核心观点2025年初步指引中利润率预期保守（30%Non-GAAP OPM），增速指引基本合理，2025年关键变量在于1）A I提效；2）渠道获客的策略变化；3）宏观改善。A I侧指引较为合理，延续5%eCPM的提升，渠道策略预计维持平衡，宏观需要等待政策落地后逐步修复。我们认为2H25改善的机会可能更大，当前仍处于等待催化的阶段。股东回报方面，股息常态化提供底部估值支撑，但考虑到24Q3以来股价...
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