且通电自营的流量也带来了自营一般商品（超市品类为主）的增速回升，一季度同比达到了15%，也是一个不错的成绩单。 3. 在通电产品的流通带动下，轻资产性收入——广告（含自营商品的广告、3P商品广告与佣金）同比同样加速增长到了16%。 北京时间5月13日晚美股盘前，京东（JD.US）公布了2025年一季度财报。乍一看，还挺不错，但实际真有那么惊艳？先看快速过一下数 ： 1、 16%的总收入增长、31%的调整后经营利润增长——在乱战的电商平台中，算得上是非常漂亮的深蹲起跳了。 2. 分类来看，驱动收入增长的关键是自营通电产品——收入占比接近50%的自营通电产品 增速飙到了17% ，而且由于通电销售带来利润，这么高的通电增长，利 润自然"加量"释放。 4. 包括京东物流、达达快送的 物流板块本季收入增速同比13%，环比增加3pct， 有加速增长，但效果明显没有商城业务好。 5. 总体经营利润一季度更是达到了105亿元，经营利润率同比提高到了3.5%， 同比增长接近40%！肉眼可见的漂亮。 从各项支出来看，利润表现不错，除了最关键的收入增长不错，主要是在整体激烈的市场竞争中，最大的支出项——营销费用整体可控，没有像以往 ...

Group 1 - The core viewpoint of the article is that the recent US-China tariff negotiations have resulted in a significant reduction of tariffs, which is seen as a positive development for the capital markets, but questions remain about the sustainability of this optimism for US stocks [1][8][27] - The new tariff structure includes a 30% tariff from the US on China, with an additional 24% delayed for 90 days, while China imposes a 10% tariff on the US and also delays 24% for 90 days [1][3][5] - The article highlights that despite the reduction in tariffs, the overall tariff rates remain relatively high, with the US imposing an average of around 50% tariffs on China, which could still impact economic growth [5][6][27] Group 2 - The article discusses the purpose of the tariffs, indicating that they are not aimed at reducing global trade barriers but rather serve as a means of generating revenue for the US government [9][23] - It is noted that the expected revenue from tariffs is minimal compared to the overall federal budget, suggesting that tariffs alone will not significantly address the US's fiscal challenges [9][11][18] - The article emphasizes that the success of manufacturing return to the US will depend on broader economic policies, including tax cuts and regulatory changes, rather than solely on tariff increases [11][15][17] Group 3 - The article suggests that the recent tariff negotiations may have alleviated some immediate trade tensions, but the US still faces significant challenges in revitalizing its manufacturing sector amid high debt levels [27][28] - It is indicated that the market may experience short-term positivity due to the resolution of trade tensions, but long-term investment strategies should consider diversification across markets and assets [27][36] - The article concludes with a focus on upcoming earnings reports from major companies, which will be critical in assessing market performance and investment opportunities [40]

Core Viewpoint - Unity's Q1 2025 performance exceeded expectations, particularly in the Grow segment, but the new advertising model's impact is still uncertain and may not significantly boost revenue in the near term [1][2][17]. Financial Performance - Unity reported total revenues of $435 million for Q1 2025, a year-over-year decline of 5.5%, but above company guidance and market expectations [4][17]. - The Create segment saw an 8% year-over-year decline, slightly below market expectations, while the core subscription revenue grew by 13% [2][17]. - The Grow segment's revenue decreased by 4%, which was better than market expectations [19]. Operational Metrics - The net expansion rate improved to 97%, but still fell short of market expectations, indicating a slight decline in revenue from existing customers [21]. - The number of large customers (paying over $100,000 annually) increased to 1,260, reflecting a modest recovery [22]. - Deferred revenue remained stable, suggesting ongoing revenue challenges [24]. Cost Management - Operating expenses decreased by 35% year-over-year, with significant reductions in stock-based compensation [28]. - GAAP operating loss was $128 million, while adjusted EBITDA reached $84 million, exceeding both company guidance and market expectations [28]. Future Outlook - Management's guidance for Q2 2025 indicates expected revenues between $415 million and $425 million, reflecting a year-over-year decline of 5.3% to 7.5% [27]. - The transition to the new advertising model is anticipated to take longer than previously expected, with potential for a gradual recovery in the second half of the year [6][13].

