作者｜出海潜望 题图｜AI生成 中国企业的出海浪潮，在2025年展现出前所未有的厚度、速度和情感温度。站在新的十字路口，我们看到中国企业与品牌"出海2.0"时代已悄然开启。 从早期依靠价格、流量红利，到如今靠组织力、创新力和本地化运营取胜。虎嗅《出海标杆榜单》的设立，正是为了捕捉这场深层次变革的见证者：谁 在真正定义中企出海的新范式。 过去一年，出海最显著的变化就是企业出海战略的整体升级，越来越多的企业开始自建全球运营体系，实现从产品出海到品牌出海的结构性跃迁。 比如许多制造业和新锐消费品牌，在具体区域设立本地化团队、数据管理团队、甚至本地研发与生产能力，把创新、服务和营销下沉到社区和用户触 点。 不过，外部环境也逐渐复杂。 出海榜单评委们普遍认为，地缘政治等变量对企业出海影响日益深远。无论是欧美的贸易壁垒、东南亚的数据保护规定，还是中东的市场准入生态，都 要求企业具备更高的战略敏感和本地适应力。 中国产业发展研究院常务副院长刘大成告诉虎嗅："当合规成为门槛，中国企业必须具备跨国风险控制和应急能力，这已不是选择题，而是生存题。" 深圳电子商务服务中心部长洪培林也坦言："中国企业过去出海，像是走马观花；现在，必 ...

Core Insights - JOYY Inc. reported Q3 2025 revenue of $540 million, a 6.4% increase quarter-over-quarter, with live streaming revenue at $388 million, up 3.5% [1] - Advertising revenue grew by 29.2% year-over-year, increasing the non-live revenue share to 28.1% of total revenue [1] - BIGO Ads revenue reached $104 million, marking a 33.1% year-over-year and 19.7% quarter-over-quarter growth [1] Financial Performance - Non-GAAP operating profit for Q3 was $41 million, a 16.6% year-over-year and 6.1% quarter-over-quarter increase [1] - EBITDA for the quarter was $51 million, reflecting a 16.8% year-over-year and 4.9% quarter-over-quarter growth [1] - Monthly active users (MAU) for global social products reached 266 million, a 1.4% increase quarter-over-quarter [1] Business Strategy - JOYY implemented various initiatives in Q3 to optimize the Bigo Live platform, including enhancing the anchor incentive mechanism and leveraging AI technology for content production [2] - The management indicated a clear path for positive revenue growth for the year, with stable recovery in live streaming and strong growth potential in advertising [2] - AI technology is being integrated into Bigo Live for content distribution and user experience, improving user engagement metrics [2] Advertising Growth - BIGO Ads has seen accelerated revenue growth for three consecutive quarters, driven by increased traffic, product innovation, and algorithm efficiency [3] - The platform upgraded its IAA D7 ROAS smart bidding product, enhancing advertising effectiveness and efficiency [3] - Core advertisers increased their budgets by 30% quarter-over-quarter, with a 17% increase in the number of core advertisers [3] Future Outlook - For 2026, BIGO Ads plans to focus on expanding traffic scale, increasing advertising budgets, optimizing data systems, and regional market expansion [4]

Core Viewpoint - The company reported strong revenue growth for the first three quarters of 2025, with total revenue expected to be between 49.1 and 49.9 billion yuan, representing a year-on-year increase of approximately 37.6% to 39.9% [1] Revenue Breakdown - Social business revenue is projected to be around 43.8 to 44.4 billion yuan, reflecting a year-on-year growth of about 34.5% to 36.4% [1] - Innovative business revenue is expected to be between 5.3 and 5.5 billion yuan, showing a significant year-on-year increase of approximately 69.9% to 76.3% [1] Business Performance - The company’s social business continues to grow steadily, benefiting from AI technology integration in its product matrix, enhancing user experience and operational efficiency [1] - A strategic partnership with Tencent Cloud was signed in September 2025 to explore the "AI + social entertainment" space [1] - The company’s core products have solidified their competitive advantage, with SUGO ranking 6th in social network app revenue in the Middle East and TopTop ranking 9th in Google Play game app revenue in the region [1] Innovative Business Growth - The innovative business segment is experiencing robust growth across multiple areas, including: 1. Premium games, with flagship game "Alice's Dream" entering a long-term operational phase since Q4 2024 [1] 2. Steady growth in social e-commerce, with Huoer Health consolidating its leading position in the health service sector [1] 3. Revenue contributions from the actively invested short drama business [1] 4. Launch of the AI creative content community Aippy, marking a forward-looking move in the "AI + social entertainment" field, with its iOS version now live [1] Future Outlook - The company is expected to maintain its multi-faceted growth strategy in premium games, social e-commerce, short dramas, and AI-native apps, which are anticipated to support long-term development [1]

