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Core Viewpoint - The article discusses the sale of Hupu for 500 million RMB, highlighting the decline of the platform and contrasting it with the valuation of Xiaohongshu at approximately 26 billion USD, suggesting a disparity in male consumer power [3][4]. Group 1: Hupu's Decline - Hupu's revenue model has become heavily reliant on advertising, with reports indicating that advertising could account for up to 90% of total revenue after the separation of its e-commerce businesses [6][8]. - The community forum model has entered a vicious cycle of low monetization, leading to significant user attrition, with monthly active users dropping from 55 million in 2017 to only 5.79 million by 2020 [9][10]. - Hupu's inability to retain users has weakened its community ecosystem, making it difficult to attract advertisers, which in turn exacerbates the decline [9][10]. Group 2: Acquisition by Xunlei - The acquisition of Hupu by Xunlei, a company also facing challenges, raises questions about the strategic value of the purchase, as both companies are seen as struggling [13][14]. - Despite its difficulties, Xunlei reported a slight increase in total revenue and gross profit in Q1 2025, reaching 8.88 million USD in revenue [17][19]. - Xunlei has diversified its business, successfully expanding into overseas live streaming, which has become its fastest-growing segment [23][25]. Group 3: Market Perception and Potential - The article argues that the perception of low male consumer power is misleading, as platforms like Dewu demonstrate significant male purchasing power, with Dewu's monthly active users exceeding 10 million and a valuation of 71 billion RMB [29]. - Hupu still holds value in the sports information sector, with its unique community structure providing a platform for discussions that cannot be easily replicated by video-based platforms [32][34]. - The article suggests that Xunlei's acquisition could potentially revitalize Hupu by leveraging its user base and content to enhance Xunlei's ecosystem, particularly in live streaming [35].