Company Overview - Sohu.com Limited (NASDAQ: SOHU) is a leading Chinese online media platform and game business group, established by Dr. Charles Zhang in the 1990s [3] - The company operates a comprehensive matrix of Chinese language web properties, including Sohu News App, Sohu Video App, mobile portal m.sohu.com, PC portal www.sohu.com, and online games platform www.changyou.com/en/ [3] Business Operations - Sohu provides a vast array of content, such as news and information, in various formats including text, pictures, videos, and live broadcasting, making it indispensable to millions of Chinese users [4] - The online games business is conducted through its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, including the well-known Tian Long Ba Bu ("TLBB") [4] Financial Reporting - Sohu will report its fourth quarter and fiscal year 2025 unaudited financial results on February 9, 2026, before U.S. market hours [1] - A conference call hosted by Sohu's management team will take place on the same day at 7:30 a.m. U.S. Eastern Time [1]

导语： 1月15日，北京寒冬的夜晚，《张朝阳的英语课》依旧按时开播，直播间里，张朝阳不仅以中英双语解读资讯，还在直播最后预告将撒巨量新春红包，为 搜狐视频关注流引流造势。 而镜头之外，一份最新的财务报告揭示了这家公司的另一面：在第三季度1.8亿美元的总营收中，游戏业务占比达九成，900万美元的净利润主要依托近二 十年的《天龙八部》IP贡献，这款经典产品仍是公司盈利的核心支撑。 两者构成了搜狐最鲜明的AB面。A面是创始人躬身入局，以知识直播为支点，奋力推动平台向社交生态转型；B面是公司营收被经典游戏IP牢牢绑定，在 存量市场中维持着稳健却单一的增长。 作为中国初代互联网门户的代表，搜狐的处境，正是老牌互联网企业在时代浪潮中挣扎与求索的缩影。曾经的"互联网开拓者"，如何在移动互联网下半场 重新找到市场定位？这场由张朝阳亲自掌舵的"慢"转型，又将通往何方？ 01 游戏独撑：老IP续命，隐忧难掩 搜狐2025年第三季度的财务报告，清晰地勾勒出这家老牌互联网公司的业务格局。Q3总营收1.8亿美元，同比涨19%，其中在线游戏收入为1.62亿美元， 营收占比直接突破九成。 与之形成对比的是，曾经的支柱业务营销服务，收入仅1 ...

Group 1: Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones Industrial Average reaching a new historical high, approaching the 50,000 mark, closing at 49,462.08 points, up 0.99% [3] - The Philadelphia Semiconductor Index increased by 2.75%, setting a new historical high, with notable gains in chip stocks such as Microchip Technology up over 11%, Micron Technology up over 10%, and NXP Semiconductors up over 9% [5][6] Group 2: Federal Reserve Insights - Federal Reserve Governor Milan stated that the Fed should lower interest rates by more than 100 basis points this year, as economic data trends may support further rate cuts [5] - Milan noted that core inflation has returned to around the Fed's 2% target, and he expects strong economic growth in the U.S. this year [5] Group 3: Commodity Prices - Silver prices surged again, with COMEX silver futures breaking the $80 per ounce mark, reflecting a rise of approximately 6% [8] - Gold prices also saw a slight increase, with COMEX gold futures surpassing $4,500 per ounce, up over 1% [8]