Core Insights - China is experiencing the largest and fastest aging process in human history, with the population aged 60 and above expected to reach 310 million by the end of 2024, accounting for 22% of the total population [1][2] - The aging population presents both challenges and opportunities, with the "silver economy" emerging as a significant growth area in China's economy [3][4] - The government is actively promoting policies to support the silver economy, expanding its scope to include individuals aged 50 to 60, indicating a shift towards a comprehensive life-cycle planning approach [5] Demographic Trends - By 2035, the elderly population is projected to exceed 400 million, representing over 30% of the total population, marking a transition to a severely aging society [2] - The silver economy is expected to reach 21.7 trillion yuan by 2035, accounting for 27.8% of total consumption and approximately 10.9% of GDP [3] Economic Implications - The silver economy is anticipated to grow to 63.5 trillion yuan by 2050, with a potential to approach 50 trillion yuan even under moderate growth scenarios [3] - The shift in consumer behavior among the elderly reflects a transition from passive acceptance to active choice, indicating a new lifestyle attitude centered around autonomy and enjoyment [5][21] Policy and Strategic Developments - The State Council has issued guidelines to enhance the well-being of the elderly, emphasizing the importance of developing a comprehensive silver economy [5] - The 20th Central Committee has elevated the silver economy to a national strategic level, focusing on optimizing the elderly care service system and promoting integrated medical and elderly care industries [5] Consumer Behavior and Preferences - The elderly population is increasingly prioritizing health management and home-based care, with 52.8% preferring home health care services [11][12] - There is a notable trend towards "quality aging," with a focus on comfort and practicality in consumer choices, as well as a growing interest in lifelong learning and skill acquisition [11][15][21] Technological Integration - Smart home technologies and health management systems are being adopted to enhance the independence and safety of the elderly, reflecting a shift towards more personalized and secure living environments [18][21]

Core Viewpoint - The company, Zhizi City Technology, is experiencing significant revenue growth driven by AI technology and diversified social products, with a strong performance in the Middle East and North Africa market [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company's total revenue is expected to be between 4.91 billion to 4.99 billion, representing a year-on-year growth of 37.6% to 39.9% compared to the same period in 2024 [1]. - Revenue from social business is projected to be around 4.38 billion to 4.44 billion, reflecting a growth of approximately 34.5% to 36.4% year-on-year [1]. - The innovative business segment is expected to generate about 530 million to 550 million, with a remarkable year-on-year growth of 69.9% to 76.3% [1]. Group 2: Market Position and Competitive Advantage - Zhizi City Technology is recognized as one of the most competitive players in the Middle East and North Africa social entertainment industry, with strong market potential [2]. - The company has established unique competitive advantages through deep user insights, refined service experiences, and diversified monetization models [2]. - The company’s core products have shown enhanced competitiveness in the Middle East and North Africa, ranking sixth in social network app revenue and ninth in Google Play game app revenue in the region [1]. Group 3: AI and Innovation - The application of AI technology in business scenarios is deepening, particularly in content recommendation and user matching, which enhances product experience and operational efficiency [2]. - The company has signed a strategic cooperation agreement with Tencent Cloud to explore the "AI + social entertainment" space [2]. - The innovative business segment has shown strong growth, driven by traffic monetization, stable development of social e-commerce, and contributions from short drama and premium games [2]. Group 4: Global Expansion - The establishment of the global headquarters in Hong Kong marks a new phase in the company's globalization process [3]. - The Hong Kong headquarters will work in synergy with regional headquarters in Riyadh and Singapore, along with multiple R&D and operational centers worldwide, to support long-term high-quality development [3].

Core Viewpoint - The company, Kuaishou Technology (09911.HK), reported strong operational data for the first three quarters of 2025, with total revenue expected to be between RMB 4.91 billion and RMB 4.99 billion, reflecting a year-on-year growth of approximately 37.6% to 39.9% [1] Revenue Summary - The revenue from the social business is projected to be around RMB 4.38 billion to RMB 4.44 billion, showing a year-on-year increase of 34.5% to 36.4% [1] - The company has been focusing on refined operations in key markets such as the Middle East and North Africa, as well as Southeast Asia, enhancing product competitiveness [1] Market Opportunity - The vibrant social entertainment industry in the Middle East presents opportunities for the company to capture market share and continue its growth trajectory [1]

Core Insights - The company, Zhizi City Technology (09911.HK), reported a significant revenue growth forecast for the first three quarters of 2025, with total revenue expected to be between RMB 4.91 billion and 4.99 billion, representing a year-on-year increase of 37.6% to 39.9% compared to the same period in 2024 [1] Group 1: Social Business Performance - The social business revenue is projected to be around RMB 4.38 billion to 4.44 billion, reflecting a growth of approximately 34.5% to 36.4% year-on-year [1] - The company has successfully leveraged AI technology to drive the steady growth of diverse social products, demonstrating its ability to accurately understand user needs and the significant growth potential of its social product matrix [4] - Zhizi City Technology's main products have strengthened their competitive position in the Middle East and North Africa (MENA) market, with SUGO ranking 6th in social network app revenue and TopTop ranking 9th in Google Play game app revenue in the region [4] Group 2: Innovation Business Growth - The innovation business has shown robust growth, with revenue expected to be between RMB 530 million and 550 million, indicating a year-on-year increase of 69.9% to 76.3% [1][6] - The high growth in the innovation business is attributed to steady development in traffic monetization, social e-commerce, and contributions from short drama and premium games [7] - The company’s premium games have entered a profit recovery phase, with flagship games like "Alice's Dream: Merge Games" moving into long-term operation, and new game releases progressing well [7] Group 3: Strategic Developments - In September, the company signed a strategic cooperation agreement with Tencent Cloud to explore the "AI + social entertainment" space, enhancing its product experience and operational efficiency [5] - The establishment of the global headquarters in Hong Kong marks a new phase in the company's globalization process, which will facilitate efficient collaboration with regional headquarters in Riyadh and Singapore, as well as numerous R&D and operational centers worldwide [8]

