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].

Core Viewpoint - The article discusses the recent acquisition of Hupu by Xunlei for 500 million RMB, highlighting the decline of Hupu and the challenges faced by both companies in the current market landscape [4][10][24]. Group 1: Hupu's Decline - Hupu's valuation has significantly dropped, with its current worth being approximately 1.3 million RMB, which is 373 times less than Xiaohongshu's valuation of 26 billion USD [6][21]. - The platform's revenue model has become overly reliant on advertising, with reports indicating that advertising could account for up to 90% of its total revenue after the separation of its e-commerce businesses [13]. - Hupu's community engagement has diminished, leading to a severe drop in active users from 55 million in 2017 to only 5.79 million in 2020 [20]. Group 2: Xunlei's Position - Despite challenges, Xunlei reported a slight increase in total revenue and gross profit in Q1 2025, reaching 88.8 million USD and 44.1 million USD respectively [29]. - Xunlei has shifted its focus to overseas markets, launching a voice live streaming platform called Hiya in Southeast Asia, which has shown promising growth [36][39]. - The company has been active in the investment market since 2014, diversifying its portfolio across various sectors, including hardware and gaming [40]. Group 3: Market Dynamics - The acquisition has sparked discussions about the perceived low consumer spending power among male users, which some attribute to Hupu's operational failures rather than the demographic itself [43]. - The article contrasts Hupu's struggles with the success of platforms like Dewu, which has demonstrated significant user engagement and a valuation of 71 billion RMB [44]. - The potential for Hupu to leverage its existing user base and content to enhance Xunlei's ecosystem is noted, with hopes for revitalization under new management [54].