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美团收入超预期,广告和佣金增长略放缓;比亚迪推“百补”,有车型比特斯拉FSD便宜;理想调整下沉市场开店方式丨百亿美元公司动向
晚点LatePost· 2025-05-27 03:02
美团收入超预期,广告和佣金收入增长放缓。 一季度营收为 865.6 亿元,高于预估的 854.4 亿元,同比增长 18.1%;经调整后净利润为 109.5 亿元, 高于预期的 97.3 亿元,同比增长 46.2%。 美团预计外卖业务二季度单量增速与一季度、去年四季度持平,到店业务预计会受到外卖补贴冲击, 导致需求转移,订单增速放缓,利润小幅下跌。 当季美团现金和短期理财总规模约为 1803 亿元,较去年底增加超过 120 亿元。据我们了解,因为有 短期理财产品正好到期,当季美团在手现金规模超过短期理财余额。 今天,淘宝宣布,闪购联合饿了么日订单已超 4000 万,其中非茶饮订单占比达 75%。4 月底,《商 业观察家》曾报道京东 1000 万外卖订单中,现制咖啡贡献了约一半订单。对外界竞争,美团 CEO 王 兴在本次财报会上说,"将不惜代价赢得竞争。" 其中,核心本地商业的配送、佣金、广告收入分别为 257.2 亿元、240.5 亿元和 118.62 亿元,对应增 速为 22.1%、20.1% 和 15.1%。配送收入加速增长,佣金和广告增长放缓。 比亚迪王朝、海洋智驾版车型降价,今天股价下跌近 6%。 今年 ...
阿嬷手作创始人:一路走来都被人说傻,做别人舍弃的事丨晚点周末
晚点LatePost· 2025-05-25 12:01
反工业化、缓慢、笨拙。 文 丨 徐煜萌 编辑 丨 钱杨 如果不是顾客人手一杯奶茶,经过的人很可能以为这是一家餐厅:后厨十来个店员做餐,不同种类的 厨具铺满操作台。穿黑围裙、戴黑帽子的年轻小伙掀开双立人高压锅的锅盖,雾气立刻遮住视线,香 味说明那是刚煮好的芋头芯子。边上的 "阿嬷" 高高拉起搅拌过的米麻薯,制作这一份要花去 40 分 钟。后厨以规定速度搅打蛋液,只为了让炖蛋漂在奶茶上。忙碌的他们站在门店最中心的位置,隐蔽 的音响发出早市般窸窸窣窣的声音,和做餐声交叠,在商业中心创造出一个缓慢却充满烟火气的空 间。显示器的号码提醒到店点餐的客人,前面已经排了 180 杯。 创始人邓倩从小生活在广西,由祖辈带大。熬煮区的阿姨叫 "阿嬷",取自方言,也来自广西。在做奶 茶之前,她们做的是地方家常菜。邓倩印象里,长辈做的菜干净好吃,挑剔食材。她希望她的品牌给 人家的感觉、长辈亲手做的感觉。 当用标准化和自动化换效率和规模成为茶饮行业标准答案的时候,阿嬷手作没有那么做。它所有环节 手作,只用天然原料,少量拓店。所有品牌无论规模都经历了同店销售额的回落,它仍然保持一个月 卖一百多万元的业绩。一位头部茶饮公司研发人员跟我们回 ...
港大马毅谈智能史:DNA 是最早的大模型,智能的本质是减熵
晚点LatePost· 2025-05-23 07:41
Core Viewpoint - The essence of intelligence is "learning," which is a process of finding and utilizing patterns in the external world to make predictions and counteract the increase of entropy in the universe [3][15][21]. Group 1: Understanding Intelligence - Intelligence should not be understood superficially; it requires a historical perspective on its development from biological origins to machine intelligence [2][3]. - The historical evolution of intelligence includes four stages: genetic evolution through natural selection, the emergence of neural systems and memory, the development of language and writing for knowledge transmission, and the abstraction and generalization seen in mathematics and science [20][21]. Group 2: Machine Intelligence and Learning Mechanisms - Current AI models, such as o1 and R1, primarily rely on memorization rather than true reasoning, lacking the ability to independently generate abstract concepts [7][22]. - The training of models like DeepSeek demonstrates that open-source approaches can surpass closed-source methods, as the core of AI development lies in data and algorithms rather than proprietary technology [14][12]. Group 3: Educational Initiatives - The introduction of AI literacy courses at universities aims to equip students with an understanding of AI's history, current technologies, and their societal implications, fostering independent critical thinking [37][38]. - The curriculum emphasizes the importance of understanding the basic concepts of AI and its ethical considerations, preparing students for future interactions with intelligent systems [42][39]. Group 4: Future Directions in AI Research - The pursuit of closed-loop feedback mechanisms in AI systems is seen as essential for achieving true intelligence, as it allows for self-correction and adaptation in open environments [43][46]. - The current state of AI is compared to early biological evolution, where significant advancements are still needed to move beyond basic capabilities [30][31].
