拼多多利润大跌，计划继续牺牲利润投补贴。 一季度营收增速创拼多多上市以来新低，仅增长 9%，总额为 956.7 亿元，远低于市场预期的 1016 亿元 。更加让市场意外的是，经营利润同比大跌 38%，为 160.85 亿元，远低于市场预期的 250 亿 元。 线上营销服务，也就是广告一直是快手最重要的营收板块，一季度占比达到 55.1%。一季度本就是 广告淡季，而快手本季度广告增速尤其缓慢，同比增长仅 8%。去年一季度线上营销服务同比增长 为 27.4%，不过去年一季度《蛋仔派对》《元梦之星》投放激战正酣，短剧也处在集中投放期。有 分析师预估，随着二季度 "618" 等电商购物节的广告需求增长，快手的广告增长将有所回升。 去年 6 月快手推出 AI 视频生成大模型可灵之后，本季度第一次公布这部分的收入，达到了 1.5 亿 元。 腾讯音乐成为 K-POP 公司 SM 娱乐第二大股东。 SM 娱乐旗下艺人包括 EXO、东方神起、少女时代等。花 12.9 亿元人民币从韩国娱乐公司 HYPE 手中收购 SM 娱乐 9.38% 的股份后，腾讯音乐成为其第二大股东，仅次于韩国互联网公司 Kakao。 今年一月，SM 娱乐 ...

作者 | 刘宝丹 编辑 | 黄昱 距离ChatGPT出圈已经过去两年多，AI大模型的重心仍在技术迭代上，商业化步伐缓慢。在这种情况 下，快手蹚出了一条AI商业化之路。 5月27日，快手发布2025年第一季度业绩，实现收入326亿元，同比增长10.9%，表现稳健；实现经调整 净利润46亿元，经调整净利润率达14%。整体来看，快手一季度业绩符合市场预期。 相较于乏善可陈的线上营销服务和直播等核心业务，快手在新业务层面打开了局面。一季度，快手首次 实现单季度海外整体层面的经营利润转正，更积极的信号是，可灵AI单季营收达1.5亿元。 这是一份喜忧参半的财报。对快手来说，喜的是AI和国际化展现出较强的第二增长曲线势能，忧的是 要想在竞争激烈的国内市场守好基本盘，依然阻碍重重。 值得注意的是，快手的用户增长进一步放缓。一季度，快手月活用户为7.12亿，同比增长2.1%。根据 QuestMobile数据，截至2025年3月，中国移动互联网月活跃用户规模达到12.59亿，同比增长2.2%。 开拓 在成立14年后，快手还有更艰难的硬仗要打。 苦守 作为短视频平台，快手的核心收入主要来自线上营销服务、直播和其他服务等，在整个互联 ...

Core Viewpoint - Youku has launched a new brand "Youku Original" focusing on strong narratives, serialization, and an international perspective to pursue "good stories" [1][2][4] Group 1: Brand Strategy - The launch of "Youku Original" represents a deeper commitment to content quality and is part of Youku's exploration of premium content creation [1][2] - Youku aims to meet audience aesthetic demands by producing high-quality works such as "Mo Yu Yun Jian," "Bian Shui Wang Shi," and "Nan Hong" [2][4] Group 2: Creative Logic - The underlying creative logic for "good stories" includes strong narratives, serialization, and an international perspective [4] - Strong narratives reflect high aesthetic standards and a pressing demand from audiences for compelling storytelling [4] - Serialization is based on audience feedback, aiming to create an efficient standardized production system for series [4] Group 3: International Perspective - The international perspective emphasizes creating stories that can attract global audiences and meet international content quality standards [4] - Good content transcends borders, and "good stories" can resonate across languages and cultures [4] Group 4: Content Production and Technology - Solid content production capabilities and technological advancements are core to supporting "Youku Original" [4] - The company has attracted top creative talents and established initiatives to nurture directors, screenwriters, and actors [4] - Youku utilizes advanced technologies like virtual filming and specialized production vehicles to enhance creative boundaries [4] Group 5: Audience Engagement - Respecting the audience is a perpetual pursuit, and understanding content creation rules is essential for exploring more possibilities in domestic dramas [5] - Youku has upgraded its user experience with features like thematic recommendations, focused content display, and enhanced visual quality [6]