Financial Performance - Total revenue increased by 27% year-over-year, with Merchant Solutions revenue growing by 29% driven by GMV growth and Shopify Payments penetration reaching 64% [2] - Subscription Solutions revenue grew by 21%, supported by an increase in merchant sign-ups and Plus pricing adjustments [2] - Monthly Recurring Revenue (MRR) rose by 21%, with the Plus plan accounting for 34% of MRR [3] - Free cash flow reached $363 million, representing 15% of revenue, maintaining double-digit free cash flow margins for seven consecutive quarters [4] GMV and Market Growth - Total GMV was $74.8 billion, up 23% year-over-year, with offline GMV also increasing by 23, primarily driven by mid-to-large retailers [5] - B2B GMV saw a three-digit growth of 109% year-over-year, while international GMV grew by 31%, with cross-border health categories accounting for 50% of GMV [5] - In Europe, GMV increased by 36%, led by the UK, Netherlands, and Germany [6] - In the US, Shopify outperformed the overall e-commerce market growth for the fifth consecutive quarter, exceeding it by more than two times [7] Outlook for Q2 FY2025 - Revenue is expected to grow in the mid-20s percentage range year-over-year, supported by favorable FX and GMV momentum [8] - Gross profit is anticipated to increase at a high double-digit rate, although gross margin may decline due to a higher proportion of merchant services revenue and accounting impacts from PayPal [9] - Operating expenses are projected to account for 39-40% of revenue, with continued vigilance on employee growth and a focus on high-return spending areas like marketing [10] - Free cash flow margin is expected to remain in the mid-double digits, prioritizing long-term growth opportunities over short-term profit optimization [11] Executive Insights from Earnings Call - Shopify emphasized its agility and resilience in responding to macroeconomic changes, focusing on merchant success while balancing operational discipline and innovation [12] - Measures to address tariffs include upgrades to the "Hosted Market" feature for automatic tariff calculations and compliance management, along with the launch of an AI-based tariff query tool [13] - The company has expanded payment coverage in multiple European countries, with European GMV growth outpacing local markets by three times [13] - Core categories like apparel, beauty, and home goods showed steady growth, while emerging categories like pet supplies and art experienced significant growth [14] - Shopify Fulfillment Network has expanded third-party logistics access, reducing shipping costs and simplifying return processes [14] - Shopify Payments has launched in 16 new markets, increasing the total number of supported countries to 39, with Shop Pay GMV growing by 57% year-over-year [15] - The impact of the US-China small package tax exemption cancellation is minimal, affecting only 1% of GMV, with merchants adapting through supply chain strategies [15] - Over 50% of US consumers have an annual income exceeding $100,000, indicating lower price sensitivity [16] - The company is prioritizing the use of AI tools to enhance operational efficiency, deploying 12 AI servers to optimize various processes [17]

Core Viewpoint - ARM's Q4 FY2025 financial report shows strong revenue and gross margin growth, primarily driven by increases in licensing and royalty businesses, despite a decline in net profit due to one-time equity investment losses [1][4]. Financial Performance - Total revenue for Q4 FY2025 reached $1.24 billion, a year-over-year increase of 33.7%, aligning with market expectations [1][3]. - Gross profit for the quarter was $1.21 billion, with a gross margin of 97.7%, reflecting a slight increase from previous quarters [3][4]. - Net profit was $210 million, down 6.3% year-over-year, impacted by one-time losses from equity investments [1][3]. Business Segments - Licensing revenue amounted to $634 million, up 53.1% year-over-year, with an Annual Contract Value (ACV) of $1.36 billion, a 15% increase [2][3]. - Royalty revenue reached $607 million, growing 18.1% year-over-year, driven by the adoption of the Armv9 architecture and increased usage of Arm-based chips in data centers [2][3]. Future Guidance - For Q1 FY2026, ARM expects revenue between $1.0 billion and $1.1 billion, with adjusted earnings per share projected between $0.30 and $0.38, both below market expectations [2][4]. - The royalty business is anticipated to grow by 25-30% year-over-year, while licensing growth may face pressure due to high comparatives from the previous year [4]. Market Valuation - ARM's current market capitalization stands at $130.9 billion, with projections for FY2026 operating profit suggesting a price-to-earnings ratio that reflects a revenue growth assumption of 16.2% and a slight increase in gross margin [5].

