8月14日，迅雷发布了截至2025年6月30日的第二季度未经审计财报。据财报显示，本季度迅雷总营收为 1.04亿美元，同比增长30.6%。 总营收的增长主要由于主要业务收入的增加。毛利润5,120万美元，同比增长25.9%。毛利润的增长主要 因为海外语音直播业务、会员业务和广告业务所产生毛利的增加。 "我们所有核心业务在第二季度均展现出积极增长态势，这一成绩主要归因于迅雷等产品推出了新功能 以及对现有功能的持续优化，让我们的产品能够始终紧跟不断变化的用户需求；同时，精准定制化的营 销策略也使我们能够更高效地触达及吸引更广泛的用户群体。此外，云计算业务在本季度取得了重要进 展，凭借其高性价比的服务应对现有挑战，并将其转化为推动业务增长的新机遇。" 整体运营稳中有进 三大业务同步增长 会员服务营收为3,640万美元，同比增长10.5%。会员服务收入的增长主要是由于会员数量的增长以及每 会员平均营收的增长。截至2025年6月30日，会员用户数约为640万，而截止2024年6月30日的会员用户 数约为571万。2025年第二季度，每会员平均营收为40.8元人民币，而去年同期为39.5元人民币。增长的 原因是每会员平均 ...

Core Viewpoint - The article discusses the low market valuation of listed companies' equity investments, using the example of Thunder (迅雷) and its investment in Yingstone (影石) to illustrate the disparity between market capitalization and the value of held equity stakes [3][5][10]. Summary by Sections Investment Performance - Thunder's investment in Yingstone yielded a significant return, with a reported floating profit exceeding 5.5 billion RMB post-IPO [3][7]. - Despite the high returns from its investments, Thunder's market capitalization is less than half of the value of its holdings in Yingstone, which raises questions about market pricing [5][6]. Market Valuation Discrepancies - Thunder's market value is approximately 25 billion RMB, while its stake in Yingstone, valued at around 55 billion RMB, highlights a stark undervaluation [5][7]. - The article notes that this phenomenon of market capitalization being lower than the value of equity investments is not unique to Thunder, with other companies like Sohu and Sina also experiencing similar valuation issues [10][13][15]. Broader Market Trends - The article points out that the market often undervalues companies with significant equity investments, particularly when those investments are not aligned with the company's core business [17][20]. - Examples from the A-share market, such as Guangfa Securities, illustrate that major shareholders often have market values lower than their equity stakes in the company [11][12]. Liquidity and Investment Risks - The article discusses the liquidity risk associated with non-tradable shares, which can lead to discounted valuations in the market [18][20]. - Companies like Suning, which exited their investment in Yingstone early, reflect a cautious approach to equity investments due to concerns over liquidity and future returns [19][20]. Conclusion on Investment Strategies - The article concludes that while being a shareholder in a company with a market value lower than its long-term equity investments may seem negative, it can be beneficial if the company has a stable dividend outlook [21].