智通财经获悉，Meta Platforms(META.US)于美东时间1月28日公布了2025财年第四季度及全年财报，各 项核心指标均显著超越华尔街此前预期。财报显示，受益于AI驱动的广告效率提升，Meta该季度实现 营收598.9亿美元，同比大幅增长24%;每股收益(EPS)达到8.88美元，优于市场一致预期的8.21美元。 2025年全年营收规模首次突破2000亿美元大关，达到 2009.7 亿美元。该公司2025 年全年资本支出高达 722 亿美元。 核心业务方面，Meta旗下应用家族(Family of Apps)在该季度展现出强劲的用户粘性。每日活跃人数 (DAP)攀升至35.8亿，同比增长7%，而AI赋能的广告推荐算法使得广告展示量同比增长18%，单位价格 也逆势上调了6%。 Meta首席执行官马克·扎克伯格在业绩会上强调，该公司正在迈向"个人超智能化"时代，通过将生成式 AI深度整合至广告系统与穿戴设备，Meta已成功将技术投入转化为实际的营收增长动力。 长期以来，投资者一直担心 Meta 的业务能否从那等规模的投资中获得实质性收益。彭博情报分析师曼 迪普·辛格在上周的一份报告中称："与前沿的大 ...

点击输入图片描述（最多30字） 点击输入图片描述（最多30字） 【鸣鸣很忙上市大涨88%】中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司在港交所主板挂 牌上市，开盘大涨88.08%，截至收盘，涨幅回落至69.06%，报400港元/股，总市值达862.04亿港元。鸣鸣很忙此次全球发 售1410.1万股H股，公开发售阶段认购倍数超过1500倍，8家基石投资者合计认购15亿港元，包括腾讯、淡马锡与贝莱德 等。公司预计净筹资30亿港元以上，发行市值约500亿港元。鸣鸣很忙旗下拥有零食很忙、赵一鸣零食两大品牌，最新数据 显示，截至2025年11月30日，鸣鸣很忙门店数达21041家。（更多内容，点击查看《两位85后卖零食，开店两万家，身价均 超200亿港元，鸣鸣很忙刚刚IPO》）（中国基金报） 点击输入图片描述（最多30字） 【英伟达员工晒年会最牛年终奖：黄仁勋亲笔签名皮衣】近日，英伟达CEO黄仁勋陆续到访上海、北京、深圳，分别参加 了三地分公司举办的新年活动。1月27日，有网友在社交媒体晒出一件黄仁勋亲笔签名的皮衣。该网友表示，自己本来想签 在胸前，结果黄仁勋直接把他翻个身按住并称"Don't ...

AI正在重塑人机交互范式——用户从搜索关键词转向直接向聊天框提问。据Gartner预测，到2026年，25%的在线搜索将通 过AI聊天机器人完成。面对资本市场的回报压力，AI厂商亟需证明其商业价值，广告成为最直接的变现路径。 2026年1月，谷歌和OpenAI相继宣布，将在其人工智能工具中推送广告，并在一定范围内开始试水。Meta早在2025年10月 已经公开表示，用户与Meta AI的互动将很快被用来投放个性化广告，并据此修改了隐私协议。 然而，广告的性质却与AI的形象和承诺具有结构性冲突。一个被认为可以超越人类偏见、高效获取信息的"超级大脑"，突 然预装了"推销员"指令，客户将感受到某种不适，甚至是"背叛"。这就像你本来想跟一位专家请教知识，甚至期待一次顿 悟时刻，结果却被套路，买了一款专家能从中抽成的产品。现代人并不惧怕形形色色的营销和广告，但在"求知"中被推 销，却可能严重侵蚀用户对AI刚刚建立起的信任。 更重要的是，广告是否和如何植入AI，将成为各路厂商历史性选择的一个岔路口——AI产品的本质和终极价值是什么？将 广告信息融入大模型之中，究竟是系统性升级还是降级？它对人类生活是有益还是毒害？ 一、谷 ...

周三盘后，Meta、微软和特斯拉发布最新业绩。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同比增长24%，市场预期 585.9 亿美元。调整后每股收益EPS 8.88 美元，预期8.23美元。 Meta预计一季度营收将在535亿至565亿美元区间，高于分析师514.1亿美元的预期值。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 截至本财年末，微软的商业剩余履约义务金额达62 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美联储宣布维持基准利率不变】 当地时间1月28日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦 基金利率目标区间继续维持在3.5%至3.75%之间。 会议纪要显示，现有指标表明，就业增长仍处于低位，失业率已显现出趋于稳定的迹象。通胀水平仍处于较高 水平。委员会致力于实现最大就业和长期通胀率达到2%的目标。经济前景的不确定性仍然很高。委员会密切 关注其双重使命面临的风险。为支持其目标，美联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%之 间。 具体表决细节显示，美联储以10票赞成、2票反对的结果，决定将基准利率维持在3.5%至3.75%区间。美联储 理事沃勒以及米兰投下反对票，主张降息25个基点。 在此次利率政策出台前，市场普遍预期美联储将在本周政策会议上维持利率不变，此前该机构已在2025下半年 连续三次降息。 【微软、特斯拉、META公布最新"成绩单"】 微软公司第二财季营收812.7亿美元，预估803.1亿美元；第二季度智能云业务营收329.1亿美元，预估32 ...

