Core Viewpoint - Goldman Sachs upgraded Xpeng Motors (XPEV.US, 09868) to a buy rating with a 12-month target price of $24/94 HKD, indicating an implied upside potential of 29%/27%. The firm sees the results of various efforts, including organizational and supply chain restructuring, cost reduction through technology, and platformization, enhancing the company's product and cost structure competitiveness, leading to greater visibility for sustainable sales growth and margin improvement [1] Group 1 - Enhanced Model Competitiveness: Xpeng Motors has shown continuous improvement in its new and updated models over the past two quarters, with the Mona M03 and P7+ ranking in the top three in their respective segments. This ongoing improvement boosts confidence in Xpeng's sales, not only for existing models but also for strong new models and updates expected to launch in the remainder of 2025, including G7/P7 (Q3) and its first extended-range electric vehicle (EREV) (Q4) [2] - Accelerated New Model Launches: Xpeng Motors has increased the frequency of new model releases, planning to launch 10 new models and updates annually, compared to just 1-2 models per year from 2019 to 2023. This strategy aims to enhance brand visibility throughout the year and provide opportunities for old model sales, thereby extending the sales growth cycle for all models [3] - Cost Reduction Effects: In early 2023, Xpeng Motors implemented a cost reduction plan aimed at lowering the overall bill of materials (BOM) costs by 25%, including a 50% reduction in advanced driver assistance systems (ADAS) BOM costs. The P7+ (launching in Q4 2024) will be the first model to realize total cost reductions, followed by the 2025 versions of G6 and G9 (launching in March). For instance, the cost reduction for the G6 is projected to improve gross margin by 7 percentage points and enhance gross profit by 156%. All new models will benefit from BOM cost reductions, laying the foundation for further improvements in gross margin and overall profitability [4]

Core Insights - Starbucks CEO stated that early service model testing has accelerated order speed and increased sales [1] - The company plans to cut non-essential expenses "ruthlessly" [1] - Starbucks will expedite staffing and service model deployment, aiming to roll it out to all 18,000+ North American stores by the end of summer [1]

位于加州伯班克的华特迪士尼公司总部。图片来源：AaronP—Bauer-Griffin/GC Images via Getty Images 华特迪士尼公司（Walt Disney Co.）正在影视业务板块裁员数百人，此举凸显娱乐行业的收缩之势仍未 见底。 该公司表示，本轮裁员从本周一开始，涉及市场营销、公关宣传、选角、内容开发及企业财务运营等部 门的员工。 好莱坞已持续数年处于成本削减模式，影视制作规模和就业人数呈持续下行态势。为提高盈利能力，尤 其是在影院上座率仍低于疫情前水平的背景下，电影公司纷纷减少影片发行数量。与此同时，消费者取 消有线电视订阅转向流媒体服务，这种转变正挤压传统频道运营商的广告与发行收入。 总部位于加州伯班克的迪士尼此前曾考虑剥离包括ABC在内的自有电视网络，但最终决定保留这些资 产。该公司于2023年2月宣布裁员计划，为了实现削减成本55亿美元的目标裁员7,000人，后来将成本削 减目标提升至75亿美元。它的竞争对手们也已裁减数千名员工。 在最新一轮裁员之前，迪士尼旗下ABC及娱乐电视网络部门已在3月裁减约200个岗位。为提升盈利能 力，该公司近年来累计裁员已超8,000人。 周一 ...

