"联系以后就会引导进行私下交易。"抖音工作人员表示，"违规导流"一直是抖音反作弊治理的重要工 作，除了这类以"高仿""假大牌"吸引用户的假酒、假鞋导流，还有演唱会门票、中奖等多种导流类型， 黑产团伙将用户引导至平台视野范围外交易，平台无法对后续的行为进行合规治理或处置，发生纠纷后 用户也难以维权。"用户还可能遇到付款后被拉黑、以付款不成功为由要求多次转账等诈骗手段。" 今年以来，抖音已经封禁此类违规导流交易账号60万个。抖音提醒，任何形式的购物都请认准正规渠 道，如在平台发现异常行为，可通过站内或邮箱举报。 编辑 杨娟娟 校对 柳宝庆 新京报贝壳财经讯（记者罗亦丹）11月20日，记者获悉，抖音近期在日常治理中发现，部分黑产账号通 过发布茅台酒特写、在直播中展示"高仿茅子货源"等多种方式，吸引目标受众去站外进行违规交易。 据介绍，此类导流黑产通过购买、租用或利用他人信息注册账号等途径操作批量抖音号，他们将头像设 置为茅台酒图片，发布的投稿以商务宴请中茅台特写为主，或直接通过直播展示"高仿货源"，并在其他 热门视频的评论区发布消息，引导用户添加站外联系方式。 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 rose by 14.2% year-over-year to RMB 35.6 billion [5][32] - Adjusted net profit increased by 26.3% year-over-year to RMB 5 billion, with an adjusted net margin of 14% [5][36] - Operating profit surged by 69.9% year-over-year to RMB 5.3 billion [36] Business Line Data and Key Metrics Changes - Revenue from online marketing services reached RMB 20.1 billion, up 14% year-over-year [14][33] - E-commerce GMV grew by 15.2% year-over-year to RMB 385 billion [18] - Live streaming revenue increased by 2.5% year-over-year to RMB 9.6 billion [26][34] Market Data and Key Metrics Changes - Average Daily Active Users (DAUs) on the Kuaishou app surpassed 416 million, marking the third consecutive quarter of record highs [5][12] - Monthly Active Users (MAUs) reached 731 million [11] Company Strategy and Development Direction - The company continues to advance its AI strategy, focusing on scenario-based applications and innovative use cases [5][30] - Kling AI has been positioned as a key technology for video generation, with a focus on empowering creators and expanding its use cases [8][43] - The company aims to transform its organizational structure and product design to enhance its competitive edge in the AI era [30][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of Kuaishou, emphasizing the importance of AI in driving operational efficiency and business value [36][37] - The company anticipates continued investment in AI technologies to unlock further value across its content and business ecosystems [30][76] Other Important Information - The company declared a special dividend of HKD 2 billion in Q3, reflecting its solid financial position [36] - Total marketing spending from Omni Domain Platform marketing solutions accounted for over 65% of closed-loop marketing spending [15] Q&A Session Summary Question: Competitive landscape of video generation AI and Kling AI's strategy - Management acknowledged the growing competition in the video generation market and emphasized the importance of continuous innovation to meet user needs [40][42] Question: AI-powered business and operational efficiency - Management highlighted the integration of AI across Kuaishou's operations, improving content understanding, generation, and recommendations [48][51] Question: Online marketing services revenue acceleration - Management attributed the growth in online marketing services to increased impressions and higher CPM driven by AI technologies [55][57] Question: CapEx and profit margins related to AI investments - Management expects total CapEx for 2025 to increase in the mid to high double digits year-over-year, driven by investments in AI initiatives [74][76]

Core Insights - Sohu reported a total revenue of $180 million for Q3 2025, reflecting a 19% increase compared to the same period in 2024, indicating steady growth in overall performance [2] - The company achieved a non-GAAP net profit of $9 million, marking a turnaround from a loss in the previous year [2] Revenue Breakdown - Marketing services revenue amounted to $14 million [2] - Online gaming revenue reached $162 million, significantly contributing to the overall revenue growth [2] Management Commentary - Sohu's CEO, Zhang Chaoyang, expressed satisfaction with the marketing services revenue aligning with expectations and highlighted the strong performance in online gaming, which exceeded prior forecasts [2] - The company is focused on optimizing its media platform, enhancing user experience, and diversifying quality content through its product matrix and unique IPs [2] Share Buyback Program - Sohu announced a share buyback program with a total amount of up to $150 million [2] - As of November 13, 2025, the company had repurchased 7.6 million American depositary shares for approximately $97 million [2]

