Games, merchandising and advertising are still the strongest banknote printing machines in China's Internet giants

Hedgehog Commune

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2025-03-27

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  The professional skills of a product manager refer to requirements analysis, data analysis, competitor analysis, business analysis, industry analysis, product design, version management, user research, etc.

Games, e-commerce, and advertising, these seemingly clich é d businesses, are still the "cash cows" of big companies. But don't forget, the wave of AI is also surging, and big companies are laying out in this new battlefield.

2024 is a very busy year for China's Internet industry.

At the roadshow on Zhongguancun Entrepreneurship Street, the metaverse project almost disappeared, replaced by AI short dramas, AI tennis training, AI education... AI+everything. Major companies are also fighting in the AI battlefield, investing heavily, resources, and recruiting new talents - for students, the direction of big models has become a "visible learning", replacing recommendation algorithms and becoming the top golden signboard in the job market.

However, AI is still in the investment period. When it comes to making money, the main artery of Internet giants is still those mature businesses. With the arrival of the "financial reporting season", Internet giants have recently released their quarterly and annual results. We can also get a glimpse of how those Internet giants have done in the past year, whether they have really made money, and what they have done to make money.

Firstly, the actual revenue and profit situation of these large factories in 2024:

Subdivided into various business fields, these mature Internet giants will almost all have the same choice in 2024: strive to make their long boards longer, and then place their hopes in innovative businesses; Make more money from profitable businesses, and then use money (more cautiously than before) to buy tickets to the new era.

game

Tencent remains the undisputed "gaming leader", with a gaming revenue of 197.7 billion yuan in 2024, a year-on-year increase of 10%. The Evergreen Game Group (referring to mobile games with daily active users exceeding 5 million or PC games with daily active users exceeding 2 million and annual revenue exceeding 4 billion yuan) has expanded from 12 in 2023 to 14 in 2024.

Among them, Tencent's domestic gaming revenue was 139.7 billion yuan, a year-on-year increase of 10%. This is mainly due to the revenue growth of "Fearless Contract", "Naruto", "Battle of the Golden Shovel" and "League of Legends Mobile", as well as the new revenue contributions of "Dungeon&Fighter: Origins" and "Operation Delta".

Another player who has made significant progress in the gaming industry is Bilibili. Although the game revenue of Bilibili was only 5.6 billion yuan, the year-on-year growth rate reached 40%, mainly due to the strong performance of the exclusive licensed popular strategy game "Three Kingdoms: Conquering the World".

In the fourth quarter of 2024, Bilibili's gaming revenue increased by 79% year-on-year, driving a 22% year-on-year increase in fourth quarter revenue and helping Bilibili achieve its first quarterly profit under generally accepted accounting principles.

video

Let's take a look at long videos first. The profit models of the three major long video platforms are basically membership+advertising.

Tencent Video announced a 3% year-on-year increase in its membership subscription revenue, with 113 million subscribers; Alibaba Group, which owns Youku, had a revenue of 5.438 billion yuan in Q4, a year-on-year increase of 8%, mainly driven by the growth of Youku's advertising revenue.

Unlike the other three, Bilibili has a relatively diverse commercial model, including membership, advertising, live streaming sales, and the "Fan Charging" plan that will be vigorously promoted in 2024. The program allows paying users to subscribe to exclusive high-quality videos from creators and has attracted over 8 million participants in the past year. This year, Bilibili vigorously promoted the increase of creators' income, with the total income of creators growing by nearly 500%, and nearly 3.1 million creators earning income on the platform.

The user stickiness of Bilibili is relatively high. As of the end of 2024, the number of official members has increased by 12% to 258 million, and the 12-month retention rate has remained at around 80%.

In terms of user activity, medium and short video platforms perform well. In the fourth quarter, the average daily usage time of Bilibili users reached 99 minutes, a year-on-year increase of 4%; The average daily usage time of Kwai users on the short video platform reached 125.6 minutes, up 5.8% year on year. At the same time, the daily and monthly users of Kwai increased by 5% year on year in this quarter, laying a user foundation for e-commerce, live broadcast, advertising and other commercialization paths.

