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].
