Group 1: Trade and Market Developments - The trade volume between China and Arab countries has exceeded $400 billion in 2024, marking a growth of over 10 times from $36.7 billion in 2004 [2] - Chinese products such as electric vehicles, home appliances, and smartphones are increasingly popular among Arab consumers, while Arab products like dates and olive oil are well-received in China [2] Group 2: Company Performance and Strategies - Midea Group's overseas market OBM business has grown by 40% year-on-year, with e-commerce sales increasing by over 50% [2] - Anker Innovations reported a revenue of 24.71 billion yuan in 2024, a year-on-year increase of 41.14%, with a significant growth of 184% in its energy storage business [4] - Didi has launched overseas car-hailing services in 11 countries and 26 cities to cater to domestic users traveling abroad [4] Group 3: Strategic Partnerships and Innovations - Toyota has entered a strategic partnership with Waymo to accelerate the development and deployment of autonomous driving technology [4] - Microsoft CEO Satya Nadella stated that up to 30% of the company's code is generated by AI, highlighting the increasing role of artificial intelligence in software development [5] Group 4: Industry Trends - The home appliance sector is adapting to new tariffs imposed by the U.S., with companies taking measures to mitigate impacts through overseas inventory and production adjustments [2] - Stone Technology is expanding its overseas market management team to enhance marketing efforts for its washing machine business [6]

Financial Data and Key Metrics Changes - In Q1 2025, Grab achieved a 17% year-on-year growth in on-demand GMV and recorded another all-time high in monthly transacting users, leading to record revenues [5][6] - The trailing twelve-month adjusted free cash flow expanded to $157 million, and the adjusted EBITDA outlook for the full year 2025 was raised to $460 million to $480 million from a previous range of $440 million to $470 million [6][5] Business Line Data and Key Metrics Changes - The delivery segment continued to grow, with monthly transacting users increasing sequentially, particularly driven by strong performance from Grab Mart [20][54] - The number of transactions on the platform increased by 19% year-on-year, indicating higher engagement [36] Market Data and Key Metrics Changes - The company noted that it has not seen any signs of consumer weakness despite macroeconomic uncertainties, particularly in Indonesia, where it outperformed its closest competitor [54][55] - The direct marketing costs in Indonesia declined by 12% quarter-on-quarter, contributing to improved adjusted EBITDA as a percentage of GMV [55] Company Strategy and Development Direction - Grab aims to position itself as a countercyclical company, focusing on improving reliability and affordability in its offerings to drive user growth and retention [5][6] - The company is leveraging AI to enhance user and partner services, with a focus on affordability and efficiency in operations [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth momentum despite potential macroeconomic headwinds, citing strong performance in Q1 and expectations for continued demand growth [6][36] - The company is closely monitoring the macro environment but remains optimistic about its ability to execute its growth strategy [33][39] Other Important Information - Grab's FinTech business is expected to see an increase in lending to consumers, with a focus on prudent growth amid macroeconomic uncertainties [108] - The company is exploring opportunities for value-added acquisitions to enhance its ecosystem [56] Q&A Session Summary Question: Changes in consumer behavior amid weakening macros - Management has not observed any signs of consumer weakness and expects a rebound in growth rates across mobility and deliveries in Q2 [20][21] Question: Confidence in higher EBITDA guidance - The company is confident due to strong Q1 performance, with demand remaining robust despite seasonal challenges [35][36] Question: Plans if demand softens - Management indicated they would monitor the situation closely and may consider promotions to stimulate demand if necessary [33] Question: Industry consolidation in delivery - Management noted ongoing consolidation in the industry but emphasized their focus on growing their delivery segment, which remains underpenetrated [51][52] Question: Performance in Indonesia compared to competitors - Grab outperformed its closest competitor in Indonesia, with strong growth in deliveries and a decline in direct marketing costs [54][55] Question: Margin drivers for deliveries - The margin improvement in deliveries was attributed to product mix and stable incentives, with Grab Mart growing faster than other delivery segments [86][87] Question: FinTech loan book growth and credit quality - The loan book grew 5% to 6% quarter-on-quarter, with stable non-performing loans, and management is monitoring credit quality closely [92][94] Question: Autonomous vehicle partnerships - Grab is exploring partnerships in the autonomous vehicle space, aiming to be at the forefront of this technology [98][99]

