Financial Data and Key Metrics Changes - The company reported an all-time high in quarterly gross bookings, revenue, and adjusted operating profit during Q3 fiscal 2025, with adjusted operating profit reaching $46 million, a year-on-year growth of about 38% [5][20]. - Adjusted operating profit margin as a percentage of gross bookings was 1.76%, an improvement from 1.6% in the same quarter last year [20]. - Gross booking value increased by 26.8% year-on-year in constant currency terms, compared to 22.9% in the first half of the fiscal year [5][20]. Business Segment Data and Key Metrics Changes - Air ticketing gross bookings for the quarter were $1.5 billion, reflecting a year-on-year growth of 23.1% in constant currency [21]. - Hotels and Packages segment gross bookings reached $681.5 million, a growth of 23.4% year-on-year in constant currency [22]. - The bus ticketing business saw gross bookings of $328.9 million, growing at 23.6% year-on-year in constant currency [24]. Market Data and Key Metrics Changes - The international air ticketing revenue grew over 32% year-on-year, while international hotels revenue surged over 63% year-on-year, indicating strong growth in the international outbound business [8][20]. - The domestic air market saw a growth of nearly 9% year-on-year on a flown basis, with the company maintaining a market share of over 30% [21]. Company Strategy and Development Direction - The company is focusing on enhancing customer experience through new product features, such as part payment options for international air tickets and value bundles for international flights [9][10]. - The strategy includes expanding into emerging markets and enhancing supply depth in pilgrimage cities to cater to growing spiritual tourism [11][14]. - The company is also investing in technology and customer experience, including the expansion of its Gen AI strategy with the Myra chatbot for accommodation products [13][75]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the travel sector, driven by rising income levels and changing consumer behavior towards discretionary spending [4][5]. - The company anticipates that macroeconomic factors could impact growth, but remains optimistic about outpacing industry growth rates [49][50]. - Management noted that while there are supply challenges in the domestic air market, improvements are expected in the coming quarters [32]. Other Important Information - The company has a strong cash position of over $700 million, which will be leveraged for potential growth opportunities and stock buyback programs [26]. - A business transfer agreement was signed to acquire the Happe expense management platform, enhancing the company's corporate travel and expense management solutions [26]. Q&A Session Summary Question: Outlook for air travel growth in 2025 - Management acknowledged ongoing supply constraints in the domestic air market but noted improvements are expected in the coming quarters [32]. Question: Take rate changes and competition from Indigo - Management clarified that the decrease in take rates is largely seasonal and not indicative of competitive pressure from Indigo [35]. Question: Future EBIT margin expectations - Management aims to reach an adjusted EBIT margin of 1.8% to 2% in the medium term, with ongoing cost control measures [39]. Question: Demand strength across customer segments - Management confirmed that all customer segments, including budget and premium travelers, are experiencing growth [90].

智东西 . 智能产业新媒体！智东西专注报道人工智能主导的前沿技术发展，和技术应用带来的千行百业产业升 级。聚焦智能变革，服务产业升级。 国内厂商刷爆存在感。 以下文章来源于智东西 ，作者ZeR0 程茜 作者 | ZeR0 程茜 编辑 | 漠影 来源 | 智东西 （ID：zhidxcom） 智东西拉斯维加斯1月7日报道，一年一度的"科技风向标"国际消费电子展CES 2025今 日正式开幕，智东西逛展小分队暴走4万步，马不停蹄地穿梭于各大展馆，带来新鲜热乎 的展会观察。 AI不愧是年度科技热词，满场都是"AI"标识，走到哪儿都是生成式AI和大模型的T台。 尤其是XR展区，被观众围得水泄不通，把CES变得像大型游乐园，各种体验区前都排起 了长队。位居C位的超大屏电视、酷炫的显示产品也依然抢眼。 据说今年参展商超过4500家，中国参展商占比接近30%。不过这次国内手机大厂集体 缺席，海信和TCL挑起家电大梁。许多国内智能眼镜、VR设备、机器人参展商的展位人 气爆棚，来自中国的创新科技在CES上刷足了存在感。 不过相比去年有Ai Pin这样的现象级出圈黑马，今年只能说总体差强人意，不乏一些惊 喜展品，但没能发现一款真正 ...