Core Viewpoint - Zhang Chaoyang's New Year's Eve lecture emphasizes the exploration of the solar system through a physics lens, showcasing a shift from basic physics to advanced topics, thereby broadening public understanding of complex scientific concepts [1][3][12]. Group 1: Knowledge Dissemination - Zhang Chaoyang's lectures have made advanced physics concepts more accessible to the general public, contributing to a broader understanding of these topics [2][3]. - The long-term commitment to knowledge broadcasting by Zhang Chaoyang and Sohu Video has transformed the platform's content ecosystem, focusing on high-quality educational content [4][17]. - The "hardcore" knowledge approach has enriched the content landscape of corporate New Year's Eve speeches, providing a unique model for knowledge dissemination in a commercial context [12][17]. Group 2: Strategic Integration - Zhang Chaoyang's personal interests align closely with Sohu Video's strategic direction, creating a model where personal passion drives corporate strategy [14][15]. - The "Physics Course by Zhang Chaoyang" serves as a testing ground for the market acceptance of hardcore knowledge content, validating Sohu Video's strategic focus on knowledge broadcasting [14][15]. - The integration of personal interests with corporate strategy has resulted in a sustainable business model that enhances both individual and corporate growth [15][19]. Group 3: Industry Impact - Zhang Chaoyang's influence has initiated a wave of hardcore knowledge dissemination, challenging the "traffic-first" approach in content creation and promoting a shift towards high-quality, valuable content in the knowledge broadcasting industry [17][19]. - Sohu Video's "attention flow" mechanism, driven by Zhang Chaoyang's personal brand, offers a differentiated approach to content distribution, fostering a community of engaged users around quality educational content [19][20]. - The collaboration between personal interests and corporate strategy is expected to create a competitive advantage for Sohu, establishing a unique narrative in the market [19][20].

Core Insights - Zhang Chaoyang's New Year's Eve speeches focus on fundamental science, diverging from typical commercial narratives, and have become strategically significant for Sohu [2][4] - The speeches serve as a platform for testing and refining Sohu's products, aligning with Zhang's philosophy of being a "product manager" [4][11] - This approach has created a sustainable model that links Zhang's personal brand with Sohu's product direction, enhancing the platform's value [4][10] Content Strategy - Zhang's speeches have attracted millions of viewers and fostered a thriving knowledge live-streaming ecosystem on Sohu Video [4][10] - The "knowledge New Year" concept contrasts with mainstream narratives focused on economic forecasts, instead emphasizing foundational scientific principles [6][10] - The themes of the speeches over the years, such as general relativity and quantum mechanics, aim to deepen understanding of the universe rather than provide immediate financial advice [10][14] User Engagement - The format encourages a "slow thinking" experience, allowing audiences to appreciate the reasoning behind scientific concepts, which has cultivated a loyal viewer base [10][14] - Zhang's personal involvement in content creation has established a strong connection between users and the platform, promoting a subscription-based model rather than relying solely on algorithmic recommendations [11][13] Product Development - The live broadcasts serve as real-time product testing, leading to improvements in features like whiteboard functionality and playback options based on user feedback [15][18] - The "Physics Class" series has become a benchmark for Sohu's knowledge live-streaming strategy, demonstrating the viability of high-quality, in-depth content in building user loyalty [14][20] Long-term Vision - Sohu's strategy emphasizes long-term value creation over short-term gains, rejecting low-quality content and focusing on building trust with users [21] - The company remains cautious about trends like AI, prioritizing the development of a robust video social platform instead of rushing into new technologies [21] - Zhang's public appearances and content initiatives are part of a systematic approach to reinforce Sohu's brand identity and test strategic directions [21]

Core Viewpoint - Zhang Chaoyang's New Year's physics lecture emphasizes understanding the solar system's laws as key to comprehending human civilization's origins and future direction [3][4]. Group 1: Lecture Content - The lecture covered topics from planetary orbital equations to tidal forces and interstellar migration limits, focusing on hard-core physics without inspirational slogans or commercial promotion [3][4]. - Zhang's physics course, initiated out of personal curiosity, has evolved into a significant knowledge IP, influencing various educational and scientific dialogues [4][5]. - The course has conducted 270 live sessions over four years, accumulating over 26,000 minutes of online content, contributing to the human knowledge base [6][7]. Group 2: Strategic Focus - Sohu's "关注流" (Attention Flow) strategy emphasizes real human interaction and social relationships, contrasting with algorithm-driven platforms like Douyin and Bilibili [4][5]. - The company has avoided blindly chasing trends like AI and algorithms, focusing instead on social engagement and the Attention Flow concept [5][6]. - Zhang believes that in an era of content homogenization and algorithm saturation, real social interaction and deep engagement represent a blue ocean opportunity [6][7]. Group 3: Future Plans - Zhang is preparing the fourth book in his physics series, focusing on general relativity, with plans to extend into cosmology and quantum field theory [6]. - Sohu Video will continue to advance in areas like American drama procurement and vertical short dramas, with Attention Flow remaining the strategic core [7].

