Group 1: Ctrip's Q1 Financial Performance - Ctrip's net revenue for Q1 2025 reached 13.8 billion yuan, a year-on-year increase of 16%, while net profit remained flat at 4.3 billion yuan [1] - The increase in revenue was primarily due to a rise in expenses, with marketing expenses amounting to 3 billion yuan, a 30% increase, nearly double the revenue growth rate [1] - Ctrip's gross margin for the quarter was 80.4%, below the market expectation of 81% [1] Group 2: Ctrip's Business Segments - Ctrip's revenue is derived from four main segments: accommodation booking (5.5 billion yuan), transportation ticketing (5.4 billion yuan), tourism vacation (947 million yuan), and business travel management (573 million yuan) [1] - Accommodation booking accounted for the largest share of total revenue at 39.8%, with a year-on-year growth of 23% [1] - The overseas platform's booking volume grew by over 60% year-on-year, and inbound tourism bookings doubled [1] Group 3: Honda's Electric Vehicle Strategy - Honda announced a reduction in its electric vehicle investment plan from 10 trillion yen (approximately 691 billion USD) to 7 trillion yen (approximately 484 billion USD) due to slowing demand for pure electric vehicles [2] - The CEO of Honda stated that by 2030, the expected sales proportion of pure electric vehicles will be only 20%, down from the previous target of 30% [2] - Honda plans to achieve annual sales of 2.2 to 2.3 million hybrid vehicles by 2030 and will launch 13 new hybrid models between 2027 and 2030 [2] Group 4: CATL's IPO Performance - CATL's stock price surged by 18% on its first day of trading on the Hong Kong Stock Exchange, with a market capitalization exceeding 1.41 trillion HKD [3] - The chairman of CATL emphasized that the company aims to be a provider of system solutions, not just a battery component manufacturer [3] Group 5: Apple's App Store Commission - A recent U.S. court ruling deemed Apple's 27% commission on developers using third-party payment systems illegal, which could lead to a reduction in commission rates [4] - This commission generates approximately 20 billion USD in annual revenue for Apple, and the company is appealing the court's decision [4] Group 6: Electricity Consumption in China - In the first four months of the year, China's total electricity consumption grew by 3.1%, with April's consumption reaching 772.1 billion kWh, a year-on-year increase of 4.7% [6] - The primary industry saw the fastest growth in electricity consumption, increasing by 10% [6] Group 7: Nintendo Switch 2 Chip Production - Samsung Electronics will produce chips for the Nintendo Switch 2, transitioning from TSMC, as the new chips are optimized for Samsung's production process [7] - Samsung has sufficient chip production capacity to support the production of 20 million Switch 2 units by March 2026, while Nintendo anticipates sales of 15 million units [7] Group 8: Interest Rate Adjustments by Chinese Banks - Major Chinese banks, including ICBC and ABC, have lowered interest rates on various deposit and loan products in response to the central bank's recent policy rate cuts [8] - This adjustment aims to protect bank profitability while encouraging consumers to borrow more and save less, thereby stimulating the economy [8] Group 9: NIO's Charging Station Initiative - NIO Energy plans to collaborate with Shenyang Zhongde Group to build 100 charging and battery swap stations in Northeast China [12] - NIO has already established a network of 3,319 battery swap stations across the country, connecting over 700 cities [12] Group 10: Meituan's AI Tool Launch - Meituan is set to launch an AI programming tool called "NoCode," which is currently in gray testing [13] - The tool is developed by Meituan's quality and efficiency team, part of its basic R&D platform [13]

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。 拔剑四顾心茫然。 从代表中国制造产业先进生产力的维度，宁德时代是一个偶像级的企业。在资本市场上，中国的股民 称它为 "宁王"，因为宁德时代几乎是第一个把资本市场炒作的概念变为现实的公司。 文 丨 李梓楠 制图 丨 黄帧昕 编辑 丨 王姗姗 5 月 20 日，宁德时代在港交所挂牌完成二次上市，募资规模达到 353 亿港元（约合 45 亿美元）。宁 德时代股价盘中一度涨超 18% ，市值达 1.41 万亿港元，势头压过与它在 A 股市场一直被拿来 PK 的 比亚迪。 港股市场上一次目睹此等规模的 IPO 还是 2021 年上市的快手。从交表至挂牌，宁德仅用了三个月， 速度之快在近年港股 IPO 案例中非常少见。 在新能源汽车业内，宁德时代过往因 "霸道" 而不乏争议。客户都知道很难与宁德议价，电池供不应求 时，甚至需提前支付保证金才能提货，这令一些车企自嘲，造车是在给宁德时代 "打工"。车企集体陷 入价格战的当下，宁德时代也没有全面降价让利，反而继续认为只要能为客户提供最好的电池，就 ...