Tencent has also released information related to video accounts. In 2024, the number of creators who generate revenue through video accounts will double year-on-year, and the revenue from video account marketing services will increase by over 60% year-on-year.

online retailers

Based on data from September to December 2024, Alibaba's Taobao Group (including Taobao, Tmall, Xianyu, 1688, etc.) generated a revenue of 136.1 billion yuan, an increase of 5% year-on-year; The total e-commerce revenue of the International Digital Business Group is 173.9 billion yuan. The 88VIP core user group of Taotian continued to maintain double-digit growth in the quarter, reaching 49 million; On the other hand, Taotian Group has also attracted many small and medium-sized merchants through "full site promotion", with customer management fees increasing by 9% year-on-year.

JD Retail's revenue reached 307.1 billion yuan in the quarter, a year-on-year increase of 14.7%, driving JD Group's business growth rate back to double digits. Thanks to the promotion of national subsidy policies, JD's revenue from electronic products and household appliances increased by 15.8% year-on-year, reaching 174.15 billion yuan, more than half of its retail revenue.

Pinduoduo's revenue reached 110.1 billion yuan in the quarter, with a year-on-year growth rate of 24%. Although revenue has been declining and slowing down for several consecutive quarters, Pinduoduo has performed outstandingly in terms of profits. In 2024, the operating profit exceeded 100 billion yuan, reaching 108.4 billion yuan, a year-on-year increase of 85%.

According to media reports, Pinduoduo plans to invest billions of yuan, mainly to support small and medium-sized businesses, which is almost equal to the annual profit of 2024. Both the data performance and platform actions indicate that Pinduoduo has shifted from a "crazy expansion" phase to a "meticulous cultivation" phase, with the main goal of improving operational efficiency and optimizing the platform ecosystem.

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Intelligent hardware

That's right, only Xiaomi can play in this section.

Xiaomi will continue to focus on its "people, cars, and homes" strategy in 2024. "People" mainly refers to the mobile phone business. Xiaomi mobile phones have further impacted on the high-end. Among the smart phones in the price range of 4000-5000 yuan in Chinese Mainland, the market share ranks first, reaching 24.3%; The market share in the 5000-6000 price range is also close to 10%. The annual revenue of the smartphone business was 191.8 billion yuan, a year-on-year increase of 23%.

Car "will be Xiaomi's main focus in the coming years. In 2024, innovative businesses such as intelligent electric vehicles generated a revenue of 32.8 billion yuan, accounting for 9% of the overall revenue. The annual delivery volume of electric vehicles was 137000 units, setting a record for the fastest production of 100000 units by a new car company. In February 2025, Xiaomi released the SU7 Ultra, with over 10000 locked orders in 3 days, completing the annual sales target ahead of schedule.

'Home' refers to IoT and consumer products, with an annual revenue of 104.1 billion yuan, a year-on-year increase of 30%. The shipment volume of smart home appliances increased by 47.4% year-on-year, and the shipment volume of air conditioners, refrigerators, and washing machines all reached historical highs. Xiaomi's tablet shipments worldwide also increased by 73% year-on-year, ranking fifth in the world.

It can be seen that 2024 is the year when Xiaomi will fully bloom.

advertisement

Advertising is still an important source of revenue for most Internet companies.

In 2024, Kwai online marketing services will account for 57% of the total revenue, reaching 72.4 billion yuan, up 20% year on year. Kwai seized the incremental opportunity of commercial short plays, and optimized the delivery model through AI to improve the marketing effect of customers.

Bilibili's advertising revenue has also grown significantly. Advertising revenue accounted for 30% of its total revenue, reaching 8.2 billion yuan, a year-on-year increase of 28%. The main drivers of growth were the improvement of advertising efficiency and the optimization of advertising products. Due to the absence of video patch ads on Bilibili, its advertising forms mainly include brand screen ads, native video ads, live streaming sales ads, and effect ads that can add sales conversion components.