Core Viewpoint - Goldman Sachs indicates that the Federal Reserve's removal of the asset cap on Wells Fargo (WFC.US) effective June 3, 2025, opens new growth opportunities for the bank, allowing it to regain lost market share and improve profitability through cost savings and increased earnings per share (EPS) [1][4]. Financial Performance - For the 12 months ending December 31, 2024, Wells Fargo's revenue is projected to be $82.637 billion, with a net profit of $18.607 billion and an EPS of $5.37. Revenue is expected to grow steadily from $83.925 billion in 2025 to $92.409 billion in 2027, with net profit increasing from $18.431 billion to $22.527 billion during the same period [2]. - EPS is forecasted to rise from $5.67 in 2025 to $7.80 in 2027. The price-to-earnings (P/E) ratio is expected to increase from 11.0 in 2024 to 13.4 in 2025, while the price-to-book (P/B) ratio will decline from 1.4 in 2024 to 1.2 in 2027 [2]. Asset Management and Growth Potential - Wells Fargo currently has approximately $325 billion in unused balance sheet capacity under the Supplementary Leverage Ratio (SLR), which can be utilized in traditional banking and low-risk trading activities. This could generate an estimated net income of $2.3 billion to $2.9 billion, contributing to an 11%-14% increase in EPS by 2026 [3]. - The bank's efficiency ratio is expected to improve as regulatory pressures ease, with potential EPS increases of 3%-6% from restoring historical efficiency advantages and 2%-4% from reduced professional service fees related to sales practices [3]. Investment Outlook - Goldman Sachs maintains a "Buy" rating on Wells Fargo with a target price of $76.00, based on an 11.5 times P/E ratio of projected EPS for 2026. The report highlights significant growth potential and investment value for Wells Fargo following the removal of the asset cap [4].

Core Viewpoint - The company has shown a steady increase in electric vehicle deliveries and is focused on cost reduction and product innovation to improve financial performance and market competitiveness [1][2][3][8]. Group 1: Delivery and Sales Performance - In the first quarter, the company delivered 42,094 smart electric vehicles, a year-on-year increase of 4.1%, with expectations for the second quarter to reach between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [1]. - The company successfully launched new models including ES6, EC6, ET5, and ET5T, which are expected to enhance sales performance [2][12]. - ONVO brand has seen a steady increase in orders since April, with the L60 model ranking among the top three in its segment [18][20]. Group 2: Financial Performance - Total revenue reached RMB 12 billion, a year-on-year increase of 21.5% [8]. - The automotive gross margin improved to 10.2%, up from 9.2% in the previous year, driven by lower material costs [9]. - Operating loss was RMB 6.4 billion, a year-on-year increase of 19%, while net loss was RMB 6.8 billion, a year-on-year increase of 30.2% [10]. Group 3: Cost Management and Efficiency - The company has implemented cost control measures, aiming for a 15% reduction in R&D expenses in the second quarter [14]. - Sales and management expenses increased by 46.8% year-on-year, but the company plans to manage these costs carefully to achieve a target of keeping non-GAAP sales and management expenses below 10% of sales revenue by the fourth quarter [10][14]. - The company is focusing on improving operational efficiency through restructuring and resource allocation [13][14]. Group 4: Product and Technology Innovation - The NX9031 smart driving chip has been deployed in flagship models, enhancing product competitiveness and cost structure [3]. - The NWM model has been launched, providing significant upgrades in active safety and driving experience [16][17]. - The company plans to introduce the L90 model in the third quarter, which is expected to attract strong interest due to its innovative features [20]. Group 5: Charging and Battery Swap Network - The company operates 3,408 battery swap stations globally, providing over 75 million battery swap services [5]. - The charging network has expanded significantly, with over 26,000 charging piles installed across major cities [5]. - The company is working on increasing the coverage of its battery swap network, particularly in lower-tier cities [19]. Group 6: International Expansion - The company has established partnerships in over 15 core markets and plans to expand its global presence with the launch of the Firefly brand in several European countries [7][28]. - The focus remains on long-term growth rather than aggressive short-term sales targets in international markets [28]. Group 7: Production Capacity and Supply Chain Management - The current production capacity is sufficient to meet the expected delivery targets for the fourth quarter, with plans to open a third factory in September [29]. - The company is transitioning to a more inventory-based sales model to better meet consumer demand [30].