Core Insights - Sohu reported a total revenue of $180 million for Q3 2025, reflecting a 19% increase compared to the same period in 2024, indicating steady growth in overall performance [1][1][1] - The non-GAAP net profit attributable to Sohu was $9 million, marking a return to profitability year-over-year [1][1][1] Revenue Breakdown - Marketing services revenue amounted to $14 million [1] - Online gaming revenue reached $162 million, showcasing strong performance in this segment [1][1] Management Commentary - CEO Dr. Zhang Chaoyang highlighted that marketing services revenue met expectations and that online gaming revenue and net profit exceeded prior forecasts, contributing to the group's profitability for the quarter [1][1][1] - The company is focused on optimizing its media platform products and resource integration to enhance user experience and meet user demands [1][1] - Sohu aims to leverage its product matrix and unique IP to create diverse high-quality content and capitalize on commercial opportunities [1][1] Stock Buyback Program - As part of a previously announced stock buyback program with a maximum total amount of $150 million, Sohu repurchased 7.6 million American Depositary Shares for approximately $97 million as of November 13, 2025 [1][1]

Core Insights - Sohu reported a total revenue of $180 million for Q3 2025, reflecting a 19% increase compared to the same period in 2024, with a net profit of $9 million under non-GAAP standards, marking a turnaround from losses [2][2][2] Financial Performance - Total revenue for Q3 2025 was $180 million, with marketing services revenue at $14 million and online gaming revenue at $162 million [2][2][2] - The company achieved profitability for the quarter, exceeding previous expectations for both online gaming revenue and overall net profit [2][2][2] Management Commentary - CEO Dr. Zhang Chaoyang highlighted that marketing services revenue met prior expectations and attributed the strong performance in online gaming to the company's ongoing efforts and understanding of user needs [2][2][2] - The company is focused on optimizing its media platform, enhancing user experience, and diversifying quality content through its product matrix and unique IP [2][2][2] Share Buyback Program - As part of a previously announced share buyback program of up to $150 million, Sohu repurchased 7.6 million American Depositary Shares for approximately $97 million as of November 13, 2025 [2][2][2]

Investment Rating - The report maintains a "Buy" rating for the company [7][41]. Core Insights - The user ecosystem continues to optimize, with profit exceeding expectations. The company achieved a revenue of 7.69 billion RMB in Q3 FY25, representing a year-on-year increase of 5.2%. The gross margin improved to 36.7%, up by 1.8 percentage points year-on-year [11][41]. - The adjusted net profit reached 790 million RMB, a significant year-on-year increase of 233.3%, with an adjusted net profit margin of 10.2%, up by 7.0 percentage points year-on-year [11][41]. - The company has adjusted its revenue forecasts for FY25-27 to 30.07 billion, 32.90 billion, and 35.82 billion RMB, respectively, reflecting a growth of 12.1%, 9.4%, and 8.8% [41]. Financial Summary - Revenue (in million RMB): - 2023: 22,528 - 2024: 26,832 - 2025E: 30,068 - 2026E: 32,904 - 2027E: 35,816 - Adjusted net profit (in million RMB): - 2023: -3,425 - 2024: -22 - 2025E: 2,344 - 2026E: 3,157 - 2027E: 3,972 - Adjusted net profit margin: - 2025E: 7.8% - 2026E: 9.6% - 2027E: 11.1% [5][41]. User Metrics - Daily Active Users (DAU) reached 117 million, up 9% year-on-year - Monthly Active Users (MAU) reached 376 million, up 8% year-on-year - Average daily user engagement time was 112 minutes, an increase of 6% year-on-year - Monthly paying users reached 35 million, up 17% year-on-year [11][41]. Segment Performance - Value-added services revenue was 3.02 billion RMB, up 7.1% year-on-year - Advertising revenue was 2.57 billion RMB, up 22.7% year-on-year - Mobile gaming revenue was 1.51 billion RMB, down 17.1% year-on-year due to high base effects from the previous year [11][41].