Tencent's marketing services accounted for 18% of total revenue, reaching 121.4 billion yuan, a year-on-year increase of 20%. On the one hand, Tencent has upgraded its AI driven advertising platform; On the other hand, Tencent has also expanded its advertising inventory through video accounts, mini programs, and WeChat search. Overall, advertising in most key industries will increase in 2024. Although it is no longer the focus of Xiaomi's development, the revenue and gross profit rate of its Internet services will both hit a record high in 2024. Among them, the revenue from advertising business was 24.7 billion yuan (more than many pure Internet enterprises), with a year-on-year growth of 20.5%, mainly due to the increase of Xiaomi's hardware shipments at home and abroad, making the scale of global Internet users continue to expand.

go to sea

In 2024, major Internet companies will further develop overseas.

Tencent's overseas expansion mainly relies on gaming. In 2024, the international market game revenue was 58 billion yuan, a year-on-year increase of 9%, thanks to the strong performance of popular overseas games such as PUBG MOBILE and the overseas game brand Supercell acquired by Tencent.

Xiaomi's overseas revenue reached 153.3 billion yuan, accounting for 41.9% of the total revenue. In the "mobile phone x AIOT" business, overseas revenue accounts for 46%. Currently, Xiaomi smartphones rank among the top three in 53 global markets, and watches, tablets, headphones, and other products are also exported overseas.

As mentioned earlier, the increase of Internet users will bring growth space for Internet revenue. In 2024, Xiaomi's overseas Internet service revenue will account for 32.2% of the total Internet service revenue, reaching 11 billion yuan, up 30% year on year.

The number of overseas users and income of Kwai also increased. In the fourth quarter of 2024, its overseas revenue increased by 52.9% year-on-year, while its operating loss narrowed by 57.2% year-on-year. Kwai's goal of going to sea is mainly in the Brazilian market, and its revenue growth also benefits from the continuous increase in the number of users, user activity and e-commerce order size in Brazil.

The giants of e-commerce going global still need to look at Alibaba, JD.com, and Pinduoduo. JD.com and Pinduoduo have not directly disclosed their overseas revenue, but according to public information, JD Logistics and Pinduoduo's overseas version product Temu are actively expanding their overseas business territory.

Alibaba's international business revenue reached 37.756 billion yuan in the fourth quarter, a year-on-year increase of 32%. The main growth driver comes from AliExpress Choice, which selects affordable products for buyers to enhance the user experience; In addition, Trendyol, an e-commerce platform in Türkiye and Lazada, an e-commerce platform in Southeast Asia acquired by Ali, also played a role in improving revenue and narrowing losses.

AI

Undoubtedly, it has become the "battleground" of Internet giants in recent years.

Baidu was the first to propose All in AI, and AI is present in all of its businesses.

In 2024, Baidu's non online marketing revenue was 31.7 billion yuan, a year-on-year increase of 12%, mainly driven by AI cloud business. In December, Wenxin's large model ERNIE processed approximately 1.65 billion API calls per day, with external API calls increasing by 178% compared to the previous month; The MAU (monthly active user) of Baidu Wenku's AI function reached 94 million, a year-on-year increase of 216%, making Baidu Wenku one of the artificial intelligence products with the largest number of paying users worldwide; In terms of search, 22% of search result pages contain AI generated content, and users' daily search volume has increased by 2% year-on-year.

Another important application of AI is in intelligent driving. In the fourth quarter of 2024, Baidu Auto Taxi Apollo Go provided more than 1.1 million services, up 36% year on year.

In terms of ToB services, as of December 2024, 27000 advertisers will use Baidu AI intelligent agents for daily advertising placement, achieving growth in multiple industries.

