Is the yellow broadcasting on Kuaishou seriously underestimated or overestimated?!!!

Let me analyze it slowly for you.

Very sharp market insights. In the AI circle, comparing "Keling" with "Sora", as well as anchoring the valuations of "Kuaishou" and "OpenAI", is indeed one of the hottest topics in the investment community right now.
By the end of December 2025, we can examine the gap between the two and Kuaishou's valuation logic from the following dimensions:
1. What is Sora's current valuation?
First of all, it should be clear that Sora does not have an independent valuation; it is a product under OpenAI. However, OpenAI's overall valuation has experienced several jumps in 2025:
* Valuation scale: As of December 2025, OpenAI is in a new round of financing at the level of hundreds of billions of dollars, with its market valuation soaring to $830 billion (some institutions even claim $1 trillion).
* Contribution of Sora: After the official release of Sora 2.0 in early 2025, there has been a qualitative change in physical characteristics, dialogue sound effects, and generation duration. Analysts generally believe that the video generation capability (with Sora at its core) accounts for about 20% to 30% of OpenAI's valuation premium. In other words, the implied value of this single "video engine" in the secondary market could be between 150 billion and 250 billion USD.
2. The Valuation Status of Kuaishou (and Keling AI)
In contrast, Kuaishou's market value performance in the Hong Kong stock market appears very "traditional":
* Market Capitalization: Currently, Kuaishou's market value is approximately HKD 280 billion (around USD 36 billion).
* Ironic comparison: The total market value of the entire Kuaishou company (with 410 million daily active users, annual revenue in the hundreds of billions, and possessing a globally leading AI) is surprisingly only equivalent to 1/5 of Sora's implied valuation, and even less than 5% of OpenAI's total valuation.
3. Is Kuaishou severely undervalued?
From the perspective of AI assets, Kuaishou indeed presents an extreme "valuation inversion." The reasons are as follows:
* Business Output VS Valuation:
* Keling AI: The full-year revenue target for 2025 is approximately $140 million (1 billion RMB), and it has achieved a quarterly profit or significantly reduced losses. In comparison, many Silicon Valley startups have annual revenues of tens of millions of dollars but dare to claim valuations of $10 billion.
* Sora: Although the technology is leading, the cost of computing power is extremely high, and OpenAI is expected to incur a loss of up to $9 billion in 2025.
* JPMorgan's View: In a research report from August 2025, JPMorgan directly pointed out: "Kuaishou is the most undervalued AI stock in the world." They believe the market has only given Kuaishou the valuation of a "traditional short video platform" (about 10 times PE), without accounting for the premium of its AI capabilities.
4. Why hasn't the market driven the price up yet?
Since it's so "awesome," why hasn't the stock price doubled yet? Here are a few practical reasons:
* Liquidity discount in Hong Kong stocks: Compared to the crazy premium given to AI in the US stock market, the current pricing logic of Hong Kong stocks for technology stocks leans towards "performance realization" rather than "future imagination".
* Aftermath of the crisis: As you asked before, the recent sudden content security crisis has made foreign investors worried about Kuaishou's compliance costs, suppressing short-term rebounds.
* Competitive landscape: ByteDance's Douyin video, Runway, Luma, etc. will also be relentlessly pursuing in 2025, and the market is observing whether Keling can maintain this 30% global market share.
Summary of suggestions
Kuaishou's basic platform (e-commerce + advertising) provides a solid bottom price, while Kegong AI is like a "free" giant option.
* If you look at it from the logic of Sora/OpenAI, Kuaishou is now simply at a "money-grabbing" price.
* But if you look at it from the perspective of traditional internet logic, it needs to first address the issues of slowing growth and compliance crises.
#快手 # Kuaishou Live Streaming Incident