AI 如何成为理想一号工程
晚点LatePost· 2025-05-23 07:41
以下文章来源于晚点Auto ,作者晚点团队 晚点Auto . 战略会结束的两个月后,理想汽车连续三天推出 "2024 理想 AI Talk",近半年没有公开露面的李想现 身, 系统分享了他对 AI 的理解,并说早在 2022 年 9 月,理想就把 AI 作为真正重要的一个发展方 向、将其视作未来竞争的关键。 那时其他不同禀赋的公司也在明确各自的 AI 路线。2022 年 10 月,特斯拉在公司 AI Day 上发布了人 形机器人 Optimus。在演示视频中,Optimus 可以完成搬运箱子、浇花等简单动作;此外,特斯拉寄 予厚望的 "完全自动驾驶" 方案 FSD 在北美上路。两个月后,ChatGPT 问世,引爆全球对生成式 AI 的关注。 当时理想自研车机端 "理想同学" 近三年,智能辅助驾驶系统 AD Max 也已搭载至 L 系列车型。2023 年初,他们确立了 "2030 年成为全球领先人工智能企业" 的公司愿景。 随后, 无论是李想本人参与讨论 AI 的频率,还是理想公司层面对外释放 AI 相关的信息都越来越密 集:2023 年 10 月,理想智能辅助驾驶研发团队大规模扩招;同年 12 月底,升级后的 ...
AI创业访谈④丨Flowith,10个95后想把自由思考变成Agent
晚点LatePost· 2025-05-23 07:41
通用 Agent 不是创业公司的机会。 这是《晚点 LatePost》 「AI 创业访谈」系列的第 4 篇。该系列将持续呈现 AI 应用创业者的多样思考 与实践。往期文章见文末合集 #AI 创业访谈。 屏幕上,一群戴墨镜、表情冷峻的黑衣人齐齐转头看向你,他们在召唤用户进入 "Neo" 的世界。 Neo 登录成功页面 这个《骇客帝国》科幻风格的登录界面,来自一款本周一发布的 Agent 产品——Neo。它由成立于 2023 年的 AI 应用公司 flowith 开发。 Neo 是《骇客帝国》男主角的名字,在电影里也有 "The One" 的意思,flowith 希望 "像救世主一样激活 Agent 市场"。 除了延续 flowith 之前就有的画布交互,Neo 带来的新体验是:无限——无限步骤、无限上下文、无限工具。 今天凌晨,大模型公司 Anthropic 发布 Claude 4,模型升级方向之一,就是长期推理——可连续、稳定、不间 断地写 7 小时代码。Flowith 团队今早告诉我们,"Calude 的这些提升与 Neo 的 '无限' 设计不谋而合",他们 会尝试用这些进展,增强 Neo 部分模块的体验。 ...
小米发新车,没有公布价格;比亚迪欧洲月销首超特斯拉;TikTok美国电商可能要裁员丨百亿美元公司动向
晚点LatePost· 2025-05-23 07:41
Group 1: Xiaomi's New SUV and Chip - Xiaomi unveiled its first SUV model, YU7, which is a mid-large pure electric SUV with dimensions of 4999 / 1996 / 1600 mm and a wheelbase of 3000 mm. The vehicle features a maximum power of 690 horsepower and can accelerate from 0-100 km/h in 3.23 seconds [1] - The YU7 comes with a standard 800V silicon carbide high-voltage platform, variable damping shock absorbers, a panoramic display, and an NVIDIA Thor U chip with a computing power of 700 TOPS, along with laser radar [1] - Xiaomi also launched its self-developed chip, Xuanjie O1, which is manufactured using a 3nm process and contains 19 billion transistors. The chip features a ten-core architecture and integrates the latest Immortalis-G925 GPU [2] Group 2: BYD's Market Performance - In April, BYD's pure electric vehicle registrations in Europe reached 7231 units, a year-on-year increase of 169%, surpassing Tesla's 7165 units, which saw a 49% decline [3] - The overall electric vehicle market in Europe grew by 28% in April, with Volkswagen's pure electric vehicle sales increasing by 61%, exceeding the market average [3] Group 3: TikTok's E-commerce Adjustments - TikTok is considering layoffs in its U.S. e-commerce department as part of a strategy to establish a more efficient operational model [4] - The layoffs are influenced by recent changes in U.S. tariff policies, which have affected the profitability of cross-border packages, prompting TikTok to explore new markets [5] Group 4: Employment Trends - The unemployment rate for non-student youth aged 16-24 decreased to 15.8% in April, marking a 0.7 percentage point decline month-on-month, although it is up 1.1 percentage points year-on-year [6] Group 5: Bitcoin Market Surge - Bitcoin's price surged to over $110,000, with a total market capitalization of $2.2 trillion, making it the fifth-largest asset globally [7] - The price increase is driven by factors such as U.S. legislative efforts on stablecoins, significant purchases by MicroStrategy, and a weaker dollar [7] Group 6: Nike's Pricing Strategy - Nike