2月9日，搜狐公司公布截至2025年12月31日未经审计的2025年第四季度及全年财务报告。搜狐公司第四 季度总收入为1.42亿美元，全年总收入达到5.84亿美元。 搜狐公司董事长兼首席执行官张朝阳博士评论："2025年第四季度，我们的营销服务收入超过此前预 期，在线游戏收入符合预期。剔除冲销畅游预提所得税影响，集团非美国通用会计准则净亏损达此前最 佳预期。" "搜狐媒体平台方面，我们不断完善产品，优化算法，满足用户在不同场景下的需求，提升用户体验。 我们持续举办多样化的创新活动，产生大量优质内容，促进用户深度参与，帮助我们获得更多的商业化 机会。"张朝阳进一步指出："在线游戏业务方面，我们深耕长线运营，持续为玩家带来高质量的内容更 新和更优质的游戏体验。" 此外，根据搜狐公司此前宣布的总金额最高1.50亿美元的美国存托股票回购计划，截至2026年2月5日， 搜狐已回购810万股美国存托股票，总金额约1.06亿美元。 2025年第四季度，搜狐公司总收入为1.42亿美元，较2024年同期增长6%。其中，营销服务收入为1700 万美元，在线游戏收入为1.20亿美元。 2025年全年，搜狐公司总收入为5.84亿美元 ...

Core Viewpoint - Sohu.com Limited reported its financial results for Q4 and fiscal year 2025, highlighting a mixed performance with a significant reversal of previously accrued withholding income tax contributing to a net income for the quarter, despite declines in revenues and operating losses. Group 1: Fourth Quarter Highlights - Total revenues for Q4 2025 were US$142 million, representing a 6% increase year-over-year but a 21% decrease quarter-over-quarter [4][12] - Marketing services revenues were US$17 million, down 10% year-over-year but up 25% quarter-over-quarter [4][12] - Online game revenues reached US$120 million, up 10% year-over-year but down 26% quarter-over-quarter [4][12] - GAAP net income attributable to Sohu.com Limited was US$223 million, compared to a net loss of US$21 million in Q4 2024 [9][12] - Non-GAAP net income attributable to Sohu.com Limited was US$261 million, compared to a net loss of US$15 million in Q4 2024 [10][12] Group 2: Fiscal Year 2025 Highlights - Total revenues for fiscal year 2025 were US$584 million, down 2% compared to 2024 [13][12] - Marketing services revenues totaled US$60 million, down 18% compared to 2024 [13][12] - Online game revenues were US$506 million, up 1% compared to 2024 [13][12] - GAAP net income attributable to Sohu.com Limited was US$394 million, compared to a net loss of US$100 million in 2024 [19][12] - Non-GAAP net income attributable to Sohu.com Limited was US$234 million, compared to a net loss of US$83 million in 2024 [19][12] Group 3: Operating Performance - GAAP operating loss for Q4 2025 was US$66 million, compared to a loss of US$25 million in Q4 2024 [7][12] - Non-GAAP operating loss for Q4 2025 was US$29 million, compared to a loss of US$25 million in Q4 2024 [7][12] - GAAP operating expenses for Q4 2025 were US$173 million, up 41% year-over-year [6][12] - Non-GAAP operating expenses for Q4 2025 were US$136 million, up 11% year-over-year [6][12] Group 4: Gross Margin and Tax Benefits - Both GAAP and non-GAAP gross margin for Q4 2025 were 75%, compared to 73% in Q4 2024 [5][12] - GAAP income tax benefit for Q4 2025 was US$280 million, compared to an expense of US$14 million in Q4 2024 [8][12] - The reversal of previously accrued withholding income tax of approximately US$285 million related to Changyou significantly impacted the net income for Q4 2025 [8][12] Group 5: Liquidity and Capital Resources - As of December 31, 2025, Sohu had cash and cash equivalents, short-term investments, and long-term time deposits totaling approximately US$1.2 billion [11][12] Group 6: Business Outlook - For Q1 2026, Sohu estimates marketing services revenues to be between US$10 million and US$11 million, indicating a potential annual decrease of 20% to 27% [41] - Online game revenues are expected to be between US$113 million and US$123 million, suggesting an annual decrease of 4% to an increase of 5% [41]

