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 Viewpoint - The tourism industry is experiencing a trend where aging Hong Kong actors are taking on roles as interactive characters in various scenic spots, reflecting a shift in the entertainment landscape and the economic realities faced by these artists [1][20][48] Group 1: Industry Trends - Scenic spots are increasingly incorporating live performances and interactive experiences, with actors portraying iconic characters from popular culture [1][3] - The trend of older Hong Kong actors performing in scenic areas highlights a nostalgic connection for fans and a new form of employment for these artists [19][48] Group 2: Actor Experiences - Many actors, such as Ma Jingtao and Luo Jiaying, are revisiting their classic roles in scenic spots, showcasing their dedication despite the physical demands of the performances [5][9][19] - The phenomenon of actors working in scenic areas is seen as a return to their roots, where acting is viewed as a means of livelihood rather than just a glamorous profession [20][48] Group 3: Historical Context - The article discusses the historical context of Hong Kong's film industry, where many actors emerged from humble beginnings and faced economic challenges [20][29] - The efficiency and high-pressure environment of the past Hong Kong film industry shaped the work ethic of these actors, which continues to influence their current roles [44][46] Group 4: Cultural Reflection - The current trend of actors performing in scenic spots serves as a reflection of the changing dynamics in the entertainment industry, where traditional roles are evolving due to economic pressures [48] - The nostalgic performances resonate with audiences, evoking memories of the golden age of Hong Kong cinema while adapting to contemporary realities [19][48]

Group 1 - The article discusses the controversies surrounding the drama "Cang Hai Chuan" and its comparison to "Nirvana in Fire," highlighting a cultural disconnect in the current audience's preferences for ancient costume dramas [1] - The ancient costume drama market has shifted focus towards suspense and power struggles, while traditional martial arts dramas have become niche, indicating a significant change in content consumption [1] Group 2 - The history of martial arts dramas in China is traced back to the 1970s and 1980s, with significant contributions from Hong Kong production companies adapting works from famous authors like Jin Yong and Gu Long [2][4] - The 1983 version of "The Legend of the Condor Heroes" marked a turning point, achieving an average viewership rating of 60% and a peak rating of over 90%, indicating its immense popularity [4] - The 2000s were considered the "golden decade" for mainland martial arts dramas, with over a hundred productions, yet only 14 received ratings above 8 on Douban [11] Group 3 - The rise of fantasy dramas has overshadowed martial arts dramas, with "Xianjian Qixia Zhuan" being a notable example that achieved high ratings and shifted audience interest towards fantasy elements [12][14] - The decline of martial arts dramas is attributed to the oversaturation of adaptations and a lack of original content, leading to a dilution of the genre's appeal [18] - The emergence of female-centric narratives in fantasy dramas has further shifted audience preferences, leading to the development of ancient idol dramas [20] Group 4 - The production quality and audience expectations have evolved, with modern viewers demanding high visual effects and star power, which has made traditional martial arts dramas less viable [25][27] - The cultural significance of martial arts dramas is diminishing, as the ideals of chivalry and justice portrayed in these dramas do not resonate with contemporary societal values [30][31] - New interpretations of martial arts themes are emerging, blending elements of mystery and emotional growth, as seen in recent productions like "Xue Zhong Han Dao Xing" and "Lian Hua Lou" [28]

Core Viewpoint - Hong Kong Television Broadcasts Limited (TVB) has faced continuous losses for over seven years since 2018, but it reported a positive EBITDA of HKD 295 million for 2024, with a significant reduction in losses compared to previous years [2][3] Financial Performance - TVB's revenue improved in 2024, with a 17% growth in its core Hong Kong television broadcasting business [5] - The company reported a net loss of HKD 88 million for 2024, a decrease of HKD 519 million year-on-year, despite still being in the red due to asset impairment [2][5] - TVB expects EBITDA for 2025 to be significantly higher than in 2024 and aims to achieve positive net profit for shareholders in 2025 [2] Cost Control and Operational Efficiency - The company has implemented various cost control measures, including merging two television channels and reducing operational costs by 15% [5] - TVB has focused on both cost control and revenue expansion as part of its strategy for 2024 [5] AI and Technology Integration - TVB has begun utilizing AI tools for various applications, including content creation and copyright protection [6] - The company is exploring partnerships with technology firms like Huawei and Tencent to enhance its AI capabilities [6] Talent Management - TVB has adjusted its talent management approach, encouraging artists to pursue opportunities outside the company while still supporting their development within [7] International Business Development - TVB is shifting its international business strategy from solely content licensing to exploring new revenue streams, leveraging its extensive IP resources and international distribution network [8][9] - The company has successfully engaged in international promotion projects, such as assisting local governments in marketing efforts [9] Mainland China Market Strategy - TVB views its mainland China operations as a critical component of its overall strategy, with plans to integrate Hong Kong content with mainland elements [10][12] - The company has started directly managing advertising in mainland China, which is expected to enhance its revenue potential [11][12]