A：Marketing services revenues were in line with guidance, while online game revenues more than doubled from the prior-year period and increased significantly from the prior quarter. The positive performance was attributed to continuous efforts in the gaming business, the recording of a positive net income for the media, and the integration of resources to enhance user experiences and meet users' needs.

A：In the third quarter of 2025, Sohu reported total revenues of $180 million, an increase of 19% year over year and 43% quarter over quarter. Marketing services revenues were $40 million, down 27% year over year and 13% quarter over quarter. Online game revenues were $162 million, up 27% year over year and 53% quarter over quarter. GAAP net income attributable to Silver Dot Com Limited was $9 million, compared with a net loss of $60 million in the third quarter of 24 and $20 million in the second quarter of that year. Non-GAAP net income attributable to Silver Dot Com Limited was also $9 million, compared with a net loss of $12 million and $20 million in the respective prior-year and prior-quarter periods.

A：The social media platform has been enhanced through the integration of cutting-edge technologies to optimize products and promote deeper integration across the product matrix. This led to improved operation efficiencies and user experiences, as well as the generation and dissemination of premium content. The platform's unique IP and differentiated advantages enabled monetization potential for online games, with both new and established titles performing exceptionally well.

A：Recent events and activities, such as the 2025 Autumn Convention of Super Video Influencers and the ongoing So Keep Hop Dancing Festival, have built a vigorous social networking platform and significantly increased user vitality and retention. These events have generated widespread recognition and popularity, and have infused a large amount of content and traffic into the platform, thereby expanding the influence of Sohu and fostering a prosperous platform ecosystem.

A：In the third quarter of 2025, Sohu launched a new PC game called LBB Return, based on a popular early version of the TLBB PC game. The new game featured reduced grinding and pay-to-win pressure, resulting in a lighter gain experience for players. It attracted a large number of former players and generated revenue performance that exceeded expectations for the TL PC game. Additionally, content for the classic game TLBB vintage was launched, which evoked nostalgia among players and significantly boosted enthusiasm and in-game spending.

A：For the mobile game Legacy of BBB, an expansion pack was launched that brought improvements to the skills of one clan alongside a new storyline and engaging activities. This led to stable revenue for the game on a sequential basis. In the next quarter, further expansion packs and content updates for the TLBB series and other titles will be launched to keep players engaged.

A：As of November 13, 2025, Sohu had repurchased 7.6 million ADS for an aggregate cost of approximately $97 million, representing two-thirds of the $150 million program.

A：The quarterly revenue was $70 million compared to $73 million in the same quarter last year. The quarterly operating loss was $71 million compared to an operating loss of $72 million in the same quarter last year.

A：The net loss attributes are both expected to be between $25 million and $35 million.

A：The performance of the fourth quarter so far is in line with expectations. The strong third-quarter results were primarily driven by the successful launch of new games and new servers that performed exceptionally well, achieving historic highs. The actual revenue exceeded expectations significantly. The performance of the fourth quarter depends on the performance of new launches like L Mobile during the first quarter.

A：The macroeconomic situation is challenging with deteriorating conditions in various sectors such as the auto and IT services industries. Despite this, unique marketing campaigns and services are being used to attract advertising, allowing the company to stabilize advertising revenue on a small basis.

A：AI has had an impact on improving productivity and the user experience. For SoHo, AI is used to improve social media platform user experience through video summarization with subtitles, and AI enhanced search and question answering features in news apps.

A：The biggest surprise was user spending, which was beyond expectations, and the retention of PLB Return was very stable and better than expected. The specific driver of revenue increase was not disclosed, but the user base of bothTLB Return and TLV percentages was very steady. PLB Return contributed to the revenue increase, and there were fewer promotional activities in the fourth quarter, which was positively affected by the launch of Gli in the third quarter.

A：The overall advertising market is under pressure, and sectors like the auto industry are seeing deteriorating sentiments. The company is responding to these pressures by offering unique advertising solutions, such as live streaming visits to factories and using social media distribution instead of traditional advertising channels. This strategy has allowed the company to maintain advertising revenue despite the challenging market conditions.