庫建設上，我們通過AI技術支撐底層產品能力、構建更精準的分銷體系，進一步促進分銷生態繁榮。2026年第二季度，分銷動銷達人數滲透同比持續提升，分銷庫的商品與達人撮合對數同比增長超20.0%。

2026年第二季度，圍繞商家經營的全週期，我們持續優化電商業務各場景的AI能力，助力商家降本增效，驅動商家智能化經營，驗證了AI從工具提效演進為支持業務執行的綜合方案的可行性。2026年上半年，平台上超85萬商家使用平台免費AI經營工具，涵蓋選品發品、營銷素材生成、經營診斷、智能投放、AI客服等多場景，為商家提供全鏈路的經營支持和能力支撐。

直播

2026年第二季度，直播業務收入為人民幣87億元。我們聚焦供給側健康發展，結合AI賦能直播產品，持續推動生態提質與產品側創新。供給方面，我們推出百川計劃，通過拉新激勵、冷啟扶持與健康生態治理，帶動公會新主播供給穩步提升，新主播冷啟效率持續改善。同時，我們加強獨立主播運營，聚焦挖掘培育高價值獨立主播，以精細化運營穩固直播供給基本盤。此外，我們推動頭部主播拓展團播內容形式，發揮其流量與影響力優勢，豐富優質直播內容供給。

產品技術方面，AI能力進一步賦能直播間。基於可靈AI視頻生成能力，可定製專屬特效的AI禮物持續迭代，禮物形式與生成能力更加豐富，進一步提升用戶付費積極性。2026年第二季度，用戶送出AI禮物總計超600萬個。AI驅動的內容理解能力持續優化直播推薦策略，加強主播與用戶間的精準匹配，助力付費用戶規模提升。此外，基於實時多模態信號的直播智能禮物推薦與排序功能，有效提升用戶付費體驗與效率。AI互動助手及數字分身服務等功能進一步迭代升級，持續提升主播的服務效率。

海外

2026年第二季度，我們堅定執行高價值增長戰略，進一步夯實海外業務在盈利能力、長期經營與本地化深耕上的根基。在流量增長與內容生態方面，我們堅持精細化獲客，加強本地化特色內容與社區化創作者網絡建設，圍繞真實生活場景營造活躍的社區氛圍，推動核心用戶內容消費不斷深化。海外線上營銷業務方面，借勢六月節、世界杯等重大節點，我們以AI為驅動，依託ROI深度研究、人群洞察、產品玩法創新與行業策略聯動，助力營銷客戶在關鍵窗口實現快速增長。此外，短劇等多元內容的營銷變現能力也在持續釋放，與營銷服務產品能力形成雙輪驅動，並加速向電商等增量行業拓展。海外電商業務方面，2026年第二季度GMV與訂單量同比持續穩健增長，我們通過貨品結構優化與高質量供給帶動客單價提升，經營效率與盈利能力保持穩健。

企業社會責任

快手始終秉持「科技鏈接善意，創造長期價值」的使命，持續推動技術創新與產業發展的深度融合，助力高質量就業。根據2026年6月2日發佈的《快手2025年度企業社會責任報告》，截至2025年底，快手平台累計帶動4,860萬個就業機會，累計催生189個新職業，其中，由AI發展帶來的新職業達到15個，涵蓋AIGC應用師、提示詞工程師、AI導演、AI訓練師等多個方向。

業務展望

2026年上半年，我們維持對AI的戰略聚焦，並持續加大投入，為我們的內容及業務生態系統帶來高質量且具韌性的增長。展望2026年下半年，本集團堅持其深化AI投資、以先進技術及獨特生態系統促進長期可持續發展的戰略方向。然而，鑒於經營環境日益複雜且充滿挑戰，我們對短期業務前景持審慎態度。我們仍將採取審慎及嚴謹方針，繼續深化AI於該等生態系統中的整合，推進大模型在多個場景下的能力，協助商家及營銷客戶更高效地運營。我們亦將繼續擴大可靈AI的模型能力，並擴大其在專業創意場景中的應用，以發掘更多商業化機遇。我們始終致力於滿足用戶不斷變化的需求，並為股東創造可持續的長期價值。

關於快手

快手作為中國乃至全球領先的內容社區及社交平台，致力於成為全球最癡迷于為客戶創造價值的公司。作為一家以人工智能為核心驅動和技術依託的科技公司，快手專注於通過持續的技術創新和產品升級，不斷豐富服務和應用場景，為客戶創造價值。在快手，用戶通過短視頻和直播來記錄和分享他們的生活，發現所需，發揮所長。通過與內容創作者和企業緊密合作，快手提供的技術、產品和服務可滿足用戶的多元化的需求，包括娛樂、線上營銷服務、電商、本地生活、遊戲等。

前瞻性聲明

除過往事實的陳述外，本新聞稿載有若干前瞻性陳述。前瞻性陳述一般可透過所使用前瞻性詞彙識別，例如「或會」、「可能」、「可」、「可以」、「將」、「將會」、「預期」、「認為」、「繼續」、「估計」、「預計」、「預測」、「打算」、「計劃」、「尋求」或「時間表」。該等前瞻性陳述受風險、不確定因素及假設的影響，可能包括業務展望、財務表現預測、業務計劃預測、發展策略及對我們行業預期趨勢的預測。該等前瞻性陳述是根據本集團現有的資料，亦按本新聞稿刊發之時的展望為基準，在本新聞稿內載列。該等前瞻性陳述是根據若干預測、假設及前提作出，當中許多涉及主觀因素或不受我們控制。該等前瞻性陳述或會證明為不正確及可能不會在將來實現。該等前瞻性陳述涉及大量風險及不明朗因素。鑒於上述風險及不明朗因素，本新聞稿內所載列的前瞻性陳述不應視為董事會或本公司聲明該等計劃及目標將會實現，故投資者不應過於依賴該等陳述。除法律要求的情形外，我們並無責任公開發佈可能反映本新聞稿日期後發生的事件或情況或可能反映意料之外事件的該等前瞻性陳述的任何修訂。

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