Investment Rating - The report does not explicitly provide an investment rating for the industry [4]. Core Insights - The concept of "eating commerce" has emerged as the annual core concept, reflecting young people's understanding, pairing, and recreation of food, marking a shift from physiological satisfaction to emotional expression and self-pleasure [6]. - Three main keywords define the creative trends: "rebellious cooking," "eating commerce evolution," and "deconstruction of delicacy" [7][8][9]. - The creative styles reflect collective emotions, categorized into four evolutionary directions: rebellion, buffering, evolution, and rebirth [10][11][12][13]. - Trends such as challenge events (e.g., ShortVideoStirringCompetition) have stimulated co-creation enthusiasm, transforming individual creation into community activities [14]. Summary by Sections Research Background Assessment - The report is a collaboration between Douyin and Xinbang, leveraging extensive user-generated content data and third-party industry analysis for reliable insights [4]. - The research focuses on food content creation on Douyin, primarily within mainland China, while also considering overseas student content [5]. Key Data Capture and Presentation - Significant topic playback volumes include: - HomeCooking: 2110.2 million - CreativeFood: 118.0 million - RebelliousFood: 17.3 million - ThickSkinOrange: 60.8 million - EverythingCanBeCosfood: 6.1 million - In 2025, there were 13 food-related challenge events with a total of 1.03 million submissions [16][18].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Be Friends Holding Limited 交 個 朋 友 控 股 有 限 公 司 （根據開曼群島法律註冊成立的有限公司） （股份代號：1450） 自願公告 2025年第四季度商品交易總額 本公告乃由交個朋友控股有限公司（「本公司」）自願作出，以告知本公司股東及潛 在投資者本公司及其附屬公司（「本集團」）業務最新進展。 2025 年 第 四 季 度 ， 本 集 團 合 計 完 成 商 品 交 易 總 額 (GMV ) 約 人 民 幣 64.9 億 元 ， 較 2024年第四季度增長約4.34 %；2025年累計完成GMV約人民幣160.2億元，較2024 年增長約6.23 %。 本公告乃根據本公司董事會（「董事會」）初步審閱本集團的未經審核營運數據初稿 及董事會現時可獲資料作出，並未經本集團核數師審閱或審核。該等數據並不構 成、 ...

Core Viewpoint - The company reported a revenue of approximately RMB 620 million for its new media services segment in the first half of 2025, reflecting a year-on-year growth of about 9.8%. However, net profit decreased by approximately 37.4% to around RMB 55.4 million due to rising platform traffic acquisition costs and increased investments in the development and operation of the "Friend Cloud" intelligent system [1]. Financial Performance - Revenue for the new media services segment reached approximately RMB 620 million, marking a year-on-year increase of about 9.8% [1]. - Net profit was approximately RMB 55.4 million, which represents a year-on-year decline of about 37.4% [1]. Cost and Investment Factors - The decline in net profit is attributed to increased costs associated with platform traffic acquisition and ongoing investments in the "Friend Cloud" intelligent system's research and development, as well as operational expenditures [1].