快手在7月完成了一系列战略性调整。1旗下AI公司可灵完成近30亿美元首轮融资，投后估值约180亿美元，1随后腾讯通过场外大宗交易出售2.73亿股B类股份，持股比例从15.68%降至9.37%。1两笔交易的买方为同一家公司，时间间隔仅九十六个小时。1
在组织层面，快手将电商业务拆分为品牌及商业化、达人、白牌商家三条线。1电商负责人王剑伟兼任生活服务事业部负责人，直接向CEO程一笑汇报，掌管佣金、广告、交易抽成三条收入线。1
从经营层面看，快手电商面临增速下滑压力。1该业务2023年增速为31%，2024年降至17%，2025年进一步放缓至15%，2026年预测仅为7%左右。1可灵AI成为增长新亮点，2026年一季度收入超6.5亿元，同比增长超300%。1同期直播业务收入同比下滑13.5%，是三大板块中唯一的负增长。1为支撑可灵的发展，快手2026年全年资本开支预计升至260亿元，大头流向可灵的算力和研发。1
市场格局上，抖音电商GMV约4.4万亿元，快手为1.6万亿元，不到对方三分之一。1
Kuaishou completed a series of major organizational changes in July, signaling a strategic shift toward artificial intelligence while consolidating control over its commerce division 1. The company's AI subsidiary Kuaishou Kollin secured approximately $3 billion in Series A funding at a post-money valuation of around $18 billion 1. Concurrent with this funding round, Tencent reduced its stake in Kuaishou through an off-market block trade, selling 273 million Class B shares and lowering its ownership from 15.68% to 9.37% 1. The two transactions involved the same buyer and occurred within ninety-six hours 1.
The e-commerce restructuring fragmented the previously unified division into three separate operational tracks: brand and commercial operations, content creators, and white-label merchants 1. Wang Jianwei, the former head of e-commerce, assumed dual responsibilities by taking charge of the lifestyle services business unit while maintaining his e-commerce portfolio, reporting directly to CEO Cheng Yixiao 1. This consolidation placed three revenue streams—commissions, advertising, and transaction fees—under unified control 1. The organizational overhaul reflects the company's reprioritization amid slowing commerce growth, with e-commerce expansion decelerating from 31% year-over-year growth in 2023 to 17% in 2024 and projected to reach approximately 7% by 2026 1. In contrast, Kuaishou Kollin's revenue exceeded 650 million yuan in the first quarter of 2026, representing over 300% year-over-year growth 1. The company plans to allocate 26 billion yuan toward capital expenditures in 2026, with the majority directed toward computing infrastructure and research and development for its AI operations 1.
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