Core Viewpoint - The research indicates that AI language models primarily impact white-collar jobs, particularly those that are procedural and highly regulated, while blue-collar jobs that focus on human services are less affected [2][62]. Group 1: AI Exposure and Job Impact - The study utilized AI exposure metrics to analyze 1.25 million job postings from January 2018 to May 2024, calculating the AI language model exposure for various occupations [1][41]. - High AI exposure jobs are predominantly white-collar positions, such as accounting, auditing, editing, sales engineering, and computer programming, while low exposure jobs include cleaners, movers, restaurant cooks, and dishwashers [58][62]. - A negative correlation was observed between AI exposure and the number of new job openings, indicating that as AI exposure increases, the number of new positions decreases [63][71]. Group 2: Labor Market Trends - The average AI language model exposure in the Chinese labor market has shown a declining trend from January 2018 to May 2024, suggesting a reduction in AI-related job postings [66][68]. - The research highlights that while AI exposure is increasing in certain sectors, the overall labor market appears stable, masking underlying shifts in employment dynamics [36][37]. Group 3: Skills Demand Changes - The demand for certain skills is changing, with a decline in the need for communication skills due to the proficiency of AI language models in this area [75][76]. - Conversely, there is an increasing demand for skills such as professionalism, management ability, self-motivation, problem-solving, and collaboration, as AI serves as an assistant rather than a complete replacement [78][81]. Group 4: Future Work Landscape - The impact of technological advancement on jobs is characterized by a "double-edged sword" effect, where some jobs are destroyed while new ones are created [85][86]. - The labor market is experiencing polarization, with increasing demand for both high-skill and low-skill jobs, while middle-skill jobs are declining [103][104]. - The trend towards task-based work is also emerging, where simple, repetitive tasks are in high demand due to the limitations of automation [106][109].

Group 1 - China's aviation engine "Taihang 2" pure hydrogen gas turbine has achieved a cumulative operation time of over 7000 hours for the first unit and over 5000 hours for the second unit, marking a successful commercialization of the 2MW pure hydrogen gas turbine [2] - The low-altitude economy is driving the popularity of drone pilots, with over 225,000 registered drone pilot licenses in China as of June 2024, and more than 2000 training institutions available [3] - Shenzhen has established its first pharmaceutical and medical device industry overseas joint venture, aiming to create a platform for local companies to connect with global markets [4] Group 2 - China's marine economy has surpassed 10 trillion yuan for the first time, showing a growth of 5.9% compared to the previous year, with the marine engineering equipment manufacturing sector maintaining the largest global market share for seven consecutive years [5] - The first large-scale lithium-sodium hybrid energy storage station in China has been put into operation, with a capacity of 400 MWh and a green energy ratio of 98% [6] - The Yukun high-speed railway's Ningjingli tunnel has been safely completed, contributing to the construction of the railway with 40 tunnels already completed in the Yunnan section [7][8] Group 3 - Yunding Technology has launched an industrial vision intelligent all-in-one machine in collaboration with Ascend, featuring high computing power and supporting over 100 channels of 1080P video processing [9] - A Chinese team has overcome challenges in the large-scale production of third-generation photovoltaic technology, achieving stable mass production of perovskite solar cells [10] - QQ Browser has introduced an AI tool named "AI Gao Kao Tong" to assist students in exam preparation and college application processes [11] Group 4 - Market rumors suggest that Sais Technology's humanoid robot prototype is ready for demonstration, although the company has not confirmed this information [12] - U.S. President Trump has threatened to impose tariffs of 50% on the EU and 25% on Apple, causing declines in Apple stock and U.S. stock futures [13] - Experts have commented on the impracticality of relocating iPhone production to the U.S., citing high costs and potential price increases for consumers [14] Group 5 - Japan's consumer price index for rice has seen a dramatic increase of 98.4% year-on-year in April, marking the highest increase since 1971 [15] - Nissan is considering selling its Yokohama headquarters as part of its restructuring plan, which may incur an additional 60 billion yen (approximately 418 million USD) in costs [16] - Elon Musk praised Google's new AI video generation model, Veo 3, during a developer conference, while also announcing his return to a 24/7 work schedule [17]

