中国移动互联网流量 丨季度报告 核心摘要： 本报告利用艾瑞咨询UserTracker多平台网民行为监测数据库等产品数据及桌面研究，综合分析了2025年 移动互联网的用户变化、行业流量变化、APP流量变化。报告指出，2025年第三季度，移动互联网流量小 幅增长，用户行为向低频深用变迁。在用户结构方面，用户性别、年龄结构稳定，中高线未婚群体驱动增 长，用户触媒偏好呈现年龄和城市级别差异。在行业方面，美食外卖巨头大战落幕，短期流量激增后续增长 乏力；旅游出行需求持续释放，使用时长增长亮眼；人工智能流量增长迅猛，语言模型用户规模爆发增长； 游戏服务流量整体下滑，行业存量竞争加剧。APP方面，2025年9月MAU（月活跃设备数）亿级以上的 APP复合增长前三名为：铁路12306、豆包、全民K歌；MAU达5000万级以上的APP复合增长前三名是： 腾讯元宝、汽水音乐、转转。 核心发现 用户变化 移动互联网流量小幅增长，用户行为向低频深用变迁 ：2025Q3中国移动互联网月独立设备数增至 14.52亿，环比Q2增长0.83%；用户单日使用次数为59.8次，环比Q2下降2.9%；时长为282.9分钟， 环比Q2增长2.3%， ...

消息面上，阿里巴巴此前发布其全面Agent化的AI战略，标志着中国科技巨头正式从"大模型时代"迈 入"智能体（Agent）时代"。据公开资料，万咖壹联已于2025年9月与阿里云签署全面战略合作备忘录， 双方明确将围绕"程序化广告投放Agent"与"服务类应用Agent"展开深度协同。 智通财经APP获悉，万咖壹联(01762)涨超10%，年初至今股价累涨超90%。截至发稿，涨10.77%，报 1.44港元，成交额1942.37万港元。 盈立证券此前指出，万咖壹联是中国领先的移动互联网AI营销科技公司，是游戏分发与移动广告领域 的"隐形冠军"及生态核心服务商。公司计划未来3-4年内将海外收入占比提升至30%左右，成为公司核 心增长引擎；公司牵手阿里云，打造全球领先的AI营销平台。此外，公司将AI手机视为未来5-10年的机 遇，正在进行前瞻性技术储备。 ...

中国移动 互联网AIGC赛道 丨流量报告 摘要： 研究意 义 20 25年前10个月，AIGC赛道进入规模化应用期，用户规模4.83亿，市场渗透率突破30%。 核心用户群体 AIGC应用的核心用户为35岁以下的青年白领，多分布于高线城市，具有较强的消费能力和对社交分享的需求。 细分赛道分析 语言模型 ：豆包APP在语言模型领域流量领先，腾讯元宝流量跃升显著。 智能伴聊 ：行业增长低迷，但星野APP用户规模实现正增长。 智能工具 ：行业规模稳定，用户流量生态与平台设备深度绑定。 图像处理 ：即梦AI在图像处理领域断层式第一。 增速排名 截至10月，即梦AI、腾讯元宝、豆包等APP在今年近10个月内用户增长速度领先。 移动端AIGC赛道整体流量趋势 2025年AIGC赛道进入规模化应用期，市场渗透率突破30% 2025年1-10月，AIGC赛道月独立设备数从3.18亿台增长至4.83亿台，渗透率从22.1%提升至33.2%，反映AIGC已从"尝鲜工具"转向大众级应用。AIGC 应细分赛道中，语言模型、智能工具等生产力场景将持续占据主流，APP独立设备数均超2亿。 移动端AIGC赛道用户画像 高线城市中具有较强消费 ...