Not only Baidu, but also major companies have first applied AI to advertising platforms, which can not only improve the effectiveness of advertising, but also enhance the efficiency of material generation. For example, the average daily consumption of AIGC marketing materials in the fourth quarter of Kwai exceeded 30 million yuan. In addition, Kwai has also launched a video generation model - Keling, whose independent APP's commercial income has exceeded 100 million yuan.

Tencent and Alibaba are also vigorously promoting the implementation of their own AI models.

Tencent launches a hybrid big model, which is used in C-end services such as AIGC application "Yuanbao" and WeChat search; On the other hand, it is also used in B-end scenarios such as advertising placement, Tencent Meeting, Tencent Documents, as well as lower level PaaS IaaS architecture. In 2024, Tencent's AI cloud service revenue doubled year-on-year.

Alibaba has launched the Tongyi Big Model, and its AI related product revenue has maintained double-digit year-on-year growth for six consecutive quarters. Alibaba Cloud's business also returned to double-digit growth of 13% in the fourth quarter. Alibaba has also open-source multiple large models of the generic Qwen family, which is currently one of the largest AI model families in the world.

Xiaomi's application of AI has penetrated into various underlying systems of "people, cars, and homes". Xiaomi has released its AI operating system "Pengpai OS 2" and AI voice assistant "Super Little Love", which can be applied to mobile phones, tablets, smart TVs, and smart cockpits. In terms of intelligent driving, Xiaomi has also entered the first tier of the industry.

In 2024, competition among major companies based on traditional businesses has stabilized, and the bottleneck war has basically ended. It is hard to imagine that advertising, search, games, e-commerce, local life, short videos, live broadcast, and all can be considered as traditional businesses of the Internet only a quarter of the 21st century has passed. But at least until 2024, the 'traditional business' is still bringing a steady stream of revenue to these successful card slot manufacturers.

Lei Jun called this Xiaomi's "strongest annual report in history", with high growth achieved across all business lines; Chen Rui stated that the excellent profitability of Bilibili in the last quarter of 2024 is a "milestone" reflecting the value of the community and the efficiency of commercialization; Pinduo's profit exceeded 100 billion yuan for the first time for many years, becoming the third Internet company to join the "100 billion club" after Tencent and Ali; BAT, once the "Internet Big Three", is still adhering to their respective business moats.

But beyond traditional business, a new card battle has already begun.

At the beginning of 2025, Tencent Yuanbao and ByteDance Bean Pack are already hot on the AI intelligent assistant track, chasing each other on the download ranking list; On the other hand, the fierce arrival of Deepseek, Kimi, and the "Twist Yangge Robot" constantly reminds big companies that there are new players in slot battles at any time.

Next year, the annual assignments handed in by Internet giants may be a different picture.

This article is written by Renren is a product manager [Hedgehog Commune], and its WeChat official account is [Hedgehog Commune]. It is original/authorized to be published by Renren is a product manager, and it is forbidden to reprint without permission.

The title image is from Unsplash, based on the CC0 protocol.

游戏、卖货和广告，仍是中国互联网大厂最强印钞机

刺猬公社关注

2025-03-27

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游戏、电商、广告，这些看似老生常谈的业务，依然是大厂们的“现金牛”。但别忘了，AI 的浪潮也在汹涌而来，大厂们纷纷在这片新战场上布局。

2024年，对中国互联网行业来说，是异常热闹的一年。

中关村创业大街的路演上，元宇宙项目几乎销声匿迹，取而代之的是AI短剧、AI网球训练、AI教育……AI+一切。大厂也在AI战场厮杀，砸下重金，投入资源，招兵买马——对在校生来说，大模型方向成为“显学”，取代推荐算法，成为就业市场的头一号金字招牌。

但AI尚在投入期，回到赚钱这件事上，互联网大厂的主动脉，还是那些成熟业务。“财报季”到来，互联网大厂在近期集中发布了自己的季度和年度业绩。我们也得以从中一瞥，那些互联网大厂们过去一年都干得怎么样，有没有真的挣到钱，靠什么挣到了钱。

