恒生科技指数日内涨超1%，汽车股回暖，吉利汽车(00175.HK)涨超5%，理想汽车(02015.HK)涨4.8%， 美团(03690.HK)涨超3.5%，腾讯音乐(01698.HK)涨2.5%。 ...

For the quarter ended March 2025, Fiverr International (FVRR) reported revenue of $107.18 million, up 14.6% over the same period last year. EPS came in at $0.64, compared to $0.52 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $105.53 million, representing a surprise of +1.57%. The company delivered an EPS surprise of -4.48%, with the consensus EPS estimate being $0.67.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Core Insights - Fiverr International (FVRR) is expected to report quarterly earnings of $0.67 per share, reflecting a year-over-year increase of 28.9% [1] - Revenue is anticipated to reach $105.53 million, showing a 12.8% increase compared to the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 3.4% in the past 30 days, indicating a reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3] Key Metrics - Analysts project the 'Take Rate' to be 27.5%, down from 32.3% in the same quarter last year [4] - 'Active buyers' are expected to total 3.57 million, a decrease from 4 million reported in the same quarter of the previous year [5] - 'Spend per buyer' is estimated at $290.31, slightly up from $284 in the same quarter last year [5] Stock Performance - Fiverr shares have increased by 19.6% over the past month, outperforming the Zacks S&P 500 composite, which rose by 0.4% [6] - With a Zacks Rank of 3 (Hold), FVRR is expected to closely follow overall market performance in the near term [6]

Core Viewpoint - Youdao, Inc. is set to report its first quarter 2025 financial results on May 15, 2025, before U.S. market opens, highlighting its ongoing commitment to transparency and investor communication [1]. Group 1: Financial Reporting - The earnings teleconference call will occur at 6:00 a.m. Eastern Time on May 15, 2025, with management available to discuss results and answer questions [2]. - Dial-in details for the earnings conference call include toll-free numbers for the United States, Mainland China, and Hong Kong, ensuring accessibility for investors [2]. - A replay of the conference call will be available by phone one hour after the live call, accessible until May 22, 2025, providing additional opportunities for stakeholders to engage with the information [3]. Group 2: Company Overview - Youdao, Inc. is an AI-powered solutions provider focusing on artificial intelligence applications in the learning and advertising sectors, indicating a strategic positioning in a growing market [4]. - The company offers a range of services, including learning services, online marketing services, and smart devices, all leveraging advanced technologies [4]. - Founded in 2006 as part of NetEase, Inc., Youdao is backed by a leading internet technology company in China, enhancing its credibility and market presence [4].

Group 1 - Douyin Life Services has launched five support measures targeting high-quality retail merchants [1] - The support measures cover various retail industry segments, including clothing and footwear [1] - Initiatives include zero commission, brand joint operation incentives, special support for foreign trade quality products in supermarket chains, merchant services, and ecological governance [1]

各位童鞋搭嘎猴啊，上周 "泛年轻人群营销洞察"看的怎么样？有童鞋在后台留言："各家都 说取消大小周、取消996，怎么说呢，反正，恍恍惚惚又到五月了，期待五一长 假……"O(∩_∩)O哈哈~兄嘚别这么含蓄，有啥想说的直抒胸臆就行，毕竟，俺们程序猿、攻 城狮们啥大风大浪没见过？(#^ . ^#) 言归正传，今天就给大家分享一下2025年全景生态流量春季报告。Qu e s tMobi l e数据显 示，截止到3月份，全网用户规模已经达到12.59亿，同比增长了2.2%，，智能设备、数字 阅读、移动视频、教育学习成为月活跃用户规模增速Top4的赛道，同比增长分别达到 9.8%、9.3%、6%、5.1%。 这当中，智能设备迎来了爆发时刻：智能家居、智能穿戴及智能汽车APP行业的月活跃用户 规模同比分别增长了14.6%、14.8%、33.2%，走出了移动互联网走向成熟之后最劲爆的 一轮增长表现，尤其是智能汽车APP，3月份月活用户已经达到0.86亿，距离破亿大关仅一 步之遥！ 同时，智能设备行业以APP为中枢，串联诸多品类形成智能生态，实现销售与用户齐飞的景 象，3月份，米家、华为运动健康、萤石云视频应用去重用户规模分别 ...

