因应市场转变 （原标题：卸任Grey 和AKQA中国区CEO 后新动向！Sharlene Wu 联合创立 IP Lab） 8 月 28 日，开创性顾问与创新平台 IP Lab 正式宣布在美国洛杉矶成立。该平台核心使命为协助品牌将 营销预算转化为长久的智慧财产，其合伙人阵容中，Sharlene Wu 吴晓聆的加入尤为引人关注 —— 这是 继今年 5 月她卸任 Grey 和AKQA中国区首席执行官后，首次对外官宣的职业新动向，也为 IP Lab 的跨 区域运营与品牌服务能力注入重要支撑。 依托专有的创新工具，结合覆盖全球的顶尖创意与科技网络，IP Lab 将助力品牌突破传统一次性营销活 动的局限，构建可自主拥有、实现商业变现，并能随时间推移持续增值的长效智慧资产，为品牌营销从 "短期投入" 向 "长期资产" 转型提供全新路径。 IP Lab 合伙人暨执行长 Margaret Wu 表示："横跨广告与电影产业的职业生涯，让我深刻体会到：最具 长久影响力的品牌不只是执行营销活动，而是能够创造出让受众一再回归的世界。 在 IP Lab，我们协 助企业将营销支出转化为可拥有的智能财产组合——这些资产的运作模式，就像领先影 ...

Summary of Key Points from the Conference Call Industry or Company Involved - **Xiaomi Corporation** [5] - **Cochlear Limited** [7] - **Amcor Limited** [8] - **JD Health** [13] - **Bharti Airtel** [14] - **GDS Holdings Ltd** [15] - **Seek Limited** [11] - **oOh!media Ltd** [12] - **DigiCo Infrastructure REIT** [10] Core Insights and Arguments - **Xiaomi Corporation** reported a 2Q revenue growth of 30% YoY, with EBIT and adjusted net profit growing by 54% and 75% respectively. Revenue exceeded expectations by 2% and 1%, while EBIT fell short by 14% due to higher operating expenses. Smartphone gross margin was at 11.5%, below expectations, while EV gross margin was at 26%, exceeding expectations due to higher average selling prices. AIoT segment grew by 45% YoY, indicating strong ecosystem progress [5][5][5] - **Cochlear Limited** is projected to see a 16% compound annual growth in CI volume for FY26E, driven by new implants and updated processors. The company is ahead of conservative guidance, indicating strong long-term profitability potential [7][7][7] - **Amcor Limited** faced a challenging 4Q25 with a 1.7% decline in volumes, particularly in the US market. The company noted that consumer behavior is shifting towards value-seeking, which may delay volume recovery. Guidance appears conservative, reflecting only minor synergies [8][8][8] - **JD Health** exceeded expectations due to a stronger performance in its branded drug business and disciplined investments in O2O and AI. The company experienced notable gross margin expansion and raised its price target to HK$88, maintaining its position as a top pick [13][13][13] - **Bharti Airtel** implemented tariff adjustments aimed at increasing data usage, which could lead to a 4-8% improvement in average revenue per user (ARPU). The company is viewed positively for its focus on subscriber monetization [14][14][14] - **GDS Holdings Ltd** reported a 12.4% revenue growth and an 11.2% EBITDA growth in 2Q25, with strong demand in China. The company is on track to meet its international power commitments ahead of schedule [15][15][15] - **Seek Limited** upgraded to a Buy rating due to expected margin expansion in 2H25 and strong yield growth despite volume declines. The macro environment is stabilizing, and the valuation is considered reasonable [11][11][11] - **oOh!media Ltd** delivered an in-line 1H25 result but had disappointing 3Q pacings. However, expectations for 4Q revenue growth are optimistic, and new contracts are expected to offset losses [12][12][12] - **DigiCo Infrastructure REIT** expressed concerns about the outlook for Australian data centers, highlighting risks of customer churn and sustainability of high interconnection revenue [10][10][10] Other Important but Possibly Overlooked Content - The **India Strategy** indicates a potential GST rate rationalization expected in 4QCY25, with significant savings on GST compensation providing fiscal space for rate adjustments [3][3][3] - **China Economics** suggests that liquidity factors will be crucial for market performance in 3Q25, with a potential shift back to high-dividend stocks if liquidity tightens [4][4][4] - The **US Insights** report indicates resilience in the US economy, with a significant percentage of companies beating earnings expectations, particularly in AI and financial sectors [18][18][18] - The **Indonesia Strategy** outlines a proposed reduction in fiscal deficit and optimistic revenue targets to support government spending, with GDP growth expectations set higher for 2026 [17][17][17]

Core Insights - Spectrum Reach has completed the acquisition of ShowSeeker, enhancing its media buying capabilities for U.S. advertisers [1][2] - The acquisition aims to provide comprehensive, flexible, and efficient advertising solutions for clients ranging from small businesses to national brands [2][3] - The integration will create an end-to-end media intelligence solution, combining ShowSeeker's tools with Spectrum Reach's operational automation suite [3][4] Company Overview - Spectrum Reach is the advertising sales division of Charter Communications, operating in 36 states and 91 markets, offering custom advertising solutions [5] - ShowSeeker, founded in 2003, specializes in cloud-based campaign management systems that streamline ad sales and planning processes [6][7] - The acquisition will enhance ShowSeeker's capabilities in delivering innovative AdTech solutions and improve operational efficiencies for advertisers [4][6]