宁德时代 IPO 前暗盘价格涨超 9%。 明天就将上市的宁德时代，当前在港股暗盘的股价已经涨到 284 港元，涨幅达 9%。按照暗盘价格 计算，宁德时代的市值将涨到 1.3 万亿港元，在港股排第八。 本次港股 IPO ，宁德时代发行价为 263 港元，与 A 股价格相比，几乎没有折价。宁德时代计划融 资 50 亿美元，其中大部分额度被中石化、科威特资本局、橡树资本、瑞银等机构认购。目前宁德 时代公开发售股票的认购倍数超过 120 倍，已经获得超过 2800 亿港元资金的认购。 小米自研芯片玄戒 O1、首款 SUV YU7 等将于本周四发布。 小米今天宣布，将于本周四晚 7 点举行战略新品发布会，发布手机 SoC 芯片小米玄戒 O1、小米 15S Pro、小米平板 7 Ultra、小米首款 SUV YU7 等产品。 小米创始人雷军发文称，小米在 2021 年初决定造车。几乎与此同时，小米决定重启 "大芯片" 业 务，重新开始研发手机 SoC。截至今年 4 月底，小米玄戒项目累计投入研发费用超 135 亿元。目 前，其研发团队已超 2500 人，今年预计的研发投入将超过 60 亿元。 小米称，玄戒 O1 采用第二 ...

Core Viewpoint - The company aims to transform the Wei brand into one that truly understands its users, emphasizing a commitment to user-centric changes and long-term growth in the competitive automotive market [3][5][6]. Group 1: Brand Development and Challenges - Wei brand, established in 2016, initially gained traction with the VV series, achieving over 200,000 cumulative sales in 2017 and 2018, positioning itself as a benchmark for domestic luxury SUVs [3][5]. - The brand faced challenges during the early stages of the new energy wave, leading to strategic confusion and a decline in sales to 36,400 units in 2022 [3][4]. - Despite setbacks, the chairman expressed unwavering commitment to the brand, viewing the automotive journey as a marathon rather than a sprint [4]. Group 2: User Engagement and Service - The new brand strategy focuses on "changing for users," with initiatives to enhance direct engagement through physical and digital touchpoints, including the establishment of user centers across 110 cities [5][8]. - The company has accumulated 600,000 family users over eight years, with plans to expand user centers to over 1,000 locations [5][8]. - The introduction of new vehicle colors and upgrades based on user feedback demonstrates a commitment to co-creation and responsiveness to customer needs [12]. Group 3: Channel and Sales Strategy - The company is restructuring its channel system to include direct retail centers, aiming to improve user interaction and feedback responsiveness [6][9]. - A significant number of user centers are planned to enhance service delivery and customer experience, with a focus on high-end models [8][9]. - The direct sales model is designed to complement the existing dealer network, addressing the challenges faced by traditional dealerships in selling high-end vehicles [9][10]. Group 4: Technological and R&D Investment - The company has invested heavily in R&D, with expenditures rising from 1.69 billion in 2013 to 8.054 billion in 2023, maintaining a higher investment level than industry peers [14][16]. - A robust technical foundation supports the Wei brand, with over 1,200 engineers and a commitment to continuous innovation in energy and intelligent systems [13][16]. - The launch of a new multi-power platform reflects the company's strategy to remain versatile amid industry transitions, prioritizing technological advancement [18]. Group 5: Safety and Quality Assurance - The company emphasizes safety as a core value, investing in advanced testing facilities to ensure high-quality standards and reliability in its vehicles [20][21]. - The establishment of a large-scale collision testing facility underscores the commitment to safety, with rigorous testing protocols in place [21][23]. - The company's approach to safety is not only about compliance but also about exceeding standards to protect users, as demonstrated in a real-world incident where the vehicle's safety features were highlighted [24].

