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Core Viewpoint - RIVR, a Swiss company founded by Marko Bjelonic and his partners, focuses on developing "wheel-leg" robots for last-mile delivery, emphasizing practical applications over mere technological demonstrations [2][6][15]. Company Overview - RIVR was established in 2023, evolving from Swiss-Mile, and is dedicated to creating robots that can efficiently navigate both flat and complex terrains [2][6]. - The company operates primarily in Switzerland, the UK, and the US, collaborating with major logistics and delivery firms [6][20]. Business Model - RIVR targets the last-mile delivery market, specifically for packages and food, with a focus on high-density residential areas [6][16]. - The operational model involves partnerships with leading logistics companies, aiming to reduce delivery costs and improve efficiency [20][30]. Technology and Innovation - RIVR's robots utilize a combination of physical AI and artificial neural networks, enabling them to perform tasks autonomously while adapting to various environments [14][30]. - The design of the robots allows for flexibility in movement, making them suitable for door-to-door delivery in diverse settings [22][30]. Market Strategy - The company aims to expand its operations internationally, with plans to establish a comprehensive supply chain in China, similar to the electric vehicle industry [25][26]. - RIVR has secured significant funding, totaling $26 million, from notable investors including Bezos Expeditions and Sequoia China, indicating strong market confidence [27][30]. Future Plans - RIVR plans to deploy thousands of robots across multiple cities in North America and Europe by next year, enhancing its last-mile delivery capabilities [31].

Summary of Adyen's Capital Markets Day Conference Call Company Overview - **Company**: Adyen - **Industry**: Fintech Key Points and Arguments Industry Context - The fintech industry is undergoing significant changes due to advancements in AI, increased fraud levels, and evolving regulations, necessitating a resilient response from companies like Adyen [1][2][32] - Adyen is positioned to be one of the largest fintechs globally, leveraging its foundational technology to adapt to these changes [2] Foundational Layers of Adyen's Platform 1. **Single Tech Stack** - Adyen operates on a single tech stack, allowing for efficient transaction routing and rapid adaptation to new trends [3][6] - This vertical control enhances flexibility and speed, minimizing reliance on third parties [6][7] 2. **Global Banking Infrastructure** - Adyen has established its own banking licenses, eliminating dependencies on third-party banks, which enhances predictability and resilience [22][24] - The company has full-stack banking licenses in Europe, the U.K., and the U.S., allowing for direct control over transactions and services [24][25] - This infrastructure enables instant payouts and efficient data management, leading to faster money movement and better intelligence [26][27] 3. **Dynamic Identification** - This new foundational layer addresses the challenges posed by AI-driven fraud and regulatory complexities [32][34] - Dynamic identification leverages behavioral data to enhance fraud detection and improve onboarding processes, reducing false positives by 42% and increasing conversion rates by up to 6% [41][52] - The approach is continuous and contextual, allowing for adaptive risk assessments based on real-time data [39][40] Product Innovations - **Adyen Uplift**: An AI-powered engine that optimizes the payment conversion funnel, balancing risk and cost effectively [50][52] - **Dynamic Identification Applications**: - Enhances merchant onboarding by reducing manual verification steps and accelerating the process [59][61] - Improves credit assessment by using behavioral signals to evaluate creditworthiness in real-time [62][63] - Addresses policy abuse and fraud through comprehensive data analysis, revealing patterns that traditional systems miss [56][57] Market Position and Future Outlook - Adyen's unique position allows it to redefine trust in global commerce, setting a new standard for compliance and risk management [46][64] - The company emphasizes a merchant-first approach, ensuring that innovations benefit merchants without disintermediation [18][19] - Adyen is committed to continuous investment in its infrastructure and technology to maintain its competitive edge and support future growth [31] Additional Insights - The fintech landscape is characterized by a need for robust infrastructure to mitigate risks associated with third-party dependencies [23][30] - Adyen's focus on building a solid foundation enables it to adapt to changing market demands and regulatory environments effectively [15][16] Conclusion Adyen's Capital Markets Day highlighted the company's strategic focus on building a resilient and adaptable fintech platform through its foundational layers. By leveraging its unique technology stack, banking infrastructure, and dynamic identification capabilities, Adyen is well-positioned to navigate the complexities of the evolving financial landscape while delivering value to its customers.

