近7天（2026年2月6日至12日），搜狐（NASDAQ: SOHU）股价区间振幅达13.06%，最高价为2月10日 的17.21美元，最低价为2月9日的15.13美元。截至2月12日收盘，股价报16.19美元，较2月6日开盘价 16.14美元区间上涨1.63%，但单日下跌1.28%。成交方面，区间成交额约413万美元，2月10日成交量显 著放大至10.33万股。同期，美股大盘纳斯达克指数上涨2.15%，但搜狐所属数码娱乐板块下跌1.46%。 近期事件 经济观察网 搜狐公司于2026年2月9日公布了2025年第四季度及全年未经审计的财务报告。2025年第四 季度总收入为1.42亿美元，较2024年同期增长6%，其中在线游戏收入为1.20亿美元（同比增长10%）， 营销服务收入为1700万美元（同比下降10%）。全年总收入为5.84亿美元，在线游戏收入占比超八成， 达5.06亿美元。剔除冲销畅游预提所得税影响后，2025年非美国通用会计准则下亏损5100万美元，较 2024年亏损8300万美元减亏近40%。第四季度毛利率为75%，同比提升2个百分点。公司首席执行官张 朝阳表示，营销服务收入超预期，在线游戏收入符 ...

Core Viewpoint - Sohu's financial performance shows signs of stabilization and recovery, with a total revenue of $584 million for the year 2025 and $142 million for Q4, reflecting a year-on-year growth of 6% [1]. Financial Performance - Online gaming remains Sohu's primary revenue source, contributing $506 million for the full year 2025, accounting for over 86% of total revenue; Q4 online gaming revenue was $120 million [2]. - After excluding the impact of the write-off of Changyou's deferred income tax, the non-GAAP net loss for 2025 was $51 million, a nearly 40% reduction compared to the $83 million loss in the same period of 2024, indicating effective cost control and business optimization [2]. Capital Movements - As of February 5, 2026, Sohu has repurchased approximately 8.1 million American Depositary Shares for a total of about $106 million, reaching 71% of its $150 million repurchase target, reflecting management's confidence in the company's value [3]. Brand Marketing Activities - Sohu is enhancing its content ecosystem and user engagement through ongoing brand activities such as the "Sohu News Marathon" and "Zhang Chaoyang's Physics Class," which aim to boost the social attributes of its media platform [4].

今日上午港股 1 . 黄金股持续走高，截至发稿， 万国黄金集团(03939)涨9.39%，紫金黄金国际(02259)涨9.15%，灵宝 黄金(03330)涨7.24%，赤峰黄金(06693)涨6.23% 。 消息面上，金价呈现震荡运行，截至发稿，现货黄 金徘徊于5050美元上方。美国2025年12月零售销售表现低于预期，降息预期略有升温。 2 . 紫金矿业(02899)涨超3.5% 。消息面上，近日，紫金矿业会议审议通过《公司三年(2026—2028年) 主要矿产品产量规划和2035年远景目标纲要》，明确未来3年主要矿产品产量规划指标。 3 . 中国中免(01880)涨超3.5% 。消息面上，海口海关2月9日发布统计数据，自2025年11月1日离岛免 税政策调整以来，截至2026年2月8日，新政实施满百日，海口海关监管离岛免税购物金额115.85亿 元，同比增长14.71%。 4. MONGOL MINING(00975)盘中涨超15%，截至发稿，涨12.05% 。国联民生证券发布研报称，2025 年随着黄金等新的矿场陆续开发，公司已经从单一Coking coal生产商逐渐成长为黄金铜等多矿场生产 商，初步完 ...

Group 1 - The core viewpoint of the article highlights that Sohu (SOHU.US) experienced a 4% increase in stock price, reaching $16.705, following the announcement of its financial results for 2025, which showed a significant reduction in losses [1] - For Q4 2025, Sohu reported total revenue of $142 million, a 6% increase compared to the same period in 2024, with marketing services revenue at $17 million and online gaming revenue at $120 million [1] - The total revenue for Sohu in 2025 was $584 million, with marketing services revenue of $60 million and online gaming revenue of $506 million [1] Group 2 - After adjusting for the impact of the deferred tax asset related to Changyou, Sohu's non-GAAP loss for 2025 was $51 million, which is a nearly 40% improvement from the $83 million loss in 2024 [1] - Sohu has initiated a share repurchase program for up to $150 million, and as of February 5, 2026, the company had repurchased 8.1 million American Depositary Shares for approximately $106 million [1]

