传媒行业深度报告：小红书迎来新一轮国际化发展起点

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights that TikTok is expected to be removed from major app stores in the US by January 19, 2025, leading to a significant influx of users to Xiaohongshu (Little Red Book), which could catalyze its international expansion [1][13] - Xiaohongshu has seen a substantial increase in its monthly active users (MAU), growing from 162 million to 214 million over the past three years, representing a 32.1% increase [2][14] - The report suggests that the current moment presents more opportunities than challenges for Xiaohongshu, particularly due to the lack of direct competitors in the overseas market [4][25] Summary by Sections Event: TikTok's Removal - TikTok's potential removal from US app stores may lead to a significant user migration to Xiaohongshu, which could enhance its community and user engagement [1][13] Optimistic Scenario: Opening International Markets - If TikTok remains unavailable for an extended period, Xiaohongshu could effectively open its international market, particularly in the US [2][13] - The influx of users from TikTok has already begun to form a nascent international community on Xiaohongshu, which is crucial for its overseas strategy [19][21] Challenges and Responses - The report identifies potential challenges, including the need for Xiaohongshu to decide whether to unify its branding internationally or continue using different app names in various countries [23] - It also discusses the necessity of managing content differences arising from the new user base and the implications for operational costs [23][25] Investment Recommendations - The report suggests focusing on advertising agencies and e-commerce operators as primary beneficiaries of Xiaohongshu's international expansion, with specific companies highlighted for potential investment [8][30]