Pacific Securities released a research report stating that according to LatePost financial data, in January 2026, KUAISHOU-W's (01024) Kling AI monthly active users (MAU) surpassed 12 million. Furthermore, as of January 20th, monthly paying users (on the app side) increased by 350% month-over-month; daily average revenue in January grew by approximately 30% compared to the previous month. The rapid growth of Kling AI's MAU is primarily attributed to two key factors: model updates and the introduction of motion control features. Current AI applications have resulted in cost reductions exceeding 70% and efficiency improvements surpassing 80%. Looking ahead, with the continuous iteration and widespread adoption of technologies like AI video generation, video content such as comic dramas and short dramas are expected to enter a new phase of large-scale AI-powered production. For investment targets, it is recommended to focus on companies like Bona Film Group (001330.SZ). The main views of Pacific Securities are as follows.
In January, KUAISHOU's Kling AI MAU broke through 12 million, with daily average revenue increasing by approximately 30% month-over-month. KUAISHOU's Kling AI has achieved breakthrough performance in both user scale and revenue. According to LatePost data, in terms of user scale, monthly active users in January 2026 exceeded 12 million, and as of January 20th, monthly paying users (app side) grew by 350% month-over-month. Regarding revenue, single-month revenue in December 2025 surpassed $20 million, and daily average revenue in January 2026 increased by about 30% compared to the previous month. Pacific Securities believes the rapid MAU growth of KUAISHOU's Kling AI is mainly due to two factors: 1) Model Updates: In December 2025, KUAISHOU successively launched Kling o1, the world's first unified multimodal video model, and Kling 2.6, which possesses audio-visual synchronous generation capabilities, enhancing model performance and enriching the video generation model portfolio. 2) Motion Control Feature Gains Attention: The launch of the motion control feature in Kling 2.6 allows users to generate videos where characters replicate specific actions simply by uploading a reference image and selecting a motion. Benefiting from the feature's ease of use and the social sharing advantages of the generated videos, Kling AI ranked first in the iOS download charts for the Graphics & Design category in nearly 40 countries and regions, including Brazil and Russia, in early 2026. It also became the top-grossing Graphics & Design application on iOS in South Korea and Russia.
The comic drama market size is projected to reach 22 billion yuan in 2026, with AI-simulated human dramas showing high playback growth. According to the latest data from Ocean Engine, the comic drama market size is expected to exceed 22 billion yuan in 2026, contributing 50% of the growth within the short drama industry. In terms of user base, from June to December 2025, the compound growth rate of comic drama users on Douyin reached 12%. Regarding playback data, the compound growth rate of comic drama playbacks from June to December 2025 was 24%. Among these, 2D animated comic dramas had the highest average playback per title in December, reaching three times that of sticker-pack style dynamic comics. Furthermore, AI-simulated human dramas exhibited the fastest growth rate and the highest peak in average playback per title. In terms of AI application, AI is currently used in 10%-30% of creative processes, 50%-80% of content production, and 20%-80% of editing and operations for comic dramas. The application of AI has led to cost reductions of over 70%, efficiency improvements exceeding 80%, and a reduction of the production cycle by one-third.
KUAISHOU-W's (01024) breakthrough performance in Kling AI's user scale and revenue indicates that domestic AI video model capabilities are now at the global forefront, with commercial value being continuously realized. Regarding application scenarios, the use of AI technology across various production stages of comic dramas addresses the historical pain points of high production costs and long time cycles associated with animated content. Simultaneously, the high playback volumes of 2D animated comics and AI-simulated human dramas reflect that AI-generated comic drama content has already gained audience acceptance. In the future, with the ongoing iteration and widespread application of technologies like AI video generation, video content such as comic dramas and short dramas is poised to enter a new era of large-scale AI-driven production.
Risks include the potential for AI technology development to fall short of expectations, tightening policy regulations, and intensifying industry competition.
Comments