Financial Performance Overview - Disney's total revenues for FY2Q25 reached $236.2 billion, beating consensus estimates by 2.48% [1] - The operating income was reported at $44.36 billion, exceeding expectations by 10.18% [1] - Adjusted EPS grew by 20.83% year-over-year, reaching $1.45, which also surpassed consensus [1] - Free cash flow for the quarter was $48.91 billion, indicating strong liquidity [1] Segment Performance - The Experience segment showed strong performance with revenues of $106.82 billion, beating estimates by 1.90% [1] - The Entertainment segment continued to grow, with significant box office success from Marvel's "Thunderbolts" [5] - ESPN's viewership in the key 18-49 age demographic increased by 32%, marking a record for the second quarter [6] Strategic Developments - Disney announced plans to build a new theme park in Abu Dhabi, enhancing its global footprint [2] - The company is investing over $30 billion to enhance its theme park services in Florida and California, creating job opportunities [3] - Disney's focus remains on future growth while managing current operations effectively [3] Content Strategy - Disney+ is integrating more Hulu and ESPN+ content to enhance user engagement and retention [7] - Upcoming film releases include highly anticipated titles such as "Lilo & Stitch" and "Avatar: Fire and Ash," expected to drive further growth [5]

Financial Results Overview - The company reported total revenues of $544 million for Q3 2023, exceeding guidance by $20 million, with a year-over-year growth of 68.5% [1] - Adjusted EBITDA was $131 million, beating expectations by $29.4 million, with a margin of 24.1% [1] - The company achieved a gross profit of $393 million, with a gross profit margin (GPM) of 72.2% [1] - Free cash flow was reported at $104 million, a significant improvement compared to the previous year [5] Business Segments - **Grow Segment**: Revenue was $285 million, a 4% year-over-year decline, but still above expectations due to the early success of Unity Vector [2] - **Create Segment**: Revenue was $150 million, down 8% year-over-year, attributed to the exit from low-margin professional services, with high-margin subscription services now making up nearly 80% of the segment [3] Financial Health - Adjusted EBITDA for the quarter was $84 million, with a margin of 19%, reflecting a 200 basis point year-over-year increase due to operational leverage and cost management [4] - Cash and cash equivalents stood at $1.5 billion, with total debt of $2.2 billion, following the issuance of $690 million in convertible bonds to optimize the debt structure [6] Q2 Guidance - The company expects total revenues for Q2 2024 to be between $415 million and $425 million, with adjusted EBITDA projected at $70 million to $75 million [7] - The Grow segment is anticipated to see stable revenue growth, while the Create segment may experience a slight decline due to reduced non-strategic revenue [8][9] Management Insights - The company emphasized significant progress in its transformation during Q1, with both Grow and Create segments contributing to performance exceeding expectations [10] - The migration to the Unity Vector platform has been completed ahead of schedule, enhancing advertising performance and client returns [11] - Unity 6 has been well-received, with over 440,000 downloads and a strong upgrade intention among users, driving subscription revenue growth [13] Industry Developments - The company is optimistic about the potential of AR/VR gaming and aims to maintain its leadership in this sector, having supported many top applications [14] - Unity's platform has seen rapid subscription growth in verticals outside gaming, with new clients including major corporations like Philips and Siemens [15]