Core Viewpoint - Sohu's stock increased by 4% to $16.705, with a reported revenue growth in Q4 2025 compared to the same period in 2024 [1] Financial Performance - In Q4 2025, Sohu's total revenue reached $142 million, marking a 6% increase year-over-year [1] - For the full year 2025, Sohu's total revenue is projected to be $584 million, with marketing services revenue at $60 million and online gaming revenue at $506 million [1] - Excluding the impact of the deferred tax from the acquisition of Changyou, Sohu's non-GAAP loss for 2025 is estimated at $51 million, a nearly 40% reduction from a loss of $83 million in 2024 [1] Stock Buyback Program - Sohu has initiated a stock buyback program with a total amount of up to $150 million, having repurchased 8.1 million American Depositary Shares for approximately $106 million as of February 5, 2026 [1]

Group 1 - A company associated with self-heating pots, Hangzhou Jinlingyang, is facing bankruptcy with a total execution amount exceeding 1.4 billion yuan [2] - The company has multiple legal issues, including 6 execution records and 9 instances of being listed as a dishonest executor [2] - The legal representative, Cai Hongliang, has been restricted from high consumption due to these issues [2] Group 2 - Xiaohongshu is developing an AI video editing product named OpenStoryline, currently in testing and may be open-sourced in the future [2] Group 3 - A certain e-commerce platform has launched a limited edition gold phone case priced at 139,999 yuan, which includes a free iPhone 17 Pro Max with the purchase [3][4] - The gold phone case is available in various weights, starting from 10g to 100g, with the highest priced version at 139,999 yuan [3][4] Group 4 - Memory prices are expected to surge by 80%-90% by the first quarter of 2026, driven by a significant increase in DRAM prices for general servers [6] - The price of 64GB RDIMM contracts has risen from 450 USD in the fourth quarter to over 900 USD in the first quarter, with expectations to exceed 1000 USD in the second quarter [6] Group 5 - Apple is preparing to celebrate its 50th anniversary, with CEO Tim Cook confirming that a commemorative event will take place, although details are not yet disclosed [7] - Cook emphasized the importance of reflecting on the company's history while looking forward to future innovations [7] Group 6 - Tesla's FSD (Full Self-Driving) technology does not have a specific launch date in China, but local training centers have been established to support its deployment [8] - The company aims to ensure that the technology will perform at a level comparable to or better than local drivers [8] Group 7 - Alphabet's dollar bond issuance has attracted over 100 billion USD in demand, indicating strong investor interest in AI-related bonds [9] - The expected issuance size is around 15 billion USD, showcasing a rare level of enthusiasm in corporate bond markets [9] Group 8 - Seres plans to divest significant assets, resulting in a loss of control over Blue Electric Vehicles, with the local government and other investors taking a substantial stake in the new entity [10] - The agreement indicates that Seres will only hold a minority interest in Blue Electric Vehicles post-divestment [10] Group 9 - Playboy has signed an agreement to sell 50% of its China business to UTG Group for a total of 122 million USD, which includes cash payments and guaranteed dividends [12] - This deal allows UTG to manage Playboy's operations in mainland China, Hong Kong, and Macau [12]

近期，在国家文物局工作组指导下，江苏省委省政府调查组对南京博物院相关受赠文物管理问题进行了全面深入调查。 整理 ｜赵华丽 何雨婷 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 官方通报南京博物院事件，南京博物院发布致歉信 近期，在国家文物局工作组指导下，江苏省委省政府调查组对南京博物院相关受赠文物管理问题进行了全面深入调查。调查组共赴12省（直辖 市）调查取证，走访干部职工群众1100余人次，查阅档案材料65000余份，调取各类书证1500余件，组织比对书画文物藏品30255件，全面追溯南 博收藏的庞增和所捐赠《江南春》图卷等5幅画作去向，彻查画作调拨、流转过程中的涉嫌失职渎职等违纪违法问题。 2月9日，江苏省委省政府调查组通报了调查处理情况，公布了《江南春》图卷等5幅画作流转情况、《江南春》图卷等画作违规调拨、流转过程 中的涉嫌违纪违法问题。当晚，南京博物院发文致歉。（央视网） 北京西贝小牛餐饮更名为贝牛餐饮，贾国龙不再任职 李亚鹏宣布暂停直播：要去忙嫣然医院的工作 特斯拉陶琳：FSD在华落地尚无具体日期，已设立本地训练中心 以色列反垄断机构将对以色列航空处 ...

