海外行业报告 | 行业动态研究 META 2025Q1 业绩点评 证券研究报告 收入利润双超预期，上调全年 Capex 至 640 亿-720 亿美元 事件： 营收净利润超预期，Q2 收入指引符合预期：收入达 423 亿美元，同比增长 16%， 超越彭博一致预期（414 亿美元）；日活跃用户达 34.3 亿，同比提升 6% ，超越 彭博一致预期（33.4 亿）；营业利润为 176 亿美元，营业利润率达 41.5%,超越 彭博一致预期(37.5%)；GAAP 每股收益（EPS）6.43 美元，超越彭博一致预 期（5.25 美元）。一季度资本支出为 137 亿美元，主要用于服务器、数据中心和 网络基础设施。公司预计 2025 年二季度收入，区间为 425-455 亿美元。 分业务：FoA 第一季度实现营收 419 亿美元，同比增长 16%，其中广告营收为 414 亿美元，同比增长 16%，从广告结构看，增长最主要的贡献来自线上零售垂 类。Reality Labs 业务在本季度实现收入 4.12 亿美元，同比下降 6%，主要受 Meta Quest 销量下降影响。Meta 表示 Ray-Ban Meta AI 眼镜 ...

社交与互动媒体 昆仑万维（300418.SZ） 买入-A(维持) 收入端较快增长，利润端短期承压 2025 年 5 月 19 日 公司研究/公司快报 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,915 | 5,662 | 6,541 | 7,198 | 7,788 | | YoY(%) | 3.8 | 15.2 | 15.5 | 10.0 | 8.2 | | 净利润(百万元) | 1,258 | -1,595 | -326 | 221 | 396 | | YoY(%) | 9.2 | -226.7 | 79.6 | 167.9 | 79.2 | | 毛利率(%) | 78.8 | 73.6 | 78.0 | 78.2 | 78.4 | | EPS(摊薄/元) | 1.02 | -1.30 | -0.26 | 0.18 | 0.32 | | ROE(%) | 8.6 | -11.5 | -2.4 | 1.6 | 2.8 | | P/E(倍) | 30. ...

Core Insights - Meta Platforms reported Q1 2025 revenue of $42.3 billion, reflecting a 16% growth in ad sales driven by advanced AI targeting [1] Revenue Performance - The company achieved $42.3 billion in revenue for Q1 2025, indicating strong financial performance [1] - Ad sales growth of 16% contributed significantly to the overall revenue increase [1] Future Outlook - There are questions regarding Meta's ability to sustain ad-revenue momentum while managing investments in the metaverse [1] - The potential for delivering outsized returns over the next five years is under consideration [1]

Core Viewpoint - Meta has allegedly allowed thousands of fraudulent ads to run on its platforms to avoid losing advertising revenue, leading to significant scam complaints linked to its services [1][15]. Group 1: Fraudulent Activities - Meta's platforms accounted for nearly half of all scam complaints related to Zelle transactions reported by JPMorgan Chase between mid-2023 and mid-2024 [15]. - The scale of fraud on Meta's platforms has reportedly increased, driven by cryptocurrency schemes, AI-generated content, and criminal operations based in Southeast Asia [3][12]. - Specific scams include deceptive ads falsely associated with legitimate businesses, such as a wholesale business in Atlanta, which were used to promote heavily discounted merchandise [4][6]. Group 2: User Impact - Users have fallen victim to various scams, including fake ads promising free products from reputable brands, leading to unauthorized charges totaling hundreds of dollars [7][11]. - Many scams involve the sale of nonexistent puppies, with victims often sending deposits for pets that never arrive [9][11]. Group 3: Company Response and Revenue - Meta has reported a 22% increase in ad revenue last year, exceeding $160 billion, while allegedly tolerating multiple fraud "strikes" before banning accounts [13]. - The company claims that 85% of ad accounts removed for policy violations never spent money, and nearly 70% are banned shortly after creation [14]. - Despite claims of taking action against scams, internal sources indicate that Meta has been hesitant to impose stricter controls on advertisers to protect revenue [12][20]. Group 4: Legal and Ethical Considerations - Meta asserts it holds no legal responsibility for fraudulent content on its platforms, citing Section 230 of federal telecommunications law [18][19]. - The company has faced criticism for its alleged lack of action against overseas scam operations, which have been linked to severe criminal activities, including human trafficking [16][20].

