Analysis of Kuaishou Keling AI and Live Streaming Business Revenue

Based on the latest financial data, I will analyze the revenue situation of Kuaishou’s Keling AI and live streaming business in detail for you.

The commercialization process of Kuaishou’s Keling AI is accelerating, and revenue is showing rapid growth [1]:

• Q1 2025
  : Single-quarter revenue exceeded 150 million yuan
• Q2
  : Revenue exceeded 250 million yuan, with significant sequential growth
• Q3
  : Revenue exceeded 300 million yuan, maintaining high growth
• Cumulative for first three quarters
  : Keling AI’s revenue exceeded 700 million yuan

Since its launch in June 2024, Keling AI has maintained rapid iteration. In September, it launched the Keling AI 2.5 Turbo model, which achieved significant improvements in text response, dynamic effects, network retention, aesthetic effects, and other dimensions [1]. Currently, this technology has been widely applied in scenarios such as advertising and marketing, and short drama production. The daily average driven advertising consumption reaches approximately 30 million yuan [2].

According to financial report data, Kuaishou’s live streaming business

but maintained steady growth [1][2]:

• Q1
  : Live streaming business revenue was 9.81 billion yuan, a year-on-year increase of 14%
• Q2
  : Live streaming business revenue was 10 billion yuan, a year-on-year increase of 8%
• Q3
  : Live streaming business revenue was 9.574 billion yuan, a year-on-year increase of 2.5%
• Total for first three quarters
  : Live streaming business revenue was 29.43 billion yuan, a year-on-year increase of 8.1%

From the revenue structure perspective, the live streaming business accounts for 28.5% of Kuaishou’s total revenue, remaining one of the company’s important revenue sources [1].

In the first three quarters of 2025, Kuaishou’s total revenue reached 103.21 billion yuan, a year-on-year increase of 12.8% [1]:

• Online marketing services revenue was 57.85 billion yuan, accounting for 56.1%, an increase of 11.7%
• Other services (including e-commerce) revenue was 15.93 billion yuan, accounting for 15.4%, an increase of 27.5%
• E-commerce GMV reached 1.08 trillion yuan, a year-on-year increase of 16%

Based on actual data,

:

1. Live streaming business did not decline
   : Kuaishou’s live streaming business increased by 8.1% year-on-year in the first three quarters, still maintaining a healthy growth trend, but the growth rate gradually slowed from 14% in Q1 to 2.5% in Q3 [1].

2. Keling AI grows rapidly but has limited scale
   : The 700 million yuan Keling AI revenue in the first three quarters accounts for only about 2.4% of the live streaming business’s 29.43 billion yuan revenue, which is not enough to hedge against any potential decline in the live streaming business at present [1].

3. Significant synergy effect
   : Keling AI is empowering Kuaishou’s core businesses, including improving advertising delivery efficiency, optimizing content recommendations, enhancing e-commerce experiences, etc. This indirect value may be more important than direct revenue contribution [1][2].

, with the expansion of Keling AI’s user scale (payment rate as high as 70%) and continuous iteration of AI technology, this business is expected to become a new revenue growth engine [2]. Institutions predict that Keling AI’s full-year revenue is expected to exceed 100 million US dollars [2]. However, in the short term, the live streaming business will remain an important revenue pillar for Kuaishou, while Keling AI plays more of an role rather than an immediate replacement.

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[1] Yahoo Finance Hong Kong - [Knowledge Stock Selection] Strengthen AI to Boost Momentum, Kuaishou Buy on Dips (https://hk.finance.yahoo.com/news/智識選股-強化AI增動能-快手趁低收集-175500678.html)

[2] Yahoo Finance Hong Kong - Kuaishou Rises and Falls After Results, Analyzing Buying Value (https://hk.finance.yahoo.com/news/快手績後衝高回落剖析買入價值-072650642.html)