LONDON — British food delivery firm Deliveroo on Monday said it has agreed to a takeover offer from American rival DoorDash that values the company at £2.9 billion ($3.9 billion).Deliveroo, which lets users order hot meals and groceries via an app, said its board agreed to an offer from DoorDash to acquire all issued and to be issued shares in the company for 180 pence a share.That marks a 44% premium to Deliveroo's closing price on April 4, the last business day prior to DoorDash's initial offer letter.Del ...

Investment Rating - The report maintains a "Buy" rating for both JD and Meituan, indicating favorable risk-reward scenarios for investors [1][10][13]. Core Insights - JD's food delivery service has ramped up quickly, achieving 10 million daily orders within two months, which is significant compared to Meituan's approximately 65 million daily orders [1][12]. - The report outlines three potential scenarios for JD's future in the food delivery market, ranging from losing scale due to subsidy pullbacks to becoming the second-largest player [1][9][18]. - Meituan is expected to maintain its leadership in food delivery due to its extensive merchant coverage and established user base [10][11]. Summary by Sections JD's Market Entry and Performance - JD's food delivery service has seen rapid growth, doubling its daily orders from 5 million to 10 million in a short period [12][28]. - The company has implemented a Rmb10 billion subsidy program to attract users and has a zero-commission policy for new merchants [28][29]. - JD's long-term commitment to food delivery is supported by strategic investments and management changes [2][10]. Competitive Landscape - The food delivery market is becoming increasingly fragmented, with Meituan and Ele.me responding to JD's entry with their own competitive strategies [2][29]. - Meituan's unique competitive advantages include its large local service merchant network and a strong in-house delivery system [10][11]. - The report anticipates that the competitive dynamics will evolve as JD and Alibaba continue to invest in their food delivery operations [7][10]. Financial Projections and Valuations - The report projects significant upside potential for both JD and Meituan, with target price increases of 56% for Meituan and 53% for JD over the next 12 months [1][26]. - JD's potential EBIT impact varies across scenarios, with estimates ranging from Rmb7 billion to Rmb14 billion depending on market performance [8][9][18]. - Meituan's food delivery is valued at HK$83 per share, based on projected daily orders and EBIT per order [11][60]. Scenario Analysis - Scenario 1 suggests JD could shrink to below 5 million daily orders if subsidies are removed, leading to a significant EBIT impact [9][15]. - Scenario 2 maintains JD's order volume at 8-12 million per day, resulting in a moderate EBIT drag [9][17]. - Scenario 3 envisions JD becoming the second-largest player with daily orders reaching approximately 20 million, significantly impacting both JD and Meituan's EBIT [8][19]. Market Dynamics and Future Outlook - The report highlights the ongoing competition and strategic responses from Meituan and Ele.me, indicating a need for continuous adaptation in the market [2][29]. - JD's entry into food delivery is expected to shift the competitive landscape, with implications for pricing and market share among the key players [1][7][10].

