立即点击 ▲ 观看视频 文 / 卓立（微信公众号：吴晓波频道） 这是江南春第一次完整地谈分众的出海。 分众的出海从2017年至今，8年时间，质疑声颇多，关键的一点是，至今分众海外依然是亏损的 状态。但2个小时的访谈下来，"亏损"这个词并没有被避讳，反而成为我们讨论的重点，因为亏 损是江南春海外的"核心战略"。 分众海外11国的布局，到底是怎么样的打法？江南春的营销理论在海外能否再复制国内曾经的 辉煌？ 我们一起用第一人称的视角来了解分众这一家全球最大的梯媒公司的全球化战略。 1 母体赋能， 布局海外长期价值 卓立： 2023年您说过目标是在海外再造一个200亿规模的分众，现在海外规模大概10亿左右， 这个发展进度和您的预期接近吗？ 江南春： 任何事情都有一个漫长的发展过程。从目标角度来看，海外业务需要大量投入，所以 到现在我们依旧是亏损状态。 卓立： 好像亏了五千万对吧？ 江南春： 五千万到一个亿。我跟同事开会时还说，亏得太少了，还是太胆小了。 因为我是从无到有把分众做起来的，所以可能更笃定，海外业务一定会经历一个巨亏的阶段， 我相信接下来亏损还会更大。只有再多亏一些，才有机会实现反转。 在大亏损中不断前进、 ...

Core Insights - The recent Q2 financial reports from major companies like JD, Meituan, Alibaba, and Pinduoduo reveal a significant focus on the competitive landscape of the food delivery market, highlighting increased marketing expenditures and strategic losses due to heightened competition [2][4][5][6][7] Group 1: Financial Performance - JD's Q2 total revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, but it reported an operating loss of 900 million yuan due to increased strategic investments in new businesses, particularly food delivery [4] - Meituan's Q2 revenue was 91.84 billion yuan, up 11.7% year-on-year, but its adjusted net profit plummeted by 89% to 1.49 billion yuan, attributed to irrational competition in the food delivery sector [5] - Alibaba's Q2 net profit surged by 76% to 42.38 billion yuan, primarily driven by investment income, while its total revenue was 247.65 billion yuan, reflecting only a 2% year-on-year growth [6][7] Group 2: Marketing Expenditures - JD's marketing expenses soared by 127.6% year-on-year to 27 billion yuan, accounting for 7.6% of its revenue in Q2 [4] - Meituan's marketing spending reached 22.5 billion yuan, contributing to its profit decline [5] - Alibaba's marketing expenses increased by 62.6% to 53.18 billion yuan, with significant investments in its instant retail segment [6] Group 3: Strategic Focus and Future Outlook - JD's CEO emphasized that the food delivery business is a long-term project aimed at sustainable growth over the next five to ten years [4] - Alibaba's CEO highlighted the dual opportunities in AI and consumer sectors, with cloud business revenue growing by 26% year-on-year, driven by AI-related products [7] - The intense competition in the food delivery market is expected to continue impacting financial results in the upcoming quarters, with strategic losses likely persisting [2][7]

Group 1: Core Insights - The company, Moer Thread, has submitted its IPO application to the Sci-Tech Innovation Board, marking its entry into the capital market and revealing its growth trajectory and core competitiveness [1] - The latest prospectus showcases Moer Thread's technological accumulation and commercialization potential in the full-function GPU field, highlighting its all-stack technical barriers and impressive growth curve [1][2] Group 2: Technological Advantages - Moer Thread has built a comprehensive technical moat from chip to cluster, with its MUSA architecture supporting AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [2][3] - The MUSA architecture signifies Moer Thread's technological maturity in the domestic full-function GPU sector, with its flagship AI product, MTT S5000, aiming to compete with NVIDIA's H100 in performance [3][4] Group 3: Market Performance - From 2022 to 2024, Moer Thread's revenue surged from 46.09 million to 438.46 million, achieving a compound annual growth rate (CAGR) of 208.44%, reflecting its strong market competitiveness [6] - Despite being in a loss-making position, the company has narrowed its net loss from -1,839.55 million in 2022 to -1,491.94 million in 2024, indicating a 19% reduction in losses [6] Group 4: Strategic Positioning - The company emphasizes strategic losses as a means to build competitive barriers, similar to Tesla's approach, where initial losses are viewed as investments in future market dominance [7][10] - Moer Thread's R&D investment efficiency has improved significantly, with revenue per unit of R&D expenditure increasing from 0.041 to 0.323, a rise of approximately 7.88 times [7] Group 5: Future Prospects - The company plans to raise 8 billion for R&D of three new-generation chips, targeting improvements in computing efficiency, AI computing capabilities, and the development of a self-controlled ecosystem [10] - Moer Thread's path indicates a potential transition from a technology investment phase to a value return phase, with expectations of reaching a J-curve inflection point for profitability [8][10] Group 6: Conclusion - Moer Thread is positioned to break through in the GPU sector, leveraging rapid architectural iterations and a robust patent portfolio to establish a technological moat [11] - The company aims to convert its technological advantages into commercial barriers, potentially leading to a new growth phase [11]

Core Viewpoint - The article emphasizes that the value of technology companies should not be measured solely by quarterly profits or losses, but rather by their ability to innovate and adapt through technological advancements, as exemplified by companies like Tesla and Nvidia [1] Group 1: Company Performance - Pony.ai reported a 12% year-on-year revenue increase to 102 million RMB in Q1 2025, with Robotaxi business revenue reaching 12.3 million RMB, a 200% increase, and passenger fare revenue surging by 800% [1][3] - The adjusted net loss for the company was 271 million RMB, with a gross margin of 16.6% [1] Group 2: Long-term Strategy - Pony.ai is focusing on long-term technological investments to build a competitive moat, similar to Nvidia's early years, with R&D expenses increasing by 38% year-on-year to 295 million RMB [2] - The company has developed a seventh-generation autonomous driving system that significantly reduces costs by 70% compared to previous models and enhances perception capabilities [2] Group 3: Market Position and Future Outlook - The Robotaxi business model is positioned for growth, with the company forming strategic partnerships with major platforms like Tencent Cloud and Uber, reaching over one billion users [3] - The autonomous driving industry is expected to enter a growth phase starting in 2024, with significant advancements in technology and policy support for commercial operations [4][7] - By 2030, the Robotaxi market is projected to reach 200 billion RMB, with Pony.ai's technology creating a competitive edge through reduced operational costs and advanced safety systems [7] Group 4: Conclusion - The current "strategic losses" of Pony.ai are indicative of a robust business model, with significant increases in passenger fare revenue and reduced costs signaling potential for future profitability [8] - The company is likened to Nvidia in its journey through R&D investment, technological breakthroughs, and ecosystem development, suggesting a promising future for autonomous driving in China [8]