plans to raise prices slightly on its footwear, with increases of up to $5 for shoes priced between $100-$150 and up to $10 for those over $150 [8] - The company is also set to resume supplying products to Amazon after a six-year hiatus, aiming to enhance consumer experience through direct engagement [8] Group 7: LVMH's Performance Outlook - LVMH has indicated that its second-quarter performance may not improve compared to the first quarter due to weak demand, with comparable revenue declining by 2% in Q1 [9] Group 8: Nestlé's Strategic Focus - Nestlé's new CEO emphasized a focus on core businesses such as coffee, pet care, and food, while downplaying the need for significant mergers and acquisitions [10] Group 9: New Automotive Ventures - Jiangsu High合汽车有限公司 has been registered, with a capital of approximately $143 million, indicating potential restructuring opportunities for its parent company, 华人运通 [11] Group 10: Google and Robotics - Google co-founder Sergey Brin expressed skepticism about humanoid robots, noting the company's past acquisitions in robotics that were ultimately sold or shut down [12] Group 11: Tesla's Technology Sharing - Tesla's CEO Elon Musk announced the company's willingness to license its Autopilot and other technologies to other automakers, as well as opening its Supercharger network [13]
不犯错,是小鹏现在最正确的事丨一分钟财报
晚点LatePost· 2025-05-22 05:45
Core Viewpoint - Xiaopeng Motors has shown improvement in gross margin and a reduction in net loss, positioning itself to face greater challenges in the second half of the year [2][3]. Financial Performance - In Q1, Xiaopeng's net loss narrowed to 660 million yuan, a decrease of over 50% year-on-year and quarter-on-quarter, with free cash flow exceeding 3 billion yuan [3][4]. - The overall gross margin reached 15.6%, an increase of 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter; the automotive gross margin was 10.5%, marking a continuous increase for seven consecutive quarters [4]. - Despite a quarter-on-quarter revenue decline of 290 million yuan to 15.81 billion yuan, new vehicle deliveries increased by 2,500 units to 94,000 units, with the lower-priced MONA M03 accounting for 50.1% of deliveries [4]. Revenue Composition - Service revenue, which has a gross margin exceeding 66%, accounted for less than 10% of Xiaopeng's total revenue but contributed nearly 40% of the gross margin, primarily from technology development services related to collaborations with Volkswagen Group [4]. Future Outlook - For Q2, Xiaopeng expects delivery volumes to continue growing, reaching between 102,000 and 108,000 units, with revenue projected between 17.5 billion and 18.7 billion yuan, representing a year-on-year growth of approximately 115.7% to 130.5% [5]. - The company aims for over 100% growth in annual sales and plans to achieve profitable operations in Q4, maintaining a positive cash flow [5]. Competitive Landscape - Xiaopeng faces increasing competition from new entrants like Xiaomi and established brands such as Toyota and Volkswagen, which are accelerating their new product launches [6]. - The company is transitioning from full-stack self-research to a matrix-style integrated research and development approach to enhance its technological capabilities and long-term competitiveness [6].