Financial Data and Key Metrics Changes - Uber's gross bookings grew 20% annually from $65 billion in 2019 to $163 billion in 2024, with adjusted EBITDA improving by over $9 billion to reach $6.5 billion in profits in 2024 [37] - In Q4 2024, gross bookings increased 21% year-on-year on a constant currency basis to $44.2 billion, while adjusted EBITDA grew 44% year-on-year to $1.8 billion [39] - The company achieved its first quarter of over $1 billion in GAAP operating income and converted adjusted EBITDA to free cash flow at over 90% rates [37][39] Business Line Data and Key Metrics Changes - The mobility and delivery businesses showed strong growth, with significant increases in trips and gross bookings [39] - The Uber One membership program reached 30 million members by the end of 2024, up approximately 60% year-on-year [40] - Uber Eats crossed $20 billion in gross bookings in a single quarter for the first time, achieving record highs in adjusted EBITDA and adjusted EBITDA margin [87] Market Data and Key Metrics Changes - Uber operates in over 70 countries and more than 15,000 cities, serving multiple multi-trillion dollar markets across mobility, delivery, and logistics [36] - The company has over 171 million monthly active platform consumers and 8 million earners [39] Company Strategy and Development Direction - Uber aims to be the default choice for the movement of people and things, focusing on building best-in-class products and leveraging its platform for customer acquisition [36][38] - The company plans to enhance its mobility and delivery services, expand in low-density markets, and innovate with AI to improve customer experience [44] - Uber is committed to advancing its autonomous vehicle strategy, with multiple partnerships and a focus on safety and operational excellence [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining industry-leading growth despite evolving macroeconomic conditions, with expectations for mid to high teens gross bookings CAGR and high thirties to 40% adjusted EBITDA CAGR through 2026 [42] - The company is focused on delivering commitments to shareholders while navigating economic challenges, emphasizing the importance of affordability and service quality [44][100] Other Important Information - Uber's executive compensation is aligned with performance and market levels, with a focus on attracting and retaining top talent [48][50] - The company has not declared or paid cash dividends, prioritizing share buybacks and reinvestment in growth [75][76] Q&A Session Summary Question: Why is executive compensation so high at Uber? - The board ensures compensation is competitive to attract and retain top executives, aligning incentives with shareholder interests [48] Question: What are Uber's strategies for ensuring fair compensation and support for drivers? - Uber focuses on transparency, providing tools for drivers to make informed decisions, and advocating for safety and fair earnings opportunities [51][54] Question: What steps has Uber taken to maximize and increase driver earnings? - Uber has seen drivers earn a record $72 billion globally, up 22% year-on-year, and continues to introduce features to enhance driver experience and earnings [57][58] Question: Why did you allow your CEO and Uber to donate $2 million to the inauguration of Trump? - Uber has consistently donated to inaugural funds to demonstrate support for major moments in civic life [59] Question: When will Uber start paying a dividend? - Uber does not expect to declare or pay cash dividends in the near future, focusing on share buybacks and reinvestment [75][76] Question: What measures is Uber taking to ensure safety as EVs are integrated into the platform? - Uber emphasizes high safety standards for autonomous vehicles, requiring them to be significantly safer than human drivers [78][79] Question: What markets outside of the United States have seen success with the Uber for teens program? - Brazil has shown strong growth in the Uber for teens program, approaching U.S. trip volumes despite launching later [83] Question: What are the next overall metrics that you plan to surpass in the Uber Eats category? - Uber Eats aims for continued high teens growth, expanding merchant selection and improving delivery reliability [87] Question: What initiatives are you most excited about to drive adoption of Uber One membership? - Uber One membership has grown significantly, with new benefits being introduced to enhance user engagement and retention [90] Question: What is Uber's broader partnership strategy? - Uber seeks to deepen loyalty and engagement through partnerships across various business lines, enhancing value for users and merchants [94][96] Question: How do economic downturns affect earner sign-ups and engagement on the Uber platform? - Historical data suggests that driver supply tends to increase during economic downturns, improving service reliability and consumer experience [100]

作 者丨陶力 编 辑丨张伟贤 摄 影丨梁远浩 阿里是否愿意长期烧钱，仍是一个巨大的问号。 京东和美团在外卖市场打得火热时，饿了么有了强势的底牌。 4月3 0日， 淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购" ，并在淘宝a p p首页 Ta b以"闪购"一级流量入口展示，首日上线5 0个城市，后续还会在5月6日推广至全国。除了日 常品类， 重点在于淘宝将可以提供餐饮外卖服务。 与此同时，饿了么还宣布了"百亿补贴"计划。这是2 0 1 8年收购饿了么以来，阿里提供的最核 心"武器"。以至于有饿了么内部人士直言，"对我们肯定是天大的喜讯！ 不仅是多了一个大的 流量来源，更重要的是我们有更足的底气和资本去拓展合作，面对品牌多了一张牌。" 看似突然的决定，其实并不是拍脑袋的冲动， 而是阿里对旗下即时零售业务的充分整合。动 机可以归纳为三点：强化对饿了么的流量支持、巩固即时零售的防御阵地，以及应对京东、 美团扩张带来的挑战。 外卖市场的竞争本质上是流量之争。美团凭借高频的外卖业务，构建整个本地生活服务的生 态 ， 而 饿 了 么 在 阿 里 的 体 系 内 长 期 处 于 " 陪 跑 " 状 态 。 尽 管 ...

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 ...

