????:1???????700??:??????????

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

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