出海的重心，从"卖得出去"，转向"留得下来"。 整理丨 冯汝梅 2 025年，在全球贸易壁垒加固、地缘政治风险长期化的背景下，中国大厂的出海进程，明显走过 了"野蛮生长"的阶段。 本文复盘这一年中国头部企业出海的关键节点与战略选择，试图呈现一个更接近真实的图景： 不再是 单点突破的故事，而是一场长期结构性重构的开始。 腾讯 游戏拉动、云与AI成为新底座 关键词：内容全球化+技术基础设施出海 市值：54785亿港元 2025年前三季度营收5574亿元，国际市场游戏收入562亿元，国际游戏营收占比10% 2025年，腾讯的出海呈现出明显的"多引擎驱动"特征：游戏业务继续扮演现金牛角色，云与 AI 则逐 步成为支撑其海外长期竞争力的技术底座。 这一年，越来越多企业意识到： 全球化不再是市场规模的线性扩张，而是一场关于合规、组织能力、 技术体系与长期资本投入的综合博弈。 出海的重心，也从"卖得出去"，转向"留 得 下来"。 从腾讯、字节、阿里的平台型出海，到比亚迪、宁德时代的制造业深水区布局；从Temu在政策夹缝 中的模式调整，到京东、美团对重资产与本地运营能力的再下注——2025年，中国大厂正在用更现 实、更克制、 ...

Core Insights - LSEG World-Check provides accurate and structured information to help businesses fulfill KYC and third-party due diligence obligations, trusted by major companies for over 20 years [1][3] - The database aids in compliance with regulations related to anti-money laundering, counter-terrorism financing, and anti-corruption, supported by a team of researchers and analysts [3][5] - World-Check offers a comprehensive range of data, including politically exposed persons (PEPs), sanctions lists, and negative media, with over 4 million highly structured records available [5][6] Group 1 - LSEG World-Check assists in meeting regulatory obligations and making informed decisions to prevent financial crime and corruption [3] - The platform integrates advanced technology and expertise to streamline client and third-party screening processes [4] - The data is structured, aggregated, and deduplicated, allowing for easy integration with various workflow screening platforms [4] Group 2 - Coverage includes PEPs, state-owned entities, global sanctions lists, and other specific datasets relevant to due diligence [5][6] - Additional datasets include information on ultimate beneficial owners, vessels, and sanctions data for payment screening [6]

Core Viewpoint - LSEG World-Check provides structured and accurate information to help businesses comply with KYC and due diligence obligations, preventing financial crime and corruption associations [3][4]. Group 1: Product Overview - LSEG World-Check has been trusted by major global companies for over 20 years, offering reliable data for compliance with KYC, anti-money laundering, and anti-corruption regulations [3]. - The database includes information on politically exposed persons (PEPs), state-owned entities, global sanctions lists, and negative media, among others [5]. Group 2: Features and Benefits - The platform offers advanced digital tools that enhance the efficiency of wealth management advisors by streamlining client and third-party screening processes [4]. - World-Check provides access to over 4 million highly structured records, aiding in due diligence and the identification of potential financial crime activities [5]. Group 3: Data Coverage - The coverage includes PEPs, close associates, state-owned enterprises, global sanctions, regulatory bodies, and specific datasets like Iranian Economic Interests and beneficial ownership [5].

Core Insights - LSEG World-Check provides accurate and structured information to help businesses fulfill KYC and third-party due diligence obligations, trusted by major companies for over 20 years [1][3] Group 1: Product Overview - World-Check assists in meeting regulatory obligations, making informed decisions, and preventing businesses from being used for money laundering or corruption-related activities [3] - The database has been a reliable source of information for financial institutions and regulated non-bank sectors to comply with KYC, anti-money laundering, counter-terrorism financing, anti-bribery, and anti-corruption regulations [3] Group 2: Features and Benefits - The platform offers digital tools and functionalities that enhance the efficiency of wealth management advisors by providing real-time insights [4] - World-Check data is fully structured, aggregated, and deduplicated, and can be delivered in various formats, including on-premises, cloud-based, or third-party solutions [4] Group 3: Coverage and Data Sets - Coverage includes politically exposed persons (PEPs), close associates, family members, state-owned entities, and national investment enterprises [5] - Additional specific datasets include global sanctions lists, narrative and implicit sanctions, global regulatory and enforcement agency lists, negative media, and sanctioned securities [6]