Huayuan starts coverage of Kuaishou stock with a Buy rating

Kuaishou received a new Buy rating as Huayuan Securities initiated coverage on September 22, 2026. The brokerage cited steady user growth and Keling AI's commercialization, while its second-quarter review showed revenue of RMB 35.50 billion, up 1.40 percent year over year, and adjusted net profit of RMB 3.91 billion, down 30.30 percent year over year, according to Futubull.

AI growth meets margin pressure

The second-quarter numbers show a split operating picture. Online marketing revenue increased 4.40 percent year over year to RMB 20.60 billion, but live-streaming revenue fell 13.50 percent year over year to RMB 8.70 billion, according to the same September 22, 2026 review by Futubull.

Keling AI supplied the strongest growth counterpoint. Its second-quarter operating revenue exceeded RMB 850 million and increased by more than 200 percent year over year, while research and development expenses reached RMB 4.60 billion, up 34.70 percent, as AI investment expanded, according to Futubull.

User scale remains a support

Kuaishou's platform still delivered measurable audience expansion in the second quarter. Average daily active users reached 412 million, up 0.80 percent year over year, while monthly active users reached 797 million, up 11.50 percent, according to Futubull. Online marketing revenue per daily active user rose 3.70 percent year over year to RMB 50.10, suggesting that monetization improved even as overall profit weakened.

The interim report also showed RMB 69.30 billion of revenue in the first half of 2026, up 2.40 percent year over year, and adjusted net profit of RMB 7.30 billion with a 10.50 percent margin. The board resolved not to declare an interim dividend for the six months ended June 30, 2026, according to Moomoo.

HKD 30.94 sets the market reference

Kuaishou was last at HKD 30.94 on HKEX on September 30, 2026 at 4:08 p.m. HKT. The primary-listing quote stood above the prior close of HKD 30.24, while the reported 52-week range was HKD 29.14 to HKD 92.60 and market capitalization was HKD 132.8 billion.