导语： 1月15日，北京寒冬的夜晚，《张朝阳的英语课》依旧按时开播，直播间里，张朝阳不仅以中英双语解读资讯，还在直播最后预告将撒巨量新春红包，为 搜狐视频关注流引流造势。 而镜头之外，一份最新的财务报告揭示了这家公司的另一面：在第三季度1.8亿美元的总营收中，游戏业务占比达九成，900万美元的净利润主要依托近二 十年的《天龙八部》IP贡献，这款经典产品仍是公司盈利的核心支撑。 两者构成了搜狐最鲜明的AB面。A面是创始人躬身入局，以知识直播为支点，奋力推动平台向社交生态转型；B面是公司营收被经典游戏IP牢牢绑定，在 存量市场中维持着稳健却单一的增长。 作为中国初代互联网门户的代表，搜狐的处境，正是老牌互联网企业在时代浪潮中挣扎与求索的缩影。曾经的"互联网开拓者"，如何在移动互联网下半场 重新找到市场定位？这场由张朝阳亲自掌舵的"慢"转型，又将通往何方？ 01 游戏独撑：老IP续命，隐忧难掩 搜狐2025年第三季度的财务报告，清晰地勾勒出这家老牌互联网公司的业务格局。Q3总营收1.8亿美元，同比涨19%，其中在线游戏收入为1.62亿美元， 营收占比直接突破九成。 与之形成对比的是，曾经的支柱业务营销服务，收入仅1 ...

Core Insights - In Q3 2025, China's gaming market achieved actual sales revenue of 880.26 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08%, ending a continuous decline since Q4 2024 [1][2] Market Segmentation - The client game market in China generated actual sales revenue of 202.9 billion yuan, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88%, driven by multiple product launches during the summer and the performance of cross-platform products [2] - The web game market saw actual sales revenue of 10.75 billion yuan, experiencing a quarter-on-quarter decline of 1.41%, attributed to a strategic shift by game companies towards mobile and client games [2] - The mobile game market reported actual sales revenue of 643.89 billion yuan, with a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1.93%, primarily due to a high base from the previous year and reduced revenue from leading products [2] - China's self-developed games in overseas markets achieved actual sales revenue of 49.94 billion USD, with a quarter-on-quarter growth of 6.34% but a year-on-year decline of 3.39%, supported by key products like "Kingshot" and "Last Z: Survival Shooter" [3]