——确实存在，目前主要存在于用户搜索份额之间，这也是海豚君近期点评反复提及的估值压制点之一。虽然短期对广告主的预算分配的影响，只能说暂时有 限。但苹果高管的言论，情绪面上无疑加剧了市场对谷歌搜索颠覆风险的担忧。 4 月苹果 Safari 搜索量首次下滑，Cue 把问题归结为 AI 搜索的分流影响。但谷歌在业绩电话会上，透露随着 AI Overview 渗透率走高，整体搜索量是在提升的，第 三方机构披露的搜索活跃度的数据也能给到相关佐证。 5月7日晚谷歌大跌，源于一条"苹果开始聚焦 AI 搜索"的新闻。海豚君把彭博原文看了下，主要核心有两点。下面来简单聊一聊。 1、AI 搜索对传统搜索的侵蚀？ 为什么两家巨头说法相反？ 海豚君认为，很可能是不同平台之间的差异。在移动端，AI App 的搜索问答体验很丝滑，因此要从 Safari 切换到一个 AI chatbot/AI 专业搜索的 App（比如 ChatGPT 和 Perplexity），甚至是 Google 自己的 Chrome 或者 Gemini，对于用户来说，切换成本并不高。 但在 PC 端，Chrome 的垄断地位或者说产品习惯优势更明显，因此，这可能是谷 ...

Overall Performance - The company reported total revenue of $2.247 billion for Q1 2025, representing a quarter-over-quarter increase of 1.8% but missing the original guidance by 4.67% due to production fluctuations and declining average selling prices [2][3] - Gross margin stood at 22.5%, a slight decrease of 0.1 percentage points from the previous quarter, with operating profit at $310 million and EBITDA at $1.2918 billion, reflecting an EBITDA margin of 57.5% [2][3] - Net income for the quarter was $188 million, with total assets amounting to $48 billion and total liabilities at $15.7 billion, resulting in a debt-to-equity ratio of 34.9% [2] Revenue Structure - Revenue from wafer sales accounted for 95.2% of total revenue, with 8-inch and 12-inch wafer revenues increasing by 18% and 2% respectively [4] - Geographically, revenue distribution was 84% from China, 13% from the U.S., and 3% from Eurasia, with overseas revenue experiencing growth despite various influencing factors [5] - In terms of application, revenue from smartphones, computers and tablets, consumer electronics, and IoT remained stable, contributing 24%, 17%, 41%, and 8% respectively, while industrial and automotive revenue grew over 20% [5] Growth Drivers - Geopolitical changes have prompted customers to place orders earlier than expected [6] - Domestic policies have increased demand for bulk commodities, leading to inventory replenishment in the industrial and automotive sectors [7] - The company has made significant progress in the automotive electronics sector, with steady growth in shipments of automotive-grade products [7] Product Development - The company is advancing process iterations and product upgrades, with strong demand for BCD, MCU, and specialty memory platforms, resulting in approximately 20% revenue growth in these areas [9] - In the heavy contract manufacturing sector, there is a high demand for small-sized AMOLED display driver platforms, and the company has launched high-value 40nm display driver chip products [10] - The company is expanding its technology platforms and capacity in the CIS and ISP fields to secure more orders [10] Capacity and Future Strategy - Capacity utilization rate improved to 89.6%, an increase of 4.1 percentage points, with 8-inch utilization rates approaching those of 12-inch [11] - The company plans to focus on core business areas to enhance adaptability and risk resilience, while the outlook for the second half of the year remains uncertain, particularly in the latter part of Q3 [11]

2、MRR 增长逆势小幅提速： 反映订阅业务的 MRR（月重复性收入）指标本季末为$1.82 亿每月，与市场预期的 1.83 亿大体相当。同比增长 20.5%，相比上季度 有 1pct 的提速 ，增长趋势有所改善。 结合高频数据，1Q 公司的 App 下载量增速较上季度是有所放缓的，但 MRR 增长却逆势提升。可能是 公司的商户订阅产品结构向高端产品倾斜 ，或者公司在 先 前推广的免费试用活动有所调整 （例如减少了活动的推广范围）。 3、商家服务变现率走高：营收上，商家服务本季收入$17.4 亿，同比增长 28.9%，虽较上季降速 3.7%，但比市场预期高出约 2pct。 按商家服务收入/GMV 计算的 商家 服务变现率同比走高了 10.9bps 到 2.33%，高于预期的 2.29%。 结合管理层电话会中表示支付渗透率为 64%（没有提及具体小数位）同比提升 3.5pct，以及 PayPal 渠道支付确认口径变为 1P，公司推广的 Shop Pay 支付和线下 POS 支付等都 有利于支付渗透率的提升 （反应为 GPV 占 GMV 比重的提升），从而传导到变现率的提升上。 4、本季订阅服务收入则为$6.2 ...