Earlier this month, Meta laid off 10% of the staff for Reality Labs, its virtual reality unit, reportedly cutting as many as 1,000 employees. Now, in a development that seems directly related, the company has revealed that the unit lost many billions of dollars last year. On Wednesday, Meta’s earnings report showed that its embattled virtual reality business had lost some $19.1 billion in 2025, which is slightly more than it lost in 2024 (that year, the losses hovered around $17.7 billion). In its fourth ...

Core Insights - Meta's Reality Labs, its virtual reality unit, has faced significant financial losses, totaling approximately $19.1 billion in 2025, which is an increase from $17.7 billion in 2024 [2] - The company has laid off 10% of its Reality Labs staff, equating to around 1,000 employees, as part of a broader strategy to address ongoing losses [1] Financial Performance - In 2025, Reality Labs generated $2.2 billion in sales, with $955 million in Q4 alone, while incurring a loss of $6.2 billion in the same quarter [2] - Losses for Reality Labs are expected to remain consistent in 2026, with Zuckerberg indicating that this year may represent a peak in losses before a gradual reduction [3][4] Strategic Direction - Meta is shifting its investment focus towards glasses and wearables, aiming to make its Horizon platform successful on mobile and establish a profitable VR ecosystem [4] - The company plans to close several VR studios and retire its standalone Workrooms app, signaling a diminishing interest in virtual reality [5]

苹果周四将发布业绩。 周三盘后，Meta、微软和特斯拉发布最新业绩。 微软发布第二财季财报显示，营收812.7亿美元，同比增长17%，市场预期802.7亿美元，净利润384.6亿 美元，合每股收益EPS 5.16 美元，较去年同期241.1 亿美元（合每股收益3.23 美元）大幅增长。 微软盘后股价跌近7%。微软智能云业务板块（含 Azure 云基础设施）营收达329.1亿美元，同比增长近 29%，略好于市场预期，不过Azure 云服务及其他云业务营收同比增长39%，而该业务在财年第一季度 的同比增速为40%。生产力和商业流程业务板块营收341.2亿美元，同比增长约16%，个人计算业务板块 营收142.5亿美元，同比下跌约3%。 新年以来，随着投资者试图判断人工智能的应用将如何颠覆此前龙头企业的商业模式，大盘科技股、软 件股与芯片股内部的分化态势正持续加剧。因此这些热门赛道公司的业绩，特别是资本开支状况受到了 广泛关注。 按照日程安排，苹果周四将披露最新业绩。 Meta公布利好营收预测，盘后涨逾7% 脸书母公司Meta盘后涨逾7%，超市场预期的销售额业绩指引提振市场情绪。公司第四财季营收598.9亿 美元，同 ...

