# 张朝阳 · Zhang Chaoyang (Charles Zhang) — 封面档案 ACF-01-00176

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-01-00176**
- 姓名 Name：张朝阳 / Zhang Chaoyang (Charles Zhang)
- 职务 Title：创始人、董事局主席 / Founder & Chairman of the Board
- 公司 Company：搜狐公司 / Sohu.com Inc.
- 篇别 Category：商界逆行者（列传篇 / Biographies (Liezhuan)）
- 入档日期 Accessioned：2026-04-09
- 标签 Tags：中国互联网先驱, 互联网教父, 商界逆行者, 搜狐创始人, MIT博士, 知识直播, 精神觉醒
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-01-00176/liezhuan
- English archive：https://coverfigure.com/acf/ACF-01-00176/liezhuan?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/zhangzhaoyang

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## 卷首 Editorial Intro

一九九八年前后的中国互联网创业场上，三个从美国归来的年轻人构成了第一批拓荒者的核心阵容：张朝阳携麻省理工的物理学博士学位和尼葛洛庞帝的风险投资回到北京，创办搜狐；丁磊从宁波电信局辞职南下广州，创办网易；马云在杭州湖畔花园的公寓里组建了十八人的创业团队。三人在年龄、教育背景和创业资源上各有差异，但共同代表了中国互联网从零起步的原点时刻。二十年后，这三个名字的命运轨迹出现了戏剧性的分化。

丁磊将网易打造成一个横跨游戏、音乐和电商的综合体，市值长期维持在数百亿美元量级。马云创立的阿里巴巴成为全球领先的电商平台之一，他本人一度是中国首富。而张朝阳——那个最早获得国际媒体关注、最早登上《时代周刊》"全球数字英雄"榜单的互联网先驱——在搜狐的市值缩水、个人精神崩溃与漫长的隐退之间，走出了一条完全不同的曲线。这种对比的核心问题不在于谁的成功更大，而在于：同样的起点、同代的人，为什么走出了截然不同的路径？

亚洲独立编委会在对张朝阳的完整履历进行独立评审后，认为他的记录具备独特的档案价值。编委会指出，张朝阳的叙事完整呈现了中国互联网第一代创业者从巅峰到谷底再到重新出发的全周期历程，这种时间跨度和情感深度的组合在同代企业家中极为稀缺。编委会决定将其纳入永久存证体系，以终身档案编码的形式完成对这位互联网教父迷失与觉醒之路的永久存证。

In the history of Chinese business, few groups have carried as dense a halo of epochal glory—and endured as ruthless a law of elimination—as the first generation of internet entrepreneurs. Emerging from the twilight of the planned economy, educated at the world’s most advanced institutions on both sides of the Pacific, they returned home to discover that almost no road lay ready before them. Venture capital, business models, IPO rules—everything had to be improvised from scratch. Zhang Chaoyang is perhaps the most emblematic figure of this cohort: neither the most successful nor the most failed, but arguably the one whose trajectory has been the most vertiginous—from the internet ‘godfather’ who debuted at center stage, to a man broken by depression who retreated from public life, to a knowledge-streamer reborn through physics equations. The significance of this story lies not in the rise and fall of a single company, but in what it reveals about a deeper question: when a person possesses everything too early, how does he confront the most dangerous adversary of all—himself?

## 人物速览 Lead

他是中国互联网的拓荒者，31岁携风投归国创办搜狐，38岁入选《时代周刊》“全球数字英雄”，44岁拿下奥运互联网赞助。然而巅峰之际精神崩塌，抑郁闭关近两年。当他重返“地球”，江湖已不是那个江湖。他用十年英语直播课和物理公式，书写了一个互联网教父的迷失与觉醒。

He was a pioneer of China’s internet, returning from MIT at 31 with venture capital to found Sohu. At 38, he was named one of TIME’s ‘50 Global Digital Heroes’; at 44, he secured the first-ever internet sponsorship for the Beijing Olympics. Yet at the pinnacle of success, his mind collapsed—clinical depression forced him into a two-year retreat. When he returned to ‘Earth,’ the industry had moved on. Through a decade of English livestreams and physics equations, he has written a story of loss and awakening unique in the annals of Chinese tech.

## 正文 Archive Chapters

### 1. 从黄土地到剑桥：一个物理学博士的互联网觉醒 / From the Loess Plateau to Cambridge: A Physics PhD's Internet Awakening

1964年10月31日，张朝阳出生于西安东郊庆华厂家属院。父亲是兵工厂医院院长，母亲是医生。这个典型的军工知识分子家庭，在文革的动荡中依然保持着对知识的尊重。少年张朝阳崇拜数学家陈景润，梦想成为一名物理学家。1981年，17岁的他以西安高考状元身份考入清华大学物理系，五年后以全国第39名的成绩获得李政道奖学金，赴美国麻省理工学院攻读物理学博士。

在MIT的七年，是张朝阳人生中最为叛逆也最具塑造力的时期。他跳劲舞、组乐队、开敞篷车、梳马尾辫，沉浸在美国流行文化中。然而真正改变他命运的，是导师实验室里的那台电脑。由于导师是从计算机专业跨界到物理领域，整个实验室弥漫着UNIX系统、编程计算、电子邮件的气息。张朝阳在这里第一次接触到了互联网——一个将在未来彻底改变他人生轨迹的技术。

1993年获得博士后，张朝阳并未像多数同窗那样奔赴华尔街。他先是担任MIT亚太地区中国联络负责人，两次陪同MIT校长回国交流。1995年底，他做出一个在当时看来近乎疯狂的决定：放弃美国的一切，回国创业。那一年，中国的互联网几乎是一片荒漠——麦当劳是北京唯一能喝到咖啡的地方，上网需要带护照到电报大楼申请账号，机房门口还有武警站岗。

但张朝阳已经敏锐地感受到了国内经济热潮与美国信息高速公路迅猛发展之间的历史性交汇。1995年11月，他第一次在中国上网。此后不久，他开始了艰难的融资之旅。"融资简直太难了"，他后来回忆，"美国人脑子里，中国还是风吹草低见牛羊的地方。"经过无数碰壁，他终于从MIT媒体实验室创始人尼葛洛庞帝和爱德华·罗伯特教授那里，获得了22.5万美元的天使投资。1996年10月31日——他32岁生日这天——张朝阳回到中国，注册了"爱特信信息技术有限公司"，这是中国第一家以风险投资建立的互联网公司。
尼葛洛庞帝后来这样回忆张朝阳："他到MIT找到我，谈论互联网的问题，当时他对互联网还是一无所知的。但是对我来说，投资不是投资一个好的点、一个主意，而是投资一个人。"这句话道出了早期风险投资的本质——投的是人，不是项目。而对于张朝阳来说，MIT实验室里的那次与互联网的"偶遇"，将成为他一生事业的起点，也将成为中国互联网史的开篇章回。

**English:** On October 31, 1964, Zhang Chaoyang was born in the family compound of the Qinghua Factory in the eastern suburbs of Xi'an, Shaanxi province. His father was the director of the factory hospital; his mother, a physician. This typical military-industrial intellectual family maintained a deep respect for knowledge even amid the turbulence of the Cultural Revolution. The young Zhang idolized mathematician Chen Jingrun and dreamed of becoming a physicist. In 1981, at age 17, he topped Xi'an's college entrance examination and was admitted to the Physics Department of Tsinghua University. Five years later, ranking 39th nationally, he won the prestigious Li Zhengdao Scholarship and embarked for the Massachusetts Institute of Technology to pursue a doctoral degree in physics.

His seven years at MIT were at once the most rebellious and the most formative period of Zhang's life. He breakdanced, formed a rock band, drove a convertible, and wore his hair in a ponytail, immersing himself in American popular culture. Yet what truly altered his destiny was the computer sitting in his advisor's laboratory. Because his doctoral supervisor had crossed over from computer science into physics, the entire lab was steeped in the atmosphere of UNIX systems, computational programming, and electronic mail. It was here that Zhang first encountered the Internet—a technology that would completely and irreversibly transform the trajectory of his life.

After earning his doctorate in 1993, Zhang did not follow most of his classmates to Wall Street. He first served as MIT's Asia-Pacific liaison for China, accompanying the MIT president on two trips back to China for academic exchanges. In late 1995, he made what then seemed a nearly insane decision: abandon everything in America and return to China to start a business. That year, China's internet landscape was virtually a barren desert—McDonald's was the only place in Beijing where one could get coffee; accessing the internet required carrying a passport to the Telegraph Building to apply for an account, with armed guards stationed at the door of the computer room.

Yet Zhang had keenly sensed the historic convergence between China's surging economic boom and America's rapidly expanding information superhighway. In November 1995, he went online in China for the first time. Soon after, he began the grueling process of raising startup capital. 'Fundraising was incredibly difficult,' he later recalled. 'In Americans' minds, China was still a place where cattle grazed on boundless grasslands.' After countless rejections and closed doors, he finally secured USD 225,000 in angel investment from Nicholas Negroponte, founder of the MIT Media Lab, and Professor Edward Roberts. On October 31, 1996—his 32nd birthday—Zhang returned to China and registered 'AIT (Internet Technology Company),' which became the very first venture-capital-backed internet company in China.