另据路透社报道，日产已开始向美国工人提供买断服务，并暂停了全球范围内基于绩效的工资增长。值 得一提的是，包括前CEO内田诚等4名高管离职所获得报酬达6.46亿日元（约合人民币3191万元）。 【文/观察者网 潘昱辰 编辑/高莘】据彭博社5月28日报道，深陷财务困境的日产汽车正在考虑通过贷款 和资产出售，筹集超过1万亿日元（约合人民币493.8亿元），其中包括由英国政府担保的银团贷款。 日产英国桑德兰工厂日产汽车 对于以上传闻，日产的一位代表表示，该公司不对猜测置评。英国出口金融公司也表示，对围绕具体交 易的猜测不予置评。 除此之外，日产也在考虑出售其在联盟伙伴雷诺汽车和电池制造商远景动力所持的部分股份，并正在考 虑关闭两家位于日本的汽车装配厂，以及包括墨西哥和南非在内的海外工厂，作为其削减成本计划的一 部分。 据彭博社援引其看到的文件称，日产计划发行价值高达6300亿日元（约合人民币311亿元）的可转换证 券和债券，包括高收益的美元和欧元票据。 另一方面，日产还考虑获得由英国出口金融公司担保的10亿英镑（约合人民币96.8亿元）的银团贷款。 英国出口金融公司是一个政府机构，主要为英国出口商提供贷款和保险。 不 ...

Core Viewpoint - Volvo Cars announced a plan to cut 3,000 white-collar jobs in response to high costs, slowing demand for electric vehicles, and trade uncertainties, as part of a restructuring effort aimed at revitalizing its stock price and boosting demand for its vehicles [1] Group 1: Job Cuts and Restructuring - The company will reduce 3,000 positions, primarily affecting white-collar roles [1] - This decision is part of a previously announced restructuring plan aimed at addressing operational challenges [1] Group 2: Market Conditions - Volvo is facing high costs and a slowdown in electric vehicle demand, which are significant factors influencing the job cuts [1] - Trade uncertainties are also impacting the company's operational strategy and market performance [1] Group 3: Financial Goals - The restructuring aims to revive the company's stock price, which has reached a low point [1] - The company seeks to enhance demand for its vehicles through cost-cutting measures and operational adjustments [1]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved a net profit with an 87% improvement in gross margin compared to Q1 2024 [6] - Adjusted EBITDA in Q1 2025 resulted in a profit of $600,000, an improvement of almost $3,000,000 from an adjusted EBITDA loss of $2,200,000 in Q1 2024 [10] - Revenues for Q1 2025 were $12,500,000, a 4% increase from $12,100,000 in Q1 2024 [10] - Gross profit for Q1 2025 was $3,400,000, a 94% increase from $1,800,000 in Q1 2024 [12] - Net profit for Q1 2025 was approximately $200,000, compared to a loss of $6,000,000 in Q1 2024, marking a $6,200,000 improvement [13] Business Line Data and Key Metrics Changes - The German business grew 569% compared to Q1 2024, significantly offsetting a 66% decline in Israeli revenue [7][10] - Germany's share of total revenue in Q1 2025 increased to 62%, reflecting favorable market conditions and growing demand [11] Market Data and Key Metrics Changes - The company launched 12 new strains in Germany, contributing approximately €3,000,000 or 39% of cannabis flower sales in the region [6] - The decline in Israeli revenue was attributed to the cancellation of the Orenin deal, resulting in a revenue decrease of approximately $3,500,000 compared to Q1 2024 [11] Company Strategy and Development Direction - The company is focusing on execution and resource allocation to areas with the highest return on investment (ROI) [6] - Cost-cutting measures from shifting production facilities in Israel are positively impacting financial results, leading to increased gross margins [8] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the internal progress made strategically and operationally, which is now reflected in financial results [15] - The company aims to continue executing its strategy to maintain profitability [15] Other Important Information - Total assets as of March 31, 2025, were $44,934,000, an increase of 15% from $39,188,000 as of December 31, 2024 [13] - Total liabilities increased to $41,761,000, a 16% rise from $36,042,000 as of December 31, 2024 [14] Q&A Session Summary Question: Importance of the upcoming meeting regarding the 25% ownership of Focus - Management indicated that the approval is crucial for regulatory compliance and to facilitate the transition of long-term loans to equity, which is necessary for tax purposes [19][20]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved a net profit with an 87% improvement in gross margin compared to Q1 2024 [5] - Adjusted EBITDA in Q1 2025 resulted in a profit of $600,000, an improvement of almost $3,000,000 from an adjusted EBITDA loss of $2,200,000 in Q1 2024 [8] - Revenues for Q1 2025 were $12,500,000, a 4% increase from $12,100,000 in Q1 2024, primarily driven by growth in Germany [8][10] - Gross profit for Q1 2025 was $3,400,000, a 94% increase from $1,800,000 in Q1 2024 [10] - Net profit for Q1 2025 was approximately $200,000, compared to a loss of $6,000,000 in Q1 2024, marking a $6,200,000 improvement [11] Business Line Data and Key Metrics Changes - The German business grew by 569% compared to Q1 2024, significantly offsetting a 66% revenue decline in Israel [6][8] - The company launched 12 new strains in Germany, contributing approximately €3,000,000 or 39% of cannabis flower sales in that market [5] - The decline in Israeli revenue was attributed to the cancellation of the Orenin deal, resulting in a decrease of approximately $3,500,000 compared to Q1 2024 [9] Market Data and Key Metrics Changes - Germany's share of total revenue in Q1 2025 increased to 62%, reflecting favorable market conditions and growing demand [9] - The cost of revenue decreased by 12% to $9,100,000 in Q1 2025, down from $10,300,000 in Q1 2024 [9] Company Strategy and Development Direction - The company is focusing on execution and resource allocation to areas with the highest return on investment (ROI) [5] - The strategic shift towards the German market is evident, with significant growth in that region while managing operational efficiencies [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's efforts and noted that the efficiencies and integration from the past two years are starting to reflect in financial results [6][11] - The company aims to continue executing its strategy and maintain profitability moving forward [7] Other Important Information - Total assets as of March 31, 2025, were $44,934,000, an increase of 15% from $39,188,000 as of December 31, 2024 [11] - Total liabilities increased by 16% to $41,761,000 as of March 31, 2025, compared to $36,042,000 as of December 31, 2024 [12] Q&A Session Summary Question: Importance of the upcoming meeting for accepting 25% ownership of Focus - Management indicated that this is a long process on the regulatory side and is crucial for clearing balances between companies and moving long-term loans to equity [17][18] - The need to hold 100% of the Focus shares is based on tax regulations to avoid issues with tax authorities [19]

