Core Viewpoint - The shutdown of 91 Mobile Assistant marks the end of a once-prominent application, which will cease all services on September 27, 2025, resulting in permanent data loss for users [1] Group 1: Acquisition and Initial Success - Baidu's acquisition of 91 Mobile Assistant for $1.9 billion in 2013 is now considered one of its most unsuccessful deals, failing to provide the anticipated entry into the mobile internet market [3] - The acquisition was initially seen as a strategic move, similar to Baidu's earlier purchase of hao123 for 50 million RMB, which significantly boosted its user base during the PC internet era [3] - Following the acquisition, 91 Mobile Assistant helped Baidu achieve a leading position in China's mobile application distribution market, with a market share of 41.2% in Q4 2013 [5] Group 2: Decline of 91 Mobile Assistant - The decline of 91 Mobile Assistant began as the mobile internet ecosystem matured, leading to a decrease in its user base, particularly among iOS users due to Apple's improvements that made jailbreaking less necessary [6][8] - Android manufacturers began to suppress third-party application stores like 91 Mobile Assistant, as they shifted focus to their own app stores for profit [10] - Users faced increasing barriers when attempting to install apps from third-party sources, leading to a decline in 91 Mobile Assistant's user base as they opted for official app stores instead [11] Group 3: Failed Revitalization Efforts - Baidu attempted to leverage 91 Mobile Assistant to revitalize its gaming business in 2021, but faced significant regulatory challenges and a halt in game approvals, leading to the failure of this initiative [13]

Core Insights - Hao123 was once a leading internet portal in China, serving as a gateway for new internet users during the early days of the internet in the country [1][3] - The website was created by Li Xingping in 1999, who aimed to help users find commonly used websites easily [3] - Hao123's revenue grew significantly, reaching a monthly income of 800,000 yuan by 2003, and it became a valuable asset for Baidu when acquired in 2004 for 500 million yuan [4] Company Development - Hao123 was established during a time when internet access was limited, and it quickly became the default homepage in many internet cafes, facilitating user navigation [3] - The website's practical approach and user-friendly design contributed to its rapid popularity among internet users [3] - After being acquired by Baidu, Hao123 provided a substantial influx of traffic and helped Baidu attract users who were less familiar with the internet [4] Industry Context - The rise of Hao123 coincided with the early growth of the Chinese internet, marking a significant period in the development of online navigation tools [3] - However, the emergence of competitors like 360, QQ, and Sogou, along with the shift towards mobile internet and app usage, began to erode Hao123's market position [5]

Core Viewpoint - The article discusses the decline of hao123, a once-popular internet navigation site in China, and explores the reasons behind its fading relevance in the era of mobile internet and advanced search technologies [1][10][20]. Historical Context - Twenty years ago, hao123 was the go-to starting point for many Chinese internet users, serving as a simple and practical directory of links [2][3]. - The site was created by Li Xingping, who, frustrated by constant questions from users in a net café, compiled a list of useful links, leading to the birth of hao123 [6][7]. Business Growth - Initially, hao123 thrived by providing a straightforward user experience, becoming a standard in net cafés and generating significant revenue through advertising, reaching monthly earnings of 800,000 yuan by 2003 [7][8]. - In 2004, hao123 was acquired by Baidu for 500 million yuan, which significantly contributed to Baidu's traffic and was considered one of its most successful acquisitions [7][10]. Market Changes - The rise of various web browsers and the shift towards mobile internet began to erode hao123's dominance, as users started to prefer direct searches and personalized content over navigating through a directory [10][12]. - The advent of smartphones changed user behavior, with people opting for apps like WeChat, Taobao, and Douyin for direct access to content, making traditional navigation sites less relevant [12][14]. User Experience and Perception - hao123's attempts to monetize through aggressive advertising strategies, including bundling with other software and homepage hijacking, led to a negative perception among users, with many searching for ways to uninstall it [15][17]. - The shift in information retrieval from "users searching for information" to "information finding users" further diminished the need for a navigation site like hao123 [17][20]. Current Trends - Despite its decline, the concept of a navigation site has evolved, with new AI-driven tools emerging that aggregate various services, indicating that the underlying model of hao123 still has relevance in a different form [18][20].

Group 1 - The core strategy of the company is "influencer economy + brand empowerment" [2] - The controlling shareholder of Zhang Xiaoqin Group has completed a judicial auction of 28,756,291 shares, with the winning bidder being Shanghai Tuyu Chengxiang Brand Management Partnership [2] - Wang Aoyan, the actual controller of Shanghai Tuyu Chengxiang, founded the company in 2017 and has extensive experience in traffic and internet operations [2] Group 2 - The company previously invested over 400 million in the asset restructuring of Hunan "Bubugao Supermarket" in July 2024 [3]