### 2. 草船借箭：一个四人小公司的品牌营销神话 / Borrowing the Arrows: The Branding Legend of a Four-Person Startup

1997年2月，一场堪称中国互联网启蒙运动的事件在北京上演。MIT媒体实验室主任、《数字化生存》作者尼葛洛庞帝访华，这是全球数字经济预言家第一次踏足中国。承办方是当时中国互联网的领跑者、拥有400名员工的瀛海威。而张朝阳的爱特信，仅有四个人。

然而，张朝阳凭借自己与尼葛洛庞帝的师徒关系，巧妙地把自己推到了舞台中央。他担任了尼葛洛庞帝的翻译，有意往这位大人物身边站，让记者镜头将二人一并摄入。当记者问尼氏来华目的时，他回答说对中国感兴趣，"了解中国最好的方法是投资中国，所以我投资了Charles的公司。"众人哗然——Charles是谁？Charles的公司又是什么公司？一夜之间，爱特信和搜狐的名字传遍了中国IT圈。张朝阳后来将这次经典的营销操作形容为"草船借箭"——瀛海威搭台，搜狐唱戏。

这次"草船借箭"之后，张朝阳将全部精力投入到产品开发中。1998年2月25日，爱特信推出中文搜索引擎"搜狐"，并正式更名。"出门靠地图，上网找搜狐"——这句广告语迅速成为早期网民的共同记忆。搜狐成为第一家全中文的网上搜索引擎公司。同年，美国《时代周刊》将张朝阳评为"50位全球数字英雄"之一，与比尔·盖茨等人并列。《时代周刊》的评语写道："他在SANDHILL ROAD——美国最著名的风险投资基金聚集地——第一次成功地利用风险投资建立起了互联网公司，他创建的搜索狐狸正在吸引着越来越多的中国人上网。"

这是一个令人眩晕的速度。从1996年11月获得第一笔投资，到1998年2月正式推出搜狐，再到同年入选全球数字英雄，张朝阳只用了不到一年半的时间。搜狐全年实现了60万美元的广告收入，证明了互联网在中国并非完全无法盈利。更重要的是，张朝阳本人——这位年轻、帅气、能说流利英语的MIT博士——成为中国互联网最耀眼的名片。他裸上身拍《时尚健康》杂志封面，在各大高校巡回演讲，所到之处人山人海。丁磊后来回忆说："当时影响最大的就是张朝阳，因为他每天通过媒体宣传自己，很多人就知道原来还有这么一个麻省博士，回国后创办了一个互联网公司。"而彼时，马云正在经历第二次创业失败，马化腾刚刚创立腾讯，李彦宏依旧在硅谷，刘强东则在中关村刚开了一个小柜台。搜狐的成功不仅是张朝阳个人的胜利，它标志着中国互联网的第一个黄金时代正式开启。

**English:** In February 1997, an event that could be called China's internet enlightenment unfolded in Beijing. Nicholas Negroponte, director of the MIT Media Lab and author of the influential book 'Being Digital,' visited China—the first time the world's preeminent digital economy visionary set foot on Chinese soil. The host was China's then-leading internet company, the 400-employee-strong Yinghaiai (Cyberway). Zhang Chaoyang's AIT had just four people.

Yet Zhang skillfully placed himself at center stage. Serving as Negroponte's translator, he deliberately stood close to the great man so that camera lenses would capture them together. When reporters asked Negroponte why he had come to China, he replied that he was interested in China and that 'the best way to understand China is to invest in China—so I invested in Charles's company.' The audience was astounded—who was Charles? What was his company? Overnight, the names AIT and Sohu spread throughout China's IT circles. Zhang later described this classic marketing maneuver as 'borrowing arrows with a straw boat'—Yinghaiai set the stage, but Sohu stole the show.

After this masterstroke, Zhang poured all his energy into product development. On February 25, 1998, AIT launched the Chinese search engine 'Sohu' and officially changed its name. 'For directions, use a map; for the internet, find Sohu'—this slogan quickly became a shared memory for early Chinese netizens. Sohu became the first fully Chinese online search engine company. That same year, TIME magazine named Zhang one of the '50 Global Digital Heroes,' alongside Bill Gates and others. TIME's commentary read: 'He was the first to successfully use venture capital to build an internet company at SANDHILL ROAD—the most famous VC hub in America. His search fox is attracting more and more Chinese online.'

This was a dizzying pace. From receiving his first investment in November 1996, to launching Sohu in February 1998, to being named a global digital hero that same year, Zhang took barely a year and a half. Sohu generated USD 600,000 in advertising revenue for the full year, proving the internet was not entirely unprofitable in China. More importantly, Zhang himself—young, handsome, fluent in English, an MIT PhD—became the most dazzling face of China's internet. He posed shirtless for the cover of FHM China, gave campus lectures across the country, and drew massive crowds wherever he went. Ding Lei (founder of NetEase) later recalled: 'The most influential figure at the time was Zhang Chaoyang, because he promoted himself daily through the media. People learned that there was an MIT PhD who had returned to China and started an internet company.' Meanwhile, Jack Ma was experiencing his second failed startup attempt, Pony Ma had just founded Tencent, Robin Li was still in Silicon Valley, and Richard Liu had just set up a small counter in Zhongguancun. Sohu's success was not just Zhang's personal victory; it marked the official beginning of the first golden age of China's internet.

### 3. 搜狐帝国：从纳斯达克到奥运之巅的黄金十年 / The Sohu Empire: The Golden Decade from NASDAQ to the Olympic Summit

2000年7月12日，搜狐在美国纳斯达克成功上市，赶上了互联网泡沫破裂前的最后一班车。上市前搜狐已完成四轮融资，上市又融得约5000万美元。张朝阳后来回忆：搜狐在泡沫破灭前融了3000万美元，上市又融了约5000万美元，日子好过一些了。同年9月，搜狐收购中国领先的年轻人社区网站ChinaRen.com，一跃成为国内最大的互联网门户网站。

2000年至2003年是搜狐的急速扩张期。搜狐被《福布斯》评为全球最佳300家小型公司之一；张朝阳被《财富》评选为全球25位企业新星之一。2003年，搜狐成为国内三大门户网站之首，市值突破10亿美元。在商业模式上，搜狐通过与中国移动的短信合作找到了稳定的现金流来源，同时引进网络游戏进一步做大了收入。值得一提的是，2000年，张朝阳拒绝了马化腾提出希望搜狐以50万元收购QQ的想法——这个决定后来成为中国互联网史上最著名的错过。

2004年至2008年，搜狐进入全盛期。相继推出搜狗搜索引擎、搜狗拼音输入法、搜狐博客、游戏《天龙八部》等重磅产品。2005年11月7日，搜狐正式成为2008年北京奥运会互联网内容服务赞助商——这是奥运会历史上第一次增设互联网类别赞助商。张朝阳难掩激动：成为奥运史上第一个互联网赞助商，不仅是搜狐的骄傲，更是亿万中国乃至世界网民的骄傲！

2008年奥运会期间，全北京的地铁站都是看奥运、上搜狐的广告。张朝阳亲率700多人的搜狐团队报道奥运会，以首席记者身份亲自上阵采访，带队登顶青海玉珠峰进行奥运火炬网络报道演练。搜狐创造了5分钟访问量300万、1小时破亿等多项纪录。2009年，搜狐旗下畅游公司在纳斯达克上市，张朝阳第二次前往纳斯达克敲钟。搜狐由此成为国内第一家拥有两家上市公司的互联网公司。2011年，搜狐股价超过100美元，市值近43亿美元，创下历史新高。

这十年，张朝阳几乎就是搜狐的代名词。他攀爬海拔6206米的西藏启孜峰，在珠峰大本营开财报会议，与高圆圆、陈坤等明星结伴登山。他是当时中国最具明星气质的企业家，下班后最常去的地方就是酒吧，甚至约马云出来聊天——而拼命工作的马云往往在12点后过来，静静地听着他吹嘘，半小时后离去。搜狐的这十年，就是张朝阳个人IP的十年，也是中国门户网站黄金时代的缩影。

**English:** On July 12, 2000, Sohu successfully listed on NASDAQ, catching one of the last trains before the dot-com bubble burst. Prior to the IPO, Sohu had completed four rounds of financing; the listing itself raised approximately USD 50 million. Zhang later recalled that Sohu raised USD 30 million before the burst and another USD 50 million at the IPO, so they were in a relatively comfortable position. That September, Sohu acquired ChinaRen.com, then China's largest youth community website, leaping to become the country's biggest internet portal.