极氪退市换吉利 “合一”,吉利重构资本版图
晚点LatePost· 2025-05-22 05:45
Core Viewpoint - The article discusses the strategic shift of Geely from a "Two Horizontals" strategy to a "One Geely" strategy, indicating potential issues in the execution of its original strategic goals and the need for restructuring [3][5][26]. Summary by Sections Strategic Adjustment - Geely's announcement in May to return to the "One Geely" strategy reflects a significant adjustment from its earlier "Two Horizontals" framework, suggesting challenges in implementing its strategic goals [3][5]. - The shift implies that Geely's strategic development objectives may not align with the practical outcomes, necessitating a strategic reconstruction based on actual results [3][5]. Financial Implications - The integration of Zeekr and Lynk & Co is central to Geely's strategy, but it may require strategic choices in the Hong Kong and US markets, leading to potential dilution of Geely's shareholding in Geely Auto [5][6]. - As of the end of 2024, Zeekr's financials show significant liabilities, with assets at 32.7 billion and liabilities at 42.8 billion, resulting in negative equity of 10.1 billion [6][7]. Operational Performance - Zeekr's operational challenges are highlighted by a projected net loss of 5.8 billion in 2024, despite a positive cash flow of 3.2 billion [7][8]. - The merger with Lynk & Co is expected to optimize Zeekr's asset/liability structure and enhance profitability, potentially allowing for a quicker turnaround [8][9]. Accounting Differences - The acquisition of Lynk & Co by Zeekr will be recorded under different accounting standards, leading to discrepancies in reported financial results [9][12]. - The differences in asset/liability recognition between Hong Kong and US accounting standards could significantly impact the perceived financial health of Zeekr post-merger [14][16]. Market Reactions - Following the announcement of the acquisition, Zeekr's stock price initially fell due to concerns over debt financing and shareholder conflicts, but later recovered as the market began to recognize the potential value of the integration [20][24]. - The proposed privatization of Zeekr by Geely, with a non-binding offer of $25.66 per ADR, has led to a significant increase in Zeekr's stock price, indicating market optimism about the deal [24][25]. Strategic Restructuring Costs - The transition to the "One Geely" strategy may incur high costs, including time and resource investments, and could dilute Geely's control over Geely Auto [22][23]. - The privatization process may require Geely to pay approximately $2.6 billion, reflecting the strategic complexities and financial implications of the shift [25][26].
欧盟、日本都准备对小包裹收税;一季度百度AI相关收入翻倍;香奈儿中国计划逆势开店丨百亿美元公司动向
晚点LatePost· 2025-05-22 05:45
Group 1: E-commerce and Taxation - The EU plans to eliminate the tax exemption for small packages valued under 150 euros, which accounted for approximately 4.6 billion packages last year, with over 90% originating from China [1] - Japan is also considering similar tax changes, potentially ending the exemption for imports valued under 10,000 yen by 2026 [1] - Cross-border e-commerce platforms like Shein and Temu are facing increased pressure as they seek growth outside the US market, which has already imposed taxes on packages valued under 800 USD [1] Group 2: Baidu's Financial Performance - Baidu's Q1 2025 core revenue reached 25.5 billion yuan, a 7% year-on-year increase, with net profit rising 48% to 7.63 billion yuan [2] - The company's cloud business grew by 42% year-on-year, and AI-related revenue saw over 100% growth due to the launch of a low-cost large model [2] - The autonomous vehicle service "Luobo Kuaipao" expanded to 15 cities globally, providing over 1.4 million rides in Q1, a 75% increase [2] Group 3: Great Wall Motors' Wei Brand - Great Wall Motors' Wei brand held an event emphasizing user-centric changes to enhance product strength and user experience [3] - The 2025 Wei brand Blue Mountain SUV was launched, priced between 299,800 and 326,800 yuan, maintaining the previous model's starting price [3] - The company aims to establish a stronger direct service system, expanding to 600 locations across over 200 cities this year [3] Group 4: New Blue Mountain SUV Features - The new Blue Mountain SUV features the latest Hi4 plug-in hybrid technology, with a total power output of 408 horsepower and a 0-100 km/h acceleration time of 4.9 seconds [4] - It offers two battery pack options with WLTC electric ranges of 185 km and 220 km, and a theoretical combined range of up to 1343 km [4] Group 5: Smart Features of the New Blue Mountain - The new Blue Mountain is equipped with the latest Coffee OS 3 and Qualcomm Snapdragon 8295 chip, supporting advanced driver assistance systems [5] - It includes over 30 sensors for full-scene navigation assistance, enhancing the driving experience [5] - Great Wall Motors announced a next-generation intelligent super platform compatible with various vehicle types and powertrains [5] Group 6: Chanel's Market Strategy - Chanel's revenue and operating profit fell by 4.3% and 30% respectively in 2024, marking the third consecutive year of profit decline [6] - The Asia-Pacific region saw the fastest revenue decline, with a 7.1% drop, particularly in mainland China [6] - Despite challenges, Chanel plans to open 15 flagship stores in China this year, focusing on second and third-tier cities [6] Group 7: Meitu's Investment from Alibaba - Meitu announced a $250 million investment from Alibaba in the form of convertible bonds, with a 1% annual interest rate [7] - This partnership will prioritize the promotion of Meitu's AI e-commerce tools within Alibaba's ecosystem [7] - Meitu commits to purchasing at least 560 million yuan in cloud services from Alibaba over the next three years [7] Group 8: Amer Sports' Performance - Amer Sports reported a 23% year-on-year revenue increase and a 196% rise in adjusted net profit in Q1, driven by strong performance across regions and product categories [8] - The company raised its full-year revenue growth guidance by 2 percentage points to 15%-17% [8] Group 9: Berkshire Hathaway's Exit from Kraft Heinz - Berkshire Hathaway's exit from the Kraft Heinz board suggests potential divestment of its 27.5% stake in the company [9] - Kraft Heinz is considering selling its meat brands amid a 4.7% decline in comparable revenue [9] - The company has lowered its full-year performance guidance due to macroeconomic challenges [9] Group 10: Google's AI Service Launch - Google introduced a new AI service, Google AI Ultra, priced at $249.99 per month, which includes 30TB of cloud storage and YouTube premium [10] - This service integrates advanced AI capabilities and is aimed at deep research applications [10] Group 11: Elon Musk's Plans for Tesla - Elon Musk confirmed he will continue as Tesla's CEO for the next five years unless unforeseen circumstances arise [11] - Tesla plans to expand its autonomous taxi service to Los Angeles and San Francisco following its initial launch in Austin [11] - Musk mentioned the potential for Starlink to become an independent publicly traded company [11] Group 12: XPeng's Financial Results - XPeng reported a Q1 gross margin of 15.6%, a year-on-year increase of 2.7 percentage points, despite a slight revenue decline [12] - The company delivered 94,008 vehicles in Q1, a 2500-unit increase from the previous quarter [12] - XPeng expects Q2 revenue between 17.5 billion and 18.7 billion yuan, representing a year-on-year growth of approximately 115.7% to 130.5% [12] Group 13: Li Auto's i8 Specifications - Li Auto's i8 SUV features two battery options with capacities of 90.1 kWh and 97.8 kWh, offering ranges of 670 km and 720 km respectively [13] - The vehicle supports fast charging capabilities, allowing for a 500 km range in just 10 minutes [13] Group 14: BYD Stock Performance - BYD's A and H shares both reached historical highs, with A shares hitting 404 yuan and H shares surpassing 460 HKD [14][15] - BYD's market capitalization reached 1.22 trillion yuan, with a year-to-date increase of approximately 40% [15] - The company is set to receive an estimated $2 billion in passive fund inflows following its inclusion in the Hang Seng Tech Index [15] Group 15: BMW's Stock Buyback Plan - BMW announced a stock buyback plan of up to 2 billion euros, marking its third major buyback in three years [16] - The plan includes repurchases of both common and preferred shares, with a maximum of 350 million euros allocated for preferred shares [16] Group 16: Alibaba's Entertainment Division Rebranding - Alibaba's entertainment division has been renamed to Whale Entertainment Group, with Alibaba Pictures rebranded as Damai Entertainment [17] - The rebranding aligns with Alibaba's strategy to refocus on its core mission of delivering happiness [17] - The division achieved positive adjusted EBITDA in Q1 2025, driven by a 12% revenue increase to 5.6 billion yuan [17]
晚点独家丨上汽按 “上、下车身” 整合零部件企业,加强与内部整车企业的协同
晚点LatePost· 2025-05-22 05:45
据我们了解,具体的整合形式还没有完全定下来,可以明确的是整合行动围绕整零协同展开。 一位接近上汽的知情人士告诉我们,"上车身" 的范围囊括车身、内外饰与智能座舱,整合不一 定是以组织合并的形式,但一定会在项目沟通上做更密切的连接,超越普通的甲乙方关系。一 位延锋的员工也表示,"零部件这块整体合作",去年策划的项目已经在按照这个思路推进。 以下文章来源于晚点Auto ,作者晚点团队 晚点Auto . 从制造到创造,从不可能到可能。《晚点LatePost》旗下汽车品牌。 减少整⻋企业和零部件企业之间的博弈。 文 丨 郭瑞婵 编辑 丨 龚方毅 上汽集团内部的整合行动延伸至旗下零部件体系。我们获悉,上汽正按照 "上车身" 与 "下车 身" 将零部件企业整合为两大主体,"上车身" 以延锋为主,"下车身" 则是筹备中的新底盘公 司。 凭借 70 年的造车经验与 40 年的合资历史,上汽内部孵化出了成熟、完备的零部件产业体系,拥有数 量庞大的零部件子公司,且不乏华域汽车、联合电子、延锋等龙头企业。不过,这并未在新能源时代 转化为上汽的竞争优势,去年上汽整车业务的毛利率仅有 3.86%,零部件业务的毛利率为 17.91%,而 ...