TikTok分拆：字節保住算法，甲骨文入局

阿爾法工場

2025/12/22

導語：最後誰說了算？當地時間12月18日，TikTok首席執行官周受資向全體員工發出一封內部信，首次詳細披露了TikTok在美國業務的全新架構方案。根據內部信，字節跳動、TikTok已與三家投資者簽署協議，將共同成立一家新的TikTok美國合資公司——TikTok美國數據安全合資有限責任公司（ TikTok USDS Joint Venture LLC，以下簡稱TikTok USDS）。這家新合資...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222081510a467cefd&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222081510a467cefd&s=b\">阿爾法工場</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1201861249.SGD","symbol_name":"Natixis Harris Associates US Equity PA SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222081510a467cefd&s=b","article_id":"2593217978","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222081510a467cefd&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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USDS）。這家新合資公司將負責美國的數據安全、內容與軟件保障和相關本土業務。與此同時，由字節跳動全資控股的、TikTok在美國的其他實體將繼續負責電商、廣告、市場運營等商業活動，以及TikTok產品的全球互聯互通。這與國內媒體此前曝光的TikTok美國方案一致。據悉，協議相關事宜將在不晚於2026年1月22日完成。「目前的方案，字節跳動通過全球公司TikTok保留了核心知識產權資產，且字節跳動TikTok美國公司負責商業變現部分，等於字節儘可能最大程度保持了從美國市場獲取收入和利潤的完整性。」長橋海豚研究分析師胡玉桂向時代財經表示。其預計，此次方案落地之後，TikTok之前因為爭議而導致的用户增長、時長增長、廣告收入等問題會逐步得到解決，公司也會邁入正常的經營狀態。艾媒諮詢首席分析師張毅也向時代財經分析，TikTok美國方案核心是分拆敏感業務，保留核心技術和商業權，引入本地資本，綁定共同利益。這也為跨境數據敏感企業提供一種「安全換市場」的新範式。圖片來自此前媒體報道TikTok美國方案有哪些關鍵點？綜合內部信來看，未來TikTok在美國將由兩個主體運營。字節跳動TikTok美國公司將負責電商、品牌廣告等商業活動，以及全球互聯互通等，該主體由字節跳動100%全資持有。新合資公司TikTok USDS將負責美國數據與內容安全、軟件保障等，以符合美國法律要求。從新合資公司的股權結構來看，TikTok USDS將由字節跳動持股19.9%，仍為新合資公司的最大單一股東；字節跳動當前的美國及全球股東持股30.1%；新的投資者持股50%，包括甲骨文、銀湖資本（Silver Lake）、阿聯酋阿布扎比主權基金MGX。TikTok美國數據安全合資公司設有包含七個席位的董事會，其中字節跳動佔1席，字節跳動現有美國及全球股東佔2席，新的投資者佔3席，其餘1席留給由董事會任命的獨立董事。值得注意的是，在業務分配上，創收板塊依然掌握在字節跳動手中。電商、廣告、市場運營等商業活動是TikTok的主要收入來源，仍將由字節跳動全資控股的TikTok美國公司等實體負責。新合資公司負責的數據、內容安全等業務為非營利性質，且運營成本較高。為保障合資公司運營，上述主體間會有商業上合理的收入分享安排。另外，備受關注的TikTok算法知識產權仍歸屬字節跳動所有，再由字節跳動通過授權方式供新合資公司使用，並向後者收取授權費。TikTok內部信提到，協議及全面的安全措施，會使超過1.7億美國人繼續在平台上探索、創造和交流，享受與今天相同的體驗；廣告商也將不受任何影響地繼續連接全球受眾。張毅認為，目前19.9%的持股和最大單一股東地位，是字節在最有限話語權下的制衡安排。這既滿足美方股東多數持股要求，也為自己留有一定的博弈空間。「未來博弈的關鍵點主要在於，董事會在重大合規政策、算法授權條款和收入分成上的分歧和磨合。」對於上述兩家主體公司的業務分配，胡玉桂向時代財經分析，字節跳動TikTok美國公司負責利潤肥厚的商業變現部分，相當於「商業經營殼」；新的合資公司來負責用户數據、內容審查等，算是平台的「合規數據殼」。新業務引入的股東主體要麼是財務投資者，要麼是上游供應商（甲骨文，雲服務提供方和數據託管方），等於新實體對平台商業化運營很難有效「指手畫腳」。上述兩個「殼」之間做出嚴格的風險隔離。相比於Tiktok這幾年反覆被拿到談判桌上「搓扁揉圓」，已經是一個比較理想的解決方案。此次敲定的架構，也讓外界聯想到蘋果公司「雲上貴州」模式。2018年，蘋果為了遵守中國法律，將中國區iCloud業務交由貴州省國資委控股的「雲上貴州」負責運營，雙方共同建設數據中心，由「雲上貴州」負責本地管理，蘋果則提供技術支持。這一模式成功實現了跨境科技巨頭在數據主權要求下的本地化生存。在胡玉桂看來，TikTok美國方案和蘋果公司「雲上貴州」模式邏輯相似，原則上都是本地數據「本地存、本地管，保證不出境」。區別在於，「蘋果涉及用户安全的數據基本獨家存於雲上貴州項目中，這類數據會有加密隔離、顆粒度權限、嚴格隱私保護和強監管審計等。而由於美國這個新的數據安全公司會購買TikTok的算法授權，涉及信息分發和輿論引導問題，可能會被嚴格審查內容推薦權重，而這部分‘雲上貴州’涉及不多。」這樣的模式讓理念和信任度不同的國家在讓渡數據控制權的同時，實現技術出口。「TikTok此次案例在一定程度上也是梳理解決相關爭議的範本。」胡玉桂指出，中國的企業已經具備出口算法等高端技術的能力儲備，理念和意識形態不同的國家，在當下越來越逆全球化的情況下，也可以通過談判解決爭議，給企業出海創造可能空間，而非「非此即彼」的兩元對立。當地時間12月19日，甲骨文（ORCL.NYSE）盤前一度升逾6%，截至發稿漲幅約4.7%，報188.5美元/股。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}