Core Viewpoint - Xampla has developed a verification process for its Morro materials, confirming they are plastic-free and compliant with UK and EU regulations on single-use plastics, utilizing collaboration with the National Physical Laboratory (NPL) [1][2][6] Group 1: Collaboration and Validation - Xampla partnered with NPL to create a method for verifying plastic-free claims, which is crucial as no universal procedure currently exists for this purpose [1][2] - The validation process involved advanced spectroscopy and high-resolution microscopy to analyze the chemical and physical characteristics of Morro's natural plant-based polymers [3] Group 2: Regulatory Compliance - The findings confirmed that Morro materials are not chemically modified and thus do not fall under the definition of plastics according to the EU's REACH regulation [4] - This validation provides assurance to packaging producers regarding compliance with regulations on single-use plastics [2][4] Group 3: Product Characteristics - Xampla's Morro coatings and films offer grease and water resistance comparable to traditional plastics while being entirely derived from natural plant polymers [4] - The materials are biodegradable, home compostable, and compatible with existing recycling systems [4] Group 4: Market Impact - The validation has led to new contract agreements and expanded market opportunities for Xampla [6] - In September 2025, Xampla secured $14 million in Series A funding to further its mission of replacing single-use plastics with plant-based alternatives [7]

Just Eat Takeaway will reduce its workforce by around 450 positions as part of a review of its cost base and operations, a company spokeasperson told Reuters on Thursday. ...

"欧版饿了么"Just Eat Takeaway涨3.1%，Prosus提出补救方案。 ...

DoorDash said on Tuesday it has agreed to buy its U.K. rival Deliveroo for about £2.9 billion (around $3.29 billion), as the U.S. food delivery company seeks to expand into new markets. DoorDash will pay Deliveroo shareholders 180 pence per share, which represents a premium of 44% over the latter's share price on 4 April, when the U.S. firm approached with its acquisition offer, the companies said. The deal would give DoorDash access to nine new markets in Europe, where Deliveroo operates in primarily. The ...

2025.04. 23 本文字数：3140，阅读时长大约4分钟 作者 | 第一财 经 陆涵之 "我们计划从明天开始多做些投入。 "4月23日，在接受第一财经采访时，一位已入驻京东外卖的独 立咖啡店负责人表示，观望一段时间后他计划在京东外卖平台投入更多试水。 近段时间，美团和京东两家平台针对外卖业务的竞争已白热化，京东放出了用户补贴、商家优惠、骑 手争夺多个大招。 面对大额优惠券，消费者纷纷下单。据京东披露，京东外卖日订单量在一个月不到的时间内，从100 万单增至500万单。对于商家和平台而言，这一激烈的竞争能带来什么？ "商家亏本做外卖"一直是网上热议的话题，吴经理表示不会亏本做外卖，"我们确实会保本完成部分 订单，相当于提高营业额，也会提升平台的数据。但保本订单只是少数，大部分订单都有不错的利 润。"他表示较高的利润和品类、门店运营效率等有关。例如，消费者对饭团这类快餐更倾向于外卖 或者外带。对于坚持做外卖业务的原因，吴经理表示，外卖与堂食对营收的贡献占比目前为7比3， 因此格外重视外卖渠道，在京东推出外卖平台后也选择第一时间试水。 陈飞也对第一财经表示，"我们在美团这类平台上没有投流，目前每天的单量也比较 ...

