April 2025 Disclaimer Non-IFRS Financial Measures This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, cash liquidity and net cash liquidity. Grab uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, and Adjusted EBITDA margin for financial and oper ...

Group 1 - Ele.me has launched the "Hungry Subsidy Over 100 Billion" campaign, offering consumers daily surprises and low-price benefits through the app [1][3] - The campaign aims to enhance consumer satisfaction and marks Ele.me's renewed efforts in the competitive subsidy landscape, evolving the competition from a "two-tiger" scenario to a "three-country" battle [1][3] - Price is a key factor in attracting consumers in the fiercely competitive food delivery market, especially after Ele.me lost market share to competitors like JD Delivery [3][20] Group 2 - JD Delivery has also entered the 100 billion subsidy arena, announcing a significant investment of over 10 billion yuan within a year, showcasing its determination to capture market share [10][13] - The subsidy strategy includes a universal subsidy for all users, with discounts up to 20 yuan applicable to various major restaurant brands, enhancing user engagement [10][13] - Meituan Delivery is not lagging behind, planning to invest 100 billion yuan over three years to support the restaurant industry, focusing on various merchant support initiatives [13][19] Group 3 - The intense competition in the food delivery sector is driven by market saturation and the need for platforms to secure limited market shares through effective strategies like the 100 billion subsidy [20][22] - Consumers are increasingly price-sensitive and demand higher quality and service, prompting platforms to enhance their offerings while providing subsidies [22][24] - The competition fosters innovation and upgrades within the industry, as platforms strive to improve service models, delivery efficiency, and food safety management [24]

San Francisco-basedUber Technologies ((UBER) is the dominant ride-sharing company in North America and internationally. Uber has expanded its business into Canada, Latin America, Europe, the Middle East, and Asia (ex-China). Through its mobile application and vast network of drivers, Uber offers various services to customers based on details like the number of riders, vehicle style, and pets. In addition, Uber has diversified into the delivery business. The company faces some bad news and goods news ahead o ...

EMERGING TECH RESEARCH Foodtech Public Comp Sheet and Valuation Guide Q1 2025 Analysis Alex Frederick Senior Research Analyst, Agtech and Foodtech alex.frederick@pitchbook.com Ben Riccio Associate Research Analyst ben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.com PitchBook Data, Inc. Nizar Tarhuni Executive Vice President of Research and Market Intelligence Paul Condra Global Head of Private Markets Research James Ulan Director of Emerging Technology Research Institutional Research Group | Cont ...

Core Viewpoint - JD.com has entered the food delivery market with a strategy that includes zero commission for merchants, social security for delivery riders, and a substantial subsidy program, aiming to disrupt the existing duopoly of Meituan and Ele.me in the industry [1][2][3] Group 1: Market Entry and Growth - JD.com announced that its food delivery service surpassed 10 million daily orders on April 22, just a week after reaching 5 million orders [1][3] - The company aims to recruit 100,000 full-time delivery riders in the next three months, doubling its previous recruitment target [7] - The rapid growth of JD.com's order volume indicates a strong market entry, with the service covering 166 cities [3][6] Group 2: Competitive Strategy - JD.com is offering zero commission for merchants who join before May 1, 2024, and is the first platform to provide full social security benefits to delivery riders [3][5] - The company has launched a "100 billion subsidy" program to lower consumer prices, with discounts available on popular brands [4][6] - JD.com's delivery fees are reportedly 1-2 yuan higher than those of competitors, attracting riders from other platforms [5][6] Group 3: Industry Impact - The entry of JD.com is expected to create a "catalyst effect" in the food delivery market, challenging the existing rules and profit-sharing models [2][3][5] - The competitive landscape is shifting, with Meituan and Ele.me responding to JD.com's aggressive strategies by enhancing their own services [6][7] - JD.com's commitment to limiting its net profit to 5% reflects a strategy focused on market share rather than immediate profitability [2][6]

DoorDash is offering to buy UK-based rival Deliveroo for $3.6bn (£2.7bn), Deliveroo said Friday.Deliveroo said that its board is currently in talks with DoorDash over the offer and that a firm offer has not been made, according to statement sent to the Guardian. Should a firm offer of £1.80 ($2.40) a share be made, Deliveroo said, “it would be minded to recommend such an offer to Deliveroo shareholders.“There can be no certainty that any firm offer for Deliveroo will be made. At this time, shareholders are ...

当王兴在2010年创立美团时，很少有人能预见，这个早期并不起眼的团购网站会从"千团大战"中胜出， 并成为中国互联网超级巨头；当刘强东在2007年决定自建物流系统时，也鲜有人能想象，后来京东的供 应链会成长为其抗衡阿里的核心壁垒之一。 （文/刘媛媛 编辑/周远方） 在移动互联网的黄金十年里，京东与美团看似两条平行线，前者深耕B2C电商与供应链，后者专注O2O 生活服务。这一阶段，双方虽未直接对抗，但商业触角的延伸和行业边界的拓展，已为如今的交锋埋下 伏笔。 一开始，双方还只是暗暗较劲。比如，2017年，刘强东提出"第四次零售革命"概念，认为未来零售将进 入无界化时代，随后通过7FRESH生鲜超市、京东到家等业务试水线下，被指对美团地盘有所觊觎。 2018年，王兴在内部信中首次提出"Food+Platform"战略，显露出其以"吃"为核心，围绕酒旅、出行、新 零售等高频需求，构建超级生态平台的野心。 如今，在本地生活服务这个万亿级市场，两家基因迥异的巨头"迎头相撞"。 到了2021年左右，京东联合达达集团推出"京东小时购"业务，迈出其在即时零售领域探索的关键一步。 彼时，美团正欲撕掉"外卖"标签，将"送餐"理念向 ...