45天破百万美金ARR。 本文为IPO早知道原创 作者｜Stone Jin 据IPO早知道消息，3D生成大模型公司影眸科技完成数千万美元 A 轮融资。本轮融资由美团龙珠、 字节跳动领投，老股东红杉中国种子基金及奇绩创坛持续跟投，光源资本担任独家财务顾问。 此次融资将用于支持影眸科技进一步推进3D大模型的前沿探索，保持公司在3D大模型领域的全球领 先位置。同时推动以3D生成大模型Rodin为核心的Hyper3D系列产品在全球市场的商业化落地。 值得注意的是， Rodin上线45天后即实现100万美金年经常性收入（ARR），并持续高速增长。此 外，影眸已与 Amazon、字节跳动、Unity、拓竹等全球知名客户建立深度合作，截至目前已获得数 百万元B端商业化订单，覆盖游戏、电商、具身智能、空间计算、3D打印、影视等多个行业 。 影眸科技孵化于上海科技大学，由吴迪、张启煊、张龙文、曾初啸等人于2020年创立，团队平均年 龄 24 岁 。 其 团 队 与 上 科 大 共 同 提 出 的 可 控 3D 原 生 DiT 生 成 框 架 CLAY 与 3D 服 装 生 成 框 架 DressCode，均获计算机图形学顶会A ...

以下文章来源于半导体行业观察 ，作者L晨光 半导体行业观察 . 半导体深度原创媒体，百万读者共同关注。搜索公众号：半导体芯闻、半导体产业洞察，阅读更多原创 内容 巨大的市场潜力。 作者 | L晨光 据IDC的研究报告，2 0 2 3年第四季度，全球GPU供应缺口高达3 0%。特别是高端AI专用 芯片更是供不应求，中小企业的采购周期长达6- 12个月。 来源 | 半导体行业观察 （ID：icbank） 2 0 22年下半年以来，随着Cha tGPT的爆火，在加速计算和生成式AI的带动下，算力需求 陡增。直到如今，生成式AI依然处于科技界的"顶流"位置，全球高科技公司纷纷涌入AI 领域开展"军备竞赛"。 在AI时代，最硬的"资本"不再是资金，而是算力。有数据显示, 2 0 2 3年全球AI算力需求 同比增长超过3 0 0%，预计2024年将突破5 0 0%。 随之而来的，便是GPU需求量猛增，全世界大厂或创业公司都在各显神通解决"芯荒"难 题。 Omdi a数据显示，高端GPU芯片产能和流向集中在少数厂商手中，形成了供应链垄断。 加之制造工艺的技术壁垒，中小企业很难直接采购到所需的高性能算力资源。即便勉强 拿到资 ...

据IPO早知道消息，移卡（9923.HK）与深圳市深圳通有限公司（以下简称深圳通）的合作步入新阶 段，双方签署合作协议，就数字虚拟社区、创意营销解决方案等领域达成合作。 双方对于生成式AI在品牌营销领域的新尝试。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 根据协议内容，移卡将依托深圳通的流量场景，通过生成式AI等技术，为深圳通开发建设数字虚拟社 区。同时该虚拟社区也将融入商家权益、公益文创、游戏文娱、品牌宣传等内容，在为用户带来娱乐 互动、优惠权益及公益参与价值的同时，也助力深圳通实现品牌宣传、商业订单转化价值和创新服务 体验。 2024年4月，深圳通曾前往移卡进行调研交流，并共同商定携手推进多项 "便民利民" 的多元化支 付服务合作落地，以及持续拓展生成式AI、广告业务等多元解决方案领域的合作。随后，双方组建专 门项目组，对深中机场专线巴士上的购票机具进行升级，升级后国内外乘客可以通过深圳通、银行 卡、二维码、数字钱包以及部分外卡（如美国运通卡）进行购票，便利程度大幅提升。 此次协议的签订，正是双方合作的进一步深化，同时也是双方对于生成式AI在品牌营销领域的新尝 ...

