Kuaishou Technology (01024.HK) reported second-quarter 2026 revenue of RMB 35.54 billion, up 1.4% year over year, and adjusted net profit of RMB 3.91 billion, equivalent to an 11% adjusted net margin. Net profit fell 36% to RMB 3.152 billion, while adjusted EBITDA declined 7.7% to RMB 7.122 billion. Kling AI revenue exceeded RMB 850 million, up more than 200% year over year, and first-half cumulative revenue surpassed RMB 1.5 billion. Its global user base exceeded 100 million across 224 countries and regions, with enterprise customers approaching 50,000. Kuaishou reduced its stake in Kling AI to about 68% after bringing in Tencent, Alibaba and Baidu in a financing of more than RMB 19 billion. The platform added native 4K output, Kling 3.0 Turbo, and Kling MCP and CLI tools during the quarter. AI investment pushed research and development expenses up 34.7% to RMB 4.58 billion and contributed to a gross-margin decline, while Kuaishou also reported record user numbers, expanding short-drama supply, positive second-quarter free cash flow and shareholder returns expected to exceed 2025's total.