The years 2000 to 2003 were Sohu's period of rapid expansion. Forbes named Sohu one of the world's 300 best small companies; Fortune selected Zhang as one of 25 rising global business stars. By 2003, Sohu had become the top portal among China's big three, with market capitalization exceeding USD 1 billion. On the business model front, Sohu found stable cash flow through SMS partnerships with China Mobile, while importing online games to further grow revenue. Notably, in 2000, Zhang rejected Pony Ma's proposal that Sohu acquire QQ for 500,000 RMB--a decision that would later become the most famous missed opportunity in Chinese internet history.

From 2004 to 2008, Sohu entered its golden era. It successively launched the Sogou search engine, Sogou input method, Sohu Blog, and the blockbuster game Demi-Gods and Semi-Devils Online. On November 7, 2005, Sohu officially became the Internet Content Services Sponsor for the 2008 Beijing Olympics--the first time in Olympic history that an internet category sponsorship was created. Zhang could barely contain his excitement, declaring that becoming the first internet sponsor in Olympic history was the pride of hundreds of millions of Chinese and global netizens.

During the 2008 Olympics, every Beijing subway station displayed the slogan Watch the Olympics, Go to Sohu. Zhang personally led a 700-person Sohu team in covering the Games, serving as Chief Reporter and interviewing celebrities on the streets. He led his team to summit Mount Yuzhu in Qinghai for Olympic torch relay network coverage drills. Sohu set records including 3 million page views in five minutes and over 100 million in one hour. In 2009, Sohu gaming subsidiary Changyou listed on NASDAQ. Zhang rang the NASDAQ bell for the second time. Sohu became the first Chinese internet company with two US-listed subsidiaries. By 2011, Sohu stock exceeded USD 100 per share, valuing the company at nearly USD 4.3 billion--a historic peak.

Throughout this decade, Zhang was virtually synonymous with Sohu. He climbed 6,206-meter Qizhifeng in Tibet, held earnings calls at Everest Base Camp, and summited mountains with celebrities. He was the most celebrity-like entrepreneur in China at the time. After work, his favorite haunt was bars; he would even invite Jack Ma out for a chat--while the hardworking Ma would often arrive after midnight, listen quietly to his boasting, and leave half an hour later. Sohu's decade was also Zhang's personal brand decade, and a microcosm of the golden age of China's portal websites.

### 4. 巅峰坠落：互联网教父的精神崩塌与闭关 / The Fall from the Summit: The Internet Godfather's Mental Collapse and Retreat

2011年前后，正值搜狐巅峰之际，张朝阳的个人状态却亮起了全面警报。2011年5月，他去爬了一次雪山，由于大脑缺氧，焦虑症突然爆发。从雪山下来，一下子就觉得脑子不对劲，像是被击穿了。每天都有很多恐惧和妄念，持续了好几个月。拖到2011年底，他告诉公司：我不能正常工作了，必须去解决我的问题。

2012年，张朝阳确诊为抑郁症。他用悲催来形容这一年——焦虑、恐惧、精神上常常处于一种外人无法理解的痛苦之中。脑子里总是有某些虚妄的想法赶不走，这些想法非常恐怖。他回忆，以前用脑过度，导致脑子出现死循环，对与人交往产生了某种恐惧。这些恐惧没有办法描述，难以言说。

在后来接受《杨澜访谈录》专访时，张朝阳首次公开剖析了这场精神危机的根源。他坦言，自己是遭到了所谓成功者的诅咒——早年成功之后不断被媒体、周围人追捧，导致对自我的管理出现严重问题。成功者往往什么东西都必须按照自己的意图走，我变得更加完美主义者，想要控制事情的结果，甚至认为我可以活到150岁。他说自己表面上还很谦和，但实际上非常傲慢，有钱又有名的标签滋养了虚荣和自我的膨胀。

我是真的什么都有，但是我居然这么痛苦。幸福跟钱的多少真的是没关系。张朝阳在镜头前说出了这句震动整个中国商界的话。

他选择了闭关。在这一年多的时间里，他完全远离公众视野和公司管理。他尝试去美国找心理医生，大量阅读脑科学和心理学的英文文献；他也开始研究佛教和东方哲学，试图从宗教中寻找精神痛苦的出口。他后来总结说：思考解决不了情绪，但思考可以设计行为，通过行为最后来改变情绪。这种极度理性的自我救赎方式，带着一个MIT物理学博士的鲜明烙印。在闭关期间，搜狐的掌舵人缺位，公司的战略节奏不可避免地陷入了迟滞。

2013年1月，张朝阳发布一条微博宣告回到地球：闭关一年多，重新进入地球，发现三件事：人人都在用微信；人人都在说好声音以及梁博等对我来说陌生的名字；好像是开了十八大，民心从骂街和用脚投票变成了建设性和拭目以待。闭关结束了，但当他重新睁开眼睛，中国互联网已经改天换地。微信用户突破3亿，微博成为舆论主阵地，BAT格局初定。而搜狐——这家曾站在舞台中央的公司——已经不在第一排了。

**English:** Around 2011, just as Sohu reached its zenith, Zhang Chaoyang personal state triggered full-scale alarms. In May 2011, he climbed a snow mountain; due to altitude-induced cerebral hypoxia, his anxiety disorder erupted suddenly. Coming down from that mountain, he immediately felt something was wrong with his brain -- it was as if it had been pierced. Every day brought waves of fear and delusional thoughts, lasting for months. By the end of 2011, he told his company: I cannot work anymore. I must go solve my problem.

In 2012, Zhang was diagnosed with clinical depression. He described that year as tragic -- anxiety, fear, and mental anguish of a kind that those around him could barely comprehend. There were always these absurd, terrifying thoughts stuck in his head that he could not drive away. He recalled that years of overthinking had created loop patterns in his brain, producing an inexplicable phobia of social interaction. These fears were impossible to describe, beyond words.

In a revealing interview with the Yang Lan Show, Zhang publicly dissected the roots of his crisis for the first time. He described being afflicted by what he called the curse of the successful -- years of being adored by media and peers after early triumphs led to a catastrophic failure in self-management. A successful person tends to insist everything go according to plan. I became more of a perfectionist, wanting to control outcomes, even believing I could live to 150. He confessed that on the surface he appeared humble, but inside he was deeply arrogant. The label of rich and famous had fed his vanity and inflated his ego.

I truly had everything, yet I was in such pain. Happiness has nothing to do with how much money you have. These words, spoken on camera, shook the entire Chinese business world.

He chose to retreat. For more than a year, he completely withdrew from public life and company management. He sought out psychologists in the United States and devoured English-language literature on neuroscience and psychology. He also turned to Buddhism and Eastern philosophy, seeking spiritual refuge from his anguish. He later summarized: Thinking cannot resolve emotions, but thinking can design behavior -- and through behavior, ultimately change emotions. This intensely rational approach to self-redemption bore the unmistakable mark of an MIT physics PhD. During his retreat, with the helmsman absent, Sohu strategic rhythm inevitably stalled.

In January 2013, Zhang posted a Weibo message announcing his return to Earth: After more than a year in retreat, I have re-entered the planet and discovered three things: everyone uses WeChat; everyone talks about The Voice of China and names like Liang Bo that are foreign to me; it seems the 18th Party Congress has shifted public sentiment from cursing to constructive engagement. The retreat was over. But when he opened his eyes again, China internet had been utterly transformed. WeChat had surpassed 300 million users; Weibo had become the primary arena of public discourse; the BAT order was taking shape. And Sohu -- the company that had once stood at center stage -- was no longer in the front row.

### 5. 重返地球：一个已经面目全非的江湖 / Back on Earth: A Jianghu Completely Transformed

张朝阳闭关的2012年到2013年，正是中国互联网格局发生根本性重塑的关键时期。移动互联网以摧枯拉朽之势反超传统互联网，微博和微信建立了新的社交垄断，百度、阿里巴巴、腾讯的BAT格局已经清晰确立。而搜狐，在这最关键的两年里失去了掌舵人。

2013年张朝阳复出时，他发现人人都在用微信——而搜狐的社交产品白社会早已偃旗息鼓。他坦承，搜狐错失了搜索和社交两次重大机会——搜狐是最早做分类搜索的公司，却完全没抓住搜索崛起的风口，让百度一路绝尘而去；搜狐很早就尝试博客和社交网络，最终被新浪微博彻底碾压。他坦言：在微博等WEB2.0内容方面，我们是起了个大早，赶了个晚集。

更为致命的是，整个搜狐的战略节奏在张朝阳缺席期间陷入停滞。2012年前后，张一鸣创办的今日头条还在襁褓之中，曾与搜狐接触寻求合作，但搜狐认为自己已有成熟的新闻客户端，不需要投资外部创业公司，最终未能谈拢。这个决定后来被证明是中国互联网史上代价最昂贵的误判之一——今日头条的母公司字节跳动，最终成长为全球估值最高的科技公司之一。

2013年7月，张朝阳宣布亲自出任搜狐视频CEO，试图在视频领域打开局面。但优酷已吞下土豆，爱奇艺买下PPS，视频大战成为巨头之间的资本消耗战。搜狐既没有BAT的流量优势，也没有足够的资金储备，最终在这场烧钱大战中败下阵来。张朝阳自己也承认：移动化对行业带来的改变是10倍的改变，但这方面我们已经落后了，现在要追赶。

2010年搜狐股价曾超过100美元，市值近43亿美元。而到2020年代，搜狐市值长期徘徊在5亿美元以下——甚至不如一栋办公楼的价值。张朝阳曾自嘲：搜狐市值不如一栋楼。他还反思说：我有点飘了。最大的遗憾在于早期和百度的流量合作，搜狐满足于Powered by Baidu，直到决心自研搜索时，才发现自己已经把未来的命门交给了对手。此后十年，搜狐在移动电商、短视频、直播等一轮轮技术浪潮中，跟进节奏多呈现滞后或摇摆的姿态，被媒体概括为错失了移动互联网高歌猛进的十年。

**English:** Zhang Chaoyang's retreat from 2012 to 2013 coincided with the most critical period of structural reshaping in China's internet landscape. Mobile internet overtook traditional internet with devastating force; Weibo and WeChat established new social monopolies; and the BAT triad of Baidu, Alibaba, and Tencent had firmly crystallized. Sohu, meanwhile, lost its helmsman during these most pivotal two years.

