"Dance songs, the wind is always blown by the rain." When Zhang Chaoyang appeared in the small tea house in Wuzhen last week, when he talked to the media, I wonder if he thought of this sentence. Sohu is currently in the anxiety of performance. On October 24, Sohu released its unaudited financial report for the third quarter ended September 30, 2016. According to the financial report, Sohu’s third-quarter revenue was US$411 million, down 21% year-on-year. Based on non-GAAP, the net loss attributable to Sohu was US$65 million, compared with a net profit of US$49 million in the same period last year. From the glory of the past to the bottom, Zhang Chaoyang is not so calm. In an interview with a reporter from the 21st Century Business Herald, he described the "US listing" as a kind of sadness. "Our business is relatively broad. The development of video requires burning money. The profit of a burnt money is affected. Our income scale is not so fast, but we must have to spend money. If we do not spend money, the market share is not. This is the sorrow of listing in the United States." However, Zhang Chaoyang still found four profitable points for Sohu, namely Sohu News, Sohu Video, Sogou and Games. In the video field, he changed his previous attitude of buying money for the price, but tried to make the video on the platform go to self-made and charge. “From the perspective of user size and business ranking, Sohu is seriously underestimated. We have more battlefields. I have to spend money. What should I do if I don’t spend money? I’m sure the stock price is low, but spending money can give us an explosive opportunity. After the income quickly rises, it becomes profitable. We will reduce the kind of extra expensive online drama and push the homemade drama, and the other is the innovation in the video field, such as Sohu video from the media, and live broadcast business." Zhang Chaoyang regards the video as a hard battle, not playing. Just last month, Sohu borrowed RMB 1 billion from Changyou. Perhaps, Zhang Chaoyang regrets that he will send a trip to the market. Otherwise, the misappropriation of funds between departments will be much simpler. At present, Changyou is still in profit, and Sohu's equity accounts for 70%. It is foreseeable that for a long time in the future, this business will become the cash cow of Sohu Group. How long does this flood period last? Zhang Chaoyang does not know the answer. But he found two ways, One is the road of capital. Perhaps Sohu will split up some assets and return to China for listing in the future. On the other hand, with the help of the profit of games and search to support the development of video, try to make the bottomless bottom of the video bottom, and go to the self-made charging and Netflix mode. In fact, in addition to giants such as Alibaba and Baidu being favored on Wall Street, other Chinese Internet companies believe their value is underestimated. Far from Focus Media, Shanda Games, Giant Network, and near 360, Century Jiayuan, Qunar and other companies. However, the return of these companies is not a smooth road. "Now the video is a bottomless pit. It’s crazy to buy hundreds of millions of dollars to buy a drama. Only companies with great success in social networks and e-commerce can afford it, such as Tencent and Alibaba. Or on the stock market. Companies that have spent a lot of money can afford it. We can't afford to make money by ourselves." Zhang Chaoyang is very clear about his weakness. He has always been unruly, and such reflection is rare. In this context, Sohu has begun trials of self-made dramas, including "The Year of Hurry" to "Unintentional Master" and "Forensic Medicine Qin Ming". Through Betting's homemade online drama, Sohu hopes to strengthen the influence on the "net student" youth group, and what young people love to watch, the bet is still the user behind. "The success of "Pancake Man" is only a temporary fame. That (movie) is not our core business. We are still an Internet company. There are still a few people watching movies. Most of them still have to stay at home to watch the drama." Pancake Man's box office exceeded 1.1 billion, contributing a considerable amount of money to the producer Sohu, but Zhang Chaoyang did not intend to take the film. As the leader of Internet entrepreneurship, Zhang Chaoyang still has something to do, insisting on his own choice. When Wuzhen’s World Internet Conference, everyone talks about artificial intelligence. He told reporters that the hot spots of his concern are not the same as those of the industry. “I didn’t take it for granted when I was on O2O, Internet finance and live broadcast. I’m still optimistic about both directions, one is the performance of social networks and videos in social networks, the combination of video and VR. In addition, I am optimistic about artificial intelligence. For search and information collation, it will definitely make people smarter." This time, whether he can step on the right point is still unknown. "So many years of summing up, my lesson is that it is too early to become famous. People are a little bit flustered. They don't have the potential to make products. This is a mistake." He summed up the 21-year history of struggle for journalists. At the same age as Ma Yun (microblogging), he will also be introspected to this day. Due to his negligence or lack of diligence, he lost the opportunity of search engines and social networks, and Weibo and WeChat later rose. However, now he is ready to start again and hopes to let Sohu return to the Internet center within three years. At the end of the interview, some media walked over and asked to add Chaoyang's WeChat. He said frankly: "I tell you the mobile number, just a little." This is a move that has not been done for many years. Perhaps, Sohu requires change, must start from himself. 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