Core Viewpoint - Sohu.com reported a significant reversal of previously accrued withholding income tax, which impacted its financial results, leading to a GAAP net income of $223 million for Q4 2025, compared to a net loss in the previous year [1][7]. Financial Performance - For Q4 2025, Sohu's total revenue was $142 million, reflecting a 6% year-over-year increase but a 21% decrease sequentially [3][7]. - The full year 2025 total revenue was $584 million, down 2% from 2024, with marketing services revenue at $60 million (down 18%) and online game revenue at $506 million (up 1%) [2][8]. - The company reported a GAAP net income of $394 million for the full year 2025, a significant recovery from a net loss of $100 million in 2024 [8]. Segment Performance - Changyou's Q4 revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [6][10]. - The social media platform generated $21 million in Q4 revenue, down from $24 million year-over-year, with an operating loss of $72 million [9]. - For the full year, Changyou's revenue was $509 million, slightly up from $506 million in 2024, while the social media platform's revenue decreased to $75 million from $91 million [9][10]. Guidance and Outlook - For Q1 2026, management guided marketing services revenue to be between $10 million and $11 million, indicating a year-over-year decline of 20% to 27% [5][17]. - Online game revenue is expected to be between $113 million and $123 million, suggesting a slight year-over-year change [17]. - The company anticipates a GAAP and non-GAAP net loss of $10 million to $20 million for Q1 2026 [18]. Advertising and Market Trends - The softer first-quarter guidance is attributed to seasonality related to the Chinese New Year, with a noted shift from traditional advertising to innovative marketing solutions [19]. - The auto sector showed improvement in Q4, contributing a higher percentage of total revenue, while IT and FMCG sectors were weaker [19]. Share Repurchase Program - As of February 5, 2026, Sohu had repurchased 8.1 million ADS for approximately $106 million, with about one-third of the repurchase program remaining [20].

Financial Performance Overview - In Q4 2025, total revenue was $142 million, representing a 6% year-over-year increase but a 21% decrease quarter-over-quarter [5] - Marketing services revenues were $17 million, down 10% year-over-year but up 25% quarter-over-quarter [5] - Online game revenues reached $120 million, up 10% year-over-year but down 26% quarter-over-quarter [5] - For the full year 2025, total revenues were $584 million, down 2% compared to 2024 [8] - GAAP net income attributable to Sohu.com Limited was $394 million, compared to a net loss of $100 million in 2024 [8] - Non-GAAP net income attributable to Sohu.com Limited was $234 million, compared to a net loss of $83 million in 2024 [8] Business Segment Performance - Sohu Media platform revenues for Q4 were $21 million, down from $24 million year-over-year, with an operating loss of $72 million [16] - Changyou's quarterly revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [17] - For the full year 2025, Changyou's revenue was $509 million, slightly up from $506 million in 2024, with an operating profit of $238 million [17] Market Trends and Guidance - For Q1 2026, marketing service revenues are expected to be between $10 million and $11 million, indicating a 20%-27% annual decrease [18] - Online game revenues are projected to be between $113 million and $123 million, suggesting a potential annual decrease of 4% to an increase of 5% [18] Company Strategy and Industry Position - The company is focusing on enhancing user experience through improved products and algorithms, as well as hosting innovative events to boost user engagement [4] - Sohu is committed to long-term operational excellence in online games, with plans for high-quality content updates and expansion packs [12][13] - The company is exploring new monetization opportunities by integrating advertisers' needs with event marketing [12] Management Commentary on Future Outlook - Management noted that the softness in Q1 advertising guidance is primarily due to the delayed Chinese New Year, affecting advertisers' activities [22][35] - The overall macroeconomic situation remains similar to Q4, with uncertainties persisting [22] - Management expressed optimism about the auto sector's performance, indicating some improvement compared to IT and FMCG sectors [27] Other Important Information - As of February 5, 2026, Sohu had repurchased 8.1 million ADS for approximately $106 million, with one-third of the program remaining [15] Q&A Session Summary Question: Advertising guidance for Q1 seems soft; is it due to macro uncertainties? - Management attributed the softness to seasonality and the delayed Chinese New Year, affecting advertisers' activities in January and February [22][35] Question: What is the trend for advertising categories like auto and IT? - Management noted improvement in the auto sector, which has a higher percentage of overall revenue compared to IT and FMCG sectors [27] Question: Was there any one-off revenue recognized in Q4 that led to outperformance? - Management clarified that Q4 performance was due to overall better execution rather than one-off events, with Q1 softness linked to the delayed Chinese New Year [35][36] Question: Can management share the game pipeline and major expansion packs for 2026? - Management mentioned a card-based RPG based on Xiaomi IP expected to launch by late 2026 or early 2027, with several new games in development [43][44] Question: Why is the net loss guidance narrower than previous quarters? - Management indicated that the narrower loss is due to improved operational performance and expects this trend to continue throughout 2026 [34][45]

