美国家居建材零售巨头劳氏(LOW.US)宣布以88亿美元收购Foundation Building Materials(FBM)，创下公 司史上最大并购纪录。该交易将通过混合短期和长期债务融资完成，其中包括90亿美元的过桥贷款承 诺。 FBM在美国和加拿大运营着370多个网点，为约4万家专业客户提供石膏板、隔热材料、金属框架、吊 顶系统、商用门、五金件及配套建材等产品。2024年，该公司实现营收65亿美元，调整后 EBITDA 达 6.35亿美元。 瑞银分析师Michael Lasser评价称："短期看，此举将使劳氏获得更快的履约能力、强化的专业数字工 具、贸易信贷计划及可观的交叉销售机会;长期而言，有助于其深入挖掘家装市场中规模更大的专业细 分领域。" Seeking Alpha分析师Luca Socci强调，专业客户能带来更高销售额和客单价，且具有复购特性，这正是 劳氏理想的拓展方向。 本文源自：金融界 华尔街对此反应积极： 摩根大通分析师Christopher Horvers指出，专业分销市场的并购紧迫性正显著升级。随着企业为扩大潜 在市场规模、构建差异化业务能力的竞争加剧，这将成为焦点领域。 杰富瑞分 ...

Core Viewpoint - The article discusses the launch of the "official direct sales platform" by Hanglv Zongheng, which integrates resources from 38 airlines to sell tickets directly, promising "0 markup, 0 bundling, 0 tricks" [4][5]. Group 1: Market Dynamics - The ticketing market has long been a battleground among airlines, OTAs, ticket agents, and consumers, with issues like bundling sales and price discrimination frequently arising [5]. - Hanglv Zongheng's entry into the market aims to either reform the industry or follow the path of existing OTAs [5]. Group 2: Source Ticket Value Dilemma - "Source tickets" are highlighted as a key feature of Hanglv Zongheng, emphasizing transparency and adherence to airline rules [6][12]. - However, source tickets are not necessarily cheaper than those on other platforms, with examples showing Hanglv Zongheng's prices being higher than Ctrip by 50-100 yuan for certain routes [8][11]. - The pricing structure in the airline industry is complex, involving base fares set by airlines, distribution through GDS, and additional fees from OTAs and agents [8][10]. Group 3: Competitive Landscape - Hanglv Zongheng has garnered support from major airlines, positioning itself as a competitor to existing OTAs [15][16]. - The historical context shows a shift in power dynamics from OTAs to airlines, especially after the 2015 commission reform [16][19]. - Airlines are increasingly seeking to enhance their direct sales channels, with regulatory pressure to increase direct sales to 40% by 2025 [18][19]. Group 4: Challenges Ahead - Despite its official backing, Hanglv Zongheng faces significant challenges in competing with established OTAs, particularly in user experience and service capabilities [24][26]. - The platform's ability to maintain a non-commission model while investing in technology and marketing is crucial for its sustainability [26]. - Price remains a critical factor for consumers, with 76% prioritizing it over transparency in ticketing [27][28]. Group 5: Future Implications - While Hanglv Zongheng may capture a portion of the market, it is unlikely to disrupt the existing OTA landscape significantly [28]. - The entry of a state-backed platform could lead to more competitive practices among OTAs, ultimately benefiting consumers with better options [29].

以下文章来源于商业弧光 ，作者苗正卿 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 京东可能会重新思考外卖这件事的意义和策略。 8月14日晚，在京东财报会议上，超过一半的提问都围绕外卖和即时零售业务而来。大部分针对外卖的提问都 涉及到了"投入与产出"、"用户增长"、"利润率"。 其中高盛的提问很具有代表性："现在这个领域有三家公司，甚至更多企业参与竞争。其实最终拼的是耐力、执 行力和差异化。考虑到第一名公司规模最大，第二名有非常雄厚的资金实力，作为目前的第三名，京东应如何 思考自身在投入和长期经营上的决心？如果未来我们需要在外卖领域持续投入较长一段时间，可能也会产生亏 损，我们应该如何评估流量入口的用户获客成本、交叉销售的机会，以及用户体验（ UE ）的提升空间？" 这正是京东2025年第二季度业务和财报的一个缩影：在连续发力外卖、即时零售等业务两个季度后，围绕新业 务的投入正在改变京东既有的"业绩盘"，如何让这些业务在未来成为京东整体"有机的一环"，更是成为关键命 题。 影响京东净利润的核心原因，是针对新业务的投入，财报显示新业务整体亏损额达到148亿元 ...