Core Viewpoint - The article highlights the rising concern over the misuse of AI technology, particularly in the context of circumventing facial recognition systems used by ride-hailing platforms through the use of a "virtual camera" application and AI face-swapping technology [2][9]. Group 1: Technology and Methods - Criminals are using a "virtual camera" application to bypass facial recognition systems by replacing the local camera feed with a pre-recorded video that uses AI face-swapping technology [2][3]. - The method involves jailbreaking the phone and injecting a program that can manipulate the data flow from the physical camera, effectively deceiving the platform's verification process [7][8]. Group 2: Market and Services - Numerous accounts on social media and short video platforms are promoting services that claim to help users bypass facial recognition, with tutorials and contact information for further engagement [3][5]. - E-commerce platforms like Taobao and Xianyu are also hosting shops that offer "virtual camera tools" and related services, with some merchants claiming they can enable users to bypass facial recognition on any platform for a fee [5][6]. Group 3: Legal and Ethical Implications - The misuse of AI face-swapping technology has led to legal actions, with cases involving individuals who provided services to help banned drivers evade facial recognition, resulting in criminal charges and penalties [9]. - Legal experts warn that the abuse of AI face-swapping technology could lead to various civil disputes, including violations of personal rights and potential criminal charges related to computer system intrusions [9].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - Investor concerns regarding ADR de-listing risks have resurfaced due to escalating US-China trade tensions and regulatory risks highlighted by the America First Investment Policy [1][9] - The US-China trade tensions have reached unprecedented levels, with effective US tariffs on Chinese imports reaching 107% and Chinese tariffs on US goods at 144% as of April 2023 [9] - The US-China Relations Barometer indicates that bilateral frictions are at two-year highs, contributing to increased volatility in global capital markets [8][9] - The potential for US investors to liquidate approximately US$800 billion worth of holdings in Chinese stocks if banned from investing in Chinese securities has been highlighted [9] Summary by Sections ADR De-listing Risks - ADR de-listing risks have returned to the forefront due to regulatory gaps on audit inspections between the US and China, particularly under the Holding Foreign Companies Accountable Act (HFCAA) [11] - The SEC identified five Chinese stocks as Commission-Identified Issuers (CII) under the HFCAA in March 2022, leading to a significant drawdown in the ADR index [11] - The PCAOB and CSRC signed an agreement in August 2022 to allow PCAOB access to audit papers of Chinese ADRs, which has eased some concerns [11] Mechanisms for De-listing - De-listing can be voluntary or involuntary, with involuntary de-listing typically occurring faster and putting pressure on share prices [17] - Forced de-listing can be triggered by accounting fraud, non-compliance with HFCAA, US sanctions, or violations of Chinese regulations [17] - A simplified process for de-listing includes investors selling before the last trading day and potentially trading on the OTC market [17][20] Share Fungibility Mechanism - The share fungibility mechanism allows for the conversion between ADS and HK shares, which is effective for companies with dual primary listings or ADR/HK secondary listings [25] - The conversion process generally takes two business days, and no new shares are created during this process [25][24] Impact on Investors - US institutional investors currently hold around US$830 billion in Chinese stocks, with significant potential selling pressure if forced to liquidate [32][34] - Retail ownership in Chinese ADRs is estimated to be over US$370 billion, with companies having high retail ownership facing stronger selling pressures [32][34] - Passive investment vehicles like ETFs may be significantly impacted by ADR de-listing, particularly those with high exposure to ADRs without HK listings [43]

Core Viewpoint - IAC has successfully completed the spin-off of Angi, making it an independent publicly traded company, allowing both entities to focus on their strategic objectives and growth opportunities [1][4][5]. Company Overview - IAC is now comprised of category-leading businesses, including Dotdash Meredith and Care.com, and holds strategic equity positions in various industries, such as MGM Resorts International and Turo Inc. [11] - Angi, which has been operational for over 25 years, assists homeowners in completing home projects and supports home professionals in growing their businesses, having helped over 150 million people [12][13]. Leadership Changes - Joey Levin transitioned from IAC CEO to Executive Chairman of Angi, collaborating with Angi CEO Jeff Kip to achieve the company's strategic goals [2][4]. - Barry Diller, Chairman and Senior Executive of IAC, emphasized the renewed focus on future opportunities for both IAC and Angi following the spin-off [3]. Transaction Details - The spin-off was approved by IAC's board on March 7, 2025, with a special dividend distributing all shares of Angi capital stock to IAC shareholders [6][7]. - The distribution occurred on March 31, 2025, with approximately 0.5251 shares of Angi Class A common stock distributed for each share of IAC stock held as of the record date [8]. Strategic Focus - Angi is expected to benefit from a simplified capital structure and an undiluted focus on its strategic priorities, including potential mergers and acquisitions, capital formation, and talent acquisition [4]. - Angi aims to return to revenue growth in 2026, having improved customer experience and profitability over the past two and a half years [5].

Consumption Trends - Consumption remains the primary driver of economic growth in China, with service consumption emerging as a new growth engine [1] - The "trade-in" policy is highlighted as a significant factor for consumption growth in 2024, driving industrial upgrades and transformation [1][2] - The trade-in program will be expanded in 2025, with broader subsidy coverage and initiatives to enhance service consumption quality [2] Challenges in Consumption - The main challenge for commodity consumption is the softer consumer purchasing power and willingness, affecting demand [3] - For service consumption, the challenge lies on the supply side, with insufficient high-quality services available [3] Company Strategies - Meituan's CEO emphasized a focus on food & grocery retail, international expansion, and technology for the next decade [4] - Alibaba's Hema is expanding its Freshippo Stores, planning to open about 100 new stores and enter dozens of new cities [4] - Alibaba's Ele.me is investing over 1 billion yuan (approximately $140 million) to support merchants through various initiatives [5] Market Expansion - Grab Holdings is acquiring the supermarket chain Everrise in Malaysia to enhance its grocery business and digitize operations [6] Technological Advancements - Alibaba has released an open-sourced inference model, QwQ-32B, achieving breakthroughs in various capabilities while reducing deployment costs [7] - Tencent has launched an open-source image-to-video model, allowing businesses and developers to apply for API access [8] - Alibaba Cloud aims to increase the number of Japanese projects utilizing its generative AI models to over 1,000 within three years [8]