Financial Data and Key Metrics Changes - The company achieved a 17% year-on-year growth in on-demand GMV and recorded another quarter of record revenues, with a trailing twelve-month adjusted free cash flow expanding to $157 million [5][6] - Adjusted EBITDA outlook for the full year 2025 was raised to $460 million to $480 million from a previous range of $440 million to $470 million [6] Business Line Data and Key Metrics Changes - Monthly transacting users reached a record high, contributing to the overall revenue growth [5] - Delivery MTUs continued to grow sequentially, particularly with strong performance from Grab Mart [20][54] Market Data and Key Metrics Changes - The company noted no signs of consumer weakness despite macroeconomic uncertainties, with demand remaining strong in April [20][36] - The Indonesian market outperformed its closest competitor, with delivery MTUs growing sequentially [54] Company Strategy and Development Direction - The company aims to position itself as a countercyclical entity, focusing on reliability and affordability to drive user growth and retention [5][6] - New product initiatives, including AI-driven services, are expected to enhance operational performance without compromising margins [22][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth momentum despite potential macroeconomic headwinds, citing strong performance in Q1 and expectations for continued demand [6][36] - The company is closely monitoring the macro environment but remains optimistic about its ability to navigate challenges [33][39] Other Important Information - The company is focusing on enhancing its ecosystem through affordable products and viral initiatives to increase user engagement [26][41] - The FinTech segment is expected to see growth in lending to consumers, with a focus on prudent credit management [108][111] Q&A Session Summary Question: Changes in consumer behavior amid weakening macros - Management has not observed any signs of consumer weakness and expects a rebound in growth rates across mobility and deliveries in Q2 [20][21] Question: Confidence in higher EBITDA guidance - The company is confident due to strong Q1 performance, with demand remaining robust and cost optimization efforts in place [33][36] Question: Plans if demand softens - Management indicated they would monitor the situation closely and may consider promotions to stimulate demand if necessary [33] Question: Industry consolidation in delivery - The company believes there is still room for growth in the delivery segment despite ongoing consolidation in the industry [48][51] Question: Performance in Indonesia compared to competitors - The company outperformed its closest competitor in Indonesia, with strong growth in deliveries and a decline in direct marketing costs [54][55] Question: Thoughts on AV partnerships - The company is excited about the potential of autonomous vehicles and is actively exploring partnerships, though timelines for pilot deployments are not yet established [97][99] Question: Differences in FinTech models - The company focuses on supporting partners with credit underwriting advantages, which helps maintain stable NPLs [108][111] Question: Monetization of dine-out discovery - The company is enhancing dine-out discovery capabilities, which is expected to tap into a larger market and generate advertising revenue in the future [112][115]

Group 1 - The core viewpoint is that 哈啰顺风车 anticipates a record high demand for ride-hailing services during the upcoming May Day holiday, estimating 60 million bookings, which is the highest in the platform's history for this period [1] - The overall industry demand is projected to exceed 100 million bookings during the same holiday period [1]

Group 1 - The core viewpoint is that Haibo's ride-hailing service is experiencing unprecedented demand during the May Day holiday, with an estimated 60 million orders expected, marking a historical high for the platform during this period [1] - The overall industry demand for ride-hailing services is projected to exceed 100 million orders during the same holiday [1] - Haibo anticipates that 60% of the ride-hailing demand will be for intercity travel, while family outings and group travel will account for 14%, leading to a 180% increase in demand for 5-6 seat vehicles compared to daily levels [1] Group 2 - As of April 29, approximately 20,000 users have successfully placed orders on the platform [1] - The longest recorded journey for a pet-friendly ride was from Daxinganling to Urumqi, covering a distance of 3,927 kilometers [1]

文 ｜ 姜娅 陈聪 杨清朴 杜一帆 刘济玮 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完善。近日国家税务总局发布离境退税管理 办法修订细则，三方面推动前期离境退税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容覆 盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受益；③进一步提升退税便利度。根据我们测算 乐观假设下离境退税市场潜在空间近千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板块包 括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营商、出行服务提供商、景区目的地。 ▍ 离境退税管理办法修订细则发布，"即买即退"推广加速落地。 4月2 6日国家税务总局发布关于修改《境外旅客购物离境退税管理办法（试行）》的公告，从推动退税商店增量扩容、丰富退 税商品供给、提升离境退税服务水平3个方面提出8条政策举措，有望推动"即买即退"推广加速落地。具体来看： 2）额度优化拓宽场景，品类明晰下优质国货受益。 额度上，单笔消费退税上限从5万元提升至1 0万元，现金退税限额从1万元 上调至2万元，起退点从同 ...