Core Viewpoint - JD.com is reassessing the significance and strategy of its food delivery business, focusing on the balance between investment and returns, user growth, and profit margins [1][2]. Group 1: Business Strategy and Performance - The majority of questions during JD.com's earnings call centered on the food delivery and instant retail sectors, highlighting concerns about investment versus output and user growth [1]. - CEO Xu Ran emphasized viewing the food delivery business through an ecological lens, integrating it with core retail to create synergies and cross-selling opportunities [2]. - JD.com's revenue for Q2 reached 356.7 billion yuan, a year-on-year increase of 22.4%, but net profit dropped by 51% to 6.2 billion yuan, primarily due to losses from new business investments totaling 14.8 billion yuan [2][3]. Group 2: Market Position and Challenges - JD.com holds approximately 10% of the food delivery market, ranking third, and faces challenges in overtaking the top two competitors, Meituan and Alibaba [4]. - The core revenue sources, particularly in the 3C product and daily necessities categories, showed moderate growth, indicating that new business expansions have not yet significantly boosted the core business [3]. Group 3: Future Outlook and Investment Strategy - JD.com is focusing on converting food delivery users into core e-commerce customers, viewing investments in food delivery as a means to attract new users and drive traffic [5]. - The company is exploring a sustainable business model for food delivery and instant retail, aiming for long-term viability rather than short-term gains [6].

Core Insights - Uber reported better-than-expected Q2 revenue and guidance, indicating further growth potential in its core ride-hailing and delivery businesses [1] - The company announced a new $20 billion stock buyback plan [1] Financial Performance - Q2 revenue increased by 18% year-over-year to $12.7 billion, exceeding market expectations; earnings per share were $0.63, in line with forecasts [1] - Total bookings for Q2 grew by 17% to $46.8 billion, surpassing market expectations [2] - Adjusted EBITDA reached a record $2.12 billion, higher than the anticipated $2.09 billion [2] Business Segments - The delivery segment performed strongly, offsetting a slight decline in ride bookings; more users in the U.S., Australia, Canada, and Mexico are utilizing delivery services [2] - The ride-hailing segment's total bookings reached $23.8 billion, slightly below analyst expectations of $23.9 billion [2] Future Outlook - For Q3, total bookings are expected to range between $48.25 billion and $49.75 billion, exceeding previous market expectations of $47.6 billion [2] - Adjusted EBITDA for Q3 is projected to be between $2.19 billion and $2.29 billion, with the midpoint exceeding market forecasts [2] Strategic Initiatives - The company is leveraging cross-selling advantages between its two core services, with 12% of annual delivery orders (approximately $10 billion) generated through the Uber rides app [3] - The paid membership program, Uber One, saw a 60% year-over-year increase in subscribers, now exceeding 36 million, contributing 40% of total bookings [3] - Uber plans to intensify efforts to expand its business outside major European cities and is exploring partnerships with taxi companies to enter new markets [3] Market Response - Following the announcement, Uber's stock rose over 1% in pre-market trading [4]

Core Insights - LCNB reported a significant GAAP earnings beat for Q2 2025, with earnings per share reaching $0.41, exceeding the analyst consensus estimate of $0.38 [1][6] - Total revenue for the quarter was $22.7 million, reflecting a year-over-year increase of 17.6% [3][6] - The bank demonstrated broad-based improvement in profitability metrics, particularly in net interest margins and returns [2][7] Financial Performance - Earnings per share (EPS) increased by 486% year-over-year from $0.07 in Q2 2024 to $0.41 in Q2 2025 [3][6] - Revenue rose from $19.3 million in Q2 2024 to $22.7 million in Q2 2025, marking a 17.6% increase [3][6] - Net interest margin improved from 2.86% in Q2 2024 to 3.47% in Q2 2025, a 0.61 percentage point increase [3][7] - Non-interest expense decreased by 12.4% from $17.8 million in Q2 2024 to $15.6 million in Q2 2025 [3][8] Business Overview - LCNB is a community-focused bank based in Ohio, offering a full range of financial products to individuals and small businesses [4] - The bank's strategy emphasizes local service, disciplined pricing, and expanding wealth and trust services [5] Notable Developments - The bank's net interest income rose by 15.1% year-over-year, while non-interest income increased by 28.6% due to stronger results from trust and wealth services [6] - Nonperforming loans increased to $4.8 million, or 0.28% of total loans, up from $3.0 million (0.17%) the previous year [9] - Shareholders' equity at the end of Q2 2025 was $263.5 million, with book value and tangible book value per share rising by 7.3% and 16%, respectively [12] Growth Trends - Net loans at the end of Q2 2025 were $1.71 billion, with loan origination activity at $88.8 million [11] - Bank deposits totaled $1.92 billion, while total assets under management slightly decreased to $4.18 billion [11] - The bank reported significant growth in cross-selling wealth and trust services, particularly in recently acquired branches [11] Future Outlook - Management expressed confidence in the bank's strong asset quality and enhanced profitability, positioning it for continued growth [13] - Key trends to monitor include loan and asset growth, changes in nonperforming loans, and deposit stability [14]

