36氪出海·行业|中国互联网大厂,在海外找到“利润黑马”

36氪出海
Dec 15, 2025

“正在告别“烧钱出海”2025年三季度财报季收官,中国互联网大厂的海外业务板块集体成为“利润黑马”——阿里国际数字商业扭亏为盈,美团 Keeta 在香港提前实现单月盈利,腾讯海外游戏收入同比激增43%。当国内互联网流量红利触及“边际收益递减”临界点,出海成为企业突破增长天花板的必然选择。但经历过地缘波折与关税冲击,“不出海就出局”的口号已迭代为“无核心能力不出海”。从电商,到本地生活,再到娱乐生态...

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