近日，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反 垄断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法 权益，推动平台规则和算法公平公正、公开透明，促进行业规范健康发展。 来源丨央视新闻 编辑丨曾静娇 金珊 创业板翻红，半导体拉升、银行股逆势走强，金饰克价冲上1100元 新"新三样"领跑，接力中国资产重估 火腿第一股跨界造芯片，市值飙升近10亿元 SFC 21君荐读 ...

近日，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反垄 断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权 益，推动平台规则和算法公平公正、公开透明，促进行业规范健康发展。 ...

央视新闻9月23日消息，近日，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断 法》等法律规定，落实反垄断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、 消费者等相关主体合法权益，推动平台规则和算法公平公正、公开透明，促进行业规范健康发展。 ...

市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反垄断合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权益，推动平台规则和算法公平公正、公开透明。 https://t.co/xdK3rK1P5e ...

Group 1 - The market regulatory authority has interviewed Huolala, emphasizing the need for strict compliance with the Anti-Monopoly Law of the People's Republic of China [1] - Huolala is required to implement antitrust compliance responsibilities and promptly standardize its business practices [1] - The authority aims to ensure fair market competition and protect the legitimate rights and interests of truck drivers and consumers [1] Group 2 - The regulatory body is promoting fair, just, and transparent platform rules and algorithms to foster healthy industry development [1]

美国司法部正推动法院强制谷歌出售其广告交易平台AdX。尽管谷歌此前曾考虑剥离广告技术业务以应 对欧美反垄断压力，但司法部提出的剥离方案具有破坏性。 对此，谷歌监管事务副总裁李-安妮·穆赫兰回应称，司法部的诉讼误解了数字广告运作机制，并忽视了 近年来行业竞争加剧、新进入者涌现带来的市场格局变化。她表示，在当前市场环境下，需制定既能解 决问题又不破坏现有机制的补救措施，谷歌将在法庭上积极辩护以维护自身立场。 智通财经APP获悉，美国地区法官莱奥妮·布林克玛将于未来两周内，在弗吉尼亚州亚历山大市主持谷 歌(GOOGL.US)在线广告垄断案(补救阶段)的听证会。届时，谷歌员工、外部广告商、出版商及行业专 家将提供证词，协助法院评估针对谷歌反竞争行为的补救措施。 此前，布林克玛法官于今年4月裁定，谷歌在广告发布商市场和广告交易市场这两个在线广告技术领域 存在垄断行为。法院认定，谷歌凭借在这两个市场的非法强势地位主导了在线广告领域，违反了反垄断 法规。 目前，谷歌运营的广告业务涵盖营销人员广告购买服务、出版商广告销售服务，以及双方通过拍卖完成 交易的广告交易平台。 ...

Core Viewpoint - SAP SE is taking proactive measures to address EU antitrust concerns regarding its business practices, aiming to avoid formal investigations and potential fines [1] Group 1: Company Actions - SAP has submitted a commitment plan to the European Union to alleviate concerns about potential antitrust violations [1] - The company is attempting to resolve regulatory worries related to its ERP software, which has faced complaints about complex terms and conditions, bundled sales, and difficulties in switching to competitors [1][2] Group 2: Regulatory Context - The European Commission has been monitoring SAP for several years due to complaints from businesses regarding its software licensing practices [1] - A questionnaire sent to companies in 2022 indicated that the EU was investigating SAP's post-sale support services and the ease of transitioning to competitors [1] Group 3: Potential Consequences - If SAP can convince the European Commission, it may avoid formal investigations and fines that could reach up to 10% of its global annual sales [1] - Typical remedies for such issues include allowing companies more flexibility in choosing software service contracts and reducing the difficulty of switching to competitors [2]

Group 1 - The U.S. Department of Justice is seeking to force Google to sell its core online advertising business, specifically the AdX advertising trading platform, which charges publishers a 20% fee for ad auctions [1][2] - The government also demands that Google open-source its ad bidding algorithm to enhance transparency and competition, following a previous ruling that found Google to have an illegal monopoly in the online advertising technology sector [2][3] - The case against Google is part of a broader bipartisan effort to regulate large tech companies, which has included ongoing cases against Meta, Amazon, and Apple [1][2] Group 2 - In response to the threat of divestiture, Google has proposed alternative solutions, suggesting policy changes to make it easier for publishers to use and support competing platforms instead of selling AdX [3] - Google argues that the Department of Justice's proposal is technically unfeasible and would create long-term uncertainty for advertisers and publishers [3] - Internal research regarding a potential sale of AdX may be presented as evidence in the trial, as Google had previously considered selling AdX during private negotiations with the European Union [4]

人民财讯9月22日电，中共国家市场监督管理总局党组发布关于二十届中央第三轮巡视整改进展情况的 通报，下一步，持续健全新业态新模式常态化监管制度，着力提升穿透式监管能力。加快编制《健全国 家标准体系实施方案》。持续推动《食品安全法》修订工作，坚决守牢食品安全底线。强化产品质量全 周期监管，保障人民群众生命财产安全。加快推进构建全国统一大市场，健全反垄断法律规则体系，完 善公平竞争审查制度。开展市场监管系统执法干部能力提升三年行动，制定《关于加强市场监管所所长 能力建设的意见》，按计划完成市场监管信息化工程，持续开展现有信息系统整合共享，全面提升市场 综合监管能力和水平。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.9, up from a previous target of HKD 12.8 [1][4][7] Core Insights - The company reported a revenue of USD 938 million for the first half of 2025, representing a year-on-year growth of 47%, and a net profit of USD 32 million, which is a 3.4 times increase compared to the previous year [1][2] - The revenue from the advertising technology business reached USD 929 million, also growing by 47.6%, with the programmatic advertising platform Mintegral contributing USD 897 million, a growth of 48.6% [2][3] - The report highlights that the strengthening of antitrust policies is creating more opportunities for the industry, despite a slowdown in global economic growth [2] - The mixed monetization strategy is becoming mainstream, combining various revenue sources such as ads, subscriptions, and in-app purchases, which enhances revenue diversity [3] Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected at USD 0.06, with subsequent years forecasted at USD 0.08 for 2026 and USD 0.10 for 2027 [1][4] - The company’s revenue is expected to grow from USD 1,054.1 million in 2023 to USD 2,093.1 million in 2025, reflecting a growth rate of 38.8% [5][11] - Adjusted net profit is forecasted to increase significantly from USD 19.1 million in 2023 to USD 99.9 million in 2025, with a growth rate of 102.5% [5][11] Market Dynamics - The report notes that the advertising industry continues to grow despite challenges, driven by advancements in AI and machine learning technologies that enhance user targeting without compromising privacy [2][3] - The introduction of smart bidding products has significantly contributed to revenue growth, with over 80% of Mintegral's total revenue coming from this product line in the first half of 2025 [3]