Financial Performance - Total revenue for 2025 was $200.97 billion, an increase of 22% compared to 2024, driven by a rise in advertising revenue[280]. - Income from operations for 2025 was $83.28 billion, a 20% increase from 2024, attributed to higher advertising revenue despite increased costs[281]. - Net income for 2025 was $60.46 billion, with diluted earnings per share (EPS) of $23.49[284]. - Total costs and expenses for 2025 were $117.69 billion, up 24% from $95.12 billion in 2024[338]. - Net income for 2025 was $60.46 billion, a decrease from $62.36 billion in 2024[338]. Revenue Breakdown - Family of Apps revenue reached $198.76 billion, up 22% from $162.36 billion in 2024, while Reality Labs revenue was $2.21 billion, a 3% increase[284]. - Advertising revenue increased by $35.54 billion, or 22%, in 2025, driven by a 12% increase in ad impressions delivered[342]. - Family of Apps revenue rose by $36.40 billion, or 22%, compared to 2024, primarily due to advertising revenue growth[341]. - Reality Labs revenue increased by $61 million, or 3%, in 2025, driven by AI glasses sales despite a decline in Meta Quest sales[344]. User Engagement - Daily active people (DAP) averaged 3.58 billion in December 2025, reflecting a 7% year-over-year increase[287]. - Worldwide Daily Active People (DAP) increased by 7% to 3.58 billion in December 2025 from 3.35 billion in December 2024[306]. - Average Revenue Per Person (ARPP) for 2025 was $57.03, reflecting a 15% increase from 2024[310]. Advertising Metrics - Ad impressions delivered across the Family of Apps increased by 12% year-over-year, and the average price per ad rose by 9%[287]. - The average price per ad is calculated as total advertising revenue divided by the number of ads delivered, with significant variations based on product type[330]. - Advertising revenue is primarily generated from displaying ads on Facebook, Instagram, Messenger, and third-party mobile applications[329]. Expenses and Costs - Cost of revenue includes expenses related to data center operations, employee compensation, and energy costs, impacting overall profitability[333]. - Research and development expenses are focused on employee compensation and technology development costs, essential for new product innovation[334]. - General and administrative expenses rose by $2.41 billion, or 25%, in 2025, mainly due to higher legal-related costs[352]. - Research and development expenses increased by $13.50 billion, or 31%, in 2025, largely due to higher employee compensation and infrastructure costs[349]. Taxation - The effective tax rate for 2025 was 30%, influenced by the One Big Beautiful Bill Act, with a potential decrease to 13% absent certain charges[287]. - The provision for income taxes in 2025 increased by $17.17 billion or 207% compared to 2024, primarily due to an increase in the effective tax rate[361]. - The effective tax rate for 2025 was 30%, up from 12% in 2024, largely influenced by the One Big Beautiful Bill Act (OBBBA)[361]. Capital Expenditures and Cash Flow - Capital expenditures for 2025 totaled $72.22 billion, with share repurchases amounting to $26.26 billion and dividends at $5.32 billion[287]. - Net cash provided by operating activities was $115.80 billion in 2025, compared to $91.33 billion in 2024[369]. - Free cash flow (FCF) for 2025 was $43.59 billion, down from $52.10 billion in 2024[378]. - The company anticipates capital expenditures of approximately $115 billion to $135 billion in 2026 to support AI efforts and core business[372]. Shareholder Returns - The company repurchased 40 million shares of Class A common stock for $26.26 billion in 2025, with $25.03 billion remaining authorized for repurchases[384]. - Total dividends paid in 2025 were $5.32 billion, with an increase in quarterly cash dividends from $0.50 to $0.525 per share[386]. Marketable Securities and Investments - Cash, cash equivalents, and marketable securities totaled $81.59 billion as of December 31, 2025, an increase of $3.78 billion from the previous year[368]. - Marketable equity securities were valued at $5.99 billion and $1.23 billion as of December 31, 2025 and 2024, respectively, with a hypothetical 10% adverse price change potentially decreasing fair value by $599 million[399]. - The carrying value of non-marketable equity investments accounted for under the measurement alternative was $20.08 billion and $6.02 billion as of December 31, 2025 and 2024, respectively[400]. - The carrying value of non-marketable equity method investments was $7.45 billion and $52 million as of December 31, 2025 and 2024, respectively[401]. Future Outlook - The company anticipates future advertising revenue growth will be driven by a combination of price increases and ad impressions delivered[342]. - The company expects to incur Corporate Alternative Minimum Tax (CAMT) beginning in 2025 due to new U.S. tax provisions[324]. - A hypothetical 100 basis point increase in market interest rates would decrease the market value of available-for-sale debt securities and cash equivalents by $711 million and $680 million as of December 31, 2025 and 2024, respectively[396].

Group 1 - 31 provinces in China have announced their economic growth rates for 2025, with nearly half exceeding last year's targets. Tibet leads with a growth rate of 7%, followed by Gansu at 5.8% and Hebei and Henan at 5.6% [4] - Shenzhen Metro Group has provided an additional loan of 2.36 billion yuan to Vanke for debt repayment, with a three-year term and an interest rate of 2.34% [4] - Hang Seng Bank has officially delisted from the Hong Kong Stock Exchange, following a privatization plan by HSBC that was approved by the Hong Kong High Court [5] Group 2 - ByteDance has implemented new social media guidelines prohibiting employees from using company resources for personal profit, which is expected to significantly reduce the number of commercial accounts operated by employees [6] - Amazon announced a restructuring that will affect nearly 16,000 jobs, while continuing to recruit talent in key strategic areas [7] - Tesla plans to cease production of the Model S and Model X vehicles to focus on its "Optimus" robot production line, marking a shift towards a future based on autonomous driving [9] Group 3 - Meta reported fourth-quarter revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also up by 24% [17] - Microsoft announced second-quarter revenue of $81.27 billion, with significant contributions from its cloud and productivity segments [17] - Tesla's fourth-quarter revenue was $24.90 billion, a 3% year-over-year decline, with net profit down 61% to $840 million [17]