（数据来源：中国演出行业协会、灯塔专业版 制图：李 磊） 近日，以"创新·跨界·融合"为主题的2025中国（成都）演出交易会（简称"演交会"）在四川成都举办。本届演交会不仅以1.2万名专业参会者、3.5万观展人 次、8000平方米展区创下历届规模之最，更以6.08亿元签约额、超10亿元合作意向金的亮眼数据，展现了中国演出市场强劲的发展势头。 跨界协同： 重构演出行业生态边界 根据中国演出行业协会票务信息采集平台的数据监测和测算，2024年全国演出市场总体收入796.29亿元，同比增长7.61%。其中演出票房收入579.54亿元， 其他收入216.75亿元。"2024年全国演出市场精品引领，需求驱动明显，呈现整体上行态势。"中国演出行业协会会长刘克智表示，优质演出产品地区供给差 异持续缩小，大型演出在全国分布更趋均衡，同时，协同创新催生更多产业联动，促消费作用凸显。演出作为"凝结核"，成为搭建"城市生活共同体"的有效 媒介，围绕演出产品衍生出新合作方式、新商业模式、新消费空间，更加凸显优质演出项目的品牌影响力和经济价值。 "跨界协同"已成为近两年演出市场的重要关键词。本届演交会期间，为更好推动跨界合作，主办方特 ...

大公司： 阿迪达斯第一季度净利润4.28亿欧元，市场预估3.764亿欧元 阿迪达斯第一季度毛利32.1亿欧元，市场预估31.6亿欧元，净利润4.28亿欧元，市场预估3.764亿欧元， 除税前利润5.85亿欧元，市场预估5.197亿欧元。 阿迪达斯仍然预测全年营业利润17亿欧元至18亿欧 元，市场预估20.4亿欧元。（智通财经） 恩智浦半导体第一季度营收28.4亿美元，高于市场预期 恩智浦半导体当地时间4月28日公布第一财季业绩，2025年第一季度营收28.4亿美元，同比下降9%，市 场预期28.3亿美元；一季度调整后EPS为2.64美元，市场预期2.6美元。该公司首席执行官Kurt Sievers将 于2025年年底离职。（界面） Sabre以11亿美元向TPG出售酒店解决方案业务 全球旅游技术公司Sabre与另类资产管理公司TPG已签署最终协议，TPG同意以11亿美元现金收购Sabre 旗下酒店解决方案业务（Hospitality Solutions）。TPG将通过其欧美私募股权平台TPG Capital进行此项 投资，具体交易条款未予披露。TPG成立于1992年，总部位于旧金山，目前管理资产规模达2460 ...

Core Viewpoint - BGM Group Limited has completed the acquisition of YX Management Company Ltd., marking a significant step in its AI transformation strategy, enhancing its capabilities in digital infrastructure and technology commercialization [3][4]. Group 1: Acquisition Details - BGM Group acquired 100% of YX Management Company for $95 million by issuing 47.5 million Class A common shares, resulting in YX shareholders holding approximately 32.6% of BGM's equity and about 2.2% of total voting power post-acquisition [3]. - The acquisition is expected to accelerate the integration of AI with core businesses such as smart insurance, smart mobility, and digital services, expanding the coverage and commercial potential of BGM's smart platform [3]. Group 2: Strategic Importance - The CEO of BGM stated that the successful completion of this transaction is a milestone in their AI strategy, aiming to enhance the application of AI in key sectors like insurance and mobility [4]. - BGM's strategy includes a focus on building a "pharmaceutical-insurance-health" ecosystem, positioning itself as a typical case of traditional pharmaceutical companies embracing technology [5]. Group 3: Market Performance - As of April 2025, BGM Group's market capitalization is approximately $1.07 billion, with its stock price increasing by 45% compared to 2024, reflecting market recognition of its AI strategy [5]. - Despite short-term challenges such as revenue decline and integration costs, the long-term potential of AI insurance and health-related products is noteworthy, with BGM aiming to become a benchmark in the "AI + pharmaceutical" sector [5].

苹果正在开发 20 周年纪念款 iPhone。 消息来自知名科技记者 Mark Gurman，预计将于 2027 年发布，具体包含两个新型号，包括首款折 叠屏 iPhone 和一款一体化玻璃设计的 iPhone Pro。尽管苹果正在努力将更多产能迁至印度，但 Gurman 预计这两款需要新零部件和新生产工艺的机型，一开始不在中国生产的可能性不大。 赛力斯向港交所提交 IPO 申请。 4 月 28 日，赛力斯申请港股主板上市，中金公司和中国银河国际证券为联席保荐人。此次 IPO 拟 募资，70% 用于研发，20% 用于营销渠道、海外销售及充电网络，10% 用于运营资金。 2024 年赛力斯实现营业收入 1451.76 亿元，同比增长 305.04%；归属于上市公司股东的净利润达 59.46 亿元，同比扭亏；新能源汽车毛利率提升至 26.21%。2024 年研发投入达 70.53 亿元，同比增 长 58.9%。 沪上阿姨预计募资 2.7 亿港元。 沪上阿姨今天公告称拟全球发售约 241 万股 H 股，每股 95.57 港元 / 股至 113.12 港元 / 股，募资 2.3 - 2.7 亿港元，市值约为 100. ...