olivLaw · US equity research
Sohu.com Limited SOHU
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Sohu.com Limited is a Chinese online media and games group that runs the Sohu portals and the Changyou game studio. Game revenues carry the group while advertising has declined, and in fiscal 2025 games made up most of total revenues of 584.3 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Sohu.com Limited (SOHU) stock was 13.62 USD (+5.34% on the day), with market capitalisation 355.1 m USD, P/E 1.0 on diluted EPS of 13.96 USD over the last 12 months, beta 0.34, 52-week range 11.74–17.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 12.18 – 13.29
- above the upper band · %B 1.30 · band width 8.7%
- SMA 50 / 200
- 13.11 / 14.36
- mixed trend
- MACD (12, 26, 9)
- 0.04 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.5% | −1.1% | +9.6 pp | — |
| 3 months | −1.1% | −0.5% | −0.6 pp | — |
| 6 months | −13.4% | +4.4% | −17.8 pp | — |
| Year to date | −12.9% | +12.3% | −25.2 pp | — |
| 1 year | −8.1% | +13.5% | −21.6 pp | −24.8% |
| 3 years | +60.2% | +76.4% | −16.2 pp | −26.9% |
| 5 years | −34.1% | +63.7% | −97.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 0.7, median 0.9, max 1.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 690.2 m | 673.8 m | 749.9 m | 835.6 m | 733.9 m | 600.7 m | 598.4 m | 584.3 m |
| Revenue YoY | −61.0% | −2.4% | +11.3% | +11.4% | −12.2% | −18.2% | −0.4% | −2.4% |
| Net income | -160.1 m | -149.3 m | -86.1 m | 927.7 m | -17.3 m | -30.4 m | -100.3 m | 394.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −101.9% | unavailable | unavailable | unavailable |
| Diluted EPS | -4.13 | -3.83 | -2.19 | 23.49 | -0.50 | -0.89 | -3.13 | 13.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −102.1% | unavailable | unavailable | unavailable |
| net % | -23.2% | -22.2% | -11.5% | 111.0% | -2.4% | -5.1% | -16.8% | 67.4% |
| Free cash flow | 58.8 m | 195.5 m | 88.9 m | -69.0 m | 23.7 m | -28.8 m | -49.3 m | -5.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 128.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.3 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.90x
- ROE
- 35.8%
- ROA
- 23.4%
- FCF margin
- -0.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 749.9 m | 835.6 m | 733.9 m | 600.7 m | 598.4 m | 584.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 217.4 m | 204.7 m | 191.6 m | 145.8 m | 165.8 m | 131.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 532.5 m | 630.9 m | 542.3 m | 454.9 m | 432.6 m | 452.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 241.9 m | 268.9 m | 260.8 m | 279.8 m | 255.2 m | 247.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | 73.4 m | 97.5 m | -873.0 k | -87.3 m | -109.4 m | -93.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Interest expense | 6.2 m | 7.5 m | 0 | 0 | — | — | SEC (XBRL)· 18 Mar 2024verified |
| Pre-tax income | 96.7 m | 131.6 m | 40.6 m | -5.7 m | -48.2 m | -49.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 133.2 m | 62.3 m | 57.9 m | 60.4 m | 52.1 m | -443.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -86.1 m | 927.7 m | -17.3 m | -30.4 m | -100.3 m | 394.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -2.19 | 23.49 | -0.50 | -0.89 | -3.13 | 13.96 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 39.5 m | 39.5 m | 34.9 m | 34.1 m | 32.0 m | 28.2 m | SEC (XBRL)· 12 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 217.1 m | 998.9 m | 697.8 m | 362.5 m | 159.9 m | 128.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 87.5 m | 82.6 m | 67.5 m | 71.6 m | 53.8 m | 43.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 2.3 bn | 1.6 bn | 1.3 bn | 1.1 bn | 1.0 bn | 967.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 337.7 m | 330.0 m | 288.2 m | 269.1 m | 252.9 m | 246.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | 48.4 m | 48.8 m | 47.4 m | 47.2 m | 46.9 m | 10.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.8 m | 9.1 m | 5.4 m | 2.2 m | 7.7 m | 4.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 2.8 bn | 2.2 bn | 2.0 bn | 1.9 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 107.6 m | 87.4 m | 56.4 m | 44.6 m | 36.0 m | 36.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 1.3 bn | 503.5 m | 416.9 m | 342.4 m | 322.0 m | 333.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 1.8 bn | 953.6 m | 867.1 m | 822.8 m | 812.0 m | 358.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 1.0 bn | 1.3 bn | 1.1 bn | 1.1 bn | 922.7 m | 1.3 bn | SEC (XBRL)· 12 Mar 2026verified |
| Shares outstanding at year end | 39.3 m | 38.2 m | 33.7 m | 33.0 m | 30.1 m | 26.1 m | SEC (XBRL)· 12 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 95.2 m | -62.3 m | 32.2 m | -25.6 m | -48.0 m | -4.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 6.3 m | 6.7 m | 8.5 m | 3.2 m | 1.3 m | 576.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | 88.9 m ≈ | -69.0 m ≈ | 23.7 m ≈ | -28.8 m ≈ | -49.3 m ≈ | -5.3 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | 419.8 m | 516.7 m | -232.8 m | -291.7 m | -113.4 m | 24.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 93.6 m | -434.1 m | -82.1 m | -6.6 m | -40.9 m | -54.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 0 | 17.4 m | 82.1 m | 6.6 m | 40.9 m | 54.1 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 355.1 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 77.5% | 94 (on a fixed band) | 14% |
