Core Viewpoint - The article discusses the decline of classical internet platforms, highlighting recent acquisitions of companies like Hupu and Ximalaya, which reflect a significant drop in their market valuations compared to their peak years [4][5][7]. Summary by Sections Recent Acquisitions - Xunlei acquired Hupu for 500 million, while Tencent Music purchased Ximalaya for 2.9 billion, both indicating a trend of established internet companies selling at lower valuations than in their prime [4]. - Hupu and Ximalaya, both over ten years old and once dominant in their niches, are now struggling to maintain their user bases and market positions [4][5]. Historical Context - The closure of platforms like Tianya Forum and the struggles of others like Renren and Douban illustrate the broader decline of classical internet communities [5][9]. - Hupu's valuation dropped from approximately 7.7 billion in 2019 to 500 million in 2023, reflecting a significant loss in user engagement and market value [8]. Financial Performance - Ximalaya's peak valuation was around 5 billion in 2021, but it faced challenges in maintaining growth and profitability, leading to its eventual acquisition by Tencent [7][15]. - Hupu's financial instability is evident from its failed IPO attempts due to high accounts receivable and fluctuating profits, with net profits varying significantly from 2013 to 2015 [14]. Market Dynamics - The rise of mobile internet and social media platforms has shifted user attention away from traditional content communities, leading to a decline in user engagement and content quality [18][19]. - Both Hupu and Ximalaya rely heavily on advertising and subscription models, making them vulnerable to market fluctuations and changes in user behavior [21][22]. Future Prospects - Despite the decline of classical internet platforms, there are still opportunities for niche content platforms to thrive, as seen with companies like Bilibili and Xiaohongshu, which have successfully adapted their business models [26][29]. - The article suggests that while the classical internet era is fading, community-driven platforms still hold potential for growth if they can balance content quality with monetization strategies [31].

Core Viewpoint - The recent acquisitions of Hupu by Xunlei for 500 million and Himalaya by Tencent Music for 2.9 billion highlight the decline of classical internet platforms, which, despite having significant user bases, are selling at valuations far below their peak [2][3][10]. Group 1: Company Acquisitions - Hupu was acquired by Xunlei for 500 million, a significant drop from its estimated valuation of 7.7 billion in 2019 when ByteDance purchased a 30% stake [3]. - Himalaya, once valued at approximately 5 billion during its IPO attempt in 2021, was sold to Tencent Music for 2.9 billion, reflecting a substantial decrease in its market value [2][3][10]. - Both companies represent a trend of classical internet platforms struggling to maintain their market positions amid changing consumer preferences and competition from newer platforms [11][12]. Group 2: Industry Trends - The decline of classical internet platforms is attributed to the rise of mobile internet and social media, which have changed content consumption habits and reduced the relevance of traditional content communities [11][12]. - The shift towards short video content has further fragmented user attention, making it difficult for text-based platforms to retain users [11][12]. - Many traditional platforms have attempted to pivot or innovate, but success has been limited, with most facing challenges in monetization and user retention [9][14]. Group 3: Financial Performance - Hupu's financial struggles included two failed IPO attempts due to high accounts receivable and significant revenue fluctuations, indicating poor risk management [9][14]. - Himalaya reported cumulative losses of 3.166 billion from 2018 to 2022, only achieving profitability in 2023, which prompted its decision to sell [10][14]. - Both companies have seen a decline in user engagement and monetization effectiveness, with Himalaya's subscription revenue constituting over 50% of its total revenue but facing a decreasing conversion rate [16][21]. Group 4: Future Outlook - Despite the decline of classical internet platforms, niche content platforms like Xiaohongshu have thrived by adapting their business models and focusing on community engagement [17][19]. - The competition from internet giants with extensive ecosystems poses a significant challenge for smaller platforms, as they struggle to maintain user loyalty and advertising revenue [14][21]. - The future of community-driven content platforms will depend on their ability to balance content quality with monetization strategies, as user interaction remains a critical component of their value proposition [21].

Core Viewpoint - The article discusses the sale of Hupu for 500 million RMB, highlighting the decline of the platform and contrasting it with the valuation of Xiaohongshu at approximately 26 billion USD, suggesting a disparity in male consumer power [3][4]. Group 1: Hupu's Decline - Hupu's revenue model has become heavily reliant on advertising, with reports indicating that advertising could account for up to 90% of total revenue after the separation of its e-commerce businesses [6][8]. - The community forum model has entered a vicious cycle of low monetization, leading to significant user attrition, with monthly active users dropping from 55 million in 2017 to only 5.79 million by 2020 [9][10]. - Hupu's inability to retain users has weakened its community ecosystem, making it difficult to attract advertisers, which in turn exacerbates the decline [9][10]. Group 2: Acquisition by Xunlei - The acquisition of Hupu by Xunlei, a company also facing challenges, raises questions about the strategic value of the purchase, as both companies are seen as struggling [13][14]. - Despite its difficulties, Xunlei reported a slight increase in total revenue and gross profit in Q1 2025, reaching 8.88 million USD in revenue [17][19]. - Xunlei has diversified its business, successfully expanding into overseas live streaming, which has become its fastest-growing segment [23][25]. Group 3: Market Perception and Potential - The article argues that the perception of low male consumer power is misleading, as platforms like Dewu demonstrate significant male purchasing power, with Dewu's monthly active users exceeding 10 million and a valuation of 71 billion RMB [29]. - Hupu still holds value in the sports information sector, with its unique community structure providing a platform for discussions that cannot be easily replicated by video-based platforms [32][34]. - The article suggests that Xunlei's acquisition could potentially revitalize Hupu by leveraging its user base and content to enhance Xunlei's ecosystem, particularly in live streaming [35].