首先是这些大厂在过去的 2024 年里，实打实的收入和利润情况：

细分到各个业务领域里，这些成熟的互联网大厂在2024年几乎都有同样的选择：努力让自己的长板更长，再把希望寄托到创新业务里；靠能挣钱的业务多挣钱，再用钱（比过去更谨慎地）去买新时代的门票。

游戏

腾讯仍然是当之无愧的“游戏一哥”，2024 年游戏业务收入 1977 亿元，同比增长 10%。常青游戏组合（指日活超过 500 万的手游或超过 200 万的 PC 游戏、且年流水超过 40 亿元）从 2023 年的 12 个扩展到 2024 年的 14 个。

其中，腾讯国内游戏收入 1397 亿元，同比增长 10%。主要得益于《无畏契约》、《火影忍者》、《金铲铲之战》及《英雄联盟手游》的收入增长，以及《地下城与勇士：起源》与《三角洲行动》的新收入贡献。

另一位在游戏领域进步颇大的玩家是 B 站。B 站的游戏收入虽然仅为 56 亿元，但同比增幅达到40%，主要得益于独家授权的热门策略游戏《三国：谋定天下》的强劲表现。

2024 年第四季度，B 站游戏收入同比增幅达到 79%，带动第四季度营业额同比增加22%，帮助 B 站实现了首个公认会计准则下的季度盈利。

视频

先来看长视频，三大长视频平台的盈利模式基本都是会员+广告。

腾讯视频公布其会员订阅收入同比增长 3%，订阅用户数达到 1.13 亿；优酷归属的阿里大文娱集团在 Q4 季度收入为 54.38 亿元，同比增长 8%，主要是优酷广告收入增长所带动。

不同于其他三家，B 站的商业化模式相对多元，包括会员、广告、直播带货等，以及 2024 年大力推动的“粉丝充电”计划。该计划允许付费用户订阅创作者的独家高质量视频，在过去一年吸引了超过 800 万参与者。这一年 B 站大力推进创作者的收益提升，创作者总收入增长了近 500%，有近 310 万创作者在平台上获得了收入。

B 站的用户粘性也相对较高。截至 2024 年底，官方会员数量增长 12%，达到 2.58 亿，12 个月留存率持续保持在 80% 左右。

在用户活跃度上，中、短视频平台表现较好。第四季度，B 站用户日均使用时长达到 99 分钟，同比增长4%；短视频平台快手的用户日均使用时长达到了 125.6 分钟，同比增长 5.8%。同时，快手在本季度的日活、月活用户同比增长均为 5%，为电商、直播、广告等商业化路径打下了一定的用户基础。

腾讯也公布了视频号相关信息。2024年，通过视频账号创造收入的创作者数量同比翻倍，且视频账号营销服务收入同比增长超过60%。

电商

以 2024 年 9-12 月数据来看，阿里淘天集团（包含淘宝、天猫、闲鱼、1688等）营收为 1361 亿元，同比增加 5%；加上国际数字商业集团的电商总营收为 1739 亿元。该季度淘天的 88VIP 核心用户群体继续保持双位数增长，达到4900万；另一方面，淘天集团也通过“全站推”吸引了许多中小商户，客户管理费用同比增长 9%。

京东零售在该季度收入达到 3071 亿元，同比增长 14.7%，带动京东集团业务季度增速重回双位数。主要得益于国家补贴政策的推动，京东电子产品和家用电器收入同比增长 15.8%，达到 1741.5 亿元，超过零售收入的一半。

拼多多在该季度的营收达到 1101 亿元，同比增速为 24%。虽然营收连续多个季度下滑放缓，但拼多多在利润方面表现突出。2024 年度经营利润突破千亿大关，达到 1084 亿元，同比增长 85%。