Market Overview - The Dow Jones Industrial Average increased by 0.43% to 49,454.63, while the Nasdaq Index decreased by 0.17% to 23,215.58, and the S&P 500 rose slightly by 0.07% to 6,922.99 [1] - The Nasdaq 100 saw a decline of 0.40% to 25,238.22 [1] Major Technology Stocks - AMD experienced a significant drop of 11.00% [2] - SanDisk fell by 6.89% [2] - Oracle decreased by 3.72% [2] - Facebook (Meta Platforms) declined by 1.46% [2] - Broadcom saw a decrease of 1.16% [2] - NVIDIA and Amazon also experienced minor declines of 0.67% and 0.33% respectively [2] Chinese Concept Stocks - Major Chinese concept stocks collectively declined, with Kingsoft Cloud dropping over 5% [3] - Ctrip Group, NetEase, and Bilibili each fell by over 4% [3] - Baidu Group and Futu Holdings decreased by over 3% [3] Detailed Performance of Chinese Stocks - Kingsoft Cloud fell by 5.45% to 12.414 [4] - Ctrip Group decreased by 4.84% to 57.550 [4] - NetEase dropped by 4.20% to 122.970 [4] - Baidu Group declined by 3.60% to 139.640 [4] - Futu Holdings decreased by 3.52% to 154.155 [4] - Other notable declines include XPeng Motors (-2.10%), Tencent Music (-1.98%), and JD Group (-1.41%) [4]

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]

Core Viewpoint - Sohu is navigating a challenging transition from a traditional internet portal to a more interactive social ecosystem, heavily relying on its gaming IP for revenue while attempting to innovate through knowledge-based live streaming [1][3][18]. Group 1: Financial Performance - In Q3 2025, Sohu reported total revenue of $180 million, a 19% year-over-year increase, with online gaming revenue accounting for 90% of this figure at $162 million [3][4]. - The company achieved a net profit of $9 million, driven primarily by a 27% year-over-year growth in online gaming revenue, which saw a significant 53% increase quarter-over-quarter [3][4]. - The marketing services segment, once a core revenue source, generated only $14 million, reflecting a 27% decline year-over-year, indicating a shift in revenue reliance [3][7]. Group 2: Business Strategy and Challenges - Sohu's gaming revenue is predominantly supported by the classic IP "Tian Long Ba Bu," which has shown resilience but poses risks due to the heavy reliance on a single source for 90% of revenue [4][16]. - The mobile gaming segment is underperforming, with average monthly active users down 42% year-over-year and quarterly paying users dropping 72%, highlighting a critical need for new product development [4][16]. - Sohu's strategic pivot towards "Attention Flow" aims to rebuild user-creator relationships through genuine interactions, moving away from algorithm-driven content distribution [9][10]. Group 3: Leadership and Cultural Shift - Founder Zhang Chaoyang's personal journey of overcoming challenges has influenced Sohu's strategic direction, emphasizing a slow and deliberate transformation rather than a rush for quick gains [10][14]. - Zhang's active involvement in product development and user engagement through live streaming has become a hallmark of Sohu's new approach, focusing on deep content consumption based on real interests [12][14]. - The company's commitment to a "slow philosophy" reflects a long-term vision, prioritizing sustainable growth over immediate results, as articulated by Zhang [15][19]. Group 4: Future Outlook - Sohu's dual strategy of maintaining cash flow through gaming while exploring new avenues via "Attention Flow" represents a balanced approach to navigating market changes [18]. - The company is focusing on niche content areas and community engagement to differentiate itself in a crowded market, aiming to establish a unique position [17][19]. - Despite the challenges, Sohu's financial maneuvers, such as stock buybacks worth approximately $97 million, indicate confidence in its cash flow and long-term viability [15].

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].