Core Insights - Reddit Inc. reported a revenue of $725.61 million for the quarter ended December 2025, marking a year-over-year increase of 69.7% and exceeding the Zacks Consensus Estimate by 8.71% [1] - The earnings per share (EPS) for the same period was $1.24, compared to $0.36 a year ago, resulting in an EPS surprise of 29.3% over the consensus estimate of $0.96 [1] Financial Performance - Reddit's shares have declined by 40.2% over the past month, while the Zacks S&P 500 composite has increased by 0.5% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance against the broader market in the near term [3] Key Metrics - Daily Active Users (DAUq) globally reached 121.4 million, surpassing the average estimate of 120.04 million [4] - Average Revenue Per User (ARPU) globally was $5.98, exceeding the average estimate of $5.59 [4] - U.S. DAUq was 52.5 million, slightly above the average estimate of 52.05 million [4] - International DAUq was 68.9 million, also exceeding the average estimate of 67.99 million [4] - U.S. ARPU was $10.79, higher than the estimated $10.05 [4] - International ARPU was $2.31, surpassing the estimate of $2.02 [4] - Logged-in DAUq globally was 50.7 million, below the average estimate of 51.65 million [4] - Weekly Active Users (WAUq) globally reached 471.6 million, exceeding the average estimate of 456.07 million [4] - Revenue from international markets was $142.3 million, representing a year-over-year increase of 77.9% and surpassing the average estimate of $139.58 million [4] - Revenue from the United States was $583.3 million, reflecting a year-over-year increase of 67.8% and exceeding the average estimate of $529.94 million [4]

LinkedIn（领英）在新加坡举办了2026亚太区Talent Connect峰会，在这场汇聚了亚太区企业管理者、招 聘者和人才发展负责人的峰会上，领英分享了经济图谱团队的最新研究发现——当前，全球劳动力市场 正经历一段低速换挡期。截止去年底，全球招聘规模与2020年相比下降20%，职场流动率也跌至近十年 来最低，而每个空缺职位的申请者数量与招聘率之间的鸿沟，已创下2020年以来的最高纪录。企业的招 聘邮箱正在被求职简历挤爆，但从中识别出匹配岗位需求的人才则变得更具挑战。 然而，缓行路段中也酝酿着新的生机。一方面，全球中小企业正在低速经济周期中展现出强大的韧性与 活力，而AI技术的加持也将帮助他们盘活有限资源提升效率，特别是中国市场涌现出的一批生而全球 化的中小企业，他们正构成一波强大的出海新势力。同时，AI技术的深度广泛应用也在迅速催生新的 技能和职位需求，除近几年备受热捧的AI专业技术人才之外，"新领"群体也将成为最受企业青睐的未来 型人才。 领英中国区总经理王茜指出："当企业开始大规模投入和部署AI应用时，释放AI潜能并获取商业收益已 经成为了新的组织目标。但解题的思路则远超技术范畴，这不再只是一个提 ...

Core Viewpoint - Soul's business model, which monetizes emotional value through virtual goods, faces significant challenges despite recent profitability, including a high dependency on a small number of paying users and a declining user base [3][39][49]. Group 1: Company Overview - Soul aims to eliminate loneliness through a monetized social platform, where users pay for virtual goods and services to enhance their social interactions [3][4]. - The company has faced multiple setbacks in its IPO journey, including regulatory issues and a lack of clear monetization strategies, leading to significant losses over the years [5][6][7]. Group 2: Financial Performance - Soul reported cumulative losses of approximately 1.5 billion RMB from 2020 to 2022, with a net loss of 579 million RMB in 2020, 1.32 billion RMB in 2021, and 508 million RMB in 2022 [6][11]. - The company has recently turned profitable, achieving a net profit of 984 million RMB over three years, with a 70% year-on-year increase in adjusted net profit for the first eight months of 2025 [13][15]. Group 3: Revenue Structure - Over 90% of Soul's revenue comes from emotional value services, primarily through the sale of virtual goods, which has led to a highly concentrated revenue model [18][39]. - The company has seen a compound annual growth rate of over 45% in revenue from 2020 to 2024, with projected revenue of 2.21 billion RMB in 2024 [15][40]. Group 4: User Engagement and Demographics - Soul's user base is predominantly from Generation Z, accounting for 78.7% of its users, but the platform has struggled to attract new users as competition from other social media platforms increases [37][48]. - The average monthly active users have declined from a peak of 29.4 million in 2022 to 26.2 million in 2023, indicating challenges in user retention and engagement [41][44]. Group 5: Risks and Challenges - The platform's revenue is heavily reliant on a small percentage of high-spending users, with only about 6% of users contributing significantly to total revenue, raising concerns about sustainability [43][45]. - Soul's community atmosphere has deteriorated, leading to user dissatisfaction and potential churn, as evidenced by increasing negative feedback on social media [46][49].

Core Viewpoint - Xiaohongshu has implemented a ban on certain "real-time fund valuation bloggers," indicating regulatory scrutiny on platforms providing fund valuation services [1] Group 1: Regulatory Actions - The regulatory body highlighted concerns in a report on January 29, 2026, regarding the reintroduction of "real-time fund valuation" features by some fund sales institutions and unlicensed third-party platforms [1] - These features, which include "net value reference" and "sector rise and fall," may mislead investors and dilute fund product returns, prompting the need for regulation [1] - The report emphasized that fund sales institutions and third-party platforms must enhance self-inspection and remove misleading features like "real-time valuation," "increased positions leaderboard," and "real trading leaderboard" [1] Group 2: Current Platform Activity - Despite the ban on certain bloggers, many new posts related to "real-time fund valuation" have been published on Xiaohongshu since February, guiding investors to check fund valuations [1] - Some posts provide links to third-party platforms, such as "Estimate Assistant," allowing users to view real-time estimated gains and net values by entering fund codes [1]

