SFC 至于所谓"反诈"，据岛内媒体报道，脸书在岛内去年涉诈近6万件，今年也已超过3万件，远超 民进党当局所指控的小红书涉案数量。因此，民进党当局名为"反诈"，实为"反民主"，其蛮横 行径践踏民主，妨害自由，粗暴剥夺台湾民众特别是青年的知情权和使用社交平台的自由，严 重损害岛内以小红书谋生获利的民众的生计。 从封锁大陆购物平台、影音平台，再到封禁大陆社交平台，民进党已经成了名副其实和老百姓 作对的"民禁挡"，凡是台湾民众常用的就非禁不可，凡是台湾青年爱用的就非挡不可。 多行 不义必自毙，民进党当局恣意妄为，必将自食恶果。其倒行逆施阻挡不了台湾民众特别是青年 了解大陆、与大陆同胞相交相知的民意潮流。 来源丨央视新闻 编辑丨黎雨桐 据央视新闻报道，12月10日，国务院台办举行例行新闻发布会。总台记者提问：大陆社交平台 小红书在台湾地区拥有超300万用户，其中70%是90后，已成为台湾民众特别是青年常用、爱 用的社交媒体。12月4日，民进党当局以"被检测出多项资安指标不合格"、"诈骗多"等为由， 对小红书"暂定封禁"1年。请问发言人对此有何评论？ 发言人陈斌华表示，这让我不禁想到《左传·桓公十年》的名句"匹夫无罪， ...

从封锁大陆购物平台、影音平台，再到封禁大陆社交平台， 民进党已经成了名副其实和老百姓作对的"民禁挡"， 凡是台湾民众常用的就非 禁不可，凡是台湾青年爱用的就非挡不可。多行不义必自毙，民进党当局恣意妄为，必将自食恶果。其倒行逆施阻挡不了台湾民众特别是青 年了解大陆、与大陆同胞相交相知的民意潮流。 国务院台办12月10日举行例行新闻发布会。 记者提问： 大陆社交平台小红书在台湾地区拥有超300万用户，其中70%是90后，已成为台湾民众特别是青年常用、爱用的社交媒体。12 月4日，民进党当局以"被检测出多项资安指标不合格"、"诈骗多"等为由，对小红书"暂定封禁"1年。请问发言人对此有何评论？ 发言人陈斌华表示， 这让我不禁想到《左传·桓公十年》的名句"匹夫无罪，怀璧其罪"。众所周知，小红书是定位为"生活兴趣社区"的社交 平台，以丰富多元的生活化内容、贴近青年兴趣的社区氛围、便捷的互动方式，深受台湾民众特别是青年的喜欢。他们借由小红书了解大陆 真实情况，与大陆用户亲切、友善互动， 这让民进党当局刻意制造的"信息茧房"和对大陆的污蔑抹黑塌了房、破了功。因此民进党当局如 芒在背，恼羞成怒。其封禁理由中的所谓"资安"，暴露 ...

Core Insights - Xiaohongshu's "Xiaohong Card" project will be suspended from January 1, 2026, after only three months of trial operation, indicating a significant setback in its local lifestyle services initiative [1][7] - The company cited insufficient preparation and failure to meet user and merchant expectations as reasons for the suspension, highlighting widespread dissatisfaction among both users and merchants [2][5] Group 1: Project Overview - The "Xiaohong Card" was launched in September 2025 in Shanghai, Hangzhou, and Guangzhou, aimed at providing discounts for users at selected stores for an annual fee of 168 yuan [1][4] - Users reported poor experiences, including lack of communication regarding card benefits and expiration, leading to dissatisfaction and loss of rights [4][2] Group 2: Merchant Feedback - Merchants expressed frustration over the lack of service and support after paying for certification to become part of the program, with complaints about unfulfilled promises and inadequate follow-up [2][5] - A specific case highlighted a merchant's experience of paying nearly 600 yuan for certification but receiving no support or training, leading to significant disappointment [4][5] Group 3: Market Analysis - Analysts suggest that the rapid failure of the "Xiaohong Card" reflects a misjudgment by Xiaohongshu regarding the local lifestyle market, where convenience and cost-effectiveness are crucial [7][12] - The company's attempt to implement a high-threshold membership model contrasts with competitors like Meituan and Douyin, which offer free options and a wider selection, indicating a potential misalignment with consumer preferences [7][12] Group 4: Broader Business Challenges - The suspension of the "Xiaohong Card" is part of a broader trend of Xiaohongshu facing challenges in its commercialization efforts, including the recent shutdown of its self-operated e-commerce platforms [8][10] - Industry experts note that Xiaohongshu's attempts to integrate e-commerce with social media have not translated into sustainable revenue, as users often prefer to purchase from established platforms like Taobao and JD after being influenced by Xiaohongshu [10][12]

