Bilibili and Zhihu both have disappointing financial reports and stock prices, while Xiaohongshu's revenue, profit, and valuation are sky-high. The first two platforms are filled with young intellectuals who proudly claim top university backgrounds, constantly making memes and attacking consumerism and materialism, yet they never spend a cent and get furious at the sight of ads, acting like they're mortally offended. The latter two platforms are full of people enjoying food, drinks, entertainment, and influencers dancing and singing—when they see suitable ads, they buy without hesitation, and
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