A：In the fourth quarter of 2024, Sohu reported brand advertising revenues of $19 million, down 7% year over year, and 1% quarter over quarter. Online game revenues were $110 million, down 14% year over year and up 13% quarter over quarter. GAAP net loss attributable to Sohu was $21 million compared to a net loss of $30 million in the first quarter of 2023 and $16 million in the third quarter of 2023. Non GAAP net loss was $50 million compared to $11 million in the fourth quarter of 2023 and $12 million in the third quarter of 2024. For the entire year of 2024, total revenues were $598 million, flat compared to 2023. Brand advertising revenues were down 22% compared to 2023, while online game revenues were up 5%.

A：Sohu's social media platform growth was driven by a focus on technology and product improvement, enhanced user experience, and the organic integration of online and offline events. They capitalized on the synergy of the So product matrix and the Bilibili Community (Fork Ring) to attract more users, especially the younger demographic. Notable events and activities include the 2024 k-pop dancing tour competitions, the 24 Dream Concert, the Sohu Video Dancing Festival, the nationwide competition showcasing traditional Chinese hanfu costume, and the Sohu Fashion Worlds event. These events bolstered Sohu's leading position and influence in the k-pop and related verticals while stimulating social interactions and content generation on the platform.

A：Sohu's events and programs significantly impacted user engagement and content generation by actively promoting interactions and刺激内容创作. Initiatives such as the k-pop dancing tours, the 24 Dream Concert, and the Sohu Video Guo Feng Shi Guo Feng Sheng Ya Guo Feng Festival not only reached a wide audience but also sparked extensive discussion and dissemination across multiple social media platforms. The continued broadcasting of the chart physics class and the acquisition of TV dramas also contributed to user engagement by popularizing professional knowledge and reinforcing Sohu's core竞争力 in science-related live streaming.

A：Sohu's online game business strategies include the ongoing launch of expansion packs and content updates for their popular titles, such as the TLBB series, to maintain player engagement. In the PC games business, they are focused on the top game strategy, emphasizing a user-centric philosophy to optimize research and development and improve efficiency and product success rate. Additionally, Sohu is looking to intensify its international presence while retaining core competitiveness in MMO/RPGs. They are also planning to diversify their game portfolio with various types of games, including card-based RPGs, sports games, and casual games. These strategies are aimed at bringing more high-quality games to the market.

A：As of February 13, 2025, the company has repurchased 4.2 million shares for an aggregated cost of approximately $52 million.

A：For the full year of 2024, the online game business had revenues of $506 million compared to $485 million in 2023, and an operating profit of $196 million compared to $203 million in 2023.

A：The anticipated range for non-GAAP net loss attributable to full income limited in the first quarter of 2025 is between $16 billion and $26 million for net loss attributable to common stock limited, and between $20 million and $30 million for net loss attributable to so limited.

A：The macro-economic situation is impacting brand advertising spending as people and companies are spending less due to overall economic constraints. This is evidenced by a decrease in marketing budgets, with some companies reducing their spending significantly. The trend is visible in various sectors, with a notable trend being the reduction of advertising budgets by many companies, some by almost half.

A：The AI technology has been applied in the last two years to various products such as organizing content, generating content, and improving efficiency in content production. In the future, AI will help summarize video content, and in social networks, it will aid interaction and content generation with features like voice-to-text and potentially large model language models to assist users in generating content.

A：The FMCG sector has become a top sector among advertisers, with categories like food, alcohol, and electronics seeing increased ad spending. This is attributed to consumers spending more on smaller items and influenced by government trading policies.