Core Viewpoint - Xiaohongshu's "Xiaohong Card" project, launched in September 2023, will be suspended from January 1, 2026, due to insufficient preparation and failure to meet user and merchant expectations [2][13][18] User Experience - Users reported dissatisfaction with the Xiaohong Card, citing a lack of functionality and unfulfilled benefits, leading to the expiration of their rights [4][15] - Complaints included a lack of reminders for card benefits and usage deadlines, indicating inadequate preparation by the company [4][15] Merchant Experience - Merchants expressed frustration over the lack of service and support after paying for certification, with one merchant stating that promised services were not delivered [5][16] - Merchants were promised various benefits, including platform traffic support and participation in promotional events, but many felt these were not realized [5][16] Market Analysis - Analysts criticized Xiaohongshu's approach to local services, arguing that the membership model lacks price advantages and coverage compared to competitors like Meituan and Douyin [18][21] - The high membership fee of 168 yuan for limited discounts was seen as a barrier for users, contradicting the demand for convenience and value [18][21] Business Challenges - The Xiaohong Card's quick failure reflects broader challenges in Xiaohongshu's commercialization efforts, which have seen multiple setbacks in recent years [9][20] - The company has previously attempted various business models, including self-operated e-commerce, but has faced difficulties in converting user engagement into revenue [20][22] Expert Opinions - Industry analysts described the Xiaohong Card as a "chicken rib," indicating that it offers little value in a competitive market dominated by larger platforms [21][22] - The failure of the Xiaohong Card is viewed as a necessary pause for the company to reassess its strategy in the local service sector [21][22]

Core Viewpoint - The company announced the suspension of the "Xiaohong Card" business effective January 1, 2026, after a trial period that began in September 2023, citing insufficient preparation to meet user needs [1][6]. Summary by Sections Announcement Details - The "Xiaohong Card" business received significant support since its launch during the "Street Life Festival" in September 2023 [1][6]. - The company acknowledged feedback from users who discovered local shops and new lifestyles through the card, but also recognized that it failed to meet expectations for local living richness and convenience [2][7]. Operational Changes - All cardholders will continue to enjoy full benefits until December 31, 2025 [3][8]. - From January 1, 2026, all Xiaohong Cards will automatically become invalid, and users will not need to take any action as full refunds will be processed [3][8].

【导读】小红书宣布，"小红卡"暂停试运营 中国基金报记者 忆山 12月8日，小红卡团队在小红书上发布公告称，"小红卡"将于2026年1月1日起暂停试运营。 "小红卡"于今年9月"马路生活节"期间上线试运营，其定位是"精选吃喝玩乐一卡通"，年费为 168元，初期在上海、杭州、广州三地推出，用户持卡可享受"精选门店推荐""全店通用折 扣""专属活动"等权益，例如，持有该卡可在全国范围内的精选门店买单时享受九折优惠。 近年来，小红书多次试水本地生活业务。小红书交易产品负责人、本地产品负责人莱昂曾表 示，小红书以"Inspire Lives 分享和发现世界的精彩"为使命，因此做本地生活是必然选 择。"小红卡"业务不会过度追求GMV，而是将重点放在用户认可度上，包括买卡率、到店消 费率、付费意愿等。 不过，对于小红书试图以一张会员卡拓展本地生活业务的操作，市场普遍持谨慎态度。有业 内人士指出，当前本地生活赛道上，美团、抖音、阿里等巨头云集，小红书面临不小的竞争 压力。此外，如何控制运营成本、尽快帮助商家实现收益，以及确保精选门店保持"真实种 草"的根基等，都是需要解决的问题。 在最新公告中，小红卡团队表示，由于准备不够 ...

依托马路生活节这样的大型活动推出，小红卡在短时间内进行了规模化验证。但另一方面，从用户的反 馈中，小红卡团队发现自身准备不够充分，还没能满足消费者对本地生活丰富性与便捷性的需求。在上 线之初，小红书交易产品、本地产品负责人莱昂曾表示，小红卡当前仍在不断探索，会根据用户的反馈 进行优化调整。 公告显示，2026年1月1日小红卡暂停运营后，小红书将会为购卡用户办理全额退款，购卡用户无需进行 任何操作。 北京商报讯（记者 何倩）12月8日，小红卡团队发布公告，宣布"小红卡"业务将于2026年1月1日起暂停 试运营。公告表示，将阶段性集中资源，聚焦在本地生活内容影响力，提升本地生活交易产品和工具。 据了解，尽管小红书将选择暂停运营小红卡，但其并不会完全告别本地生活交易。此次暂停只涉及小红 卡，小红书为用户和商家提供的其他本地生活功能和服务不受影响。 今年9月，小红卡在小红书第三届马路生活节期间上线试运营，以"精选吃喝玩乐一卡通"为定位，是小 红书本地生活会员卡。持卡用户可以预约参与游园会等马路生活节活动，同时可享受"精选门店推 荐"、"全店通用折扣"等权益。由于马路生活节在上海、杭州、广州三城举办，小红卡也只能在这三 ...

