TTD随即发布声明回应："The Trade Desk和沃尔玛依然完全致力于合作关系，并将继续在零售媒体领域共同创新。" 不过，官方口径之外，这次合作的调整也让外界重新关注沃尔玛在零售媒体市场上的扩张策略。 沃尔玛的零售媒体广告业务在过去三年几乎是一路高歌猛进，依靠购物者数据和闭环结算能力迅速攀升。在2025年第二季度，沃尔玛的全球广告 业务同比增长近46%，而其美国本土业务（Walmart Connect）也录得约31%的同比增长。 但越往上走，越能感受到天花板的压力。根据eMarketer的数据，沃尔玛广告营收增速在2025年达到27.9%之后，到2026年将降至21.4%，2027年 甚至跌破20%，降至18.8%。 8月份，据行业媒体The Information报道，沃尔玛结束了与The Trade Desk（TTD）长达四年的独家合作关系。此前，任何想要调用沃尔玛消费者 数据的广告主，都必须通过TTD的DSP（需求方平台）来购买广告。如今，沃尔玛放开了入口，允许广告主通过更多第三方DSP平台完成投放。 对沃尔玛而言，强化市场覆盖能力是广告业务继续扩张的一大前提，而TTD在全球市场的触达深度仍有不足 ...

Core Viewpoint - The company, Huya Technology (01860), anticipates a net profit of $30 million to $38 million for the six months ending June 30, 2025, compared to approximately $7.34 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The expected increase in net profit is primarily due to the rapid development of the core business, the programmatic advertising platform Mintegral, where the company holds a technological lead, driving continuous revenue growth [1] - The operating leverage effect under scale is expected to enhance the net profit margin [1]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [7] Core Insights - In Q1 2025, the company achieved revenue of $1.484 billion, a year-on-year increase of 40%. Adjusted EBITDA was $1.005 billion, reflecting an 83% year-on-year growth. The advertising business revenue reached $1.159 billion, up 71% year-on-year, with adjusted EBITDA of $943 million, a 92% increase year-on-year. The strong performance was primarily driven by AI technology, increased demand from advertisers, and expansion in online advertising [2][5][10] - The company expects Q2 2025 advertising revenue to be between $1.195 billion and $1.215 billion, with adjusted EBITDA projected at $970 million to $990 million. The focus will shift more towards advertising business following the sale of its gaming business [5][10] - The company plans to continuously improve its AI machine learning models, expand its e-commerce advertising client base, and enhance automated ad creation and testing, further concentrating on its advertising business [2][10] Summary by Sections Financial Performance - For Q1 2025, the company reported revenue of $1.484 billion, exceeding the consensus estimate of $1.38 billion. Adjusted EBITDA was $1.005 billion, surpassing the expected $871 million. The advertising segment's revenue was $1.159 billion, above the forecast of $1.047 billion [10] - The company anticipates a long-term growth rate of 20-30%, with continuous learning from its models contributing approximately 3-5% to this growth [10] Strategic Focus - The company is strategically focusing on enhancing its AI capabilities to improve ad targeting efficiency and is actively expanding its e-commerce advertising segment, which is expected to account for over 10% of total ad revenue in the future [10] - The report suggests monitoring other AI-enabled programmatic advertising companies, such as 易点天下, which also leverage AI in their core business [2][10]