21世纪经济报道记者贺泓源、实习生韦怡琦 比如，三季度，爱奇艺营收同比下滑7.8%至66.8亿元；净亏损2.489亿元。同期，芒果超媒营收同比下 滑6.58%至30.99 亿元；归母净利润同比下滑33.47%至2.52亿元。 优酷盈利背后是，在降本与增效上都获得了一定成果。 在目前市场环境下，降低内容成本，成为各家活下去的必选项。而长视频又是个头部市场，大项目是刚 需。 由此，降本的实质是，把有限的资金放在重点项目上。 阿里巴巴遭遇利润压力。 该公司披露财报显示，在截至9月末的最新财季，阿里营收同比增长4.77%至2477.95亿元；Non-GAAP 净利润同比下滑71.65%至103.52亿元。利润端大幅负增长，主要受到外卖大战下闪购投入的拖累。 但好消息是，阿里的文娱业务盈利越来越稳。该项业务的亏损额曾一度达到157.96亿元。 11月25日晚，在业绩电话会上，阿里巴巴集团首席财务官徐宏表示，虎鲸文娱集团已实现连续三季度盈 利。据了解，虎鲸文娱持续盈利主要由优酷经营效率提升实现盈利所带动。 事实上，这一成绩是难得的。 这代表着，如何锚定合适项目已成为各平台核心竞争力。此外，项目敲定之后，如何控制成本更高效 ...

文 | 新声Pro，作者 | 张嘉琦 生态的战略价值再一次被长视频平台强调，并进入到更具体的实践阶段。 生态建设是宏大命题，也是长视频平台在商业故事上的终局，但这一长期愿景今年在各家平台的战略表 述和业务布局中都体现得更为明显。 一方面，由于行业整体增速放缓，平台需要寻找新的增长路径；另一方面，经过多年积累而形成的IP资 源库，为其打通线上线下生态提供了核心资产。同时，在业务维度上，IP储备和产业纵深能力，也是长 视频与短视频平台竞争的差异化关键。因此，生态构建既是长视频平台应对现实挑战的方向，也是平台 基于自身优势所推进的战略升级。 具体来看，尽管目标一致，但各平台基于各自的资源优势与战略考量，在这条路径上展现了不同的侧重 与特点。 腾讯 在刚结束不久的2026腾讯视频V视界大会上，腾讯公司副总裁、腾讯在线视频董事长孙忠怀提出，「单 打独斗的时代已经过去，真正的壁垒是生态。」基于「用户需要优质内容、品牌需要有温度的沟通」两 个核心需求，腾讯视频的生态，建立在其扎实的IP储备和多个「产业生态」的基础上。 首先是以IP为核心铺开内容版图，将单一项目培养成具备持续性和广泛性的长期资产，以对抗文娱内容 的生命周期。 ...

Core Viewpoint - Douyin has initiated a special governance campaign to address the rampant "fan circle" violations during the 15th National Games, emphasizing the need to maintain sportsmanship and a healthy online environment [1][2]. Summary by Sections Governance Actions - Douyin has taken action against 11,000 videos and 333,000 comments related to sports "fan circle" violations in the past month, imposing varying degrees of penalties on 144 accounts, including comment restrictions and indefinite bans [1][2]. Types of Violations - The platform has outlined specific behaviors that will be strictly governed, including: 1. **Invasion of Privacy**: Prohibiting the exposure of athletes' private information and illegal tracking content [2]. 2. **Mutual Attacks and Insults**: Banning attacks on other athletes or coaches based on support for different individuals or unfavorable competition results [2]. 3. **Rumors and Defamation**: Prohibiting the dissemination of defamatory content that infringes on athletes' reputations [2]. 4. **Incitement of Conflict**: Banning the incitement of hostility between different athlete supporter groups and malicious reporting [2]. 5. **Irrational Support**: Prohibiting organized activities that disrupt online discourse, such as buying trending topics or forcing users into irrational support [3]. User Engagement - Douyin encourages users to engage in civil viewing of competitions and to report inappropriate content through specified channels, ensuring a collaborative effort to maintain a healthy online ecosystem [3].

