Core Viewpoint - Kuaishou's AI product, Keling, has launched significant updates in December, which are expected to drive user growth and increase payment rates. The updates include the first global multi-modal video model Keling O1 and the audio-visual synchronization model Keling 2.6, among others [1] Group 1: Product Updates - Keling AI launched several new versions in December, including Keling O1, the first unified multi-modal video model, and Keling 2.6, which supports audio-visual synchronization [1] - Keling O1 is noted as the world's first video generation model supporting full-modal editing, enhancing workflow efficiency [1] - Keling 2.6's audio-visual synchronization feature is expected to integrate well with various industries such as gaming, advertising, short dramas, and live streaming [1] Group 2: Market Position and Competition - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Keling 2.6 offers a notable price advantage over Google Veo 3.1 and Sora 2, with high-quality video generation priced at 0.88 RMB to 0.44 RMB per second for different membership tiers [1][2] - Keling 2.6's pricing is competitive with Sora 2, which is priced at approximately 0.1 USD per second [2] Group 3: Financial Performance and Projections - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3 2025, with an annual revenue forecast of 1.4 billion USD [2] - The One series of end-to-end generative models has positively impacted the company's core business, contributing to a 4%-5% increase in domestic marketing revenue and a 5% increase in e-commerce order volume [2] - Revenue forecasts for Kuaishou have been adjusted downwards for 2025-2027, with expected revenues of 142.2 billion RMB, 155.2 billion RMB, and 169.3 billion RMB respectively [3]

One系列端到端生成式模型持续提振主业 公司One系列模型在营销与电商方面均对主业有拉动：1)在营销方面，AI大模型尤其是OneRec对快手 25Q3国内营销收入提升约4%-5%;2)在电商业务场景，快手推出端到端生成式搜索架构OneSearch，实现 更精准的商品匹配和用户体验优化，驱动商城搜索订单量提升5%的效果。 展望2026年，该行预计公司主业维持稳健增长 根据公司自愿性公告，此前遭受网络攻击已经于第一时间启动预案，直播功能已经逐步恢复正常服务， 其他业务未受影响，该行认为公司直播收入过去几年已经从严生态治理，且随着核心业务广告和电商的 增长，毛利相对低的直播业务对主业影响有限。 申万宏源发布研报称，维持快手-W(01024)"买入"评级，旗下可灵AI在12月密集更新，推出全球首个全 模态视频模型可灵O1及首个音画同出模型可灵2.6版本，显著提升视频生成效率与应用场景，带动用户 与收入增长。可灵系列在价格上较Google Veo、Sora等具有优势，其AI技术已有效驱动广告、电商等主 业增长，预计2026年公司主业将保持稳健发展。 申万宏源主要观点如下： 快手可灵AI于12月密集更新，其中可灵2.6版 ...