Core Viewpoint - The company reported a significant revenue growth of 40.0% year-on-year for the first half of 2025, reaching 3.181 billion yuan, driven by a diversified product portfolio and deep integration of AI technology [1]. Group 1: Revenue Breakdown - Social business revenue, including platforms like MICO, YoHo, TopTop, and SUGO, amounted to approximately 2.834 billion yuan, reflecting a year-on-year increase of 37.0% [2]. - SUGO's revenue grew over 100% year-on-year, with profits increasing over 150%, due to enhanced user demand and enriched product features [2]. - TopTop community ecosystem also saw revenue growth exceeding 100% year-on-year, with profits similarly increasing over 100% [2]. - Innovative business revenue reached about 347 million yuan, marking a year-on-year increase of 70.5%, attributed to steady development in traffic monetization and social e-commerce [2]. Group 2: Product and Market Development - The company is actively launching innovative products, including a short drama business and an AI creative content community called Aippy, which allows users to generate interactive content using natural language [2]. - The company established a regional headquarters in Riyadh, Saudi Arabia, to strengthen its connection with the Middle Eastern market, and set up a global headquarters in Hong Kong, marking a new phase in its globalization strategy [3]. - The core products in the Middle East and North Africa market experienced over 60% year-on-year growth in business scale during the first half of 2025 [3]. Group 3: Financial Projections - The company adjusted its revenue forecasts for FY2025-FY2027 from 6.71/7.75/8.95 billion yuan to 6.91/8.55/10.25 billion yuan, and net profit forecasts from 1.018/1.161/1.351 billion yuan to 1.018/1.291/1.551 billion yuan, maintaining a "buy" rating [3].

Core Viewpoint - Tianfeng Securities has upgraded the rating of ZhiZi City Technology (09911) to "Buy" based on its diversified product matrix and significant AI-driven business growth, projecting continued revenue and profit growth in the coming years [1] Group 1: Financial Performance - For the first half of 2025, ZhiZi City Technology reported a revenue of 3.181 billion yuan, a year-on-year increase of 40.0% [1] - The social business segment generated approximately 2.834 billion yuan, reflecting a year-on-year growth of 37.0% [1] - The adjusted EBITDA for the first half of 2025 reached 650 million yuan, representing a year-on-year increase of 44.0% [2] Group 2: Product and Market Development - The company has seen over 100% revenue growth in the SUGO product, driven by enhanced user engagement and content supply [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, marking the beginning of its profitability recovery period [2] - The company has launched an AI creative content community, Aippy, which allows users to generate interactive content using natural language [3] Group 3: Strategic Expansion - ZhiZi City Technology is actively expanding its market presence in the Middle East and North Africa, with a reported business scale growth of over 60% in these regions [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to its globalization strategy [3] - The company is focusing on deepening the integration of AI technology with business scenarios to enhance its market development efforts [3]

Core Viewpoint - The report from Tianfeng Securities highlights the diversified product matrix of Zhibo City Technology (09911) and the significant impact of AI technology on its business, suggesting that the company's performance is expected to continue growing in the future [1] Group 1: Financial Performance - For the first half of 2025, the company's revenue reached 3.181 billion yuan, representing a year-on-year increase of 40.0% [1] - The adjusted EBITDA for the first half of 2025 was 650 million yuan, reflecting a year-on-year growth of 44.0% [2] - Revenue forecasts for FY2025-FY2027 have been revised to 6.91 billion, 8.55 billion, and 10.25 billion yuan, respectively, while net profit forecasts have been adjusted to 1.018 billion, 1.291 billion, and 1.551 billion yuan [1] Group 2: Business Segments - The social business segment generated approximately 2.834 billion yuan in revenue, with a year-on-year increase of 37.0% [1] - The innovative business segment achieved revenue of about 347 million yuan, marking a year-on-year growth of 70.5% [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, contributing to the profitability of the premium game business [2] Group 3: Market Expansion and Strategy - The company is actively exploring new opportunities in social entertainment, with significant growth in the core products in the Middle East and North Africa, where business scale increased by over 60% year-on-year [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to strengthening its presence in the Middle East and advancing its global strategy [3] - The company is leveraging AI technology to enhance its product offerings and localize operations, which is expected to bolster its growth in key markets [2][3]