Core Insights - The AIGC sector in China has entered a phase of large-scale application, with a user base of 483 million and a market penetration rate exceeding 30% as of October 2025 [1][8]. User Demographics - The primary user group for AIGC applications consists of young white-collar workers under 35 years old, predominantly located in high-tier cities, characterized by strong purchasing power and a desire for social sharing [2][10][11]. Segment Analysis - **Language Models**: The Doubao APP leads in traffic within the language model segment, while Tencent Yuanbao has shown significant growth [3][13]. - **Intelligent Chat**: The industry is experiencing sluggish growth, but the Xingye APP has achieved positive user growth [4][22]. - **Intelligent Tools**: This segment remains stable, with user traffic closely tied to platform devices [5][17]. - **Image Processing**: Jimeng AI holds a dominant position in the image processing sector [6][20]. Growth Rankings - As of October, Jimeng AI, Tencent Yuanbao, and Doubao are among the top apps with leading user growth rates over the past ten months [7][27]. Overall Traffic Trends - The AIGC sector's monthly independent device count increased from 318 million to 483 million from January to October 2025, with penetration rising from 22.1% to 33.2%, indicating a shift from novelty to mainstream application [8]. User Characteristics - The user base is balanced in gender, with a significant presence of young individuals, particularly those under 35, making up nearly 50% of users, and white-collar workers accounting for 30% [11]. Segment-Specific Traffic Insights - **Language Models**: The top language model apps, including Doubao and Tencent Yuanbao, have monthly independent device counts exceeding 50 million, while smaller apps struggle to grow [13]. - **Intelligent Tools**: This segment has maintained a user base of over 20 million, with Huawei's tools leading the market [17]. - **Image Processing**: Jimeng AI dominates with over 95% market share in user metrics, while smaller apps may need to focus on niche markets [20]. - **Intelligent Chat**: The segment is facing a decline in user engagement, with only Xingye APP showing positive growth [22].

Core Insights - The AIGC sector in China has entered a phase of large-scale application, with a user base of 483 million and a market penetration rate exceeding 30% as of October 2025 [1][8]. User Demographics - The primary user group for AIGC applications consists of young white-collar workers under 35 years old, predominantly located in high-tier cities, characterized by strong purchasing power and a high demand for social sharing [2][10][11]. Segment Analysis - **Language Models**: The Doubao APP leads in traffic within the language model segment, while Tencent Yuanbao has shown significant growth [3][13]. - **Intelligent Chat**: The industry is experiencing sluggish growth, but the Xingye APP has achieved positive user growth [4][22]. - **Intelligent Tools**: This segment remains stable, with user traffic closely tied to platform devices [5][17]. - **Image Processing**: Jimeng AI holds a dominant position in the image processing sector [6][20]. Growth Rankings - As of October, Jimeng AI, Tencent Yuanbao, and Doubao are among the top apps with leading user growth rates over the past ten months [7][27]. Overall Traffic Trends - The AIGC sector's monthly independent device count increased from 318 million to 483 million from January to October 2025, with penetration rising from 22.1% to 33.2%, indicating a shift from novelty to mainstream application [8]. User Characteristics - The user base is balanced in gender, with significant representation from first-tier and new first-tier cities. Users under 35 account for nearly 50%, with white-collar workers making up 30% of the demographic [11]. Segment-Specific Traffic Insights - **Language Models**: The top language model apps, including Doubao and Tencent Yuanbao, have monthly independent device counts exceeding 50 million, while smaller apps struggle to grow [13]. - **Intelligent Tools**: The user base for intelligent tools has remained stable above 20 million, with Huawei's "Smart Search, Xiao Yi Suggestions, Smart Voice" leading the top three apps [17]. - **Image Processing**: Jimeng AI dominates the market with over 95% share in user metrics, while smaller apps may need to focus on niche verticals to survive [20]. - **Intelligent Chat**: The segment is facing a decline in user engagement, with only Xingye APP showing positive growth amidst a general decrease in user numbers [22].

Core Viewpoint - Cheer Holding, Inc. is implementing a share consolidation to increase its per share trading price and maintain its listing on Nasdaq due to previous non-compliance with listing requirements [4]. Group 1: Share Consolidation Details - The share consolidation will occur at a ratio of 1 post-split Class A ordinary share for every 50 pre-split ordinary shares, effective at 4:05 p.m. on December 22, 2025 [1]. - Post-consolidation, the number of issued and outstanding Class A ordinary shares will decrease from approximately 234,309,902 to about 4,686,199 [3]. - Outstanding warrants and other equity rights will be proportionately adjusted, and no fractional shares will be issued; any fractions will be rounded up to the next whole number [3]. Group 2: Nasdaq Listing Compliance - The share consolidation aims to help the company regain compliance with Nasdaq's continued listing requirements after receiving a notification of potential delisting due to stock prices closing at $0.10 or below for ten consecutive trading days [4]. - The company has scheduled a hearing for January 13, 2026, to appeal the delisting determination [4]. Group 3: Company Overview - Cheer Holding, Inc. is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on building a digital ecosystem that integrates various technologies [6]. - The company's portfolio includes diverse products and services such as CHEERS Telepathy, CHEERS Video, and AI-animated short drama series, which blend online and offline elements [7]. - The company is committed to utilizing innovative technologies to drive long-term sustainable growth, with "CHEERS+" at the core of its digital ecosystem [8].