Core Insights - Pershing Square Capital Management, led by billionaire Bill Ackman, has made a significant investment of $1.28 billion in Amazon, representing 9.3% of its total assets, marking a notable shift as they previously held no shares in the company [3][5]. Investment Rationale - Amazon's growth is driven by two key segments: Amazon Web Services (AWS) and advertising services, both of which are AI-adjacent and contribute to strong profit margins, making them attractive for investment [5][6]. - AWS accounted for 53% of Amazon's total operating profits in Q2, with revenue increasing 17% year over year to $30.9 billion, indicating robust growth potential in the cloud computing sector [6]. - The advertising segment is Amazon's fastest-growing area, with revenue rising 23% year over year in Q2 to $15.7 billion, suggesting it is a highly profitable venture [7]. Market Position - Despite the recent increase in Amazon's stock price from a low of around $167 in late April to approximately $230, the stock is still viewed as a long-term investment opportunity due to its historical trading levels [9][10]. - Amazon's stock is currently trading at 35 times forward earnings, which is not as cheap as it once was but remains more attractive compared to its historical valuations [12].

Core Insights - The Trade Desk launched Kokai in 2023, a next-generation platform that integrates advanced AI, measurement, partner integrations, and user experience for programmatic advertising [1] - Kokai has shown significant performance improvements, with clients like Samsung and Cash Rewards reporting increases in campaign effectiveness [2][11] - The adoption of Kokai is accelerating, with three-quarters of clients using it and full adoption expected by the end of 2025 [3][11] Performance Metrics - Samsung achieved a 43% increase in reaching its target audience for an omnichannel campaign in Europe, while Cash Rewards saw a 73% improvement in cost-per-acquisition for campaigns in Asia [2] - Campaigns on Kokai are showing over a 20-point increase across key performance indicators [2][11] - Clients shifting their spend to Kokai are increasing overall investment in The Trade Desk by more than 20% faster than others [3] Revenue and Growth Projections - The Trade Desk reported a 19% year-over-year revenue growth, driven by Kokai and strength in connected TV [5] - The company forecasts a 14% revenue increase for the third quarter, projecting at least $717 million in revenue [5] Competitive Landscape - Taboola.com Inc. is expanding its performance advertising platform, targeting a $55 billion market with its new offering, Realize [6][7] - Magnite operates as a leading supply-side platform, with significant growth driven by its partnerships and ad server technology [8][9] Valuation and Market Performance - The Trade Desk's shares have declined 49.3% over the past year, contrasting with the S&P 500's rise of 15.2% [12] - The company trades at a forward price-to-sales ratio of 8.02X, higher than the industry average of 5.38X [13]

Core Viewpoint - Alphabet's stock has underperformed this year despite strong operational performance, primarily due to ongoing lawsuits that may require divestitures [2][3][15] Financial Performance - Alphabet's revenue growth has significantly outpaced the S&P 500, with a 10.2% average annual growth over the past three years compared to 6.1% for the S&P 500 [8] - In the last 12 months, Alphabet's revenue increased by 13.1% to $371 billion, while the S&P 500 saw only a 5% rise [8] - The latest quarter showed a revenue increase of 13.8% to $96 billion, compared to a 4.8% growth in the S&P 500 [8] - Alphabet's operating margin is 32.7%, nearly double the S&P 500's 18.5% [8] - The operating cash flow margin stands at 36.0%, significantly higher than the S&P 500's 20.3% [8] - The net income margin is 31.1%, more than double the S&P 500's 12.7% [8] Growth Drivers - Alphabet's growth is driven by a strong core business, rapid expansion in emerging segments, and significant investments in AI [10] - The cloud computing division is flourishing, with revenue soaring by 32% in the most recent quarter [20] - The core advertising business remains strong, with Google Search and YouTube continuing to generate substantial ad revenue [20] Financial Stability - Alphabet's balance sheet is robust, with a Debt-to-Equity Ratio of 1.4%, significantly better than the S&P 500's average of 20.9% [20] - The company holds $95 billion in cash and cash equivalents, reflecting a Cash-to-Assets Ratio of 19.0%, compared to the S&P 500's 6.8% [20] Valuation Metrics - Alphabet's Price-to-Sales (P/S) Ratio is 6.7, more than double the S&P 500's 3.2, indicating a premium valuation [24] - The Price-to-Earnings (P/E) Ratio is 22, slightly lower than the S&P 500's 23.7, suggesting a more favorable pricing in terms of earnings [24] - Compared to its five-year average P/E of approximately 25, Alphabet's current P/E indicates it is trading below its typical valuation range [24] - When compared to peers, Alphabet's P/E is significantly lower than Amazon's 34x and Microsoft's 37x, suggesting relative undervaluation [24] Legal and Regulatory Challenges - Alphabet is facing significant regulatory scrutiny, including antitrust lawsuits that could compel divestitures of key assets like Chrome and parts of Android [15][16] - The Department of Justice is in the remedies phase of a case that concluded Google unlawfully upheld its monopoly in the search market [15] - A separate lawsuit found Google guilty of monopolizing the digital advertising market, posing further risks to its business structure [16]