来源：风声声 其实关于小红书的估值暴涨，在圈内已是明牌。 最近一个创投圈的朋友讲了件事儿： 某头部美元基金，在不久前以500亿美金（约3500亿元人民币）的估值，卖出了手中部分小 红书的老股。 有卖有买，说明市场认可小红书估值的变化。 去年年初，小红书的估值就已经达到了300亿美元，折合人民币约2200亿元。短短一年的时间，估值再 度飙升，涨幅接近： 60%。 记得2013年，张一鸣找徐新投资，按70亿美元的估值开价，徐新觉得不值，没投。 去年年底，今日资本花3亿美金，拿下0.0625%的字节老股，徐新表示： 自己明白得太晚了，这波属于"补票"。 如今字节的估值来到了4800亿美元，约3.4万亿人民币。70亿对4800亿，市场已经见证过一个奇迹。 同时也期待下一个奇迹。 我们在之前的文章小红书，开始突围中也聊过，小红书在效率上的转变，对盈利能力、商业模式的深度 影响。 这两点，也是支持小红书估值飙升的核心。 从去年开始，小红书就不断地在打"效率"这张牌。 一方面，Slogan从"你的生活指南"变成了"你的生活兴趣社区"；平台开始支持写长文，支持公众号文章 导入；有意提高流量推荐的精准度。 这是生态效率的提升。 ...

Group 1 - The core message indicates that Xiaohongshu has implemented a ban on certain "real-time fund valuation bloggers" following regulatory guidance [1][3] - Regulatory authorities have emphasized the need for fund sales institutions and third-party platforms to enhance self-examination and rectify issues, specifically by removing features that may mislead investors, such as "real-time fund valuation," "increased positions leaderboard," and "actual trading leaderboard" [1][3] Group 2 - As of the time of reporting, Xiaohongshu has not provided an official response to inquiries regarding the ban [2][4]

Core Viewpoint - Xiaohongshu has implemented a ban on certain "real-time fund valuation bloggers" following regulatory guidance to enhance self-inspection and rectify misleading functionalities related to fund sales [1][2]. Group 1: Regulatory Actions - Regulatory bodies have emphasized the need for fund sales institutions and third-party platforms to conduct self-checks and remove features like "real-time fund valuation," "increased positions leaderboard," and "live trading leaderboard" that may mislead investors [1][2]. - Some self-media accounts have continued to operate against regulations by developing and disseminating real-time fund valuation tools to attract followers [1][2]. Group 2: Platform Responses - A specific Xiaohongshu account has been banned for violating community rules, with multiple posts sharing real-time fund valuation tools deleted [1][2]. - Links to software selling real-time fund valuation tools have also been removed from the platform [1][2].

Core Viewpoint - Snapchat's parent company Snap reported a 10% year-over-year revenue growth to $1.72 billion in Q4, exceeding market expectations of $1.7 billion [1] Financial Performance - Revenue for Q4 reached $1.72 billion, up from the previous year, and above the market forecast of $1.7 billion [1] - Net profit was $45.2 million, translating to earnings of $0.03 per share, while the market had anticipated a loss of $0.03 per share [1] User Metrics - Daily active users (DAUs) reached 474 million, slightly below the market expectation of 477.5 million [1] Future Outlook - For Q1, Snap projects revenue between $1.5 billion and $1.53 billion, which is below the market expectation of $1.55 billion [1] Shareholder Actions - The board of Snap approved a $500 million stock buyback plan [1]

从下沉市场到港交所：伊对如何靠"人海战术"跑出上市路？ 在大厂扎堆的社交赛道，伊对能杀出重围并冲击港交所，靠的不是高端技术，而是精准的下沉市场定位与极致的"人海战术"。 15亿营收的背后，是"红娘+直播+相亲"的闭环模式：红娘通过直播聚集流量，用一对一服务提升转化，再以礼物打赏实现变现。如今赴港上市，伊对试图 用资本加持扩大红娘规模、完善技术，但如何在商业化与用户体验之间找到平衡，避免"人海战术"沦为"薅羊毛工具"，将是其上市后必须解答的考题。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣 | % | 人民幣 | % | 人民幣 | 96 | 人民幣 | 96 | 人民幣 | 90 | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | | | (未經審 ...

Core Viewpoint - The dispute between European and American tech companies is escalating, particularly focusing on the regulatory differences regarding social media platforms and freedom of speech [2][6]. Group 1: Investigation and Legal Actions - The Paris prosecutor's office conducted a search of social media platform X's office in France to investigate the operation of its algorithms, following a complaint from a French politician [1]. - The investigation involves seven allegations against X, including the dissemination of child sexual abuse images and the manipulation of automated data processing systems [3]. - X's owner Elon Musk and former CEO Linda Yaccarino have been summoned for a hearing in April 2024 as part of the investigation [1][4]. Group 2: Regulatory Environment - European regulators are tightening content review processes, contrasting with the more lenient approach in the U.S., with recent fines imposed on X and new investigations launched under the Digital Services Act [2][6]. - The European Union has initiated significant enforcement actions against X, including a €120 million fine and potential further measures if X fails to comply with regulations [6][7]. - Several European countries, including Spain and the UK, are considering stricter regulations on social media platforms, particularly concerning minors [7]. Group 3: Responses and Reactions - X has denied any wrongdoing, claiming the investigation is politically motivated and threatens freedom of speech [4][5]. - Musk has publicly criticized Spanish Prime Minister Pedro Sánchez, labeling him a tyrant and accusing him of authoritarianism [8]. - The investigation and regulatory actions are framed by European authorities as necessary for protecting citizens from harm rather than restricting free speech [7].