Core Insights - The report indicates a slight growth in mobile internet traffic in Q3 2025, with user behavior shifting towards low-frequency deep usage. Monthly active devices reached 1.452 billion, a 0.83% increase from Q2 2025, while daily usage frequency decreased by 2.9% to 59.8 times, and usage duration increased by 2.3% to 282.9 minutes, reflecting deeper user engagement [1][2][6]. User Changes - The proportion of unmarried users increased to 32.7%, up 1.39% year-on-year, with growth driven by the unmarried demographic in mid-to-high tier cities [2][8]. - User preferences vary significantly by age, with younger users (post-2000) favoring gaming and entertainment, while those aged 25-30 lean towards parenting and family content [2][16]. Industry Changes - The food delivery sector saw a temporary surge in traffic due to intense competition, but growth momentum has weakened post-surge, with a decline in user engagement noted in August and September [3][62]. - The travel and transportation sector is experiencing steady growth, with a 15% year-on-year increase in usage duration, and monthly active users reaching 1.13 billion [3][66]. - Artificial intelligence applications are rapidly expanding, with monthly active users reaching 470 million and a year-on-year growth of 321% in user numbers [3][37]. - The gaming services sector is facing overall decline, with intensified competition among existing players [4][77]. APP Changes - The top three apps with over 100 million monthly active users in September 2025 were Railway 12306, Doubao, and Quanmin K Ge, while the top three apps with over 50 million monthly active users were Tencent Yuanbao, Soda Music, and Zhuanzhuan [5][82][83].

Core Viewpoint - Cheer Holding, Inc. has announced a definitive agreement for the purchase and sale of 187,500,000 Class A ordinary shares at a price of $0.08 per share, aiming to raise approximately $15 million in gross proceeds [1][2]. Group 1: Offering Details - The registered direct offering is expected to close on or about November 6, 2025, pending customary closing conditions [2]. - The offering is made under a shelf registration statement previously filed and declared effective by the U.S. Securities and Exchange Commission on September 12, 2024 [3]. Group 2: Company Overview - Cheer Holding, Inc. is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [5]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging advanced technologies such as blockchain and cloud computing [5]. - Cheer Holding's product portfolio includes a variety of services like CHEERS Telepathy, CHEERS Video, and AI-animated short dramas, which blend online and offline experiences [6]. Group 3: Strategic Focus - The company emphasizes "CHEERS+" as the core of its digital ecosystem, aiming for long-term sustainable and scalable growth through innovative applications and technologies [7].

Core Viewpoint - Cheer Holding, Inc. has received two non-binding proposals for the acquisition of its Class A ordinary shares, with offers of US$0.56 and US$0.52 per share from different investment entities [1][2]. Group 1: Proposals Overview - The first proposal is from Zhongsheng Dingxin Investment Fund Management, offering US$0.56 in cash per Class A Share [1]. - The second proposal comes from Excel Ally Ventures Limited, proposing US$0.52 in cash per Class A Share [1]. - Both proposals are non-binding and the Board has not made any decisions regarding them [3]. Group 2: Board Actions - The Board will establish a Special Committee composed of independent directors to evaluate the proposals and explore other strategic alternatives [2]. - The Special Committee will have the authority to hire advisors, including independent financial and legal counsel, to assist in the evaluation process [2]. Group 3: Company Background - Cheer Holding is a leading provider of advanced mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [6]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging cutting-edge technologies such as blockchain and cloud computing [6]. - Cheer Holding's product portfolio includes a variety of services that blend online and offline experiences, enhancing its competitive edge in the market [7][8].

Core Viewpoint - Cheer Holding, Inc. has received a notice from NASDAQ indicating non-compliance with the minimum bid price requirement of $1.00 per share, with a compliance period until April 14, 2026, to regain compliance [1][2]. Company Compliance Status - The notice states that Cheer Holding has until April 14, 2026, to ensure its Class A ordinary shares are priced at least $1.00 for a minimum of ten consecutive business days to regain compliance [2]. - If compliance is not achieved by the deadline, the company may be eligible for additional time or could face delisting [2]. Monitoring and Future Actions - The company plans to monitor the closing bid price of its Class A ordinary shares and evaluate options to regain compliance during the compliance period [3]. Company Overview - Cheer Holding is a leading provider of advanced mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies for a new business environment [4]. - The company is developing a 5G+VR+AR+AI shared universe space utilizing cutting-edge technologies such as blockchain and cloud computing [4]. Product and Service Portfolio - Cheer Holding's offerings include a diverse range of products and services like CHEERS Telepathy, CHEERS Video, CHEERS e-Mall, and various AI-driven content, which blend online and offline experiences [5]. - The core of Cheer Holding's digital ecosystem is "CHEERS+", aimed at driving long-term sustainable growth through innovative applications and technologies [6].