美的集团董事长 方洪波 "企业想要生生不息，依靠的是完善的公司治理，而不是一个人。" 文 丨 宋玮 13 年前，70 岁的美的公司创始人何享健把公司交给了 45 岁的方洪波。在那场意义非凡的交班仪式 上，方洪波仅说了两句话，他说，"千里马常有，而伯乐不常有"，第二句话是，"我只是美的发展历史 中的一个过客"。 方洪波清晰知道自己是谁，一个过客。 正是这名过客，创造了中国商业史上罕见的增长奇迹。在他接任美的董事长这十三年，美的收入增长 了 4 倍，从 1000 亿 到 4000 亿；市值翻了 8 倍，上涨了超过 5000 亿，目前位列 A 股民企市值第 三，仅次于宁德时代和比亚迪。他重塑了美的，将其从传统的家电制造商转型成了一家科技驱动的多 元化集团，产品卖向全球。 每一位优秀企业家，都是在独特的生存土壤中，生长出属于自己的路。方洪波的独特处境在于，他执 掌着规模庞大的企业，手握极大权力，却既非创始人，也非所有者。在这样极具挑战性的环境中，他 不仅实现了卓越成就，还守住了自我本真。这一切，都源于他对自我的清晰认知。 他始终将自己定位为继任者、交棒者，禁止公司悬挂自己的照片，摒弃口号式企业文化，甚至不允许 员工称 ...

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。 比亚迪随后继续加大对自研辅助驾驶的投入，快速招人、内部赛马，希望最短时间实现最快追赶。 2024 年 6 月前后，比亚迪组建两大辅助驾驶自研团队 "天璇""天狼"，分别投入，廖杰团队加入 "天 狼"。9 月底，比亚迪改变策略、集中资源，两大团队开始陆续整合为一支自研团队。"天狼" 负责人李 锋成为自研总负责人，整体管理比亚迪辅助驾驶自研软件业务。 持续两年多的调整后，比亚迪智能化业务架构进入相对稳定阶段。 文 丨 司雯雯 编辑 丨 龚方毅 人事变动最直接地体现着比亚迪最受关注的智能化业务的每一次决策、路线和投入：2 年前， 智能辅助驾驶首次成为比亚迪核心战略，多位外部技术人才密集加入、寻求新机会。自研业务 从内部赛马到合并，管理职位出现又被缩减。最近，在一系列调整后，比亚迪智能化业务组织 架构相对稳定——由此又伴随着新的人事变化。 我们独家获悉，比亚迪为辅助驾驶引入的技术人才之一廖杰已于 2025 年春节后离职。他 2023 年 8 月前后加入比亚迪新技术院，参与智能辅助驾驶算法 ...

淘宝还会继续提佣金，原来不投广告的白牌商家也开始花钱了。 今天阿里巴巴发布了截止 3 月 31 日的季报，淘天集团的表现最为亮眼，其中中国零售商业的客户 管理收入同比增长了 12%，达到 710.77 亿元。 阿里巴巴 CFO 徐宏在财报会上解释，这部分增长一是来自抽佣的提高。去年 9 月开始淘宝开始对 平台上已确认的交易收取 0.6% 的 "基础软件服务费"，此前淘宝是国内唯一对卖家免费开放使用的 电商平台，徐宏说这部分服务费推出早期还有些优惠，接下来这些优惠会被收回，拉动客户管理费 提升。 增长的另一部分则来自 "全站推"。这是阿里去年 4 月推出的流量推广工具，商家只要在全站推系 统中选择商品、设置每日的花费预算，其他就可以交给系统自己运行。 电商事业群 CEO 蒋凡在本次财报会上说，这一产品的渗透率在不断提升，原来不花钱推广的白牌 商家也开始使用了，这对淘宝来说都是增量广告收入。 另一值得关注的业务是阿里云，四季度云智能营收同比增长 18%，略低于市场乐观预期的 20%。 增长主要来自公有云业务，且受到 AI 驱动明显。 阿里巴巴集团 CEO 吴泳铭在财报会上说，除了互联网金融、教育等互联网原生企业开 ...