有媒体报道称，拼多多计划投入千亿人民币，主要用于扶持中小商家，这一金额几乎等于2024年的全年利润。无论数据表现还是平台动作，都说明拼多多已经从“疯狂扩张”转向“精耕细作”阶段，以提升运营效率和优化平台生态为主要目标。

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智能硬件

没错，这个版块里能打的只有小米。

小米在 2024 年继续发力“人·车·家”战略。“人”主要指手机业务，小米手机向高端化进一步冲击，在中国大陆 4000-5000 元价位段的智能手机中，市占率排名第一，达到24.3%；在 5000-6000 价位段的市占率也接近10%。智能手机业务全年收入 1918 亿元，同比增长 23%。

“车”是小米在未来数年里的重头戏。2024 年智能电动车等创新业务收入 328 亿元，占整体营收的 9%。电动汽车全年交付量为 13.7 万台，创造新车企十万台最快下线纪录。2025 年 2 月，小米发布 SU7 Ultra，3 天锁单订单超过 1 万辆，提前完成全年销售任务。

“家”指的是 IoT 与生活消费产品，全年收入 1041 亿元，同比增长 30%。智能大家电出货量同比增长 47.4%，空调、冰箱、洗衣机出货量均创历史新高。小米平板电脑在全球的出货量也同比增加了 73%，在全球排名第五。

可以看到，2024 年是小米“全面开花”的一年。

广告

广告仍然是多数互联网公司的重要营收来源。

2024年，快手线上营销服务占总收入的 57%，达到 724 亿元，同比增长 20%。快手抓住了商业化短剧的增量机会，同时通过 AI 进行投放模型优化，提升客户的营销效果。

B 站广告收入同样增长较大。广告收入在其总收入中占比 30%，达到 82 亿元，同比增长28%，增长动力主要是广告效率提升和广告产品优化。由于 B 站不设视频贴片广告，其广告形态主要为品牌开屏广告、视频原生广告、直播带货广告、可添加销售转化组件的效果广告等。

腾讯的营销服务占总营收的 18%，达到 1214 亿元，同比增长 20%。一方面，腾讯升级了AI 驱动的广告平台；另一方面，腾讯也拓展了视频号、小程序和微信搜一搜的广告库存。综合来看，多数重点行业的广告投放在 2024 年均有增加。尽管不再是小米的发展重点，但其互联网服务的收入和毛利率均在 2024 年创下历史新高。其中广告业务收入为 247 亿元（超过了不少纯互联网企业），同比增长 20.5%，主要源于小米在国内及海外的硬件出货量提升，使得全球互联网用户规模持续扩大。

出海

2024年，主要互联网公司进一步向海外发展。

腾讯出海主要靠游戏。2024 年国际市场游戏收入为 580 亿元，同比增长 9%，得益于《PUBG MOBILE（绝地求生）》等多款热门海外游戏、以及腾讯收购的海外游戏厂牌 Supercell 的强力表现。

小米的海外收入达到 1533 亿元，占总收入的 41.9%。在“手机×AIOT”业务中，海外收入占比达到 46%。当前小米手机在全球 53 个市场排名前三，手表、平板、耳机等也远销海外。

前面提到，互联网用户增加带来互联网收入的增长空间。2024 年，小米境外互联网服务收入占整个互联网服务收入的 32.2%，达到 110 亿元，同比增长 30%。

快手的海外用户数量和收入也有所增长。2024 年第四季度，其海外收入同比增长 52.9%，经营亏损同比收窄 57.2%。快手的出海目标主要在巴西市场，收入增长也得益于巴西的用户量、用户活跃度以及电商订单规模的持续上升。

电商出海的巨头当然还是要看阿里、京东以及拼多多。京东和拼多多都未直接披露海外营收情况，但根据公开信息，京东物流以及拼多多海外版产品Temu都正在积极拓展海外业务版图。