Group 1 - Bilibili (BILI) has recently reached a key level of support and has overtaken the 200-day moving average, indicating a long-term bullish trend [1] - BILI shares have increased by 8.8% over the past four weeks, and the stock is currently rated as Zacks Rank 2 (Buy), suggesting potential for continued growth [2] - Positive earnings estimate revisions support the bullish outlook for BILI, with no estimates decreasing in the past two months and one estimate increasing, alongside a rise in the consensus estimate [3]

Core Viewpoint - iQIYI's Q1 2025 financial report demonstrates strong performance, contributing to industry stability and showcasing the vitality of leading companies [2][4] Financial Performance - iQIYI's total revenue for Q1 2025 reached 7.19 billion yuan, a 9% increase quarter-over-quarter [2] - Membership service revenue was 4.4 billion yuan, online advertising revenue was 1.33 billion yuan, content distribution revenue was 630 million yuan, and other revenue was 830 million yuan [2] - Operating profit for Q1 2025 was 460 million yuan, reflecting a 13% quarter-over-quarter growth, with an operating profit margin of 6% [2] Market Position and Growth - iQIYI maintains a leading market share in long-form series, with a 38% share of the top 20 series in Q1 2025 [9] - The user scale and activity of micro-dramas significantly increased in Q1 2025, indicating a successful expansion into short-form content [4][8] Advertising and AI Integration - iQIYI's online advertising revenue reached 1.33 billion yuan, with over 50% of brand advertising revenue coming from targeted content ads [6] - The AI-driven advertising platform "Qiju" improved the return on advertising investment by over 20% [6] Debt and Financial Health - iQIYI's net interest expenses significantly decreased, indicating improved debt structure and financial flexibility [5] - The company has been optimizing its balance sheet, with net interest expenses declining for six consecutive quarters [5] Content Strategy and Innovations - iQIYI is expanding its micro-drama offerings, with a threefold increase in heavy users since the launch of its micro-drama platform [8] - The company is also enhancing its content supply through various initiatives, including a plan for 100 Hong Kong films and over 15,000 micro-dramas [12] Membership and User Engagement - Membership service revenue grew by 7% quarter-over-quarter, reaching 4.4 billion yuan [17] - iQIYI is focusing on high-value users through its membership model, while also attracting price-sensitive users with its free micro-drama offerings [15] New Business Ventures - iQIYI is exploring new commercial scenarios, including content e-commerce and offline entertainment parks, to extend the lifecycle of its IP [18] - The international version of iQIYI saw a revenue increase of over 30% year-over-year, with advertising revenue up by 40% [18] Strategic Outlook - iQIYI's multi-dimensional strategy of "long-form series, micro-drama expansion, technology empowerment, and ecosystem enhancement" is reinforcing its position as a leading platform in the industry [19]

Core Viewpoint - Bilibili has successfully transitioned to profitability after 15 years of losses, demonstrating stable earnings with significant growth in revenue and profit margins in the first quarter of 2025 [1][6]. Financial Performance - Bilibili reported a net revenue of 70.03 billion yuan in Q1 2025, a year-on-year increase of 24% [1] - Gross profit reached 25.39 billion yuan, up 58% year-on-year, with a gross margin of 36.3%, an increase of 8 percentage points [1] - Adjusted net profit for the quarter was 3.62 billion yuan, marking the third consecutive quarter of positive adjusted net profit [1] Revenue Sources - Bilibili's revenue is derived from four main areas: value-added services, advertising, mobile games, and IP derivatives [1] - Advertising revenue was 19.98 billion yuan, a 20% year-on-year increase, driven by strong growth in performance-based advertising, particularly in AI-related ads [2] - Mobile gaming revenue reached 17.31 billion yuan, a 76% increase year-on-year, largely due to the success of the exclusive game "Three Kingdoms: Strategy of the World" [2] - Value-added services generated 28.07 billion yuan, an 11% increase year-on-year, primarily from live streaming and other services [2] - IP derivatives and other revenue decreased by 4% to 4.67 billion yuan [2] User Growth and Engagement - Daily active users reached 106.7 million, an increase of approximately 4.3 million year-on-year, while monthly active users totaled 368 million, with a net increase of 28 million [3] - The average age of Bilibili users is now 26, indicating a shift towards a more engaged and financially capable user base [3] - Users spend an average of 108 minutes daily on the platform, with the number of paying users reaching a historical high of 32 million [3] Strategic Initiatives - Bilibili has been focusing on cost reduction and efficiency improvements, leveraging AI technology to enhance commercial conversion rates [3] - The company upgraded its fan charging plan, resulting in a 200% year-on-year increase in related revenue [4] - Bilibili aims to gradually increase its gross margin to 40%-45% and maintain a long-term operating profit margin target of 15%-20% [4] Future Outlook - Bilibili's CEO expressed confidence in the company's ability to sustain profitability and adapt to the evolving AI landscape, emphasizing the potential for diversified monetization of high-quality content [5][6] - The company recognizes the importance of long-term operations for its gaming projects, particularly "Three Kingdoms: Strategy of the World," which is expected to have a stable commercial cycle of at least five years [4]

