据多位离职员工透露，此次爱玛年裁员，涉及国际事业部、国内事业部、售后、品牌、电商以及高端品 牌"零际"等事业部及部门，裁员面积较广。其中，被波及较为严重的主要是爱玛国际事业部以及高端品 牌"零际"。 文 丨 《BUG》栏目 周文猛 岁末年初，爱玛科技又开始了"裁员瘦身"。 近日，有爱玛科技离职员工告诉《BUG》栏目，该品牌近期启动年终调整，多部门出现大幅人员优 化。其中，高端品牌"零际"、国际事业部两大部门成为重灾区，减员超50%，售后等部门也出现不同程 度人员离职。 据员工透露，爱玛每年会在10月—12月启动人员优化调整，但2025年的调整为"近几年幅度最大的一 次"。很多员工离职时仅获得1个月工资作为补偿，未按照N+1的标准进行赔偿。 更加值得注意的是，原爱玛国内事业部总裁兼任国际事业部总经理高辉的管辖范围被严重收缩，高辉从 2025年9月后只掌管国际业务，而这块业务成为此次优化的主阵地。 对于一系列调整，截至发稿，爱玛集团方面未回应问询。 高端化、国际事业部成优化重灾区 有离职员工透露，事实上，爱玛在每年年终奖发放之前——10月-12月，都会有固定批次的人员优化。 但相比往年调整，2025年多部门优化的 ...

Core Insights - Aima Technology has initiated significant layoffs across multiple departments, marking the largest personnel optimization in recent years, particularly affecting the high-end brand "Zero Boundary" and the international business division [2][4][22] Group 1: Layoff Details - The layoffs have impacted various departments, with the international business division expected to cut approximately 180 employees, which is about half of its workforce of 300-400 [4][20] - The high-end brand "Zero Boundary" has seen its team reduced from around 80 to approximately 40, indicating a reduction of over 50% since its launch [4][20] - Employees have reported receiving only one month’s salary as compensation instead of the expected N+1 standard, leading to dissatisfaction and potential legal actions [5][21][6] Group 2: Reasons for Layoffs - The international business division's poor performance has been cited as a primary reason for the layoffs, with revenue dropping from approximately 120 million yuan in the first half of 2024 to about 90.37 million yuan in the first half of 2025 [8][23] - The relocation of the "Zero Boundary" operations from Tianjin to Chongqing has also contributed to the layoffs, as the change has led to significant employee turnover [4][9] - The company has faced challenges in its new business ventures, particularly in the high-end market, where it struggles to compete against established brands due to its historical focus on mid-range electric bicycles [9][28] Group 3: Organizational Changes - Aima has undergone frequent organizational restructuring, including the splitting of its electric vehicle division into domestic and international segments, which has led to confusion and instability within the company [11][25] - The former president of the domestic division, who also managed the international division, has seen his responsibilities significantly reduced, reflecting a shift in the company's strategic focus [13][27] - The company has engaged multiple consulting firms to assist with its restructuring efforts, indicating a lack of clear direction and stability in its strategic planning [25][29] Group 4: Financial Performance - Despite the layoffs, Aima reported a revenue increase of 20.78% year-on-year to 21.09 billion yuan in Q3 2025, with a net profit growth of 2.78% to 1.907 billion yuan [14][28] - The new national standards for electric bicycles have raised production costs and may lead to decreased consumer demand, potentially resulting in negative growth for Aima's core products [28][29]

。 对于一系列调整，截至发稿，爱玛集团方面未回应问询。 更加值得注意的是，原爱玛国内事业部总裁兼任国际事业部总经理高辉的管辖范围被严重收缩，高辉从2025年9月后只掌管国际业务，而这块业务 成为此次优化的主阵地。 高端化、国际事业部成优化重灾区 。 岁末年初，爱玛科技又开始了"裁员瘦身" 近日，有爱玛科技离职员工告诉《BUG》栏目，该品牌近期启动年终调整，多部门出现大幅人员优化。其中，高端品牌"零际" 、国际事业部两大部 门成为重灾区，减员超50%，售后等部门也出现不同程度人员离职。 据员工透露，爱玛每年会在10月—12月启动人员优化调整，但2025年的调整为"近几年幅度最大的一次" 。很多员工离职时仅获得1个月工资作为 补偿，未按照N+1的标准进行赔偿。 据多位离职员工透露，此次爱玛年裁员，涉及国际事业部、国内事业部、售后、品牌、电商以及高端品牌"零际"等事业部及部门，裁员面积较广。 其中，被波及较为严重的主要是爱玛国际事业部以及高端品牌"零际" 据离职人员透露，此次调整爱玛国际事业部将分批次裁掉180人，而裁员之前，该事业部人员在300人—400人之间，一半人员会在此次裁员中出 局。此外，爱玛2025年首 ...

Core Viewpoint - The decline of former content giants like Ximalaya and Hupu reflects a broader struggle within the content platform industry, characterized by strategic instability and a singular business model, leading to a harsh re-evaluation of their market value by capital [1][10]. Group 1: Strategic Instability - Ximalaya, once a leader in the online audio market, faced significant challenges in its growth trajectory, with a compound annual growth rate of 69.5% from 2016 to 2020, but struggled with its IPO attempts in the U.S. and Hong Kong [2][3]. - The company's revenue from subscription services showed minimal growth from 29.92 billion yuan in 2021 to 31.89 billion yuan in 2023, while its paid content revenue declined from 10.58 billion yuan in 2021 to 6.94 billion yuan in 2023 [3][4]. - Internal conflicts among leadership regarding strategic direction contributed to Ximalaya's decision to sell itself to Tencent Music, abandoning its independent listing ambitions [4]. Group 2: Business Model Limitations - Hupu, another content platform, was acquired by Xunlei for 500 million yuan, highlighting its struggles with a single revenue model heavily reliant on advertising, which constituted 90% of its income [5][7]. - Hupu's user base, primarily male, showed limited willingness to spend, leading to repeated IPO failures and a significant drop in valuation from a peak of 7.7 billion yuan [6][7]. - The BBS model employed by Hupu has become increasingly ineffective in the current digital landscape, as traditional community forums face decline in user engagement and monetization potential [7][8]. Group 3: Common Industry Challenges - Both Ximalaya and Hupu exemplify the common challenges faced by content platforms, including a lack of clear strategic positioning and a tendency to oscillate between different business models [8][9]. - The single revenue model issue persists, with Ximalaya's income primarily from subscriptions and Hupu's from advertising, limiting their financial resilience [9]. - There is a growing disconnect between user value and commercial value, as platforms struggle to balance user experience with revenue generation, leading to potential conflicts with content creators over profit-sharing [9]. Group 4: Re-evaluation of Content Platforms - The sell-off of Ximalaya and Hupu signals a shift in capital market valuation logic, where mere user numbers and community engagement are no longer sufficient to justify high valuations [10]. - The industry is moving away from a reliance on traffic and singular narratives for valuation, emphasizing the need for clear strategies, diversified business models, and effective user value conversion to secure future investment [10].