Core Viewpoint - The article discusses the evolution and challenges of hidden door handles in the automotive industry, highlighting their aesthetic appeal versus practical safety concerns and regulatory scrutiny [2][3][11]. Summary by Sections Evolution of Hidden Door Handles - Initially designed for aesthetics and aerodynamics, hidden door handles became more common in mainstream vehicles due to technological advancements and cost reductions [2]. - Tesla's Model S was the first electric vehicle to feature hidden door handles, which contributed to its success and established a design trend in the EV market [2]. Technical Challenges and Regulatory Response - Hidden door handles have faced issues such as hand pinching, freezing in winter, and sensor failures, leading to safety concerns [3]. - The Ministry of Industry and Information Technology in China proposed new safety standards for automotive door handles, addressing risks related to strength, control logic, and emergency escape [3][11]. Performance vs. Complexity - The aerodynamic benefits of hidden door handles are minimal, with improvements in drag coefficient only between 0.001 to 0.002 Cd, translating to a mere 1 to 3 kilometers of range increase [4]. - The complexity and cost of hidden door handles are significantly higher than traditional designs, raising questions about their overall value [4][12]. Design Variants and Safety Considerations - Hidden door handles can be categorized into fully hidden and semi-hidden types, with varying mechanisms for operation [5][7]. - The reliance on electronic systems increases potential failure points, especially in emergency situations where mechanical backup is crucial [7][11]. Market Adoption and Consumer Perception - Approximately 60% of the top 100 electric vehicle models in China feature hidden door handles, indicating a growing trend despite safety concerns [11]. - Some manufacturers adopt a hybrid approach, combining hidden designs with traditional mechanical features to balance aesthetics and safety [10][12]. Future Developments and Innovations - Suppliers are exploring safer hidden door handle solutions, such as mechanical self-triggering mechanisms that do not rely on electrical power [17][18]. - The automotive industry is urged to prioritize safety and functionality over cost-cutting measures, reflecting a need for a shift in design philosophy [24].

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。 协同的美好与执行的复杂。 文 丨 司雯雯 赵宇 编辑 丨 龚方毅 "面对激烈的市场竞争和日益复杂的市场环境，吉利汽车只有改变过去品牌 '小而散、散而乱' 的现 象，进行深度整合，把公司的资源凝聚成一个拳头，我们才有可能取得胜利。"5 月 15 日下午， 吉利 汽车控股有限公司行政总裁桂生悦在公司今年一季度业绩会上说。 今年一季度，吉利的销量、营收和利润均有所增长。其中，新车销量 70.4 万辆，同比增长 48%；营 收 725 亿元，同比增加 25%；归母净利润 56.7 亿元，同比增幅达 264%。 在业绩向好的背景下，吉利希望借势进一步完成子品牌的业务整合。最近一个动作发生在上周：5 月 7 日，吉利汽车在港股公告称，计划收购已在美股上市的子公司极氪的全部剩余股份。如果这项收购 完成，极氪将成为吉利的全资附属公司，实现私有化并从纽交所退市。 据我们了解，在吉利汽车的私有化邀约发出后，极氪内部员工对于自身工作范围会否调整，以及能否 保住工作存有疑问和担心。为此，极氪发布公司内部 ...

Core Viewpoint - The core viewpoint of the article emphasizes that the success of AR glasses hinges on creating a compelling reason for users to wear them, particularly targeting gamers with a portable large-screen experience [3][6]. Company Overview - VITURE, founded in 2021, has quickly become a leading player in the AR glasses market, selling hundreds of thousands of units in the U.S. by the end of 2024, capturing over half of the market share [3][5]. - The company has a small team of just over a hundred people, focusing on quality over quantity in hiring [5]. Product Development and Strategy - The founder, Jiang Gonglue, believes that the first principle of creating smart glasses is that users do not inherently need them, thus requiring a strong value proposition [3][15]. - VITURE's strategy involves targeting gamers, providing a portable large-screen experience for gaming on the go, which is seen as a compelling reason for users to adopt AR glasses [3][15]. - The company has received multiple design awards for its innovative approach, including moving computing units to a neckband to reduce the weight of the glasses [4][22]. Market Insights - The AR and VR market has struggled to gain mainstream acceptance, with global sales projected at 10 million units in 2024, far behind smartphones and smartwatches [6][10]. - The industry has been characterized by high expectations and a disconnect from actual user needs, leading to unsustainable business models [9][10]. Technological Innovations - VITURE utilizes BirdBath optical technology for its AR glasses, which is currently more practical than emerging technologies like waveguide optics, despite some criticism [8][9]. - The company has developed a real-time 2D to 3D conversion feature that enhances user experience without relying on cloud computing, showcasing its integration of software and hardware [19][20]. Future Outlook - Jiang envisions a future where AR glasses could serve as the primary device for interaction, combining the largest interface with the best mobility [14][33]. - The potential market for VITURE's products is estimated at 10-15 million units annually, primarily driven by the gaming community [16]. Challenges and Considerations - The company faces challenges in ensuring that its products meet user needs and expectations, particularly in a market that has seen many failures due to misalignment with consumer demand [9][10]. - Jiang emphasizes the importance of achieving product-market fit (PMF) before scaling resources, a lesson learned from industry peers [3][40].