Mark Zuckerberg’s Meta Platforms is delaying the release of its flagship “Behemoth” AI model due to concerns about its capabilities, the Wall Street Journal reported Thursday, citing people familiar with the matter.Company engineers are struggling to significantly improve the capabilities of its Behemoth large-language model, resulting in staff questions about whether improvements over earlier versions are significant enough to justify public release, the report said.Early in its development, Behemoth was i ...

Meta Platforms(META.O)：用户现在可以自定义Meta AI，以在Ray-Ban Meta眼镜上获得详细的回复。 ...

在当今社交媒体盛行的时代，TikTok以其独特的短视频形式迅速崛起，成为全球用户喜爱的平台之一。然而，面对海量视频内容，如何高效地选择自己感 兴趣的内容，并个性化设置内容偏好，成为了许多用户关注的焦点。下面拓新联贸将详细介绍TikTok如何选择内容偏好及内容偏好设置的具体步骤，帮助 大家更好地享受TikTok带来的乐趣。 TikTok运营免费咨询 v： tiktokxt01 TEL:400-(8733)-702 2. 探索热门趋势和话题 关注TikTok上的热门趋势和话题，是快速了解用户兴趣点的重要途径。通过浏览推荐视频、热门标签和挑战活动，你可以发现当前最受欢迎的内容类型， 并据此调整自己的内容偏好。 3. 研究目标受众 TikTok内容偏好的重要性 TikTok通过智能算法分析用户的兴趣和行为，为用户推荐个性化的视频内容。正确设置内容偏好，不仅能让你的首页更加符合个人口味，还能提升使用体 验，减少无效信息的干扰。因此，掌握TikTok内容偏好的选择方法显得尤为重要。 如何选择内容偏好? 1. 确定兴趣和热门领域 首先，明确自己的兴趣和擅长领域。TikTok涵盖了美食、旅行、教育、娱乐、时尚等众多领域，找到 ...

短视频平台TikTok推出其首个AI驱动的创意功能——"TikTok AI Alive"，这项技术直接嵌入TikTok Stories，能够将静态照片瞬间转化为动态视频。AI Alive功能位于TikTok Stories的相机界面内。用户选 择一张照片后，可以在编辑工具栏中找到"AI Alive"图标。该功能利用AI技术，为静态图像添加包括动 态效果、环境效果和创意效果等元素，从而生成短视频。根据TikTok的介绍，用户可以使用AI Alive将 风景照片处理成包含天空和云朵动态效果的视频，或将合影照片转化为具有面部表情和动作细节的动态 片段。(科创板日报) ...

TikTok近期推出了一项名为"TikTok AI Alive"的创新功能，该功能借助先进的人工智能技术，能够将用户的静态照 片转化为充满动感与创意的短视频。 据悉，"TikTok AI Alive"功能通过复杂的AI算法，精准识别照片中的关键元素，如天空、云朵、海洋等自然景 观，并自动添加相应的动态效果。例如，原本静止的天空在AI的魔力下，可以展现出绚烂的日落景象，云朵仿佛 拥有了生命，缓缓飘荡，而海洋则波光粼粼，仿佛能听到海浪拍打岸边的声音。更令人称奇的是，该功能还能针 对自拍照片，捕捉人物的微妙表情和动作，如轻轻挥手或温暖的微笑，使原本平面的照片瞬间变得生动立体。 用户想要体验这一功能十分简单，只需打开TikTok的故事相机（Story Camera），点击顶部醒目的蓝色加号按钮， 从相册中选择一张静态照片，进入编辑页面后，即可一键转化为动态视频。这些充满创意的视频随后可以被发布 到TikTok Stories中，与亲朋好友共享。 TikTok强调，在享受AI技术带来的乐趣的同时，用户数据的安全始终是他们最重视的。因此，"AI Alive"功能生成 的所有内容都会明确标注"AI生成"标签，以确保内容的透 ...

Here's why you may want to think twice about owning the social media stock. Meta's growth rate could continue to slow One big tech stock that analysts routinely talk about how cheap it looks is Meta Platforms (META 0.52%). But I think they could be completely wrong about that. While there's no doubt Meta's business is massive, profitable, and growing, there are considerable headwinds that investors shouldn't overlook. And although things look rosy right now, I think there may be trouble ahead for Meta, whic ...