快手 20260115 摘要 可灵非中国区 12 月流水显著，接近 50 万美元，2026 年 1 月首周流水 接近 100 万美元，环比增长近 200%，显示其商业化潜力巨大，产品能 力出色，预示未来增长空间。 可灵 AI 于 2025 年 12 月发布首个大一统多模态创作工具 O1，整合文 字、视频、图片等多种输入，并推出音画同步功能，提升流水增速，优 化生成成本，降低价格，扩大用户群体。 可灵在视频生成领域具有竞争优势，聚焦 AI 视频内容，技术领先，产品 打通能力强，依托短视频平台 DAU/MAU 优势，能更好洞察用户需求， 推动技术迭代。 全球视频制作市场规模约 1,400 亿美元，AI 渗透率预计达 200-300 亿 美元，占比约 1/5，长期有望超过 50%，主要渗透自媒体、广告营销、 电商素材等领域。 快手 2025 年第三季度主业稳健，直播收入近 100 亿，同比增长 2.5%，广告收入超 200 亿，同比增长 14%，电商收入近 60 亿，同比 增长超 40%。 Q&A 可灵在 2025 年 12 月的 ARR (SaaS) 达到了多少？这一数据对其商业化能 力有何影响？ 2025 年 ...

快手科技宣布，旗下可灵AI在2025年12月的月收入突破2000万美元，对应年化收入运行率（ARR）约 2.4亿美元。这一成绩是可灵AI商业化进程的重要里程碑。 新华财经上海1月15日电据中经社企业外债风险监测系统显示，中国社交平台巨头快手科技（股票代 码：01024.HK）正在推进其历史上首次离岸债券发行计划，拟筹资总额约20亿美元。此举标志着快手 在资本结构多元化和国际化融资能力方面迈出关键一步。 据最新披露的发行文件显示，快手计划通过发行5年期及10年期美元计价债券募集15亿美元，同时发行5 年期点心债券（离岸人民币债券）募集约5亿美元资金。本次发债所得资金将主要用于一般公司用途及 增强境外现金储备，以支持其持续扩张的全球战略。 快手此前在投资者电话会议上披露，2025年公司总资本支出预计将超过140亿元人民币，其中逾三分之 二已明确投向其自主研发的人工智能平台"可灵"（Kling）。该平台作为快手技术战略的核心，正驱动 内容推荐、视频生成、广告投放等多场景智能化升级。公司表示，2026年将继续维持相似的资本支出结 构，坚定加码AI基础设施建设。 2025年12月以来，可灵AI旗下产品迭代加速，先后发布 ...

14日午后，港股AI延续活跃，阿里巴巴-W涨超6%，刷新逾两个月以来新高；快手-W一度涨近7%，现 涨超5%，哔哩哔哩-W涨超4%，腾讯控股涨逾1%。港股AI核心工具——港股互联网ETF（513770）早 盘溢价上攻，场内价格一度涨逾3%，现涨2.65%，重返半年线上方。 | ● 防分 | | | F9 盘前盘后 叠加 九杭 画线 工具 @ 2 >> | | | | | | 港股互联网ETF ① | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.586 | 513770[潮胶互联网ETF] 10:49 价 0.582 滚跌 0.01 | | | E | | 0.582 +0.015 +2.65% | | | 513770 | | | 1 - Super 1 - | | | | | SSE CNY 13:37:44 交易中 查看L2全覆 | | | T+0 BB / 12 34 | | | Ars | | | 1:65% | | | 净值击势 华室中证潜股通互联网ET 近5日净流入 | | 单位(万元) | | 0.567 | ...

Core Insights - Kuaishou Technology's stock saw a significant increase, with a peak rise of over 6% on January 14, closing at HKD 82.75, up 5.48% [1] - Kuaishou's AI subsidiary, Keling AI, reported a revenue breakthrough of USD 20 million in December 2025, leading to an annual recurring revenue (ARR) of USD 240 million, indicating accelerated commercialization progress [1] - Keling AI achieved this milestone within two years of its launch, doubling its ARR from USD 100 million in March 2025, showcasing a rapid growth trajectory that exceeds market expectations [1] Product Development - Since December, Keling AI has entered an intensive iteration phase, launching the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model with "audio-visual synchronization" capabilities, along with new motion control features [1] - These advancements have received positive feedback in overseas creator markets, significantly contributing to the rapid revenue growth in December [1] Market Analysis - Multiple international investment banks have noted that Keling AI's commercialization is entering a realization phase, with Citigroup indicating that December's revenue slightly exceeded previous expectations, suggesting potential upward revisions for 2026 [2] - Morgan Stanley estimates Keling AI's revenue for Q4 2025 to be around RMB 350-400 million, notably higher than the company's prior guidance of RMB 300 million [2] - Jefferies highlighted that Keling AI achieved an ARR of USD 240 million within 19 months of launch, with ongoing model breakthroughs and product innovations being key drivers for long-term revenue growth [2] - The market generally perceives that the certainty of the AI business is mitigating the cyclical fluctuations of Kuaishou's traditional business, gradually becoming a significant variable in the company's valuation framework [2]