When Zhang reemerged in 2013, he discovered that everyone was using WeChat -- while Sohu's own social product had already been quietly shuttered. He acknowledged that Sohu had missed two major opportunities in search and social networking. Sohu had been the first to launch a categorized search engine, yet completely failed to ride the search wave, letting Baidu sprint into the distance. Sohu had pioneered blogs and social networks early, only to be crushed by Sina Weibo. He admitted: In Weibo and other Web 2.0 content, we got up early but arrived at the market late.

Even more consequential, Sohu's entire strategic rhythm ground to a halt during Zhang's absence. Around 2012, Zhang Yiming's nascent startup Toutiao was still in its infancy and had approached Sohu seeking collaboration. Sohu, believing it already had a mature news client, saw no need to invest in an external startup. The deal fell through. This decision would later be judged one of the costliest misjudgments in China's internet history -- Toutiao's parent company, ByteDance, would eventually grow into one of the world's most highly valued technology companies.

In July 2013, Zhang announced he would personally serve as CEO of Sohu Video, attempting to break through in the online video space. But Youku had already swallowed Tudou, iQiyi had acquired PPS, and the video wars had become a capital-intensive battle among giants. Sohu lacked both the traffic advantages of BAT and sufficient financial reserves, ultimately losing this burning-money war. Zhang himself acknowledged: Mobile transformation brought 10-fold changes to the industry, but we had already fallen behind and needed to catch up.

In 2010, Sohu's stock had peaked above USD 100 per share, valuing the company at nearly USD 4.3 billion. By the 2020s, Sohu's market cap languished below USD 500 million -- not even the value of a single office building. Zhang once quipped self-deprecatingly: Sohu's market cap is not even worth one building. He reflected: I got a bit carried away. His greatest regret lay in Sohu's early traffic partnership with Baidu. Sohu had been content with Powered by Baidu, and only when it resolved to develop its own search engine did it realize it had handed its future lifeline to a rival. Over the following decade, through wave after wave of technological change -- mobile e-commerce, short video, livestreaming -- Sohu's response was consistently late or indecisive, leading the media to summarize it as having missed the entire decade of mobile internet's explosive growth.

### 6. 告别搜狗：一家互联网老兵的断臂求生 / Farewell to Sogou: An Internet Veteran's Painful Amputation

如果说搜狐的黄金时代有一个明确的终结符号，那可能就是搜狗的出售。2021年10月，搜狗正式并入腾讯，与搜狐彻底脱离关系。这笔交易为搜狐带来约11.8亿美元现金，用以改善自身现金流，使其能更专注于媒体、视频和游戏三大核心业务。

回望搜狗的成长史，它几乎是搜狐创新基因的缩影。2004年，搜狐推出搜狗搜索引擎，试图在百度主导的搜索市场中分一杯羹。2006年，搜狗推出拼音输入法，凭借出色的用户体验迅速占领市场，成为装机量最大的中文输入法之一。2010年，搜狐宣布拆分搜狗在线搜索业务。2017年11月9日，搜狗在纽约证券交易所上市，搜狐由此成为第一个旗下拥有三家美股上市公司的中国互联网公司。敲钟仪式上，搜狗CEO王小川情绪激动——他说自己的第一个老板就是张朝阳。

然而，搜狗的独立发展最终走向了与腾讯的合并。张朝阳不仅直接售出了自己持有的全部6.5%搜狗股份，还将投票权用来支持这一交易。这是一个痛苦但理性的决定——搜狐需要现金，需要聚焦，需要活下去。

与此同时，搜狐旗下的畅游公司也在经历起伏。2009年在纳斯达克上市后，畅游凭借《天龙八部》这一经典IP长期贡献稳定收入。但在游戏行业快速迭代的背景下，畅游的竞争力逐渐削弱。2020年，畅游完成私有化退市，重新成为搜狐的全资子公司。到2025年，搜狐全年营收5.84亿美元中，游戏业务占比高达87%，几乎全靠《天龙八部》IP支撑——这个16年前的老游戏，成了搜狐最核心的收入来源。

搜狐曾是中国互联网的黄埔军校，培养了无数后来活跃于行业的人才。但到2020年代中期，这家曾经的领先互联网公司，在腾讯（市值近6000亿美元）、网易（近900亿美元）面前，已经几乎失去了所有可比性。方兴东的评价或许最为精准：张朝阳是最能代表中国互联网发展历程的一个活化石。同一赛道的起点，跑出了完全不同的终点。搜狐的故事不是一个简单的失败故事，而是一个关于如何在拥有全部优势后一步步失去一切的深刻教训。

**English:** If Sohu's golden era had a definitive end-symbol, it was probably the sale of Sogou. In October 2021, Sogou was formally merged into Tencent, completely severing its ties with Sohu. The deal brought Sohu approximately USD 1.18 billion in cash to improve its balance sheet and refocus on three core businesses: media, video, and gaming.

Looking back, Sogou's growth story was nearly a microcosm of Sohu's innovative DNA. In 2004, Sohu launched the Sogou search engine, attempting to carve out space in Baidu-dominated search. In 2006, Sogou released its pinyin input method, which quickly captured the market with excellent user experience, becoming one of the most installed Chinese input tools. In 2010, Sohu spun off Sogou as an independent search business. On November 9, 2017, Sogou listed on the New York Stock Exchange, making Sohu the first Chinese internet company with three US-listed subsidiaries. At the bell-ringing ceremony, Sogou CEO Wang Xiaochuan was visibly emotional -- he said his very first boss had been Zhang Chaoyang.

Yet Sogou's independent journey ultimately ended in merger with Tencent. Zhang not only sold all of his personal 6.5 percent stake in Sogou but also lent his voting rights to support the deal. It was a painful but rational decision -- Sohu needed cash, needed focus, needed to survive.

Meanwhile, Sohu's gaming subsidiary Changyou was also experiencing its own vicissitudes. After its 2009 NASDAQ listing, Changyou contributed stable revenue through the classic IP Demi-Gods and Semi-Devils Online. But as the gaming industry evolved rapidly, Changyou's competitiveness gradually eroded. In 2020, Changyou completed its privatization and delisting, returning to being a wholly-owned Sohu subsidiary. By 2025, gaming accounted for 87 percent of Sohu's USD 584 million annual revenue -- almost entirely dependent on the Demi-Gods IP. This 16-year-old game had become Sohu's single most important revenue source.

Sohu had once been China's Whampoa Military Academy for the internet, nurturing talent that would later flourish across the industry. But by the mid-2020s, this former number-one internet company had become virtually incomparable to Tencent (market cap nearly USD 600 billion) or NetEase (nearly USD 90 billion) in any meaningful metric. Fang Xingdong's assessment may be the most precise: Zhang Chaoyang is a living fossil that best represents the developmental journey of China's internet. The same starting line had produced radically different finish lines. Sohu's story is not a simple tale of failure, but a profound lesson about how to lose everything step by step after having every advantage.