以下文章来源于投资界前哨 ，作者周佳丽 投资界前哨 . 做投资界最新动态的瞭望者 另一场征途。 作者 I 周佳丽 报道 I 投资界-投资界前哨 投资界从香港证监会网站获悉，字节跳动创始人张一鸣创立的个人投资基金Co ol Ri v e r Ve n t ur e HK Limit e d，正式拿下香港9号牌，主要办公地址位于中环国际金融中心。 这意味着，之后Coo l Ri v e r Ve nt ur e 不仅可以直接参与境外的投资，还可管理运用海外 投资者的资金。 彼时，他已经在互联网奋战近20年，但却选择急流勇退。2021年5月，年仅38岁的张一 鸣在字节跳动公司内部发布全员信，宣布卸任CEO一职，并表示未来聚焦到远景战略、 企业文化、社会责任等长期重要的事情上去。 在这封告别信中，张一鸣还罕见坦露了自己的诗与远方。他深刻提到，持续的深度思考 和大胆的想象是创新成果得以实现的基础，但大家更容易关注商业模式的变化和品牌渠 道的更新，很少注意到技术变革已经在酝酿中，虚拟现实、生命科学、科学计算对人类 生活的影响都已现黎明之曙光，"我个人也有些投入，我还有更多想法，希望能更深度参 与。" 两年后，一家名为Co ...

出品：明亮公司 以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者：罗宾 当生成式AI性能提升的投入产出比达到顶点后开始回落，投资者更相信基于现有模型而构建的软件 应用，还是采购更多硬件来进一步提高大模型的性能？ 北美软件IGV指数最近两月涨幅创新高，已较2023年初翻倍。 不少机构投资者认为，美国软件 （SaaS）行业已受益于AI，2025年有望成为AI投资的领涨板块 。SaaS企业推出的AI Agent（智能 体）产品给软件带来新的订单增长动力；企业主对使用软件的预算增加也在改善软件过去的增长困 境。 软件股预期反转 前不久，法国巴黎银行证券部Exane全球软件行业首席分析师Stefan Slowinski在采访中阐述了其看 法：2025年的 AI领域，软件将从硬件/半导体中接棒成为增长最大动力，微软与Salesforce是增长的 旗手 ，"我的客户正在寻找2025年的软件股，虽然他们担心估值过高，但我认为由于AI Agents的应 用上行，估值有合理性。" 2024年5月前后，美股软件板块触及低点，投资者认为软件需求疲弱，生成式AI产品的落地 ...

深度聚焦RTE+AI，推动场景创新与体验升级。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，声网母公司Agora, Inc. ( NASDAQ: API )于11月26日发布了2024年第三季度 财报。 财报显示， 第三季度 Agora, Inc.实现总营收3157万美元，其中，业务聚焦在中国市场的声网实现 Q3营收1.13亿人民币。聚焦非中国市场的Agora实现Q3营收1570万美元 。 在资金储备方面，财报显示截至2024年9月30日，Agora, Inc.现金、现金等价物、银行存款及理财 产品3.63亿美元。 "近期，Agora推出了 Conversational AI SDK，并与 OpenAI Realtime API 合作，让开发者能够 在任何应用程序中加入语音驱动的对话式 AI 能力。"Agora, Inc. 创始人兼 CEO 赵斌表示，"我们 相信，能以语音与人类进行自然对话的多模态 AI 将在客户服务、教育和健康等多个场景中得到广泛 应用，而我们有望成为对话式 AI 的关键基础设施。" "为了支持这一愿景，我们进行了一些组织调整 ...

