新浪科技讯 12月18日上午消息，今日，火山引擎在FORCE原动力大会期间，当被问及豆包大模型今年 整体的成绩如何时，火山引擎总裁谭待表示，整体成绩肯定还可以，在国内肯定还是很明显的，但如果 看全球的话，不论是OpenAI还是Gemini，其实都非常好，所以我们在这一块还是要更加努力，当然我 们的Seedance和Seedream在全球的表现也不错。 谈及2026年大模型市场的竞争，谭待表示，首先最重要的还不是竞争，最重要的是把市场做大，就是说 你想明年市场可能还要再涨十倍，那大家看的就不是存量的竞争，不是说零和博弈。（罗宁） 责任编辑：何俊熹 新浪科技讯 12月18日上午消息，今日，火山引擎在FORCE原动力大会期间，当被问及豆包大模型今年 整体的成绩如何时，火山引擎总裁谭待表示，整体成绩肯定还可以，在国内肯定还是很明显的，但如果 看全球的话，不论是OpenAI还是Gemini，其实都非常好，所以我们在这一块还是要更加努力，当然我 们的Seedance和Seedream在全球的表现也不错。 谈及2026年大模型市场的竞争，谭待表示，首先最重要的还不是竞争，最重要的是把市场做大，就是说 你想明年市场可能还要再 ...

Summary of Conference Call on Kuaishou and the Video Generative AI Sector Industry Overview - **Industry**: China Internet Sector, specifically focusing on Video Generative AI - **Key Players**: Kuaishou, Bytedance, Google, OpenAI Core Insights 1. **Kuaishou's Leadership in Video Generative AI** Kuaishou's Kling platform is recognized for its superior performance in video generative AI, outperforming competitors like Sora 2, Veo3, and Seedance. The platform excels in prompt learning, video duration, and detail control, supported by Kuaishou's commitment to resource allocation in this area [2][2][2] 2. **Technical Advantages of Kling** Kling utilizes a hybrid architecture that allows 80% of generation workloads to be processed on-device, significantly reducing costs and latency. Its deep-learning engine is optimized for mid- and low-end hardware, expanding its user base [2][2][2] 3. **Market Positioning** Kling targets professional consumers (to-C), while Bytedance's Seedance focuses on business monetization (to-B) through subscription and private deployment models. This distinction highlights Kuaishou's strategic positioning in the market [2][2][2] 4. **Unit Economics Challenges** Current unit economics for video generative AI operators are low or negative due to high R&D and training costs. Operators are prioritizing market share over profitability, with expectations of declining model pricing in the near future [3][3][3] 5. **Application Scenarios** Video generative AI is primarily applied in advertising and e-commerce, enhancing productivity by over 60% through AIGC-assisted workflows. Digital humans in e-commerce can reduce labor costs and provide personalized content around the clock [4][4][4] Investment Outlook 1. **Positive Outlook for Kuaishou** Kuaishou is viewed as a top pick in the video generative AI space due to its reasonable valuation and growth potential, with projected EPS CAGR of 20% from 2024 to 2026 [5][5][5] 2. **Valuation Metrics** The company is currently trading at a PE ratio of 13x for 2025 and 11x for 2026, with a potential upside in valuation as video generative AI progresses [5][5][5] 3. **Investor Positioning** There is still relatively low investor positioning in Kuaishou, indicating potential for growth as the market recognizes its value [5][5][5] Risks and Considerations 1. **Competitive Landscape** Key risks include intensifying competition, fast-evolving technology trends, and uncertain monetization strategies within the internet sector [7][7][7] 2. **Regulatory Environment** Kuaishou faces risks from tightening regulations in online videos, livestreaming, and gaming, which could impact user growth and monetization [8][8][8] 3. **Economic Factors** A slowing Chinese economy may lead to reduced growth in online advertising revenues, posing a risk to Kuaishou's financial performance [8][8][8]

Core Insights - The article discusses the competitive landscape of AI video generation, highlighting the rapid growth and potential of companies like Aishi Technology and OpenAI's Sora [5][7][11]. Company Developments - Aishi Technology has completed a B+ round financing of 100 million RMB, bringing its total funding to over 100 million USD since its establishment in April 2023 [5]. - Aishi's products, PixVerse and Pai Wo AI, have over 100 million total users and a monthly active user count exceeding 16 million, with an annual recurring revenue (ARR) of 40 million USD [5]. - OpenAI launched the Sora 2 video generation model and Sora App, which quickly topped the US App Store free chart and surpassed 1 million downloads in less than two weeks [8][13]. Market Dynamics - The video generation app market is vast, with existing tools unable to cover all users, as evidenced by TikTok and Douyin's monthly active users exceeding 2 billion [9]. - Aishi's CEO noted that the emergence of AI is reshaping content consumption, similar to the impact of short videos [8]. - Despite Sora's rapid growth, Aishi's PixVerse has not been negatively impacted, indicating a large market capacity for multiple players [9]. Competitive Landscape - The current leading models in video generation are dominated by Chinese companies, with Kuaishou's Kling, Aishi's PixVerse, and MiniMax ranking in the top three, while Sora ranks 31st [11]. - ByteDance's video generation models, Seedance and Waver, are also strong competitors, with significant daily active user growth targets [12]. - The competition in the multi-modal field is intensifying, driven by the enormous consumer and entertainment potential [13].