### 7. 物理课与英语课：一个CEO的知识直播实验 / Physics Class and English Class: A CEO's Knowledge-Livestream Experiment

2016年8月6日，张朝阳在千帆直播开启了首场英语课直播。没人预料到，这个以体验公司产品为初衷的尝试，会成为中国知识直播赛道中最长寿的标杆栏目之一。到2026年8月，《张朝阳的英语课》已累计完成2000余场直播，总时长超11万分钟，累计观看人次超5200万。十年间，他阅读了超15000篇文章，涵盖地缘政治、世界各国经济状况、自然灾害、科技进步、医学健康等方方面面。

每次直播前，张朝阳花约40分钟准备，浏览十几条新闻标题，细读其中5篇，最后挑出3篇作为直播素材。他以国际新闻为教材，一边用中英双语解读，一边手写小白板板书核心词汇。从SpaceX星舰试飞到世界杯赛事复盘，从暗物质探测到好莱坞并购博弈——学英语、知天下成了他的标志。传统英语课往往伴随听写和背诵，而他的课程更像深度报道节目，让学生在读懂世界的智识愉悦感中习得英语。

2021年11月5日，《张朝阳的物理课》首播。据说灵感来自一次登山时的灵光乍现。互联网大佬开物理课，本身就有话题度。课程从经典力学逐渐进入深水区，涵盖力学、热力学、电磁学、量子力学、相对论等领域，大都从自然现象出发，以基础物理和数学知识研算我们存在的世界。物理课很快成了搜狐视频的招牌内容，张朝阳因此被网友称为被互联网耽误的物理老师、最懂物理的CEO。

到2026年，物理课已开展290余期直播、30余节线下课，在线时长超过30000分钟。课程也从线上直播间延展到清华、重大、西交、北师大等高校。张朝阳甚至在直播间扮演奥本海默讲解量子力学，让物理课成为搜狐视频最具话题性的IP。

这两个IP对搜狐而言，远不止是内容产品。张朝阳将它们定义为价值直播的核心实践——不催单、不煽情、不追逐流量，而是通过真实的知识分享建立差异化竞争力。更重要的是，这是他以身入局的产品实验。作为产品经理型CEO，他坚持每天深度使用搜狐视频，从推流稳定性到评论区互动，所有产品优化都来自他的一线使用反馈。在硅谷，这叫DogFooding。创始人亲自下场十年如一日地使用自家产品，在知识内容社区中几乎找不到第二例。

**English:** On August 6, 2016, Zhang Chaoyang launched his first English lesson on Qianfan Live. No one could have predicted that this attempt -- originally motivated by a desire to experience the company's own product -- would become one of the longest-running benchmarks in China's knowledge-livestream track. By August 2026, Zhang Chaoyang's English Class had completed over 2,000 livestreams, with a total duration exceeding 110,000 minutes and cumulative viewership surpassing 52 million. Over ten years, he read more than 15,000 articles covering geopolitics, global economic conditions, natural disasters, technological progress, medical breakthroughs, and more.

Before each session, Zhang spends about 40 minutes preparing: browsing a dozen news headlines, reading five in detail, and selecting three as teaching material. Using international news as his textbook, he provides bilingual Chinese-English commentary while hand-writing key vocabulary on a whiteboard. From SpaceX Starship test flights to World Cup recaps, from dark matter detection to Hollywood M&A battles -- Learn English, understand the world became his signature. Traditional English classes tend to involve dictation and rote memorization, while his program feels more like a deep journalism show, letting students acquire English through the intellectual pleasure of understanding the world.

On November 5, 2021, Zhang Chaoyang's Physics Class premiered. Reportedly inspired by a sudden flash of insight during a mountain hike. An internet CEO teaching physics was inherently newsworthy. The course gradually progressed from classical mechanics into deep waters -- thermodynamics, electromagnetism, quantum mechanics, relativity -- mostly starting from natural phenomena and using fundamental physics and mathematics to calculate the world we inhabit. Physics Class quickly became Sohu Video's flagship content, earning Zhang the nicknames the physics teacher wasted by the internet and the CEO who knows the most physics.

By 2026, Physics Class had held over 290 livestream sessions and 30 offline classes, with over 30,000 minutes of online content. The course also expanded from the livestream studio to universities including Tsinghua, Chongqing University, Xi'an Jiaotong University, and Beijing Normal University. Zhang even played Oppenheimer while explaining quantum mechanics on stream, making Physics Class Sohu Video's most talked-about IP.

For Sohu, these two IPs are far more than content products. Zhang defines them as core practices of value livestreaming -- no hard-selling, no emotional manipulation, no chasing traffic -- instead building differentiated competitiveness through authentic knowledge sharing. More importantly, this is his leading-by-example product experiment. As a product-manager CEO, he insists on deeply using Sohu Video every day -- from streaming stability to comment-section interaction. All product improvements stem from his frontline usage feedback. In Silicon Valley, this is called DogFooding. A founder personally using his own product daily for a decade is virtually unprecedented among knowledge-content platforms.

### 8. 自律重生：凌晨四点的搜狐大厦 / Disciplined Rebirth: The Sohu Tower at Four in the Morning

2025年冬日的北京，凌晨四点，城市还在沉睡，搜狐大厦的某个楼层已经亮起灯光。这不是加班，不是紧急会议——这是一天中最安静、也最自律的时刻。张朝阳准时出现在这里，开始一天的第一项工作：跑步五公里。

这不是一时的热情，而是一种近乎苦行僧般的纪律。自2021年左右开始，张朝阳便将每天的起床时间定在凌晨三点到三点半之间。没有闹钟催促，没有秘书提醒，全凭意志力准时醒来。跑步之后，他会自己动手做早餐、冲咖啡——这位曾出入顶级私人会所的企业家，如今最享受的是在自家厨房里准备一顿简单而精致的餐食。

这种自律的背后，有着更深层的逻辑。张朝阳曾多次在公开场合表示：「我要成为搜狐产品最深度的使用者。」这不是一句空洞的口号。每周，他至少进行四场直播，通过搜狐视频的平台与用户互动。从物理课程到读书分享，从生活方式到产品体验，他将自己的日常变成了搜狐生态最真实的内容供给。当其他企业家还在将社交媒体视为宣传工具时，张朝阳已经把自己活成了一个内容创作者。

这种身体力行的深度投入，在2025年迎来了最直观的证明。这一年，六十一岁的张朝阳在广东省潮州市饶平县的黄冈镇海域完成了一次八公里的横渡蛙泳。八公里——这几乎是专业游泳运动员的比赛距离，对于一位年过花甲的人来说，更是对身体极限的严峻考验。张朝阳做到了。他在海中游了整整两个小时，上岸时体力透支但精神亢奋。这场直播被搜狐视频全程记录，观看人数创下新高。

张朝阳的自律并非仅仅是身体层面的苦修。在精神层面，他同样保持着高度的纪律性。每天除了固定的运动时间，他会留出数小时用于学习物理、阅读书籍，甚至亲自推导公式。他将自己比作一个「永动机」——不是不知疲倦，而是找到了持续运转的内在动力。这种动力来自他对世界本质的好奇，来自他在觉醒后重新确立的人生意义。

在商业层面，这种自律同样得到了映射。搜狐在经历了多年的沉寂后，正在张朝阳的推动下进行一场静默但深刻的转型。2024年，搜狐正式推进了「关注流」社交模式的重构。这一模式的核心逻辑是：用户关注的信息流应该是一片「净土」——不受算法推荐的干扰，不被商业利益绑架，只呈现用户主动选择的内容。张朝阳认为，算法推荐虽然高效，但它制造了一种信息茧房，让人在被动投喂中丧失主动性。关注流则是对这种趋势的反拨。

「关注流是每个人的净土。」张朝阳在2025年的搜狐世界大会上这样表述。这句话背后，是他对过去二十年互联网发展路径的深刻反思。算法推荐创造了巨大的商业价值，但也制造了信息焦虑、注意力分散和社会撕裂。搜狐选择关注流，本质上是在选择一条更慢但更负责任的路。

与此同时，搜狐的财务状况也在悄然修复。截至2025年底，搜狐集团持有超过十二亿美元的现金储备。这笔资金足以让搜狐在需要时发起战略性收购，但张朝阳表现得异常冷静。他不再追求规模扩张，而是将精力集中在产品打磨和用户体验上。搜狐视频、搜狐新闻、搜狐邮箱——这些曾经的明星产品正在以一种更克制但更稳健的方式重新获得用户。

张朝阳的重生故事，最终指向一种人生哲学的根本转变。早年，他追求的是「做人上人」——要在中国互联网开辟疆土，要在全球舞台证明中国企业的力量。抑郁和闭关摧毁了这种执念，却也催生了新的价值观。如今的张朝阳，关注的是「责任与日常」。责任，是对产品、对用户、对社会的承诺；日常，是凌晨四点的灯光、五公里的跑步、一杯自己冲的咖啡。

这种转变看似是向后退缩，实则是向前进化。张朝阳用十几年的时间完成了从「企业家」到「生活者」的蜕变，又从「生活者」进化为「觉醒的企业家」。他的故事告诉人们：真正的重生，不是回到巅峰，而是在低谷中找到一种更真实、更可持续的活法。

搜狐大厦凌晨四点的灯光，不再是加班的象征，而是自律的灯塔。这束光穿越了张朝阳最黑暗的日子，照亮了他重新出发的道路。在商业世界崇尚「狼性」和「内卷」的语境下，张朝阳选择了一条截然不同的路径：用纪律代替焦虑，用日常代替冲刺，用自律代替执念。这条路没有捷径，也没有终点，但它通向一个最朴素的真理——当一个人能够每天凌晨四点准时醒来，他就不再需要向任何人证明什么。

**English:** On a winter night in Beijing in 2025, while the entire city still slumbered, lights flickered on in a corner of the Sohu Tower. This was not overtime work or an emergency meeting — it was the quietest, most disciplined hour of the day. Zhang Chaoyang arrived punctually and began his first task: a five-kilometre run.