Core Viewpoint - Audi, a subsidiary of Volkswagen Group, is selling its Italian design and engineering company Italdesign as part of a major cost-cutting initiative amid challenges in the automotive industry, raising concerns about the future of this iconic company [2][4]. Group 1: Company Overview - Italdesign was founded in 1968 by renowned designer Giorgetto Giugiaro and his partner Aldo Mantovani, known for its significant contributions to automotive design [9]. - The company has designed historically impactful models, including the first-generation Volkswagen Golf, original Audi 80, Lotus Esprit, and several Fiat models [12]. - Italdesign was fully acquired by Volkswagen Group in 2015, having initially purchased 90.1% of the company in 2010 [17]. Group 2: Financial Performance - In the first quarter of the year, Audi's operating profit margin dropped to just 1.5% [6]. - Italdesign reported assets of €286 million, revenue of €145 million, and a profit of €20 million in 2023, with 85% of its revenue dependent on Volkswagen Group [18]. Group 3: Market Context and Challenges - The decision to sell Italdesign comes as Volkswagen faces transformation challenges, with increasing competition from Chinese automakers and a struggling European market [4]. - Audi plans to cut up to 7,500 jobs in Germany by 2029 to save €1 billion annually [6]. Group 4: Potential Buyers and Industry Trends - There is interest from multinational engineering companies outside the automotive sector, with speculation that Chinese firms or private equity investors may consider acquiring Italdesign [6][19]. - The potential sale of Italdesign reflects broader trends in the automotive industry, as other iconic design firms like Bertone and Pininfarina have also undergone ownership changes in recent years [19].