Core Viewpoint - Deliveroo announced its exit from the Hong Kong market after ten years of operation, primarily due to losses incurred from aggressive pricing strategies employed by its competitor Keeta, which is subsidized by its parent company Meituan [1][5]. Group 1: Market Dynamics - Keeta is expanding into new markets, including Saudi Arabia, and is employing similar aggressive pricing strategies to capture market share [2][4]. - Keeta's active user base reached 1 million in January, matching that of Delivery Hero's Hungerstation [2]. - Keeta's market share in Hong Kong's food delivery sector grew to 43% by the end of Q4 2024, making it the largest player by total sales in the food and grocery delivery space [6][7]. Group 2: Competitive Landscape - Meituan, established in 2010, has grown to become the world's largest food delivery platform, with a total transaction volume of €1360 billion (approximately $1480 billion) last year, nearly double that of Uber Eats and DoorDash [5]. - The food delivery industry is facing challenges as investors demand profitability after a period of aggressive expansion during the pandemic [5]. - Delivery Hero's CEO indicated that the IPO of its Middle Eastern subsidiary Talabat generated $2 billion in cash, positioning the company favorably against competitors like Meituan [9]. Group 3: Consumer Behavior - Hong Kong resident Simon Miao canceled his Deliveroo subscription due to high costs and switched to Keeta, which offers better restaurant choices, discounts, and free delivery [2]. - Part-time delivery riders in Hong Kong are attracted to Keeta due to higher earnings per order compared to other platforms [7].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the global online food delivery industry, focusing on Just Eat Takeaway (TKWY) and its potential acquisition by Prosus for €4.1 billion (€20.3 per share) [1][11]. Company-Specific Insights Just Eat Takeaway (TKWY) - TKWY processed 92 million orders in 2023 and operates in approximately 20 countries, holding leadership positions in several key markets [25]. - The company sold its US business, GrubHub, in January 2025, indicating a strategic shift [25]. - A Buy rating is assigned to TKWY, with a target price of €21 based on a DCF valuation [28][26]. - Risks include integration and execution challenges from M&A, competitive market pressures, and potential profit volatility from expansion efforts [29]. Prosus N.V. - Prosus is positioned as a significant player in the online food delivery sector, with a portfolio that includes Tencent and Delivery Hero [30]. - A Buy rating is assigned to Prosus, with a target price of €48 based on a sum-of-the-parts (SOTP) valuation [32]. - Risks include performance of listed assets, currency fluctuations, and regulatory challenges [34]. Delivery Hero (DHER) - Delivery Hero is noted as the largest global player in online food ordering, processing 3 billion orders in FY21 [16]. - A Sell rating is assigned to DHER due to concerns over competitive pressures in the MENA region and potential margin constraints [17]. - Target price for DHER is set at €26, based on a blend of DCF and SOTP valuations [18]. DoorDash (DASH) - DoorDash holds a 65% share of the US food delivery market and has a Buy rating with a target price of $240 [22][23]. - The company is focused on expanding into new verticals like grocery and convenience, leveraging its existing user base [22]. - Risks include competition, regulatory challenges regarding gig worker classifications, and execution risks related to growth investments [24]. Uber Technologies, Inc. - Uber is rated as a Buy, with a target price of $92, benefiting from a recovery in mobility and strong demand in delivery services [36][37]. - The company is expanding its service offerings beyond food delivery to include grocery and convenience items [36]. - Risks include macroeconomic factors, competition, and regulatory challenges [38]. Competitive Landscape - The call highlights potential bidders for TKWY, including DoorDash, Uber, and Meituan, but suggests that regulatory risks and strategic focuses may limit their interest [1][3][4][5]. - Significant geographic and shareholder overlaps among competitors could pose regulatory challenges for potential mergers [11][12]. Conclusion - The conference call provides a comprehensive overview of the competitive dynamics within the online food delivery industry, focusing on key players like Just Eat Takeaway, Prosus, Delivery Hero, DoorDash, and Uber. The insights into company strategies, valuations, and risks present a nuanced understanding of the market landscape and potential investment opportunities.