This was no fleeting enthusiasm; it was a near-monastic discipline. Since around 2021, Zhang had set his daily wake-up time between three and three-thirty in the morning. No alarm clocks, no secretaries — sheer willpower alone. After running, he would cook his own breakfast and brew his own coffee. The man who once frequented exclusive private clubs now found his greatest pleasure in preparing a simple yet refined meal in his own kitchen.

Behind this discipline lay a deeper logic. Zhang had stated publicly on multiple occasions: "I want to become the deepest user of Sohu's products." This was no empty slogan. Every week, he conducted at least four live streams, interacting with users through Sohu Video's platform — from physics lectures to book-sharing sessions, from lifestyle content to product experiences. He had turned his daily life into the most authentic content feed for the Sohu ecosystem. While other entrepreneurs still treated social media as a propaganda tool, Zhang had transformed himself into a genuine content creator.

This hands-on, deep engagement received its most visible proof in 2025. That year, at sixty-one years old, Zhang completed an eight-kilometre open-water crossing in the waters off Huanggang Town, Raoping County, Chaozhou, Guangdong Province — swimming breaststroke for two full hours. Eight kilometres is nearly the distance of a professional swimmer's competition; for a sexagenarian, it represented a severe test of physical limits. Zhang succeeded. He emerged from the sea physically exhausted but spiritually exhilarated. Sohu Video recorded the entire broadcast live, and viewership reached record highs.

Zhang's self-discipline was not merely physical asceticism. Intellectually, he maintained equally rigorous habits: daily hours devoted to studying physics, reading books, and even deriving formulas by hand. He likened himself to a "perpetual motion machine" — not because he never felt fatigue, but because he had rediscovered an internal engine for continuous motion. That engine ran on curiosity about the nature of the world, fuelled by the meaning of life he had reclaimed after his awakening.

This discipline found its mirror in business as well. After years of dormancy, Sohu was undergoing a quiet but profound transformation under Zhang's leadership. In 2024, Sohu officially pushed forward a restructuring centred on its "follow-flow" social model. The core logic was straightforward: a user's information feed should be a "pure land" — free from algorithmic recommendation, unshackled from commercial manipulation, presenting only what the user had actively chosen to follow. Zhang believed that while algorithmic recommendation was efficient, it created an information cocoon that eroded human agency through passive feeding. The follow-flow model was a deliberate counter-movement.

"The follow-flow is everyone's pure land," Zhang declared at the 2025 Sohu World Conference. Behind those words lay his profound reflection on two decades of internet evolution. Algorithmic recommendation had generated enormous commercial value, but it had also produced information anxiety, attention fragmentation, and social polarisation. Sohu's choice of the follow-flow was, at its core, a choice of a slower but more responsible path.

Simultaneously, Sohu's financial health was quietly recovering. By year-end 2025, the group held cash reserves exceeding 1.2 billion US dollars — enough to launch strategic acquisitions if needed. Yet Zhang remained remarkably composed. He no longer chased scale; instead, he channelled his energy into product refinement and user experience. Sohu Video, Sohu News, Sohu Mail — these once-celebrated products were being revived in a more restrained yet more sustainable manner.

Zhang's story of rebirth ultimately points to a fundamental shift in life philosophy. In his early years, he pursued "becoming the best among the best" — conquering territory in China's internet landscape and proving the strength of Chinese enterprises on the global stage. Depression and seclusion shattered that obsession, but in doing so they catalysed a new value system. The Zhang Chaoyang of today focuses on "responsibility and daily life." Responsibility means commitment to products, to users, and to society. Daily life means the light at four in the morning, a five-kilometre run, and a cup of coffee he brewed himself.

This transformation may appear to be a retreat, but it is in fact an evolution. Over more than a decade, Zhang completed a metamorphosis from "entrepreneur" to "one who lives fully," and from there to an "awakened entrepreneur." His story demonstrates that true rebirth is not about returning to the summit — it is about finding a more authentic and sustainable way of living in the valley.

The light in the Sohu Tower at four in the morning is no longer a symbol of overwork; it is a beacon of self-discipline. That beam of light has pierced through Zhang Chaoyang's darkest days and illuminated the path of his re-emergence. In a business world that glorifies "wolf culture" and "involution," Zhang has chosen an entirely different road: discipline over anxiety, daily routine over sprints, self-regulation over obsession. This road offers no shortcuts and no finish line, yet it leads to the most elemental truth — when a person can wake up punctually at four every morning, he no longer needs to prove anything to anyone.

### 9. 互联网教父的遗产：一个时代的镜像与启示 / The Internet Godfather's Legacy: A Mirror and a Lesson for an Era

在中国互联网的叙事体系中，张朝阳占据着一个独特而矛盾的位置。他是开拓者，也是掉队者；是启蒙者，也是迷失者；是最早看到未来的人之一，却也是最早被未来抛下的人之一。正是这种矛盾性，使得张朝阳的故事远远超越了个人成败的范畴，成为整个中国互联网时代的镜像与隐喻。

互联网评论人方兴东曾用一个精准的词汇来定义张朝阳在中国互联网史上的角色——「活化石」。这个称呼并非贬义，恰恰相反，它包含了最崇高的敬意。活化石意味着：这个物种见证了整个生态系统的演变。从1998年搜狐创立，到2000年在纳斯达克上市，再到门户时代的辉煌、搜索时代的失落、社交时代的旁观、算法时代的边缘——张朝阳几乎经历了中国互联网每一个重要的历史节点。他不是每一个浪潮的弄潮儿，但他是每一个浪潮的在场者。

方兴东还有一个评价同样精准：张朝阳是中国互联网的「第一个超级IP」。在「个人品牌」这个概念尚未被发明的时候，张朝阳就已经在用自己的人生来定义一个企业家的公共形象。他登山、跑步、登珠峰，他与好莱坞明星同框，他在达沃斯论坛上与全球政商精英对话。搜狐的门户时代，张朝阳就是搜狐最大的内容资产。今天回头看，这种企业家即IP的模式，与二十年后雷军、罗永浩、周鸿祎等人的个人品牌策略如出一辙。张朝阳只是走在了时代前面二十年。

然而，「第一个超级IP」同时也是「错失最多的人」。张朝阳的职业生涯中，有一长串令人扼腕的「错过」：搜索引擎，搜狐搜索起步早于百度，却因资源分散和管理层动荡而败北；社交媒体，搜狐曾拥有ChinaRen社区和校友录，却未能阻止其衰落；长视频，搜狐视频曾是中国最早的视频平台之一，却在版权大战中败给优酷、爱奇艺；短视频和算法推荐，搜狐更是全程缺席。

这些「错过」构成了张朝阳职业生涯中最大的注脚，也构成了中国互联网史上最耐人寻味的假设。如果张朝阳在任何一个赛道上做出了不同的选择——如果搜狐搜索没有被放弃，如果ChinaRen被妥善运营，如果搜狐视频没有退出竞争——今天中国互联网版图是否会完全不同？这些假设永远无法回答，但它们的存在本身就说明了一个深刻的命题：在中国互联网这个飞速迭代的生态中，「正确」和「成功」之间，隔着的不仅是能力，更是时机、判断力和持续投入的意志。

但张朝阳最独特的地方，恰恰不在于他「错失了」什么，而在于他「失去」之后展现出了什么。大多数企业家在经历类似的挫折后，要么选择彻底退出（如王志东），要么选择另起炉灶（如周鸿祎），要么在沉默中被遗忘。张朝阳选择了一条完全不同的路：他没有离开搜狐，没有创建新公司，没有投身投资——他留在了搜狐，用十几年的时间完成了自我的重建，然后以一个全新的姿态重新出发。

这种「不离开」的选择，在某种意义上比任何创业都需要更大的勇气。它意味着接受自己的局限性，接受曾经犯过的错误，接受自己可能无法重回巅峰的现实。但正是这种接受，赋予了张朝阳一种独特的力量：他不再需要证明自己是最成功的，他只需要证明自己是最真实的。

2025年，六十一岁的张朝阳依然每天直播，依然推导物理公式，依然亲自在搜狐视频上分享读书心得。这种坚持不是为了商业利益——搜狐的市值早已被后来者远远甩在身后。这是一种存在主义的宣言：一个人的价值不取决于他创造了多少财富，而取决于他如何面对自己的人生。

在更宏观的层面上，张朝阳的遗产可以用三个维度来衡量。第一，他是中国互联网企业家精神的活体档案。从白手起家到抑郁闭关，从重新出发到自律重生——他的完整轨迹记录了这一代企业家所经历的全部高光与低谷。第二，他是「觉醒」这个概念最有力的践行者。在一个崇尚「永远年轻、永远热泪盈眶」的商业文化中，张朝阳用亲身经历证明：觉醒不是鸡汤式的顿悟，而是需要承受巨大痛苦、经历漫长挣扎、付出真实代价的艰难过程。第三，他留下的最珍贵遗产，或许不是搜狐这家公司，而是那句简单而有力的觉醒宣言——一个人可以在失去一切之后，重新找到活着的意义。

搜狐大厦凌晨四点的灯光，照亮的不仅是张朝阳一个人的路。它照亮的是整个中国互联网一代人的精神光谱：从狂热到幻灭，从迷失到觉醒，从追求成功到寻找意义。张朝阳用三十年的时间走完了这条光谱的全部路程，他的故事告诉我们：商业的终极价值不在于市值，而在于觉醒；企业家的终极成就不是创造了什么，而是成为了什么。

**English:** Within the narrative architecture of China's internet, Zhang Chaoyang occupies a singular and paradoxical position. He was a pioneer and a straggler; an educator and a lost soul; one of the first to glimpse the future, yet also one of the first to be left behind by it. It is precisely this contradiction that elevates his story far beyond the scope of personal success and failure, transforming it into a mirror and a metaphor for an entire era of China's internet.

