Core Viewpoint - The company's 2Q25 revenue and adjusted net profit fell short of market expectations, primarily due to intensified competition in the food delivery sector, leading to increased user subsidies, rider incentives, and advertising expenses [1][2]. Revenue and Profit Analysis - 2Q25 revenue increased by 12% year-on-year to 91.8 billion yuan, but was 2% below market expectations; adjusted net profit was 1.49 billion yuan, significantly lower than expected, with adjusted net profit margin dropping from 16.5% in the same period last year to 1.6% [1]. - Core local business revenue grew by 8% year-on-year to 65.3 billion yuan; however, the food delivery segment's revenue growth was flat due to the impact of subsidies [1][2]. - The company expects a 13% decline in food delivery revenue in 3Q25 due to ongoing competitive pressures and a decrease in average order value (AOV) [1]. Business Segment Performance - The food delivery segment saw a 36% year-on-year increase in order volume in 2Q25, with expectations for continued strong growth in 3Q25 [1]. - The in-store and travel segment experienced over 40% year-on-year growth in order volume, with projected GTV and revenue growth of 27% and 13% respectively in 3Q25 [1]. - New business revenue grew by 23% year-on-year to 26.5 billion yuan in 2Q25, but operating losses widened to 1.8 billion yuan due to increased overseas investments [2]. Profitability Forecast - The core local business operating profit margin (OPM) fell from 25.1% to 5.7% year-on-year, with expectations for further declines in 3Q25 [2]. - The company has revised its adjusted net profit forecast for 2025 from 28.6 billion yuan to a loss of 5.9 billion yuan, and reduced the 2026 profit forecast by 21% to 34.7 billion yuan [2]. - Despite the challenges, the company maintains a positive outlook on the resilience of its food delivery business as the industry shifts focus from market share to profitability [2].

LSEG一项新调查显示，全球大部分金融服务公司已对其云战略做出调整或更新，部分原因是为了应 对数据隐私、安全和主权监管要求。尽管不同地区的合规方法因当地监管框架而异，但都有一个突出 主题：业务韧性是公司和监管机构的共同优先事项。 该调查基于LSEG委托开展的调研，由独立市场研究和咨询公司Phase 5于2024年11月至2025年3月期 间在线进行。全球共有453名金融服务行业高管完成了调查。近三分之二（63%）的受访者是其所在 机构金融市场数据和信息技术解决方案的主要决策者。调查覆盖了12个国家。 业务韧性：共同优先事项 云环境下的业务韧性是金融机构和监管机构的共同优先领域。全球范围内，30%的受访者表示，其所 在机构在过去12个月内因云服务经历过业务中断。因此，韧性和安全性正成为各公司评估其云战略价 值的核心要素，47%的受访者将其列为关键绩效指标。 欧洲、中东和非洲（EMEA）地区在选择云服务提供商时最重视业务韧性，95%的受访者认为这"非 常重要"（61%）或"至关重要"（34%）。约29%的EMEA受访者表示，过去12个月内曾因云服务经历 过业务中断，略低于全球平均水平。 亚太地区（APAC）的情况 ...