Group 1 - Kuaishou Technology's stock opened strong on January 14, with an intraday increase of over 6%, closing at HKD 82.75, a rise of 5.48% [1] - Kuaishou's Keling AI reported a revenue exceeding USD 20 million in December 2025, corresponding to an annual recurring revenue (ARR) of USD 240 million, indicating accelerated commercialization progress [1] - Keling AI achieved a significant milestone within two years of its launch, doubling its ARR from USD 100 million in March 2025 to USD 240 million in just nine months, surpassing market expectations [1] Group 2 - Multiple international investment banks noted that Keling AI's commercialization is entering a realization phase, with Citigroup indicating December's revenue slightly exceeding previous expectations, suggesting potential upward revisions for 2026 [2] - Morgan Stanley estimated Keling AI's revenue for Q4 2025 to be around RMB 350-400 million, significantly higher than the company's prior guidance of RMB 300 million [2] - Jefferies highlighted that Keling AI achieved an ARR of USD 240 million within 19 months of launch, with ongoing model breakthroughs and product innovations being key drivers for long-term revenue growth [2]

| 分时 · | | | F9 盘前盘后 酷加 九转 画线 工具 @ 2 >> | | | | | | 港股互联网ETF 1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 513770[港股互联网ETF] 09:48 价 0.574 涨跌 0. | | | 0.574 | +0.007 +1.23% | | | | 8 513770 | | 0572 | 2 | | | 0.88% | | SSE CNY 9:48:17 交易中 查看L2全播 | | | | 140 微 / C + 单位(万元) | | | | | | | 净值走势 | 华宝中证港股通互联网ETF | | 近5日净流入 | | | | | | | | | 委托 | 11.84% 查看 | 4427 | | | | | 0.567 | | | | 0.00% | 费五 | 0:579 | 78672 | | | 39965 | | | | | | | 英四 | 0.578 | 72915 | | | | | | | | | | 奥三 | ...

Core Viewpoint - Kuaishou-W (01024) shares increased nearly 5%, reaching HKD 81.95 with a trading volume of HKD 536 million, following the announcement of Keling AI's revenue performance for December 2025, which exceeded expectations [1] Group 1: Company Performance - Keling AI announced that its revenue for December 2025 surpassed USD 20 million, leading to an annual recurring revenue (ARR) of USD 240 million [1] - Previously, Keling AI reported an ARR of over USD 10 million in March 2025, just ten months after its official launch [1] - The strong performance in December is attributed to the launch of Keling Video 2.6, which features a new "motion control" capability that has gained popularity in overseas markets for AI-generated video content [1] Group 2: Market Expectations - Citigroup had anticipated a strong performance from Keling AI in December, and the actual results slightly exceeded their expectations, indicating a robust revenue outlook for 2026 [1] - Citigroup estimates that Keling's total revenue for the year could exceed USD 250 million [1]

智通财经APP获悉，1月13日，快手科技(01024)宣布，可灵AI 2025年12月的当月收入突破2000万美元， 对应年化收入运行率（简称ARR）达2.4亿美元。此前，可灵AI曾在2025年3月，即正式上线的第10个月 宣布ARR突破1亿美元。12月以来，可灵先后发布全球首个大一统多模态视频模型可灵O1及具备"音画 同出"能力的可灵2.6模型，并上线全新的动作控制等功能，产品保持高速迭代。 ...

人民财讯1月13日电，1月13日，快手科技宣布，可灵AI 2025年12月的当月收入突破2000万美元，对应 年化收入运行率（简称ARR）达2.4亿美元。此前，可灵AI曾在2025年3月，即正式上线的第10个月宣布 ARR突破1亿美元。12月以来，可灵先后发布全球首个大一统多模态视频模型可灵O1及具备"音画同 出"能力的可灵2.6模型，并上线动作控制等功能。 ...

1月13日，快手科技(01024)宣布，可灵AI 2025年12月的当月收入突破2000万美元，对应年化收入运行率 （简称ARR）达2.4亿美元。此前，可灵AI曾在2025年3月，即正式上线的第10个月宣布ARR突破1亿美 元。12月以来，可灵先后发布全球首个大一统多模态视频模型可灵O1及具备"音画同出"能力的可灵2.6 模型，并上线全新的动作控制等功能，产品保持高速迭代。 ...