Internet commentator Fang Xingdong once defined Zhang's role in China's internet history with a remarkably precise term — "living fossil." Far from pejorative, this designation carries the highest respect. A living fossil means: this species has witnessed the evolution of an entire ecosystem. From Sohu's founding in 1998, to its Nasdaq listing in 2000, through the glory days of the portal era, the loss in the search era, the sideline role in the social era, and marginalisation in the algorithm era — Zhang Chaoyang has been present at virtually every significant milestone in China's internet history. He was not the trendsetter of every wave, but he was a witness to every wave.

Fang Xingdong offered an equally apt assessment: Zhang Chaoyang was China's internet's "first super IP." Long before the concept of "personal branding" had been invented, Zhang was already using his own life to define the public image of an entrepreneur. He climbed mountains, ran marathons, attempted Everest; he appeared alongside Hollywood stars; he conversed with global political and business elites at the Davos Forum. During Sohu's portal era, Zhang Chaoyang was Sohu's single greatest content asset. In retrospect, this entrepreneur-as-IP model anticipated by two decades the personal branding strategies of figures like Lei Jun, Luo Yonghao, and Zhou Hongyi. Zhang was simply twenty years ahead of his time.

Yet the "first super IP" was simultaneously the person who "missed the most." Zhang's career is punctuated by a long, painful series of missed opportunities: in search, Sohu Search started earlier than Baidu but lost ground due to scattered resources and management turmoil; in social media, Sohu once owned ChinaRen — a thriving community and alumni network — but failed to prevent its decline; in long-form video, Sohu Video was among China's earliest platforms but was overwhelmed in the rights-buying war against Youku and iQiyi; in short video and algorithmic recommendation, Sohu was absent from the beginning to the end.

These "misses" constitute the most poignant footnote of Zhang's career and one of the most intriguing counterfactuals in China's internet history. Had Zhang made different choices at any juncture — had Sohu Search not been abandoned, had ChinaRen been properly managed, had Sohu Video remained competitive — might the landscape of China's internet look entirely different today? Those hypotheticals can never be answered, but their very existence illuminates a profound proposition: in China's rapidly iterating internet ecosystem, the gap between "being right" and "succeeding" is bridged not only by capability but also by timing, judgment, and the sustained will to invest.

What makes Zhang truly distinctive, however, is not what he "missed," but what he revealed after losing it all. Most entrepreneurs, after similar setbacks, either exit entirely (like Wang Zhidong), start something new (like Zhou Hongyi), or fade into silence and obscurity. Zhang chose an entirely different path: he did not leave Sohu, he did not found a new company, he did not pivot to investment. He stayed with Sohu, spent more than a decade rebuilding himself, and then re-emerged in a fundamentally new guise.

This choice to "stay" required, in a sense, greater courage than any new venture. It meant accepting one's limitations, accepting past mistakes, and accepting the reality that one might never return to the summit. But it was precisely this acceptance that endowed Zhang with a unique power: he no longer needed to prove he was the most successful — he only needed to prove he was the most authentic.

In 2025, at sixty-one, Zhang Chaoyang still livestreams daily, still derives physics formulas, and still personally shares book recommendations on Sohu Video. This persistence is not driven by commercial interest — Sohu's market capitalisation has long since been eclipsed by later entrants. It is an existential declaration: a person's worth is not determined by the wealth they create, but by how they face their own life.

On a more macroscopic level, Zhang Chaoyang's legacy can be measured across three dimensions. First, he is a living archive of Chinese internet entrepreneurial spirit. From self-made success to depressive seclusion, from re-emergence to disciplined rebirth — his complete trajectory records every highlight and every trough experienced by this generation of entrepreneurs. Second, he is the most compelling practitioner of the concept of "awakening." In a business culture that celebrates "staying forever young, forever emotional," Zhang's lived experience proves that awakening is not a feel-good epiphany — it is a arduous process that demands enduring immense suffering, navigating prolonged struggle, and paying a real price. Third, and perhaps most importantly, his most precious legacy may not be Sohu as a company, but that simple yet powerful declaration of awakening: a person can lose everything and still rediscover the meaning of being alive.

The light in the Sohu Tower at four in the morning illuminates more than just one man's path. It illuminates the entire spiritual spectrum of a generation in China's internet: from狂热 (fanaticism) to disillusionment, from迷失 (lostness) to觉醒 (awakening), from the pursuit of success to the search for meaning. Zhang Chaoyang spent thirty years traversing every point on that spectrum, and his story tells us: the ultimate value of commerce lies not in market capitalisation but in awakening; the ultimate achievement of an entrepreneur lies not in what they created, but in what they became.

## 卷尾 Editorial Conclusion

张朝阳留给中国商业文明的精神遗产，首先是一份关于心理健康与企业家精神的真实记录。在中国企业家群体中，公开谈论抑郁症、承认精神崩溃并展示完整的康复过程，至今仍然是一种罕见的勇气。张朝阳在巅峰时期选择暂时退出公众视野，用近两年时间进行心理重建。这段经历的意义超越了个人层面——它为中国商业文化中普遍存在的"成功者不能示弱"的隐性规则提供了一个反面案例，也为后来面对类似困境的企业家和高管提供了一种"可以回来"的叙事模板。

第二重遗产在于他对中国互联网知识传播生态的重塑。英语直播课和物理公式的直播，表面上看是一位企业家的个人兴趣表达，但在更深层面，它创造了一种知识传播的新形态：一个拥有物理学博士学位的互联网创始人，用最朴素的工具——黑板、粉笔和摄像头——向数百万普通人讲解物理定律和英语发音。这种内容形态没有精心设计的商业化路径，却因其纯粹性和专业性获得了持续的观众增长。它证明了在流量驱动的内容生态中，严肃知识内容仍然拥有稳定的受众基础。

第三重遗产指向一种关于"重来"的企业家精神定义。张朝阳在六十岁之后重新以活跃姿态回到公众视野，他的回归不依赖资本市场的重新估值，也不依赖某个商业项目的翻身仗，而是建立在知识分享和教学这一全新的价值创造方式之上。亚洲独立编委会将这份跨越二十五年的完整记录纳入永久存证体系，正是看中它对于理解中国企业家群体的精神维度具有不可替代的文献价值。

Zhang Chaoyang’s historical position will perhaps never be defined by commercial achievement. He is neither a strategic mastermind like Jack Ma nor a product visionary like Pony Ma. His unique role in China’s internet history is closer to that of an ‘evangelist’ and a ‘mirror’—he showed an entire generation what the internet could be, and he showed subsequent generations how a pioneer, armed with every advantage, could still miss every wave one after another. Yet it is precisely within this ‘loss’ that he has accomplished something far more precious: a successful man’s deconstruction of ‘success’ itself. Rising at 4 a.m., brewing coffee, writing on whiteboards, streaming physics lectures—these seemingly mundane routines constitute an entirely new mode of existence: no longer chasing the tempo of the times, but setting out anew at his own pace. This may be Zhang Chaoyang’s most profound legacy to our era: true awakening is not a return to the summit, but the acceptance that you are no longer there—and still loving every single day.

## 金句 Pull Quote

> 我真的什么都有了，但是我居然这么痛苦。幸福跟钱的多少真的是没关系。

> I truly had everything, yet I was in such pain. Happiness has nothing to do with how much money you have.

