????:1???????:??????????

2?????

3????????

4??????????????

5??????????????

2???????18????,??(NASDAQ:IQ)??????????????2024????12????????31?????292.3????????????????,Non-GAAP(???)????23.6????,Non-GAAP?????8%,????????,?,????66.1?????,Non-GAAP???4.1??,Non-GAAP????????????6%?

????????????????????????????????:“2024??11????,????????,???????,??????,?????,??????,??2024?????????”

“??????????????????,??????,??,????,?????”????,“????,??????”

???????:“????????????????2025???,????????????”

11????????,???,«??????????????????»«??»?????????,???????????????,???

“2024????,???????,?????????2025???”??????????,????????????????,??????2025???????????

  “???????????????????????????+????????”?? ??????

???????????????????

????2024????,?????????????????????????????????????????????????????,??12?????????????????????????

??????????????????,???????????????,???????«????»??????????,?????????????????2024?????“????????????????”?????14?????????«??»??????,?????????“?????????”?????????????????????????????????????????????,«??»????;«??????????????????»«??????????????????????»???,??????????????9500??9000?

???????????????????????????????,?????????????????????«?»??«?????????????????:??»??????????????«??»????????,????????????????????«???????????????»??????????«?2024»??????,??IP??????????????????????????????,????????????,????????«?????????3D»???????????,????????????IP«????»«???????»????

???????????????????,????????????,????????????????????????????????????,???????????????????????????App???????????????????????,??????????????????????????????,????,????95%???????????????????,??????2024??????12???????,??????????????????????,??????????,????????

??????????«?????????????»????????2024????,???«?????????????????????»???????,????????,???,2025????

?????????????????“?????????????????????????+??”????,??????????;?????,?,?,??????????????????

?????????????? ???????“??????????+?????”?????

2024??????????,????????????????41.0????????????????11??????,??,?????????????????????????????,??????????????5????????????????????,?????????????????,???,????????????????????????????????,??????????,?????,?????????????????,????,????VIP?????

???????????????????????????????????,??????????????????????????30%???????????,??,??????????50%?2025?,??????????????????,?????????????????????????????,2025????????????????????

???????,???????????14.3??????????,?7%???????,?????,???????????,?????????,??????“?????????”????????????????40%,????????????????????30%?????,?????AI????????????????,?????????

??,?????????????????????,????4.1?6.7???????????????????????????,???Non-GAAP????????????4.1?,?????????10%?

??????????????????????:“????????2025??????????????????,??????????”

2025???? ????????????

?????????,2025???????

???,????????????????????«??»«????»«???»??????,«???????»???IP?????????«???????»«??????????????????»???????«??????????????????»«??»«??????????????»«?????»?????????????????????“??????”?«?????????????»«????????»«??»«?????????????»«????»«??????????????»????????????,????,?IP?????1??????????????????????«???????»????,??????????????8000,????“????????????N?”?IP?????????????,«???????????????????3»«??????????5»«???2025»????«?????2»??????????????,????,???????????????????«???»«????»«???»???«?3»???????????????????????????????????????

????????,?????????????????????????,AI?5000?????????????,??,??????,???????????,????????????“??”???????????????,????;«?????????????????»«???????»?????????????????,???????????,??????IP??????VR??????????????????????

????????????,2025????,??????????“?????????????????+????”???

???????????:???????