Core Insights - The Chinese food delivery industry experienced a historic surge in orders, with Meituan surpassing 120 million orders in a single day, driven by a subsidy war between Meituan and Alibaba [1][2] - The competition is characterized by significant promotional activities, including large discount coupons, which have stimulated consumer demand and led to temporary service disruptions on Meituan's platform [1][2] - Goldman Sachs predicts that the ongoing price war will reshape the industry landscape, with substantial investments expected to continue until at least September 2025, ultimately benefiting the market in the long term [3] Company Developments - Meituan reported over 100 million food delivery orders on July 5, accounting for more than 80% of total orders, indicating a strong market presence [1] - Alibaba's Taobao Shanguo launched a 500 billion yuan subsidy plan aimed at boosting consumer and merchant engagement, resulting in significant order volume increases for restaurants and small businesses [2] - JD.com has also seen growth in its food delivery service, with daily orders exceeding 25 million since its launch, covering 350 cities and over 1.5 million restaurants [2] Market Trends - The competition among Meituan, Alibaba, and JD.com is expected to evolve, with potential scenarios ranging from Meituan maintaining its leadership to a duopoly or fragmented market [2][3] - The current price war aims to capture user traffic through frequent delivery services, which may enhance profitability in e-commerce and travel sectors in the medium term [3] - Goldman Sachs estimates that the food delivery market could reach 2.4 trillion yuan and the instant retail market could reach 1.5 trillion yuan by 2030, driven by improved supply chains and new business models [3]

Core Viewpoint - The ongoing price war in the food delivery industry in China is expected to last longer than previous rounds, with significant implications for profitability among major players like Alibaba, Meituan, and JD.com [3][4][5]. Industry Overview - The competition among Chinese internet giants in the food delivery sector has intensified, with Alibaba, JD.com, and Meituan heavily investing to capture market share [4][5]. - In June alone, the total investment from these three companies reached 250 billion RMB, indicating a shift in the industry landscape [5]. Financial Implications - Goldman Sachs warns of profit pressure in the short term, predicting that Alibaba's food delivery business will incur losses of 41 billion RMB over the next 12 months, while JD.com is expected to lose 26 billion RMB [6]. - Meituan's EBIT profit is projected to decline by 25 billion RMB, reflecting the financial strain from the ongoing competition [6]. Market Scenarios - Goldman Sachs outlines three potential scenarios for the future of the food delivery market: 1. **Base Case**: Meituan maintains its market leadership with a market share ratio of 5.5:3.5:1 against Alibaba and JD.com [8]. 2. **Duopoly**: Alibaba gains significant market share through a 500 billion RMB investment, leading to a 4.5:4.5:1 market share distribution [8]. 3. **Fragmented Market**: JD.com improves its position to achieve a 5:3:2 market share ratio [8]. Strategic Intent - The primary goal of the current price war is not immediate profitability in food delivery but rather to secure user traffic for cross-selling more profitable e-commerce and travel services [9][10]. - Meituan has successfully demonstrated this model, achieving a 30%-40% EBIT profit margin through cross-selling [9]. User Engagement and Growth - The competition has led to significant increases in daily active users (DAU) for Alibaba and JD.com, with both platforms seeing an increase of 50 million DAU [10]. - JD.com's user base has grown from 1-1.3 million to 1.7 million in the food delivery segment, with 40% of new users converting to e-commerce customers [10]. Long-term Outlook - Goldman Sachs anticipates that the current losses will be viewed as a long-term marketing investment, with potential profitability or breakeven by 2027 [11]. - Pinduoduo, which has not directly engaged in the food delivery competition, is expected to benefit from the market dynamics as Meituan exits certain provinces [11].

Group 1 - Alibaba Group's CEO announced the merger of Ele.me and Fliggy into Alibaba's China e-commerce business group, aiming for a strategic upgrade towards a large consumer platform [1][2] - The integration is driven by the recent growth in instant retail, with Alibaba increasing investments and resource consolidation to enhance user experience and operational efficiency [1][2] - During the recent 618 shopping festival, instant retail showed strong growth, while traditional e-commerce growth began to slow down, prompting a shift in business models within the industry [1][3] Group 2 - Alibaba's Taobao Flash Sale and Ele.me reported over 60 million daily orders, with 75% of orders now from non-tea drink categories, indicating a significant expansion in product offerings [2] - The 618 sales event saw a double-digit increase in active users and a 10% year-on-year growth in net sales after refunds, showcasing the effectiveness of the new business model [2] - Competitors like Meituan and JD.com are also expanding into instant retail, with Meituan reporting over 100 million users during the 618 event and JD.com experiencing explosive growth in its delivery service [3][6] Group 3 - The instant retail market in China reached 650 billion yuan in 2023, with projections to exceed 2 trillion yuan by 2030, driven by changing consumer habits and the demand for immediate satisfaction [3] - Both Alibaba and JD.com are leveraging cross-selling strategies to enhance user engagement and profitability, indicating a common approach among major players in the e-commerce sector [6][7] - The establishment of Alibaba's China e-commerce business group aims to create a comprehensive consumer service system, reflecting a broader trend of integrating various business units for enhanced synergy [7]

Investment Rating - The report maintains an "Overweight" rating for Tongcheng Travel (00780) [1] Core Insights - Morgan Stanley has raised the target price for Tongcheng Travel by 8%, from HKD 26 to HKD 28, based on the latest foreign exchange forecasts, while keeping profit forecasts and other key predictions unchanged [1] - The firm anticipates that China's tourism demand will remain strong this year, with consumer spending shifting from shopping to travel or experiences [1] - Tongcheng Travel is expected to continue expanding its market share driven by growth in lower-tier cities, cross-selling opportunities, new business initiatives, and international expansion [1]