关注《晚点财经》并设为星标，第一时间获取每日商业精华。 400 余家大机构在二季度买了拼多多 400 余家大机构在二季度买了拼多多 携程称机酒行业价格下降，预计四季度缓解 茶百道毛利减少，因为给经销商减负 苹果 CFO 明年卸任，十年回报股东超 8500 亿美元 安踏半年净利润增长超 60%，商品周转加快 Anthropic 公开了 Claude 的系统提示词 拼多多是机构投资者二季度买入最多的中概股。据 13F 文件，当季共有 147 家资产管理规模 1 亿美元以 上的投资机构建仓拼多多，环比增加逾五成；增持的多了 20%、达到 269 家。清仓和减持的分别少了 30% 和 16%。 以拼多多二季度股票成交均价计算，大机构们合计净买入价值约 66 亿美元的拼多多股票。建仓的不乏 挪威央行、文艺复兴基金这样的著名机构。 一些早已重仓拼多多的中资机构下了更多注。景林增持约 157 万股、价值超 2 亿美元（按二季度交易均 价，下同），重新把拼多多买回最大持仓；泰仁资本买了近 2.5 亿美元，高毅资产增持约 0.6 亿美元。 徐新的今日资本没买也没卖，拼多多持仓占比接近九成。高瓴虽然大幅减持了约 4 亿美元拼多多 ...

Financial Data and Key Metrics Changes - Group revenue for the first half of 2024 reached RMB 1,740 million, representing a 21.4% increase year-on-year [6] - Generative AI revenue surged to RMB 1,050 million, accounting for 60% of total group revenue, up from 21% last year [12] - EBITDA loss reduced by 26.5% and overall loss decreased by 21.2% in the first half of 2024 [8][42] - Gross profit margin remained at 44%, consistent with the previous year [42] Business Line Data and Key Metrics Changes - Generative AI revenue increased by 256% year-on-year, becoming the primary driver of revenue growth [39] - Sensors revenue doubled to RMB 1,168 million, accounting for 10% of group revenue [12] - Traditional AI revenue was RMB 520 million, contributing 30% of group revenue, indicating a decline [40] Market Data and Key Metrics Changes - Overseas market revenue grew by 40% year-on-year, now accounting for 18% of total revenue [13][41] - The Chinese intelligent computing services market is projected to grow at a CAGR of over 50% for the next five years, reaching nearly RMB 200 billion by 2028 [21] Company Strategy and Development Direction - The company is focused on generative AI, leveraging deep synergies between large models and infrastructure to enhance model capabilities and reduce costs [7][39] - The strategic pivot towards generative AI has been more successful than anticipated, with significant growth in various sectors including intelligent hardware, electric vehicles, and finance [10][12] - The company aims to expand its operational computing power to 25,000 petabytes by the end of the year [19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the generative AI market, highlighting its rapid growth and the need for companies to invest in large models [9][76] - The competitive landscape is described as fierce, with significant investments required to maintain competitiveness [8][39] - Management emphasized the importance of balancing long-term growth with short-term investments [8] Other Important Information - The company has deployed over 50,000 GPUs, with total computing power exceeding 20,000 petabytes, positioning it as a key player in the AI infrastructure market [18] - The SESNOVA large model series has shown significant improvements, with version 5.5 released in July 2024, enhancing capabilities and real-time interaction [24][25] Q&A Session Summary Question: What are the potential applications for edge AI in collaboration with smartphone manufacturers? - Management is optimistic about edge AI prospects, emphasizing the growth of the user base and the potential for new application models beyond smartphones, including IoT devices [52][54] Question: How is the company planning to scale computing power resources? - The company is focusing on improving operational efficiency while expanding computing power, adopting a strategic approach to maintain competitiveness [58][59] Question: What are the core capabilities of the next generation large model? - Management discussed the importance of reasoning and high-order data in enhancing model capabilities, emphasizing the need for better data and model architecture [63][66] Question: Which products or services predominantly contribute to the increase in generative AI revenue? - The company is focusing on the commercialization of its technological expertise in AI infrastructure and large models, which has led to significant growth in generative AI revenue [72][76] Question: What is the current progress in commercializing end-to-end algorithms in the autonomous driving sector? - The company is dedicated to a pure visual technology path for autonomous driving, leveraging its computational resources to support automakers in developing advanced driving technologies [81][84]