完整早报音频，请点击标题下方小耳机收听 【 UU 跑腿要求高管午休时间接单，创始人回应：一直要求全员跑单】 5 月 23 日，据多家媒体报 道，有网友日前发布视频称， UU 跑腿的管理层被要求在午休时间参与跑腿业务。对此， UU 跑腿 创始人乔松涛在 5 月 24 日回应记者称，公司一直要求全员跑单，从成立到现在一直如此。最近， 为了让高管体验一下基层的不易，公司推出了一个高峰期接单体验。（每日经济新闻） 【麦当劳今年近半新餐厅将开在中国，九成采购本土化抵御关税波动】 "我们中国市场 90% 以上原 材料实现本土采购，鸡肉、土豆等核心原材料，是在中国本地完成生产、加工、采购的。"谈及"对等 关税"事件，麦当劳中国首席影响官顾磊告诉记者。未来麦当劳还会在中国持续下沉。据了解， 2025 年，麦当劳有将近一半的新餐厅将开在中国。（第一财经） 【又遭原料成分质疑，巨子生物回应：多批次检测结果胶原蛋白均大于0.1%】 5 月24日，一名坐拥 43万粉丝的社交平台博主发出"巨子生物疑似造假：重组胶原竟然测不到胶原！"的视频及图文网 帖。5月24日当晚，巨子生物旗下品牌可复美在其社交平台官方账号上，发布《严正声明——告消 ...

Core Viewpoint - iQIYI's Q1 2025 financial results show a mixed performance with year-over-year declines but quarter-over-quarter growth, indicating potential stabilization and recovery in its business operations [2][3]. Financial Performance - iQIYI's total revenue for Q1 2025 was 7.19 billion yuan, a 9% decrease year-over-year but a 9% increase quarter-over-quarter [2]. - Non-GAAP operating profit was 460 million yuan with a Non-GAAP operating profit margin of 6%, down from 1.09 billion yuan and 14% in the same period last year, but up 13% quarter-over-quarter [2]. - Non-GAAP net profit attributable to iQIYI was 304 million yuan, compared to 844 million yuan in the same period last year, but improved from a loss in the previous quarter [2]. Business Segments - iQIYI's revenue structure includes membership services, online advertising, content distribution, and other services, with membership services accounting for over 60% of total revenue [3]. - Membership service revenue showed a decline from 4.8 billion yuan in Q1 2024 to 4.4 billion yuan in Q1 2025, but rebounded to 4.4 billion yuan in the latest quarter [3]. - Online advertising revenue was 1.33 billion yuan in Q1 2025, while content distribution and other services saw growth, with revenues of 629 million yuan and 831 million yuan respectively [3]. Cost and Investment - iQIYI has been reducing operating costs since Q2 2024, but there was a noticeable increase in operating costs and selling, general, and administrative expenses in Q1 2025 [4]. - As of March 31, 2025, accounts payable remained stable at 6.48 billion yuan, and cash flow from investing activities improved to -30 million yuan from -895 million yuan in the previous quarter [4]. Strategic Initiatives - iQIYI has entered the micro-drama segment, which has become a significant category within its ecosystem, indicating a potential turning point in its performance [3][5]. - The company aims to enhance its micro-drama content library, focusing on attracting new members, particularly in underpenetrated markets [5][7]. - iQIYI's micro-drama content has shown promising growth, with heavy users increasing threefold from December 2024 to April 2025 [7]. Industry Trends - The shift towards micro-dramas aligns with changing viewer habits, as attention spans decrease, making shorter content more appealing [6][7]. - Experts suggest that long video platforms like iQIYI have the potential to drive the premiumization of micro-dramas due to their advantages in content production and user engagement [7].