Core Viewpoint - Soulgate Inc. has submitted its third IPO application to the Hong Kong Stock Exchange after two previous failures, accumulating over 12.4 billion yuan in redemption liabilities, which could lead to financial instability if the IPO does not succeed [1][24]. Group 1: Company Overview - Founded in 2015 in Shanghai, Soul is a social app aimed at alleviating loneliness among young people by allowing users to create virtual identities [2][25]. - The company has completed seven rounds of financing from 2017 to 2021, raising approximately $402 million, with major investors including Tencent and MiHoYo [2][25]. - Tencent is the largest shareholder with a 49.90% stake, but only holds 28.50% of the voting rights, while the founder Zhang Lu controls about 49.90% of the voting rights through a special voting rights agreement [2][26]. Group 2: Financial Performance - Soul's revenue for the reporting periods was 16.67 billion yuan, 18.46 billion yuan, 22.11 billion yuan, and 16.83 billion yuan, with net profits of -21.89 million yuan, 361 million yuan, 337 million yuan, and 286 million yuan, respectively [8][31]. - The gross profit margin has consistently remained above 80%, with figures of 86.30%, 85.50%, 83.70%, and 81.50% [8][31]. - The company has reduced its sales and marketing expenses significantly, which were 8.44 billion yuan, 7.52 billion yuan, 8.89 billion yuan, and 6.45 billion yuan, representing a decreasing percentage of revenue [10][33]. Group 3: User Engagement and Risks - Monthly active users have declined from a peak of 31.6 million in 2021 to 26.2 million in 2024, indicating a slowdown in user growth [10][33]. - The platform's anonymity has led to issues with soft pornography and safety risks, making it a hotspot for scams, particularly "pig-butchering" schemes [12][35]. - Complaints against Soul have surged, with over 6,000 complaints reported on various platforms, raising concerns about business compliance and user trust [19][21][42]. Group 4: Regulatory and Compliance Challenges - Soul has faced scrutiny from regulatory bodies due to the prevalence of scams on its platform, prompting the company to implement stricter content review processes [12][36]. - Despite efforts to enhance risk management through AI models, incidents of fraud continue to occur, highlighting ongoing vulnerabilities in the platform [39][40]. - The introduction of AI virtual companions has sparked controversy, with users questioning the authenticity of interactions and alleging manipulative practices to induce spending [22][46].

每经AI快讯，12月8日，腾讯QQ官方微博宣布，经典版QQ回归。据介绍，PC端QQ支持双模式切换，用户可自定义消息列表 和聊天窗口的分合。 （文章来源：每日经济新闻） ...

Core Insights - Soul, a social platform targeting Gen Z, has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time, with 2024 revenue projected to exceed 2.2 billion yuan and 78.7% of users being from the Z generation [4][19]. Company Background - Founded by Zhang Lu, Soul was created to address the lack of platforms for genuine emotional expression, distinguishing itself from existing photo-centric social apps [5][7]. - The platform's unique features include anonymous interactions and a focus on "soul communication," which quickly attracted users feeling constrained by traditional social media [7][9]. Financial Performance - Soul initially adopted a "burn money for growth" strategy, with marketing expenses reaching 289.1%, 124.9%, and 118% of total revenue from 2019 to 2021, leading to a revenue increase from 70.7 million yuan in 2019 to 1.28 billion yuan in 2021 [9][10]. - In 2023, Soul shifted its strategy to focus on existing user value, achieving an adjusted net profit of 361 million yuan, with projected profits of 337 million yuan in 2024 and 286 million yuan in the first eight months of 2025 [9][12]. Revenue Model - The primary revenue source for Soul is "emotional value services," which account for approximately 90% of total revenue, including virtual gifts and membership privileges [9][10]. - The average monthly spending per paying user increased from 75.3 yuan in 2022 to 104.4 yuan by August 2025 [12]. IPO Journey - Soul's IPO attempts began in 2021 with a plan to list on NASDAQ, but faced setbacks due to regulatory pressures and legal issues, leading to a shift towards the Hong Kong market [14][17]. - After multiple failed attempts, the company is now better positioned for its fourth IPO attempt, having achieved profitability and developed a clearer AI strategy [17][19]. Challenges Ahead - Soul's revenue structure is heavily reliant on a single business model, with 90.8% of revenue coming from emotional value services, making it vulnerable to fluctuations in user spending [19]. - User growth has plateaued, with monthly active users declining from a peak of 29.4 million in 2022 to 28 million by August 2025 [19]. - The platform faces governance challenges, including issues related to scams and content moderation, as well as potential debt risks from financial obligations totaling between 11 billion to 12.4 billion yuan [19][21].