Core Viewpoint - Uber Technologies is navigating both challenges and opportunities ahead of its earnings report on May 7, with significant developments in legal issues and strategic partnerships impacting its market position. Group 1: Legal Challenges - The U.S. Federal Trade Commission (FTC) has sued Uber for allegedly deceptive billing practices related to its "Uber One" subscription, claiming customers were misled about savings and faced difficulties in canceling subscriptions [2] - Despite the negative news from the FTC, Uber's stock showed resilience, only falling about 3% and maintaining its 200-day moving average [3] Group 2: Strategic Partnerships - Uber has announced a strategic partnership with Volkswagen, which will begin testing autonomous robotaxi vans in Los Angeles next year, utilizing the Uber app for customer onboarding and fleet management [4] - Uber and Waymo have expanded their partnership, allowing customers to book rides in Austin and Atlanta, enhancing Uber's position in the autonomous ride-hailing market [5] Group 3: Financial Performance - Uber has consistently exceeded Wall Street EPS estimates, with an average surprise of 133.48% over the past four quarters, including a remarkable 542% beat last quarter [7][8] - The company has initiated a $7 billion share buyback program, the first in its history, which is expected to improve stock dynamics by reducing the supply of shares [16] Group 4: Market Position and Growth - Uber shares have outperformed its main competitor Lyft, with a 138% increase over the past two years compared to Lyft's 17% [9] - The company's food delivery service, Uber Eats, has expanded significantly, now operating in over 10,000 international cities and forming partnerships with major brands [17] Group 5: Technical Analysis - Technical analysis indicates a bullish long-term change for Uber, with old price resistance becoming support, suggesting potential for higher prices [13] - The stock is forming a double-bottom base structure, which is typically a bullish signal [10] Group 6: Overall Outlook - Strategic partnerships, strong financial performance, share buybacks, and growth in the food delivery segment are all positive indicators for Uber as it approaches its earnings report [17]

Core Viewpoint - DoorDash is proposing to acquire UK-based Deliveroo for $3.6 billion (£2.7 billion), with discussions ongoing between the two companies regarding the offer [1][2] Group 1: Company Profiles - DoorDash is the largest food delivery app in the United States, boasting 42 million monthly active users and generating $10.7 billion in revenue in 2024 [3] - Deliveroo, founded in 2013, is the second largest food delivery app in the UK, averaging 7.1 million active users and reporting £2.07 billion in revenue in 2024 [4] Group 2: Acquisition Details - Deliveroo's board is in discussions with DoorDash, and if a firm offer of £1.80 ($2.40) per share is made, Deliveroo would likely recommend it to shareholders [1] - DoorDash has until May 23 to submit a firm offer for Deliveroo, and shareholders are advised to take no action regarding the potential offer at this time [2] Group 3: Market Strategies - Both DoorDash and Deliveroo have been expanding their user bases by venturing into grocery deliveries and non-food deliveries [4] - DoorDash's CEO emphasized the need for the company to evolve beyond first-party delivery and ordering to become a digital powerhouse [5]

Core Viewpoint - The competition between JD.com and Meituan in the local life service market has escalated from a covert struggle to an open confrontation, significantly impacting the industry dynamics and consumer benefits [1][2][4]. Group 1: Competition Dynamics - The competition primarily focuses on two key areas: user acquisition and rider recruitment, benefiting consumers, riders, and merchants through competitive pricing [1]. - The rivalry has evolved from indirect competition to direct confrontation, with both companies expanding their business boundaries and service offerings over the years [3][4]. - JD.com has launched a "0 commission" strategy and promised social insurance for riders, aiming to disrupt Meituan's established market position [4][5]. Group 2: Strategic Developments - Both companies are enhancing service quality and user experience through their competitive strategies, indicating a significant shift in the local life service industry [2]. - Meituan has accelerated the independence of its "flash purchase" brand, while JD.com has introduced "self-operated express delivery" services, showcasing their commitment to rapid delivery [5]. - The public exchange of statements between the two companies highlights the evolving nature of their competition, which now encompasses industry rules and ethical considerations [5].

