Core Points - The article highlights the 12th anniversary celebration of Xiaohongshu, featuring a large-scale event across four cities, emphasizing employee engagement and community spirit [1][3][17] Group 1: Event Overview - Xiaohongshu's anniversary celebration included various activities such as master classes, sports competitions, charity auctions, music parties, and a water gun battle, which were well-received by employees and user representatives [1][3] - The event was designed to foster connections and interactions among employees, moving away from traditional corporate culture [3][6] Group 2: Master Classes - The event featured master classes led by notable scholars, including discussions on philosophy and creativity, aimed at encouraging employees to explore knowledge beyond their work [4][6] - The REDacademy program was introduced during the event, promoting cross-disciplinary learning and personal growth [6] Group 3: Sports Competitions - The sports events included 22 creative competitions, combining traditional sports with fun activities, fostering teamwork and physical engagement among employees [7][9] - A highlight was the "hundred-person charity tug-of-war," which contributed to building a new sports facility for children in rural Yunnan [9][11] Group 4: Evening Celebrations - The evening concluded with music parties in multiple cities, featuring performances from various artists and creating a vibrant atmosphere for employees [13][15] - The water gun battle remained a popular tradition, symbolizing the company's youthful and flat corporate culture [15] Group 5: Community Development - Xiaohongshu's community has shown significant growth, with an influx of overseas users and over 50,000 independent developers contributing to the platform [17] - The company has implemented human-centered management changes, including the cancellation of non-compete clauses and other employee-friendly policies [17]

Core Insights - The contrasting valuations of Hupu and Xiaohongshu highlight the harsh realities of capital markets, with Hupu's valuation plummeting to 5 billion yuan from a peak of 77.22 billion yuan, while Xiaohongshu's valuation soared to 26 billion USD (approximately 180 billion yuan) [1][4][5] Group 1: Hupu's Decline - Hupu, founded in 2004, was once the dominant sports community in China but has faced significant challenges, including a heavy reliance on advertising, which constituted 60.78% of its revenue by 2015 [4][5] - Despite receiving a 1.26 billion yuan investment from ByteDance in 2019, Hupu's user base has drastically declined, with monthly active users dropping from 55 million in 2017 to just 5.79 million [4][5][6] - The rise of short video platforms has further eroded Hupu's traditional text and image-based community model, leading to a loss of advertising revenue and user engagement [5][6][11] Group 2: Xiaohongshu's Growth - Xiaohongshu has successfully diversified its content and focused on female users, achieving over 300 million monthly active users and a search penetration rate of 70% by Q1 2025 [5][8] - The platform's user base is predominantly female, with over 70% of its users being women, contrasting sharply with Hupu's male-dominated demographic [5][8] Group 3: Thunder's Acquisition Strategy - Thunder's acquisition of Hupu for 500 million yuan represents a strategic move to leverage Hupu's remaining user base and content to transition into a "tool + content" ecosystem [8][9] - Despite Thunder's consistent profitability over 11 quarters, its overall revenue declined by 11.1% in 2024, indicating pressure on its core business [8][9] - The acquisition aims to enhance user engagement and diversify Thunder's revenue streams by integrating Hupu's sports content into its existing services [9][10] Group 4: Challenges Ahead - Both Hupu and Thunder face significant challenges, including user attention fragmentation and the irreversible migration of advertising budgets towards short video and performance-based ads [11][12] - Hupu's lack of premium sports content rights, dominated by competitors like Tencent and Migu, poses a critical barrier to attracting and retaining users [12][13] - The evolving interests of young male consumers and the rising costs of high-quality content production further complicate the future viability of Hupu's traditional business model [12][13]