Core Viewpoint - The Trade Desk is positioned to benefit from three significant megatrends in digital advertising, despite facing short-term challenges such as slower growth and increased competition [1] Group 1: Connected TV (CTV) - The U.S. connected TV ad spend is projected to grow from $30 billion in 2024 to nearly $40 billion by 2027, with a global market expected to expand from $268 billion in 2024 to $531 billion by 2030, indicating a substantial opportunity for The Trade Desk [3][4] - The Trade Desk operates as an independent demand-side platform, providing advertisers access to premium streaming inventory across various publishers, which positions it favorably against competitors like YouTube and Facebook [3][4] - The company’s partnerships with major streaming services such as Disney+ and Netflix, along with its Unified ID 2.0 initiative, enhance its competitive edge in the CTV space [3] Group 2: Retail Media - Retail media is emerging as a new advertising frontier, allowing brands to place ads directly on retailer websites and apps, which is more effective due to the use of first-party purchase data [5][6] - The global retail media market is expected to reach $177 billion by 2025, indicating rapid growth in this advertising channel [6] - The Trade Desk has established itself in this sector by powering retailer ad networks outside of Amazon, exemplified by its partnership with Walmart Connect [7][8] Group 3: International Expansion - The Trade Desk currently generates most of its revenue in the U.S., but the international advertising market presents a significant growth opportunity, with global digital ad spend projected to reach $1.1 trillion by 2025 [9][10] - Only 12% of The Trade Desk's revenue comes from international markets, highlighting the potential for substantial growth if the company can replicate its U.S. success abroad [9][10] - Capturing even a small share of the global ad spend outside the U.S. could result in tens of billions in additional revenue capacity for The Trade Desk [10] Group 4: Long-term Growth Potential - Despite current challenges, The Trade Desk is at the center of three rapidly growing areas in digital advertising: CTV, retail media, and international expansion, which are expected to drive long-term growth [12] - These markets collectively represent several hundred billion dollars of addressable spend in the coming years, positioning The Trade Desk as a leading independent DSP [12][13] - The company does not need to dominate every segment but must remain a trusted alternative to larger competitors, which is crucial for patient investors [13]

Core Viewpoint - Wells Fargo has upgraded its rating for AppLovin (APP.US) to "Overweight" and raised the target price from $480 to $491, indicating a positive outlook on the company's growth story in the mobile advertising sector [1][2] Group 1: Revenue Expectations - Analysts have increased revenue expectations for AppLovin, raising the 2026 revenue forecast by 6% and the 2027 forecast by 3% [1] - The company is expected to continue expanding its market share in the $34 billion mobile gaming advertising market, with revenue projections for 2025 and 2026 significantly above market consensus [2] Group 2: Website Traffic Growth - The traffic to client websites utilizing AppLovin's web advertising has accelerated, with a 40% year-over-year increase in July, compared to a 20% increase in January [1] - Approximately 2,700 domains with AppLovin pixels were identified, indicating a strong presence in the market [1] Group 3: Client Acquisition and Market Position - Smaller private multi-channel attribution platforms have become important distribution channels and brand promoters for AppLovin's web advertising [1] - Despite a recent slowdown in the growth of web advertising clients, the scale of newly acquired clients has significantly expanded [1]

Core Insights - Teads Holding Co. is scheduled to participate in two investor conferences in September 2025, including the Citi's 2025 Global TMT Conference and Jefferies TechTrek 2025 Conference [1][2] Group 1: Investor Conferences - Teads will have a fireside chat at the Citi's 2025 Global TMT Conference on September 3, 2025, from 2:10 to 2:45 PM EST [2] - The company will also participate in one-on-one meetings with investors at the Jefferies TechTrek 2025 Conference on September 10-11, 2025, in Tel Aviv, Israel [2] Group 2: Company Overview - Teads Holding Co. was formed from the merger of Outbrain Inc. and TEADS on February 3, 2025, and officially changed its corporate name on June 6, 2025 [3] - Teads operates as an omnichannel outcomes platform for the Open Internet, focusing on delivering full-funnel results for marketers through predictive AI technology [3] - The company collaborates with over 10,000 publishers and 20,000 advertisers globally, employing nearly 1,800 people across more than 30 countries [3]

Core Viewpoint - Criteo S.A. will present at the Citi 2025 Global TMT Conference on September 4, 2025, showcasing its role in the commerce ecosystem [1] Company Overview - Criteo is a global platform that connects the commerce ecosystem for brands, agencies, retailers, and media owners [2] - The company utilizes an AI-powered advertising platform with access to over $1 trillion in annual commerce sales, facilitating connections with shoppers and enabling personalized experiences [2] - Criteo serves thousands of clients and partnerships across global retail and digital commerce, providing technology, tools, and insights for performance and growth [2]