Abstract: Content platforms have become the epicenter of information manipulation in the digital age and a core issue in current internet governance. Information manipulation on content platforms stems from the evolution of their product logic, transitioning from service philosophies of "user-centricity" and "content supremacy" to a "traffic-driven logic". Leveraging their vast content resources, relational networks, and technological empowerment, these platforms engage in information manipulation through resource allocation and service activities. Under the traffic-driven paradigm, depriving users of control over their information behaviors has become the direct objective of such manipulation, distorting the original "service provider-user" relationship. The profound societal impact of content platforms' information manipulation lies in its ability to reshape information flows and the broader information ecosystem by targeting individual users. This manifests across four dimensions—perception, behavior, cognition, and decision-making—exerting multilayered influence. Effective governance of platform information manipulation must therefore focus on these multidimensional impacts, requiring systematic deconstruction of platform technological black boxes as a foundational step.