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [5]. Core Insights - OpenAI is investing heavily in the "Stargate" project to build next-generation AI infrastructure, planning to invest $500 billion over four years to create a 10GW power capacity, which is equivalent to one-fifth of the current global AI data center capacity [2][8]. - The launch of Sora 2 marks a new era in AI video generation, achieving breakthroughs in physical simulation and audio-visual synchronization, and transforming the product from a professional tool to a mass-market creative platform [2][12]. - The AI video generation market is expected to grow at a compound annual growth rate (CAGR) of 19.5% from 2024 to 2032, driven by its disruptive cost advantages and ease of use [2][14]. Summary by Sections 1. Hardware and Computing Ecosystem - OpenAI's "Stargate" project aims to significantly enhance AI infrastructure, with partnerships with Nvidia, AMD, and Broadcom to secure future chip supplies and stabilize revenue expectations for hardware manufacturers [8][9]. - OpenAI's API call volume reached 6 billion tokens per minute, reflecting explosive growth in computational demand, with projected revenues of $130 billion for 2025 [9]. 2. Software Ecosystem and User Behavior - OpenAI is transitioning ChatGPT from a tool to an operating system-level platform, allowing third-party applications to be embedded, which enhances user interaction and engagement [10][11]. - As of July 2025, ChatGPT had over 700 million weekly active users, with a significant increase in non-work-related interactions, indicating deep integration into daily life [11]. 3. Sora 2's Technological Breakthroughs and Product Innovations - Sora 2 is seen as a pivotal moment in AI video generation, enabling coherent storytelling through synchronized audio and visual elements, and introducing social features that enhance user engagement [12][13]. - The Sora app quickly gained popularity, being dubbed the "AI version of TikTok," and allows users to create digital avatars for interactive content creation [12][13]. 4. Market Space and Commercial Prospects - The AI video generation sector is poised for rapid commercialization, with applications in both B2B and B2C markets, significantly reducing production costs and time [14][15]. - The technology's maturity and user experience improvements are accelerating its adoption across various sectors, including advertising and e-commerce [14][15]. 5. Investment Clues - Investment opportunities in AI video generation span infrastructure, application ecosystems, and vertical solutions, with significant potential in server and cooling technologies, as well as in marketing and content creation sectors [3][21][23].

Summary of Kuaishou Technology Conference Call Company Overview - **Company**: Kuaishou Technology - **Ticker**: 1024.HK - **Market Cap**: USD 31.534 billion as of July 18, 2025 [19] Industry Context - **Industry**: Internet Software & Services - **Key Competitors**: ByteDance's Seedance, Google's Veo 3, and Kuaishou's Kling 2.1 [8] Key Insights Competitive Landscape - The video generation model market has low entry barriers and switching costs, leading to users experimenting with various models rather than committing to one [2] - Chinese models are offered at a 40-80% discount compared to Google's Veo 3 subscription [2] - Each model has unique strengths: - **Veo 3**: Advanced audio generation and cinematic video quality - **Kling AI**: Editing tools and style control through image input - **Seedance**: Strong prompt adherence and multi-shot capabilities [2] Financial Performance - **Kling AI** reached an annualized revenue run rate (ARR) of USD 100 million by March 2025, with monthly bookings exceeding RMB 100 million [3] - Revenue breakdown: 70% from prosumer subscriptions, 30% from corporate clients' API fees, with 70% of revenue coming from overseas [3] - Kuaishou's revenue and adjusted net profit are projected to grow 11% and 7% year-over-year to RMB 34 billion and RMB 5 billion, respectively [4][14] Valuation Metrics - Kuaishou's target price raised to HKD 82 from HKD 75, reflecting a lower weighted average cost of capital (WACC) [4] - Kling AI's revenue estimate increased to USD 120 million for 2025 [4] - Valuation comparison with vertical AI peers shows an average price-to-sales (P/S) ratio of 61x, suggesting Kling AI could be valued at USD 7 billion or HKD 13 per share [3][12] Growth Projections - Expected growth in various segments: - Advertising revenue: 12% year-over-year - E-commerce GMV: 14% year-over-year - Live-streaming revenue: 5% year-over-year [14] Risks and Challenges - Potential risks include regulatory changes affecting tipping and short-video content, increased content auditing costs, macroeconomic headwinds, and intensified competition in advertising and e-commerce [15] Financial Forecasts - Revenue projections for Kuaishou: - 2025: RMB 141.926 billion - 2026: RMB 155.624 billion - 2027: RMB 166.763 billion [16] - Net profit estimates: - 2025: RMB 17.313 billion - 2026: RMB 22.588 billion - 2027: RMB 27.911 billion [16] Conclusion - Kuaishou Technology is positioned for growth in the competitive landscape of video generation models, with strong revenue projections and a favorable valuation outlook. However, it faces regulatory and competitive risks that could impact its performance in the near term.