Core Viewpoint - The ongoing competition between Meituan and JD.com is characterized as a "war of words," highlighting the importance of focusing on business ethics rather than moral attacks [1][2]. Group 1: Business Models and Strategies - JD.com promotes a full-time delivery rider model, emphasizing benefits like social insurance, aiming to expand its workforce from 130,000 to 50,000 full-time riders [2]. - Meituan has reported that in 2023, 7.45 million riders earned income, with plans to extend social insurance coverage to over 1 million riders [2]. - Both companies are addressing the social insurance issue for riders, but the approach should align with business logic rather than moral obligations [2]. Group 2: Competition Dynamics - The "choose one" clause controversy lacks substantial evidence, as riders have the autonomy to choose platforms, and Meituan denies the existence of such a clause [3]. - The debate can be beneficial, prompting both companies to consider rider interests and improve their services, rather than demonizing each other [3][4]. - The competition should focus on mutual growth and adherence to shared business principles, rather than engaging in endless moral disputes [3][4]. Group 3: Future Directions - The industry should prioritize institutional development and innovation over moral coercion and verbal attacks [4]. - The ultimate goal for companies is to create social value for sustainable development, balancing their competitive strategies [4].

Core Viewpoint - The ongoing competition between JD.com and Meituan in the food delivery market is intensifying, with JD.com leveraging marketing strategies to target Meituan's weaknesses, particularly regarding rider treatment and commission rates [3][10][14]. Group 1: JD.com's Strategies - JD.com has been actively engaging in a series of strategic moves since the beginning of the year, including raising salaries for delivery personnel by 20% to 35%, implementing full social security coverage for riders, and announcing a 10 billion yuan subsidy to capture the instant delivery market [3][11]. - The company's marketing tactics involve high-profile public appearances by its founder, Liu Qiangdong, to create a relatable image and contrast with Meituan's algorithm-driven approach [4][10]. - JD.com is focusing on the high-end market by promoting quality delivery services with a minimum order of 30 yuan, partnering with premium merchants, and requiring riders to wear custom uniforms [11][12]. Group 2: Meituan's Challenges - Meituan faces significant scrutiny due to high commission rates, which range from 18% to 23%, leading to complaints from over 120,000 users regarding excessive fees and forced promotions [6][7]. - The average delivery time for Meituan riders has been reduced to 28 minutes, with penalties for delays impacting 15% of their income, and less than 30% of riders have social security coverage [6][7]. - The company has been fined 3.44 billion yuan for anti-competitive practices, highlighting the regulatory pressures it faces [6]. Group 3: Market Dynamics - The food delivery market in China is valued at over 1.2 trillion yuan, presenting a significant opportunity for both companies, especially as JD.com seeks to overcome its growth challenges in core retail, which has slowed to a 6.7% growth rate [11][12]. - The competition is expected to create a "catalyst effect," prompting Meituan to enhance its offerings, including a commitment to invest 100 billion yuan over three years to support the restaurant industry and improve rider conditions [13]. - The ongoing battle is likely to reshape the market dynamics, with both companies vying for consumer loyalty and market share, ultimately benefiting consumers through lower prices and improved services [14][15].

关税让百事可乐更难做了。 可乐的生产依赖浓缩液、水、甜味剂。为了交更少的税，百事可乐从 50 多年前开始在企业税率更 低的爱尔兰生产浓缩液——几乎所有在美国销售的百事可乐浓缩液都来自爱尔兰，现在百事要为此 缴纳 10% 的进口关税。可口可乐也在爱尔兰生产浓缩液，但其在美国本土销售的汽水，大部分浓 缩液来自美国亚特兰大以及领土波多黎各，这也意味着可口可乐受关税影响更少。 两家企业还受到美国对进口铝征收 25% 关税的影响。可口可乐 CEO 詹姆斯·昆西 (James Quincey) 此前表示，可口可乐从加拿大进口了一些铝，关税可能会导致可乐价格上涨，公司可通过增加塑料 瓶装饮料或从美国采购铝来缓解。 OpenAI 的最强模型幻觉更严重。 OpenAI 上周发布 o3、o4-mini 两款推理模型，凭借图像推理等能力引发关注。OpenAI 最早介绍 o3 的时候，还特意强调其在高难度编程能力测试中达到 Top 200 人类程序员的水平。但许多使用者发 现，这两款模型幻觉更严重。他们决定继续使用 o1 Pro 或 Gemini 2.5 等模型。 非营利机构 Transluce 测试发现，o3 经常会幻想自己用了某 ...