Core Insights - AI search transformation is stabilizing, with significant revenue contributions from AI marketing, AI applications, and cloud services, leading to an upward revision of the company's non-GAAP net profit forecasts for 2025-2027 [1] - The company maintains a "buy" rating, anticipating valuation increases driven by AI-enhanced cloud revenue, smart driving breakeven in key regions, and overseas expansion [1] Financial Performance - In Q3 2025, the company reported revenue of 31.17 billion yuan, a year-on-year decline of 7%, slightly above Bloomberg consensus expectations [2] - Non-GAAP net profit for Q3 2025 was 3.77 billion yuan, down 36% year-on-year, but better than the Bloomberg consensus estimate of 2.63 billion yuan [2] - Core online marketing revenue decreased by 18% year-on-year due to macroeconomic impacts and internal search transformation adjustments, with AI-generated content in searches rising to 70% by the end of October 2025 [2] AI and New Business Segments - Smart cloud revenue reached 4.2 billion yuan in Q3 2025, a 33% year-on-year increase, while AI high-performance computing subscription revenue surged by 128% [2] - AI application revenue was 2.6 billion yuan, reflecting a 6% year-on-year growth, and AI-native online marketing products generated 2.8 billion yuan, up 262% year-on-year [2] - The smart driving segment saw a 212% year-on-year increase in orders for "萝卜快跑," with global expansion covering 22 cities and achieving 100% fully autonomous operation in domestic cities by October 2025 [2] Future Outlook - Short-term improvements in advertising business are expected due to a low base, with AI and smart cloud driving growth [2] - In the medium to long term, AI-native marketing is anticipated to initiate a second growth curve for the advertising business, while smart driving business models are expected to accelerate overseas market expansion [2]

Core Insights - The mobile internet content consumption market in China is undergoing significant changes, with short drama applications like "Hongguo Free Short Drama" and "Hema Theater" emerging as strong competitors in the industry, disrupting the long-standing stability in the online video sector [1][4] Industry Overview - As of September 2025, the total number of mobile internet users in China reached 1.269 billion, marking a 2% year-on-year growth, indicating a stable market environment [1] - The online video industry remains dominated by Tencent Video, iQIYI, and Mango TV, but there have been notable shifts in the rankings of other platforms [1][4] Short Drama Segment - "Hongguo Free Short Drama" has surpassed traditional platforms like Bilibili and Youku, ranking among the top four in terms of monthly active users [4] - "Hema Theater" has also shown impressive performance, with monthly active users exceeding 50 million, surpassing platforms such as Central Video and Migu Video [4] - The average monthly usage time for users in the online video sector exceeds 20 hours, indicating high engagement levels [4] Audience Demographics - Short dramas are expanding their audience base, with users aged 31 to 50 becoming the primary demographic, while interest from users under 30 and those from first- and second-tier cities is rapidly increasing [4] Policy Support and Market Growth - The rapid development of short dramas is supported by government policies aimed at enhancing content supply and encouraging quality micro-short dramas to be broadcast on television [7] - The micro-short drama market in China is projected to exceed 50.5 billion yuan in 2024, surpassing box office revenues from films, and is becoming a significant growth point for online audio-visual revenue [7]

Core Insights - A significant software price increase trend has emerged across various sectors in China, with average membership fees rising by 20-30% due to the dual impact of AI on value and costs [1][12][20] - Users are increasingly willing to pay for AI-enhanced software, marking a shift from a historically free-access mindset to a willingness to invest in tools that improve efficiency [1][20][21] Price Increase Overview - The price adjustments are evident in various software categories, including video editing, office collaboration, and cloud services, with notable examples such as: - Video editing software "剪映" (Jianying) raised its SVIP price from 258 yuan/year to 499 yuan/year, a 93% increase [8][20] - "腾讯会议" (Tencent Meeting) saw its membership fee increase from 25 yuan/month to 49 yuan/month, a 96% rise [10] - "WPS" introduced a new AI membership priced at approximately 930 yuan/year, while its standard membership was reduced [10][11] User Sentiment and Behavior - Despite complaints about rising costs, many users continue to renew their subscriptions, recognizing the value added by AI features [6][17] - A survey indicated that 56.1% of professionals are willing to pay for AI services, with 23.4% having already made such payments [2] AI as a Value Driver - AI functionalities are becoming central to the pricing strategies of software companies, with many integrating AI features to justify higher fees [12][20] - The operational costs associated with AI, such as server and bandwidth expenses, are significant, leading companies to pass these costs onto users [14][16] Market Dynamics - The competitive landscape is shifting, with leading companies investing heavily in AI to create barriers to entry, while smaller firms must adapt or risk obsolescence [22] - The transition from a free to a paid model is seen as a necessary evolution for the software industry in China, moving towards a value-based pricing strategy [21][22] Financial Performance - Companies are reporting substantial revenue growth linked to their AI offerings, with "金山办公" (Kingsoft Office) seeing a 62.3% increase in revenue from its WPS 365 business [20] - "剪映" achieved a conversion rate of 3.2% for its SVIP membership, translating to significant revenue growth post-price increase [20]