| EBIT margin · Quality | -16.1% | 27 (vs peers) | 11% |
| FCF margin · Quality | -0.9% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -7.3% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | -2.4% | 14 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.5% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 15.2% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth5/100 · 2/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOHU.COM LIMITED (SOHU). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 584.3 m USD in 2025; YoY growth -2.4%; net margin 67.4%; ROE 35.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 77.5%
- Current ratio: 2.9x
- Shareholder yield (distributions): 15.2%
What contradicts it
- EBIT margin: -16.1%
- FCF margin: -0.9%
- Revenue CAGR 3Y: -7.3%
- Revenue growth (YoY): -2.4%
- FCF yield: -1.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +86% / −52% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| UPWKUpwork Inc. | 1.3 bn | 12.9 | 16.3% | 13.5% | +2.4% | −48% / −27% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −8% / +60% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
1- and 3-year price returns: for SOHU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.89 Total return -42% · Per year -42% | 14.01 Total return 3% · Per year 3% | 21.20 Total return 56% · Per year 56% |
| 3 years | 6.26 Total return -54% · Per year -23% | 12.65 Total return -7% · Per year -2% | 21.20 Total return 56% · Per year 16% |
| 5 years | 4.97 Total return -63% · Per year -18% | 11.41 Total return -16% · Per year -3% | 21.20 Total return 56% · Per year 9% |
- Exit P/E± 3.16
- Net margin± 2.21
- Annual revenue growth± 2.00
- Annual dilution± 0.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (16 Sept 2026), 6-K (13 Aug 2026), 6-K (10 Aug 2026), 6-K (18 May 2026).
In brief
Sohu.com Limited is a Chinese online media and games group that runs the Sohu portals and the Changyou game studio. Game revenues carry the group while advertising has declined, and in fiscal 2025 games made up most of total revenues of 584.3 million USD 1.
SWOT
Strengths
- The game TLBB PC generates a major share of group revenue and supports the performance of the games division 1.
- A high gross margin and a premium content portfolio give a solid base for monetisation 1.
- The company holds patents granted in the Chinese mainland and runs a platform with strong social features 1.
Weaknesses
- Dependence on one game for a large part of revenue exposes the company to concentration risk 1.
- The marketing division has declined steadily in recent years, and revenues are sensitive to the advertising cycle 1.
- The company recorded a goodwill impairment loss in 2025, reflecting pressure on asset values 1.
Opportunities
- Expanding Changyou's portfolio into card-based, sports, casual and strategy games could reduce dependence on a single title 1.
- International licensing of games to operators in several markets opens possibilities for additional revenue 1.
- Using AI technologies could improve development efficiency and product innovation 1.
Threats
- Macroeconomic uncertainty and weak advertising demand could keep pressuring the Sohu division's revenues 1.
- Competition in games has intensified, and the success of new titles is uncertain 1.
- Intellectual property protection in internet industries remains uncertain and evolving, and unauthorised use could affect operations 1.
Risks
- Concentration in game revenuehigh
A large part of revenue depends on one title, and a decline in that game could weigh on group results 1.
- Advertising declinemedium
Weak ad demand and macroeconomic instability could further reduce revenues from the marketing division 1.
- Goodwill impairmentmedium
The annual impairment test showed the fair value of the Sohu reporting unit below its carrying value, leading to an impairment loss 1.
- Intellectual property protectionlow
Intellectual property rights in internet industries are uncertain and could be used without authorisation by third parties 1.
- Client concentration in advertisinglow
The largest advertising agencies and advertisers account for a significant part of marketing revenues, and losing some of them could affect results 1.
Investment thesis
What would need to be true (bull case)
- If Changyou's games keep their audiences and new launches keep adding revenue, the group could offset the advertising decline 1.
- A rising gross margin suggests the revenue mix is favouring lower-cost activities 1.
- Sohu's content and events portfolio could return to growth if the advertising market stabilises 1.
What would break the thesis
- Dependence on TLBB PC exposes the company to the risk that a decline in that title would sharply reduce revenues 1.
- Marketing revenues have fallen for consecutive years, and pressure could continue if demand stays weak 1.
- The goodwill impairment loss suggests some assets may have been carried at values above their recoverable worth 1.
