文 | 巨潮 小卢鱼 编辑 | 杨旭然 农历新年后港股开市的第一天，恒生科技指数就经历了2.91%的大跌，而智谱和MiniMax的市值却双双冲破3000亿港元。 在人工智能的狭义话题之外，从强烈对比中我们可以看出，全球资本正在面临一次重要的抉择：是否要从"传统"互联网平台，转向被认为更具潜力的新赛 道。 前几年被寄予厚望的科技增长故事——出海，似乎已经未结果先枯萎了。很多大厂在海外市场的资源投入优先度不仅不如AI业务，甚至可能还不如国内 外卖。 相比电商、媒体平台或其他互联网服务业务，对于更多中国科技企业来说，网贷似乎可以被更便利地搬运到全球市场。在越发暗淡的出海故事中，放贷成 了那个大家都不愿意放弃，甚至还在进一步投入的重心。 恒生科技指数表现（自2025年11月至今） 国内市场，曾经"等同于暴利"的互联网贷款业务，在助贷新规的影响之下，正面临着前所未有的压力。因此，网贷出海甚至似乎比其他业务出海更紧迫。 如果将网贷出海比作一道考试题的话，可以理解为它正在从前几年的选择题，变成了如今的必答题。只是这道题的难度，对很多国内企业来说，确实有些 超纲。 01 水土不服 去东南亚旅游的人，基本都接触过一个超级APP ...

Financial Data and Key Metrics Changes - Monthly transacting users increased by nearly 6 million year-over-year to 48 million, contributing to a 24% year-on-year increase in on-demand GMV, or 20% on a constant currency basis [4] - Group adjusted EBITDA rose 51% year-on-year to a record $136 million, marking the 15th consecutive quarter of sequential profitability improvement [4] - Adjusted free cash flow improved by $185 million year-on-year to $283 million on a trailing 12-month basis [4] Business Line Data and Key Metrics Changes - The mobility segment grew at a rate of 20%, while the delivery segment saw a growth rate of 26% [12] - Financial services revenue grew by 40%, with the loan book reaching an all-time high [12] Market Data and Key Metrics Changes - The company expects its financial services loan portfolio to exceed $1 billion by the end of 2025 [6] - The company is experiencing strong growth in Indonesia, with significant contributions from both GrabBike and GrabCar Saver users [10][11] Company Strategy and Development Direction - The company is focused on building a resilient, tech-driven platform, emphasizing accessibility, affordability, and reliability [4][5] - The strategy includes leveraging AI to unlock new growth and efficiency opportunities [6] - The company is exploring new business models, including Quick Commerce, to expand its grocery segment [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable long-term value despite macroeconomic uncertainties [36] - The company is not seeing a broad-based slowdown in consumption and believes its countercyclical strategy is effective [35] - Management expects to exit 2025 at record GMV levels and maintain profitable growth into 2026 [26] Other Important Information - The company is actively investing in autonomous vehicle technology as part of its long-term strategy [46] - The financial services segment is focused on financial inclusion, targeting underbanked and unbanked populations [55] Q&A Session Summary Question: Competitive landscape in Indonesia and growth guidance - Management highlighted strong performance in Indonesia driven by product-led growth strategies and affordability initiatives [10][11] - Guidance was raised due to strong top-line growth and disciplined cost management, with an EBITDA target of $490 million-$500 million for 2025 [12][13] Question: MTU growth demographics and future growth rates - MTU growth was driven by affordability strategies, with significant contributions from saver delivery products [20][21] - Management expects continued growth above mid to high teens into 2026, with a focus on maintaining margins [25][26] Question: Balance sheet and cash usage - The company plans to use its strong cash balance for organic growth investments, selective M&A, and potential shareholder returns [30][34] - Management noted a positive macro environment with signs of tourism recovery and no broad-based consumption slowdown [35] Question: GrabMart growth and grocery business initiatives - GrabMart is growing faster than food delivery, with initiatives like Grab More enhancing cross-selling opportunities [43][44] - The company is experimenting with Quick Commerce models to increase grocery penetration [44] Question: Autonomous vehicle investments - Investments in autonomous technology are strategic, aimed at leading adoption in Southeast Asia while collaborating with regulators [46][47] Question: Financial services growth and risk provisions - The financial services segment is on track to exceed a $1 billion loan book, with a focus on risk management and customer insights [53][55] - Management emphasized the importance of credit models in serving underbanked populations [55][56] Question: Advertising revenue and consumer incentives - Advertising revenue is expected to grow as the company attracts more advertisers, with a focus on maintaining sustainable consumer incentives [61][62] - Management noted a slight increase in driver incentives to maintain service quality amid rising demand [60] Question: Delivery margins and monetization strategies - Delivery margins are expected to improve, with a portfolio approach to managing different delivery products [70][71] - The company is exploring in-store monetization strategies to enhance traffic for food merchants [91]