Group 1: JD vs Meituan Dispute - JD accused competitors of forcing delivery riders to avoid accepting orders from JD, leading to decreased rider income and delayed orders [1] - JD plans to assist riders by increasing full-time recruitment from 50,000 to 100,000 and offering free delivery for orders delayed by over 20 minutes [1] - Meituan responded by denying the allegations, stating that it has never restricted riders from working on other platforms and criticized JD for spreading rumors [1] Group 2: OpenAI's Increased Costs - OpenAI's CEO mentioned that polite phrases like "please" and "thank you" from users have led to an increase in operational costs by tens of millions of dollars [2] - The reliance on large models has resulted in users treating them as colleagues, which adds to the processing burden [2] Group 3: PepsiCo's Challenges - PepsiCo faces challenges due to a 10% import tariff on concentrated liquid sourced from Ireland, which is crucial for its soda production [3] - Coca-Cola, which sources a significant portion of its concentrate domestically, is less affected by these tariffs [3] - Both companies are also impacted by a 25% tariff on imported aluminum, which may lead to increased beverage prices [3] Group 4: OpenAI's Model Issues - OpenAI's new models, o3 and o4-mini, have been reported to exhibit increased hallucinations, leading users to prefer older models [4][5] - The hallucination issue is attributed to over-reliance on result-based reinforcement learning, which prioritizes correct answers over process accuracy [5] Group 5: Buick's New Energy Vehicles - Buick announced the launch of a new vehicle architecture called "Xiaoyao," designed for the Chinese market, which will support various powertrains including pure electric and hybrid [6] - The architecture allows for rapid charging capabilities, with 10 minutes of charging providing an additional 350 kilometers of range [6] - Buick plans to introduce a high-end sub-brand "ELECTRA 至境," with the first model being a million-level MPV expected to launch this year [6] Group 6: Robotics and AI Developments - A humanoid robot completed a half marathon in 2 hours and 40 minutes, showcasing advancements in robotics [7] - The robot's performance was attributed to enhancements in stability and heat resistance [7] Group 7: Global Pistachio Supply Issues - A chocolate product from the UAE gained popularity, leading to a surge in pistachio prices, which increased from $7.65 to $10.30 per pound [8] - Iran plans to increase pistachio exports to the UAE by 40% in the upcoming year [8] Group 8: Gaming Industry Updates - A total of 127 games received approval for new versions, including 118 domestic and 9 imported titles [9][10] Group 9: DHL Shipping Policy Changes - DHL has suspended shipments of goods valued over $800 to the US for individuals, affecting B2C shipments while B2B continues [11] Group 10: Laser Radar Technology Advancements - RoboSense launched a customizable laser radar platform with high-performance specifications, set to be mass-produced this year [12] - Hesai introduced a new laser radar perception solution aimed at L2 to L4 autonomous driving levels [13] Group 11: CATL's R&D Investments - CATL's CEO announced that the company has invested over 70 billion yuan in R&D over the past decade, with a record investment of 18.6 billion yuan planned for 2024 [14] - The company unveiled several new battery technologies, including a lithium iron phosphate battery with a peak charging power exceeding 1.3 megawatts [14] Group 12: GAC and Didi's Autonomous Vehicle Collaboration - GAC Aion and Didi showcased their first L4 autonomous vehicle, which is set for mass production by the end of the year [15]

Group 1 - JD's entry into the food delivery market has sparked significant industry discussions, with Meituan's CEO commenting that JD is not the first nor the last company to attempt this venture [1] - Meituan has been rapidly advancing in non-food categories such as 3C digital products, pharmaceuticals, and fresh produce, indicating a competitive response to JD's market entry [1] - The food delivery market is a critical battleground for local life services, with Meituan and Ele.me currently holding the majority market share [1] Group 2 - The traditional traffic acquisition strategies, such as subsidies and coupons, are becoming less effective, necessitating a shift in market optimization strategies [2] - There is a need to cultivate high-net-worth consumers who prioritize service quality over subsidies, indicating a shift in consumer behavior [3] - The food delivery industry, while appearing mature, requires intricate improvements across the entire supply chain, from merchants to delivery personnel to consumers [4] Group 3 - The competition between major players like JD and Meituan is characterized by mutual attacks and defenses, highlighting the dynamic nature of the market [5] - The ongoing rivalry is not just between the founders but reflects broader market competition that drives innovation and restructuring of business models [5]