What to watch
- Rezultatul testului anual de depreciere a fondului comercial Sohunext 10-K
- Trend in marketing services revenues and advertiser countQ1 2027
- Performance of TLBB PC and the TLBB: Return launch2027
- Result of the annual goodwill impairment test for the Sohu reporting unitnext 10-K
- Pace of new Changyou game launches in the expanded genres2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (16 Sept 2026), 6-K (13 Aug 2026), 6-K (10 Aug 2026), 6-K (18 May 2026).
The business
Sohu.com Limited is a provider of online media content and services and a developer and operator of online games in the Chinese mainland, with its business run through the two divisions Sohu and Changyou 1. In fiscal 2025 total revenues were approximately 584.3 million USD, including 60.0 million USD from marketing services, 505.7 million USD from online games and 18.6 million USD from other revenues 1. Most operations are run through Chinese mainland subsidiaries and variable interest entities consolidated under US GAAP 1.
Sohu reaches users through the Sohu News and Sohu Video apps, the mobile portal m.sohu.com and the PC portal www.sohu.com, monetising its audience through ad placements and marketing services 1. Changyou offers PC and mobile games on an item-based model and also runs the game information site 17173.com 1. In 2025 the company renamed its brand advertising business the marketing services business to better reflect its nature 1.
Revenue is concentrated: the game TLBB PC generated 306.9 million USD in fiscal 2025, about 53% of total Sohu Group revenues 1. That level of dependence on a single title is central to understanding the company's profile.
Segments
Marketing services (Sohu)
This is the main activity of the Sohu division and covers ad placements and other marketing services for multinationals and smaller Chinese companies 1. Revenues fell to 60.0 million USD in 2025, an 18% annual decline, attributed to macroeconomic changes and an imbalance between strong supply and weak demand in the Chinese mainland market 1.
Online games (Changyou)
Changyou develops and operates PC and mobile games on the item-based model, with online game revenues of 505.7 million USD in 2025, of which PC games were 412.7 million USD 1. TLBB PC is the dominant title, and the launch of TLBB: Return in 2025 partly offset the decline of older mobile games 1.
Market context
Sohu operates in the Chinese mainland market, where competition for user attention and advertising budgets is intense 1. The company describes strong supply and weak demand in the advertising market, which has pushed marketing revenues down 1. The game market is also competitive, with focus on MMORPGs and expansion into card-based, sports, casual and strategy games 1.
The shift of users from PCs to mobile devices continues to expand mobile internet services, and the company concentrates on a portfolio of mobile products 1. Internationally, Changyou has licensed titles to third-party operators in Taiwan, Vietnam and Malaysia 1.
Trends
- Decline in online advertisingheadwind
Marketing revenues fell under pressure from the macroeconomic environment and the imbalance between supply and demand, and management says uncertainty in the ad market could continue to affect results 1.
- Shift to mobile devicestailwind
Internet use is moving from PCs to mobile devices, and the company has focused development on mobile products across both divisions 1.
- Higher gross marginmixed
Gross margin rose to 77% in 2025, pointing to a more favourable revenue mix, though this depends on how existing games perform 1.
- Reliance on older gamesmixed
The decline in mobile revenues is attributed to natural decline of older games, and the success of new launches such as TLBB: Return could shape future revenue direction 1.
Competitive position
In games, Changyou competes in a market where competitive intensity has grown, and it relies on its Top Games strategy and innovation in design and production 1. In advertising, Sohu competes with other online media platforms for limited marketing budgets, and client concentration is significant, with the five largest agencies and advertisers making up about 24% of marketing revenues 1.
The company's stated advantages include a premium content portfolio, events that attract younger users, and its own intellectual property base with patents granted in the Chinese mainland 1. It notes however that unauthorised use of its intellectual property by third parties cannot be ruled out 1.
- Chinese mainland game operators
The source mentions intensifying competition in games without naming specific competitors in the text analysed 1.
- Chinese online media platforms
Sohu competes for audience and advertising budgets with other content platforms in the Chinese mainland, per the general description of the market 1.
- Licensees and distribution partners
Tencent holds the exclusive licence to distribute Changyou's mobile games in the Chinese mainland, so it is a partner rather than only a rival 1.
- MMORPG game developers
Changyou holds its position in MMORPGs but faces developers launching titles in the same genres 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Etched Sohu vs. Nvidia: Transformer ASIC vs. GPU (2026) – Spheron BlogHacker News · 23 Aug 2026 · EN
The latest news item in our archive is from 23 Aug 2026; the newest SEC filing is from 16 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)18 May 2026
- Annual report (foreign issuer)12 Mar 2026
- Current report (foreign issuer)09 Feb 2026
- Current report (foreign issuer)17 Nov 2025
- Current report (foreign issuer)10 Sept 2025
- Current report (foreign issuer)07 Aug 2025
- Current report (foreign issuer)04 Aug 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Sohu.com Limited · 12 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.