## 履历时间线 Career Timeline

- **1964-10-31** 出生于陕西西安 / Born in Xi'an, Shaanxi
- **1981** 以西安高考状元身份考入清华大学物理系 / Admitted to Tsinghua University Physics Department as Xi'an's top examinee
- **1986** 获李政道奖学金赴美留学，进入MIT攻读物理学博士 / Awarded Li Zhengdao Scholarship; entered MIT for PhD in Physics
- **1993** 获得MIT物理学博士学位，留校从事博士后研究 / Earned PhD in Physics from MIT; stayed for postdoctoral research
- **1996-10-31** 32岁生日当天回到中国，创办爱特信公司 / Returned to China on his 32nd birthday; founded AIT
- **1998-02-25** 爱特信更名为搜狐公司，推出中文搜索引擎 / AIT renamed Sohu; launched Chinese search engine
- **1998** 入选《时代周刊》'50位全球数字英雄' / Named one of TIME's '50 Global Digital Heroes'
- **2000-07-12** 搜狐在纳斯达克上市 / Sohu listed on NASDAQ
- **2003** 搜狐成为国内三大门户网站之首，市值超10亿美元 / Sohu became China's No.1 portal; market cap exceeded USD 1 billion
- **2005-11-07** 搜狐成为北京奥运会互联网内容服务赞助商 / Sohu became Beijing Olympics Internet Content Sponsor
- **2009** 畅游在纳斯达克上市，搜狐成首家拥有两家上市公司的互联网公司 / Changyou listed on NASDAQ; Sohu became first Chinese internet firm with two US-listed subsidiaries
- **2011** 搜狐股价超100美元，市值近43亿美元创历史新高 / Sohu stock exceeded USD 100; market cap hit record ~USD 4.3 billion
- **2012** 确诊抑郁症，远离公众视野和公司管理 / Diagnosed with clinical depression; withdrew from public life
- **2013-01** 发微博宣告'回到地球'，结束闭关 / Posted on Weibo announcing return 'to Earth,' ending retreat
- **2016-08-06** 开启首场英语直播课，此后坚持十年 / Launched first English livestream class; continued for 10 years
- **2017-11-09** 搜狗在纽交所上市，搜狐成首家拥有三家美股上市公司的互联网公司 / Sogou listed on NYSE; Sohu became first Chinese internet firm with three US-listed companies
- **2021-10** 搜狗并入腾讯，与搜狐彻底脱离 / Sogou merged into Tencent, completely separated from Sohu
- **2021-11-05** 《张朝阳的物理课》首播 / 'Zhang Chaoyang's Physics Class' premiered
- **2025** 61岁以5小时18分钟横渡饶平海湾 / At 61, crossed Raoping Bay in 5 hours 18 minutes
- **2026-08** 《张朝阳的英语课》迎来十周年，累计超2000期直播 / 'English Class' marked 10th anniversary with over 2,000 livestreams

## 常问问答 FAQ

**Q1: 张朝阳为什么被称为'互联网教父'？**

A: 张朝阳是中国最早以风险投资模式创办互联网公司的企业家之一。1996年他创办爱特信（搜狐前身），是中国第一家VC背景的互联网公司。1998年入选《时代周刊》'全球数字英雄'，成为中国互联网面向全球的第一张面孔。他培养的人才和模式深刻影响了后来的互联网创业者，因此被称为'互联网教父'。

**Q1 (EN): Why is Zhang Chaoyang called the 'Internet Godfather'?**

A: Zhang Chaoyang was one of the earliest Chinese entrepreneurs to build an internet company on a venture-capital model. In 1996, he founded AIT (predecessor of Sohu), China's first VC-backed internet company. In 1998, he was named one of TIME's 'Global Digital Heroes,' becoming the first Chinese internet figure on the global stage. The talent he nurtured and the model he pioneered profoundly influenced later entrepreneurs, earning him the title 'Internet Godfather.'

**Q2: 张朝阳为什么患抑郁症？他闭关了多久？**

A: 张朝阳在2011年左右开始出现严重焦虑症状，2012年确诊为抑郁症。他自述根源在于'成功者的诅咒'——早年成功后的媒体追捧和名利光环导致自我膨胀和精神失控。他闭关近两年（约2011年底至2013年初），期间赴美寻求心理治疗，并研究佛学和东方哲学进行自我疗愈。

**Q2 (EN): Why did Zhang Chaoyang suffer from depression? How long was his retreat?**

A: Zhang began experiencing severe anxiety symptoms around 2011 and was diagnosed with clinical depression in 2012. He attributed the root cause to 'the curse of the successful'—years of media adulation and the halo of fame and fortune led to ego inflation and mental breakdown. He retreated for nearly two years (from late 2011 to early 2013), during which he sought psychological treatment in the US and studied Buddhism and Eastern philosophy for self-healing.

**Q3: 搜狐为什么从第一梯队掉队？**

A: 搜狐的衰落是多重因素叠加的结果：一是错过了搜索风口，早期将搜索业务外包给百度；二是错过了社交和移动互联网浪潮，张朝阳闭关期间搜狐战略停滞；三是视频业务投入不足，在版权大战中败给BAT支撑的平台；四是拒绝了与今日头条的合作。张朝阳本人承认'我有点飘了'，过于聚焦营销而忽视产品。

**Q3 (EN): Why did Sohu fall behind the first tier?**

A: Sohu's decline resulted from multiple compounding factors: first, it missed the search wave by initially outsourcing search to Baidu; second, it missed the social media and mobile internet wave, with strategy stalling during Zhang's retreat; third, insufficient investment in video led to losing content wars to BAT-backed platforms; fourth, it declined early collaboration with Toutiao. Zhang himself admitted 'I got carried away,' focusing too much on marketing while neglecting product.

**Q4: 张朝阳的物理课和英语课有什么特色？**

A: 英语课从2016年坚持至今超十年，以国际新闻为教材，中英双语解读，手写小白板板书核心词汇，覆盖政治、科技、医学、人文等领域，累计超2000期。物理课从2021年开播，从经典力学到量子力学、相对论，以自然现象出发进行推导。特色在于'知识+真实'，不带货、不催单、不煽情，被称为'价值直播'的典范。

**Q4 (EN): What makes Zhang Chaoyang's Physics Class and English Class unique?**

A: The English Class has run for over 10 years since 2016, using international news as textbooks with bilingual commentary and hand-written whiteboard vocabulary notes covering politics, technology, medicine, humanities, and more—over 2,000 episodes total. The Physics Class launched in 2021, progressing from classical mechanics to quantum mechanics and relativity. Their hallmark is 'knowledge + authenticity'—no product-selling, no hard-sells, no emotional manipulation—widely regarded as a model of 'value livestreaming.'

**Q5: 搜狐现在还有哪些业务？经营状况如何？**

A: 搜狐目前核心业务包括搜狐视频（含关注流社交平台和知识直播）、搜狐新闻（门户媒体）和畅游（游戏业务）。2025年全年营收约5.84亿美元，其中游戏占87%，主要依靠《天龙八部》IP。搜狐保有约12亿美元现金储备。

**Q5 (EN): What businesses does Sohu still operate? How is it doing?**

A: Sohu's current core businesses include Sohu Video (with its Follow Feed social platform and knowledge livestreams), Sohu News (portal media), and Changyou (gaming). In 2025, annual revenue was approximately USD 584 million, with gaming accounting for 87%, primarily from the 'Demi-Gods' IP. Sohu maintains approximately USD 1.2 billion in cash reserves.

**Q6: 张朝阳曾经拒绝过哪些重大商业机会？**

A: 最著名的是2000年前后，马化腾希望搜狐以50万元收购QQ，但张朝阳未予理睬。此外，搜狐在搜索领域满足于'Powered by Baidu'的合作模式，错失了自建搜索的最佳时机。在算法推荐领域，搜狐曾与早期的今日头条接触但未达成合作。

**Q6 (EN): What major business opportunities did Zhang Chaoyang once reject?**

A: The most famous case was around 2000, when Pony Ma hoped Sohu would acquire QQ for 500,000 RMB, but Zhang ignored the proposal. Additionally, Sohu was content with a 'Powered by Baidu' search partnership, missing the best window for building its own search engine. In algorithmic recommendation, Sohu had early contact with the nascent Toutiao but failed to reach a partnership.

**Q7: 张朝阳近年来的生活状态是怎样的？**

A: 张朝阳目前过着极其自律的生活：每天凌晨3-4点起床，跑步5公里，自己煮咖啡做饭，晚上7-8点结束工作。每周坚持4场英语直播课和物理课。2025年以61岁高龄完成8公里蛙泳横渡海湾。他自称从'追求做人上人'转变为'关注责任与日常'，通过持续学习和产品实践找到人生新意义。

**Q7 (EN): What is Zhang Chaoyang's lifestyle like in recent years?**

A: Zhang now lives an extremely disciplined life: rising at 3-4 a.m. daily, running 5 kilometers, brewing his own coffee and cooking, and finishing work by 7-8 p.m. He maintains four weekly livestream sessions for English and physics classes. In 2025, at age 61, he completed an 8-kilometer breaststroke crossing of a bay. He describes shifting from 'pursuing superiority over others' to 'focusing on responsibility and daily life,' finding new meaning through continuous learning and hands-on product practice.

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-01-00176/liezhuan ｜ 生成时间 Generated：2026-09-11 00:42