8月2日，小红书迎来了12周年司庆，一场全员参与的大型"派对"也在北京、上海、武汉、广州4城同步 举办。没有冗长仪式和常规的团建，取而代之的是知名学者的大师课、22项趣味运动会、公益拍卖、音 乐派对，以及千人水枪大战。参与活动的小红书员工和用户代表纷纷表示，活动"很酷"，"很有意思"。 82大师课也是小红书内部成长项目 REDacademy的首次亮相。该项目旨在鼓励员工探索职场之外的"无 用之用"，让科技、哲学、艺术等跨界知识滋养人生。该项目负责人表示，将深度思想碰撞引入司庆， 也体现了小红书"知识型社区"的基因——成长不仅来自工作实践，更源于跨界的启发与认知边界的拓 展。 "把公司当成社区运营。"小红书日活动负责人雷拉表示，这是本次活动的设计初衷。在她看来，有别于 企业文化传统的单向输出方式，小红书日更关注员工之间的连接、互动，以及激发彼此的创造力和活 力。 据了解，每年的小红书司庆，也被定为"员工日"。从2019年起，每年的这一天，无论工作日还是周末， 小红书都会组织丰富多彩的活动，邀请员工们放下工作，一起走出办公室，参加丰富多彩的体育文化活 动，体验最潮流的生活方式。 办公室化身大师课堂 在上海的活动现 ...

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]