Core Insights - A significant price increase trend for software subscriptions has emerged across various sectors, driven by the integration of AI functionalities and rising operational costs [2][6][24] - Chinese users are increasingly willing to pay for software that enhances efficiency, marking a shift in consumer attitudes towards software subscriptions [3][19][23] - The rise in software prices is not merely a profit-driven strategy but reflects a broader transformation in the industry, moving from a free model to a value-based pricing approach [23][24][25] Price Increase Trends - From 2024 onwards, software membership fees in China have seen an average increase of 20-30%, with some applications experiencing even higher rates [2][8] - Specific examples include Tencent Meeting's membership fee rising from 25 yuan/month to 49 yuan/month, a 96% increase, and WPS's AI membership priced at approximately 930 yuan/year [12][13] User Acceptance and Behavior - Despite complaints on social media, many users are opting to renew their subscriptions, recognizing the value added by AI features [5][19][20] - A survey indicated that 56.1% of professionals are willing to pay for AI services, with 23.4% having already made such payments [3][6] AI as a Value Driver - AI functionalities are becoming central to the pricing strategies of software companies, with many integrating AI features to justify higher subscription costs [7][14][24] - The operational costs associated with AI, such as server and bandwidth expenses, are significant factors driving the need for price increases [18][24] Market Dynamics - The competitive landscape is shifting, with leading companies investing heavily in AI to create barriers to entry, while smaller firms must adapt or risk obsolescence [24][25] - The transition from a free to a paid model is seen as a necessary evolution for the software industry in China, moving towards sustainable business practices [23][24]

Core Insights - The Ministry of Industry and Information Technology has released the telecommunications service quality report for Q3 2025, focusing on key service work, user complaints, and service improvement requirements [1] Group 1: Telecommunications Service Quality - A third-party organization conducted tests on customer service hotlines of major internet companies, revealing that Sogou Browser and Dida Chuxing did not provide human customer service, while iQIYI, Zhuanzhuan, and Sohu News had unreachable human customer service [1] - The ministry has urged these companies to rectify the issues and enhance their service capabilities [1] Group 2: User Complaints - In Q3 2025, complaints regarding poor mobile applications showed that 49.7% were related to cybersecurity issues, 29.6% involved personal information and permissions, and 20.7% pertained to information security problems [1] - The China Internet Association, in collaboration with app stores and security testing firms, has taken action to remove 142 problematic mobile applications [1]

Core Insights - The Ministry of Industry and Information Technology has released the telecommunications service quality report for Q3 2025, focusing on key work areas, user complaints, and service requirements [1] Group 1: Telecommunications Service Quality - A third-party organization conducted tests on customer service hotlines of major internet companies, revealing that Sogou Browser and Dida Chuxing did not provide human customer service, while iQIYI, Zhuanzhuan, and Sohu News had unreachable human customer service [1] - The ministry has urged these companies to rectify the issues and improve their service capabilities [1] Group 2: User Complaints - In Q3 2025, complaints regarding poor mobile applications showed that 49.7% were related to cybersecurity issues, 29.6% involved personal information and permissions, and 20.7% were about information security [1] - The China Internet Association, in collaboration with app stores and security testing firms, has taken action to remove 142 problematic mobile applications [1]

Core Insights - The Ministry of Industry and Information Technology (MIIT) of China announced the telecom service quality report for Q3 2025, highlighting the "Second Number Renewal" initiative which has covered over 230 mainstream applications and processed more than 260 million unbinding requests, serving over 4.3 million users [1] Group 1: Second Number Renewal Initiative - The "Second Number" refers to phone numbers recycled by telecom operators after being inactive for over 90 days, aimed at optimizing limited number resources [1] - The MIIT is promoting a service that allows users to unbind their historical accounts with a single click, in collaboration with telecom operators and internet platforms [1] Group 2: User Protection and Complaints - The MIIT has intensified efforts to combat unsolicited commercial electronic information, providing protective services to 1.26 billion users based on their preferences [1] - In Q3 2025, 42.1% of telecom user complaints were related to service disputes, 37.3% to tariff disputes, and 10.1% to marketing issues [1] Group 3: Mobile Application Complaints - Among complaints regarding problematic mobile applications, 49.7% were related to cybersecurity issues, 29.6% to personal information and permissions, and 20.7% to information security [2] - The China Internet Association, in collaboration with app stores and security testing firms, has taken action to remove 142 problematic mobile applications [2]