阿里巴巴第四季度国际商业收入达到 377.56 亿元，同比增长 32%。主要增长动力来源于速卖通 Choice ——即为买家精选实惠产品，以此提升用户体验；另外，阿里收购的土耳其电商平台Trendyol、东南亚电商平台 Lazada 也起到了提升营收、收窄亏损的助力作用。

AI

无疑是最近几年互联网大厂的“兵家必争之地”。

百度最早提出 All in AI，其各项业务中都有 AI 的身影。

2024 年百度非在线营销收入为 317 亿元，同比增长 12%，主要受到 AI 云业务的推动。12月，文心大模型 ERNIE 每天处理约 16.5 亿次 API 调用，外部 API 调用环比增长 178%；百度文库 AI 功能的 MAU（月活） 达到 9400 万，同比增长 216%，百度文库成为全球付费用户数量最多的人工智能产品之一；在搜索方面，22% 的搜索结果页面包含 AI 生成内容，用户每日搜索量同比增加了 2%。

另一个 AI 的重要应用在智能驾驶上。百度自动驾驶出租车萝卜快跑在2024年第四季度提供了超过 110 万次服务，同比增长 36%。

在 ToB 服务方面，2024 年 12 月每天有 2.7 万名广告商通过百度 AI 智能体进行广告投放，多个行业实现了投放增长。

不止是百度，各家大厂都将 AI 首先应用在广告投放平台上，不仅能够提升投放效果，还能提升素材生成的效率。例如，快手第四季度 AIGC 营销素材日均消耗超过 3000 万元。另外，快手还推出了视频生成大模型——可灵，其独立 APP 的商业化收入已经超过了 1 亿元。

腾讯和阿里也都在大力推进自己的 AI 大模型落地。

腾讯推出混元大模型，一方面用在 AIGC 应用“元宝”、微信搜索等 C 端服务中；另一方面也用在广告投放、腾讯会议、腾讯文档等 B 端场景里，以及更底层的 PaaSIaaS 架构中。2024 年，腾讯 AI 云服务的收入同比翻了一倍。

阿里推出了通义大模型，其 AI 相关产品收入连续六个季度保持三位数的同比增长。阿里云业务也在第四季度重回 13% 的双位数增长。阿里还开源了多个通义 Qwen 家族的大模型，目前Qwen 模型家族是全球最大的 AI 模型家族之一。

小米对于 AI 的应用则渗透到“人·车·家”的各个底层系统里。小米发布了 AI 操作系统“澎湃OS 2” 以及 AI 语音助手“超级小爱”，能够应用在手机、平板、智能电视、智能座舱中。而在智能驾驶方面，小米也已迈入行业第一梯队。

2024年，大厂之间基于传统业务的竞争已趋于平稳，卡位战基本结束。真是难以想象，21世纪仅仅过去了四分之一，广告、搜索、游戏、电商、本地生活、短视频、直播，通通都能被算作互联网的传统业务了。但至少在2024年，“传统业务”仍在给这些卡位成功的大厂带来源源不断的收益。

雷军称这是小米“史上最强年报”，全线业务都实现了高增长；陈睿表示 B 站 2024 年最后一个季度的盈利佳绩，是反映社区价值和商业化效率的“里程碑”；拼多多年利润首次突破千亿元，成为继腾讯、阿里之后第三家加入“千亿俱乐部”的互联网公司；曾经的“互联网三巨头”BAT仍在坚守各自的业务护城河。

但“传统业务”之外，新的卡位战已经开启。

2025年开年，腾讯元宝和字节豆包，已在AI智能助手赛道打得火热，在下载量排行榜上你追我赶；另一头，Deepseek、Kimi 和“扭秧歌机器人”们的来势汹汹，也时刻提醒着大厂，卡位战随时都有新玩家。

到明年，互联网大厂们交的年度作业，也许就是另一番样貌了。

本文由人人都是产品经理作者【刺猬公社】，微信公众号：【刺猬公社】，原创/授权 发布于人人都是产品经理，未经许可，禁止转载。

题图来自Unsplash，基于 CC0 协议。