Competition
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X @Balaji
Balaji· 2025-07-14 15:15
Regulatory Impact - Regulations are often marketed as increasing competition, but usually reduce it [1] - Regulations boost the cost of doing business, favoring large corporations (bigcos) [1] - Bigcos then get cozy with big government agencies, causing regulatory capture [1] - Regulatory capture blocks out startups [1] Proposed Solutions - Suggests the FTC should model the real-world effects of proposed regulations before implementation [1]
World’s Biggest Legoland Adds to China’s Theme Park Glut
Bloomberg Television· 2025-07-13 00:15
Market Overview - Shanghai Legoland aims to replicate Disneyland's success with attractions for Chinese audience [1] - China's theme park market is crowded, competition will intensify with new attractions opening in 2027 [2] - International entertainment companies partner with Chinese investors to tap into China's post-COVID travel boom [3] Challenges and Risks - Domestic attractions face challenges due to Chinese consumers reducing spending [3] - Almost a quarter of large domestic theme parks have lost money [4] - Local governments' incentive to open theme parks raises concerns about oversupply [4] Strategic Adjustments - Theme parks are adjusting strategies, including lowering ticket prices [4]
摩根士丹利：美团-2025 年第二季度前瞻：短期盈利承压，长期利润率面临下行
摩根· 2025-07-11 02:23
Investment Rating - The investment rating for Meituan is Overweight (OW) with a price target reduced to HK$150.00 from HK$160.00, indicating a potential upside of 26% from the current price of HK$118.60 [8][27]. Core Insights - The report anticipates a significant decline in operating profit (OP) for Meituan, estimating a 48% year-over-year decrease in 2Q25 to Rmb8 billion, with further declines expected in subsequent quarters due to intensified competition [1][2][3]. - Long-term profitability forecasts have been adjusted downward, with the food delivery gross transaction value (GTV) margin now projected at 2.4% and the unit economics (UE) at Rmb1.15, reflecting a decrease from previous estimates [5][39]. - The total revenue for 2025 is forecasted at Rmb276 billion, representing a 10% year-over-year growth, but with a significant drop in operating profit expected [4][26]. Financial Estimates - For 2Q25, CLC revenue is estimated at Rmb67 billion, a 10% increase year-over-year, while operating profit is expected to decline to Rmb8 billion [2]. - The full-year 2025 estimates include total revenues of Rmb371.6 billion and an operating profit of Rmb30 billion, down 43% year-over-year [4][26]. - Adjusted EBITDA forecasts have been cut by 43% for 2025 and 27% for 2026, reflecting the anticipated challenges in profitability [6]. Market Position and Competition - Meituan is expected to maintain its dominance in the food delivery market, although market share may decrease to over 65% from the current 70-75% due to increased competition [5][38]. - The total addressable market (TAM) for quick commerce is projected to expand, but the market is likely to be fragmented among multiple players [5][38]. Valuation Methodology - The valuation is based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 12% and a terminal growth rate of 3% [27][32].
X @Ansem
Ansem 🧸💸· 2025-07-11 01:04
RT Marvin (@sp4rtan300)The bar for excellence has never been so low, most of your competition quits after the first sign of difficulty because they never known what hard feels like, if it’s hard for you, it’s hard for everyone, most people avoid hard things which why you can beat most people by just trying- AlexHormozi ...
X @Bloomberg
Bloomberg· 2025-07-10 04:49
Industry Overview - China's solar industry is facing overcapacity and intense competition [1] - Measures to reduce output and establish a price floor have not yet stopped losses [1]