Core Viewpoint - The article reflects on Zhang Chaoyang's journey from a rebellious student at MIT to becoming a prominent figure in the Chinese internet industry, highlighting his experiences of self-exile and return, as well as his reflections on entrepreneurship and personal growth over the past 25 years [1][4]. Group 1: Early Life and Education - Zhang Chaoyang grew up in a factory area in Xi'an, struggled with studies but eventually entered Tsinghua University, and later pursued a PhD at MIT, where he developed an interest in computers and the internet [6][8]. - His exposure to American culture and the internet during his studies influenced the entertainment-oriented direction of Sohu [6][8]. Group 2: Entrepreneurial Journey - In the mid-1990s, Zhang returned to China to start Sohu, facing significant challenges in securing funding as the concept of venture capital was not well established in China at the time [8][9]. - Sohu became the first Chinese startup to attract venture capital, with investments from notable figures including MIT professors and IDG [11]. - The company launched its strategic product "Sohu" after several iterations, positioning itself as a guide in the Chinese internet space [13]. Group 3: Growth and Challenges - Sohu went public on NASDAQ in 2000, raising significant capital, but faced challenges in monetizing its business model due to infrastructure limitations [14][15]. - The company initially generated revenue through partnerships with telecom operators and online gaming, which helped stabilize its cash flow [15][17]. Group 4: Crisis and Reflection - Zhang experienced a personal and professional crisis around 2011, leading to a period of self-reflection and a reevaluation of his values and priorities [21][22]. - He recognized the importance of deeply engaging with product development, which he had neglected during his earlier success [22]. Group 5: Return and Transformation - After a long hiatus, Zhang returned to the public eye in 2019, focusing on personal responsibility and the company's direction, emphasizing a disciplined lifestyle and hands-on involvement in product development [21][24]. - He has been actively engaging with audiences through live streaming and educational content, aiming to revitalize Sohu's brand and offerings [22][23]. Group 6: Future Outlook - Zhang is cautious about the AI wave, preferring to focus on video social platforms rather than blindly following trends, while maintaining a commitment to ethical business practices [27][29]. - The company is in a phase of transformation, with Zhang emphasizing a culture of passion-driven work rather than mere performance metrics [29].

Core Insights - The article highlights the journey of Zhang Chaoyang, the founder of Sohu, emphasizing his transformation from a rebellious student to a prominent figure in the internet industry, and his recent efforts to revitalize the company through personal engagement and innovative strategies [2][3][12]. Group 1: Early Life and Education - Zhang Chaoyang grew up in a factory area in Xi'an and was initially a reluctant student, later excelling at Tsinghua University and pursuing a PhD at MIT, where he developed an interest in the internet [3][4]. - His exposure to the internet at MIT, particularly through a physics lab, sparked his passion for technology and set the stage for his future entrepreneurial endeavors [3][5]. Group 2: Entrepreneurial Journey - In the mid-1990s, Zhang recognized the potential of the internet in China and returned to start Sohu, facing significant challenges in securing funding as the concept of venture capital was not well established in China at the time [5][6]. - After overcoming initial funding difficulties, Sohu became the first Chinese startup to attract venture capital, with investments from notable figures like Nicholas Negroponte [6][7]. Group 3: Business Development and Challenges - Sohu launched its strategic product "Sohu" and positioned itself as a navigation tool for the Chinese internet, successfully going public on NASDAQ in 2000 [8][9]. - Despite initial success, Sohu faced challenges in monetizing its services due to inadequate payment infrastructure, leading to a focus on SMS services and online gaming for revenue generation [9][10]. Group 4: Crisis and Reflection - Zhang experienced a personal and professional crisis during the rapid growth of Sohu, leading to a period of self-reflection and a reevaluation of his values and business practices [10][12]. - He acknowledged that his detachment from product details and overemphasis on personal fame contributed to missed opportunities, particularly in the social media space [10][11]. Group 5: Return and Transformation - After a hiatus from the public eye, Zhang returned to Sohu with a renewed focus on product engagement, conducting live English classes and emphasizing the importance of direct user feedback [12][13]. - He has shifted Sohu's strategy towards video content and social media, aiming to leverage his personal brand to drive the company's transformation [13][14]. Group 6: Future Outlook - Zhang remains cautious about the AI trend, opting for a measured approach rather than following industry fads, while focusing on enhancing Sohu's video social platform [14][15]. - His commitment to ethical business practices and self-improvement reflects a significant shift in his leadership style, prioritizing employee motivation and sustainable growth over aggressive expansion [15].