Core Insights - The 2025 (7th) Sohu Wine Industry Tasting Conference will be held on November 27 in Beijing, continuing a tradition that began in 2019 and evolved into a company-level brand project in 2021 [2][13] - The event will feature a diverse panel of experts from various fields, discussing key topics such as the youthfulness, internationalization, and trendiness of Chinese liquor [3][5] Event Details - The tasting event will include a "Beautiful Life Tasting Group" composed of industry leaders and influencers from sectors like culture, e-commerce, and sports [2][4] - Notable attendees include Sohu's founder Zhang Chaoyang, liquor industry leaders, and popular figures from social media platforms [5][6] Interactive Experience - The event will integrate online and offline experiences, including a "Sohu Market" for interactive engagement, aiming to break down barriers and showcase the multifaceted integration of liquor with contemporary life [2][7] - A variety of activities will be available, such as a 3-kilometer health run and a marketplace featuring unique exhibits and tastings [9][11] Industry Evolution - Sohu Wine Industry has established itself as a significant platform for dialogue and development in the liquor sector since its inception in 2018, hosting annual summits that adapt to industry trends [13][15] - The evolution of the conference format and themes reflects the changing landscape of the liquor industry, with a focus on cultural heritage and modern consumer preferences [14][16] Media Influence - Sohu, as a leading internet media group, leverages its platform to influence over 700 million internet users in China, promoting the values of credibility, authority, professionalism, and quality [17]

Core Viewpoint - The Nasdaq Golden Dragon Index experienced a decline of over 2%, indicating a downturn in popular Chinese concept stocks [1] Group 1: Stock Performance - Xpeng Motors (XPEV.US) fell by more than 6% [1] - Tiger Brokers (TIGR.US) and New Oriental (EDU.US) both dropped by over 3% [1] - Sohu (SOHU.US) and Futu Holdings (FUTU.US) decreased by more than 2% [1]

Core Viewpoint - The 10th Party Media Website Development Forum was held in Bazhong, Sichuan, focusing on "Artificial Intelligence +, Promoting Systematic Transformation of Media" [1] Group 1: Forum Overview - The forum gathered over 200 participants, including leaders from central and local party media and experts [1] - The event was organized by People’s Daily Online, with support from the People’s Daily Research Institute, the Online Mass Work Department, and the Sichuan Channel [1] - Since its inception in 2016, the forum has successfully held 10 sessions, becoming an authoritative platform for discussions on media integration and the development of new media by party media [1] Group 2: Research Report - People’s Daily Online released the "Research Report on the Development of New Media by Mainstream Media (2024-2025)" during the forum [1] - Discussions among participants focused on themes such as "Upholding Integrity and Innovation to Promote Systematic Transformation," "Data Intelligence Driving the Expansion of 'Smart Media+' Ecosystem," and "Technology Empowerment for Developing New Cultural Industries" [1]

Core Insights - The Sina Finance APP is becoming an essential tool for investors in the futures market, providing timely information and analysis to enhance decision-making [1][2]. Group 1: Market Environment - The domestic futures market is experiencing a dichotomy, with commodity indices reaching pressure points, creating both opportunities and anxieties for investors [2]. - Experienced investors recognize that timely information can lead to significant profit increases, emphasizing the importance of real-time updates [2]. Group 2: Information and Decision-Making - The Sina Finance APP's "Xina AI Assistant" condenses complex futures reports into core summaries, allowing investors to quickly grasp essential information [3]. - The app features funding flow and position analysis tools, providing investors with insights into major capital movements, helping them avoid poor investment decisions [3]. Group 3: Trading Efficiency - The app offers a comprehensive trading solution that enables investors to transition seamlessly from analysis to decision-making and execution, which is crucial in the fast-paced futures market [4]. Group 4: Community and Learning - The futures community within the Sina Finance APP fosters a unique ecosystem where industry clients, private traders, and experienced retail investors share market interpretations and validate trading strategies [5]. - This community aspect aids investors in enhancing their market understanding and recognizing previously overlooked risks [5]. Group 5: Overall Value Proposition - The Sina Finance APP positions itself as a professional platform that integrates real-time market data, in-depth insights, convenient trading, and intelligent analysis, offering a better choice for investors [5][6].