Financial Performance Overview - In Q4 2025, total revenue was $142 million, representing a 6% year-over-year increase but a 21% decrease quarter-over-quarter [5] - Marketing services revenue was $17 million, down 10% year-over-year but up 25% quarter-over-quarter [5] - Online game revenue reached $120 million, up 10% year-over-year but down 26% quarter-over-quarter [5] - For the full year 2025, total revenue was $584 million, down 2% compared to 2024 [8] - GAAP net income attributable to Sohu.com Limited was $394 million, compared to a net loss of $100 million in 2024 [8] - Non-GAAP net income attributable to Sohu.com Limited was $234 million, compared to a net loss of $83 million in 2024 [8] Business Segment Performance - Sohu Media platform revenues for Q4 were $21 million, down from $24 million year-over-year, with an operating loss of $72 million [16] - Changyou's quarterly revenue was $121 million, up from $111 million year-over-year, with an operating profit of $45 million [17] - For the full year 2025, Changyou's revenue was $509 million, slightly up from $506 million in 2024, with an operating profit of $238 million [17] Market Trends and Guidance - For Q1 2026, marketing service revenues are expected to be between $10 million and $11 million, indicating a 20%-27% annual decrease and a 35%-41% sequential decrease [18] - Online game revenues are projected to be between $113 million and $123 million, suggesting a potential annual decrease of 4% to an increase of 5% [18] Company Strategy and Industry Competition - The company is focusing on enhancing its media platform through innovative events and improved algorithms to boost user engagement and monetization opportunities [4][9] - In the online gaming sector, the company is committed to delivering high-quality content updates and maintaining a user-centric approach [13][14] - The company is exploring new monetization opportunities by integrating advertisers' needs with its events and content [12] Management Commentary on Operating Environment and Future Outlook - Management noted that the softness in Q1 advertising guidance is primarily due to the delayed Chinese New Year, affecting advertisers' activities [22][34] - The overall macroeconomic situation remains similar to Q4, with ongoing uncertainties impacting advertising spending [35] - Management expressed confidence in the gaming sector's resilience, emphasizing the importance of existing game performance and upcoming content updates [24][41] Other Important Information - As of February 5, 2026, the company had repurchased 8.1 million ADS for approximately $106 million, with one-third of the program remaining [15] Q&A Session Summary Question: Advertising guidance for Q1 appears soft; is it due to macro uncertainties? - Management attributed the softness to seasonality, specifically the delayed Chinese New Year affecting advertising activities [22] Question: What is the trend for advertising categories like auto and IT sectors? - Management noted improvement in the auto sector, which performed better than IT and other FMCG categories [26] Question: Were there any one-off revenues in Q4 that led to outperformance? - Management indicated that Q4 performance was generally better without specific one-off events, attributing it to improved overall operations and innovative marketing solutions [34][36] Question: Can management share the game pipeline and major expansion packs for 2026? - Management confirmed a card-based RPG based on Xiaomi IP is expected to launch by late 2026 or early 2027, with several new games in development [40] Question: Why is the net loss guidance narrower than previous quarters? - Management explained that the narrower loss guidance reflects improved operational performance and cost management [32]