Core Insights - The article highlights the journey of Zhang Chaoyang, the founder of Sohu, emphasizing his transformation from a rebellious student to a prominent figure in the internet industry, and his recent return to the forefront of the company after a period of personal and professional challenges [3][4][19]. Group 1: Early Career and Founding of Sohu - Zhang Chaoyang's early life was marked by a rebellious spirit during his studies at MIT, where he developed an interest in the internet and technology [5][6]. - In the mid-1990s, recognizing the potential of the internet in China, Zhang returned to China to establish Sohu, facing significant challenges in securing funding due to the lack of a venture capital culture at the time [8][10]. - Sohu became the first Chinese startup to attract venture capital, with investments from notable figures such as Nicholas Negroponte and Edward Roberts [11]. Group 2: Growth and Challenges - Sohu went public on NASDAQ in 2000, raising approximately $300 million, which marked a significant milestone for the company [13][14]. - Despite initial success, Sohu faced difficulties in monetizing its services due to inadequate payment infrastructure, leading to a focus on SMS services and online gaming for revenue generation [14][18]. - Zhang Chaoyang's leadership style evolved as he navigated the complexities of corporate governance and investor expectations, ultimately choosing to remain at the helm of the company despite pressures to step down [12][18]. Group 3: Personal Crisis and Recovery - Zhang experienced a personal crisis around 2011, which he described as a culmination of years of pressure and the challenges of maintaining success in a rapidly changing industry [19]. - His recovery involved a deep introspection and a shift in focus towards personal responsibility and a commitment to product quality, leading to a more hands-on approach in Sohu's operations [20][24]. - Since 2019, Zhang has re-engaged with the company, emphasizing the importance of product usage and innovation, particularly in video and social media [20][21]. Group 4: Current Strategy and Future Outlook - Sohu is now focusing on video content and self-media as a new strategic direction, with Zhang actively participating in content creation and product testing [21][23]. - The company aims to leverage Zhang's personal brand to enhance its video and live-streaming business, while maintaining a cautious approach towards emerging technologies like AI [23][24]. - Sohu's recent financial performance indicates a recovery, with gaming revenues contributing positively, and the company remains committed to ethical business practices amidst industry challenges [23][26].

如果要为早期中国互联网的发展定义出来一个里程碑式的节点，1998年或许是最为恰当的年份。以此为节点，互联网在国内的发展迎来了第一次长达3-4年 之久的爆发与井喷，迎来了自己的第一波春天。 张朝阳：那段时间的故事没有充分的讲出来，那个时候我正在做的事情应该代表着整个中国互联网最早的探索。当时没有人有风险投资的概念，IDG也是刚 刚开始想做，国内是没有人去跟银行贷款和卖房子来做生意的，只有股权融资这个概念。所以我只能回到美国去找一些认识的人。 那时候中国经济还没有那么强大，西方世界对中国的认识是，不认为中国能做成什么儿。所以你说（我）一个在美国毕业的学生回到中国，然后又跑到美国 去融资，美国人一般不太相信。 当时互联网在美国也还是刚刚开始，人们对互联网未来的巨大的前景还没感受到，更别说要到中国去投一个人，所以非常难，融资非常难。 凤凰网财经：你从哪个时间开始想去融资的呢，到什么时候拿到第一笔钱？ 张朝阳：第一轮融资很艰难。1996年的夏天。我在波士顿和纽约之间呆了几个月，到处见人，联系人脉，历经了几个月，故事太长了，我也不想展开了。最 后是麻省理工学院（MIT）商学院的教授罗伯特和他的一个学生决定投了。 其中的过 ...