2025年8月13日，据《英国金融时报》报道，OpenAI及CEO Sam Altman将联合Worldcoin创始人Alex Blania成立新公司 Merge Labs，正式进军脑机接口赛道，直面马斯克的Neuralink。 Merge Labs本轮融资估值约8.5亿美元，主要资金由OpenAI风投提供，Altman将以联合创始人身份参 与。 Altman曾经提出，人类与AI最终将融合，脑机接口与AI聊天机器人是实现这一愿景的两大核心路径。 ChatGPT已实现前者，Merge Labs则将承接其在脑机接口上的布局。 此次OpenAI进军脑机接口，有望给脑机接口行业带来深远影响。 智通财经APP获悉，中国脑机接口在无线微创、侵入式、半侵入式及闭环刺激等多路线实现临床突破： 宣武/天坛联合清华完成无线微创植入"NEO"，华山携手阶梯医疗、脑虎科技实现高精度脑控与意念对 话，天坛/北大一院"北脑一号"达成全球首例中文实时解码，清华与品驰医疗闭环DBS助力帕金森智能 治疗，南开大学实现血管介入式脑机接口在康复治疗中的临床转化。 国际上，Neuralink已在多例患者中实现光标控制、下肢运动，Synchron等介 ...

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2025.06. 15 本文字数：2329，阅读时长大约4分钟 作者 | 第一财经 钱童心 中国的侵入式脑机接口设备正加速进入临床。 近日，多家官方媒体披露，中国科学院脑科学与智能技术卓越创新中心（赵郑拓研究组及李雪研究 组）联合复旦大学附属华山医院（吴劲松/路俊锋团队），与相关企业合作，成功开展了中国首例侵 入式脑机接口的前瞻性临床试验。 据介绍，这不仅是国内第一次达到医疗器械注册临床试验规范要求的脑机接口研究，更意味着我国在 侵入式脑机接口技术上成为继美国之后，全球第二个进入临床试验阶段的国家。 第一财经记者搜索公开信息发现，这一消息已于上个月被"上海科技"公众号报道，涉及企业为上海阶 梯医疗科技。此外，来自北京、杭州的脑机接口公司也都在开发相关设备，并计划进入临床。 面向运动功能障碍患者的脑机接口 5月8日，阶梯医疗创始人、中国科学院脑智卓越中心研究员赵郑拓与李雪首次向媒体披露了受试者 术后首月的脑控训练成果。受试者在接受侵入式脑机接口系统植入后，仅用2-3周的训练，便实现了 下象棋、玩赛车游戏等功能，达到了与普通人控制电脑触摸板相近的水平。 赵郑拓表示，脑机接口主要分为两种模式：一是"从大脑向外输出信 ...

脑机接口主要分为两种模式：一是"从大脑向外输出信息"，如解码运动意图控制外部设备；二是"向大 脑输入信息"，如人工视觉、听觉重建。 复旦大学附属华山医院院长毛颖教授在本月初召开的第20届亚洲神经肿瘤年会上透露，由上海华山医院 和北京宣武医院牵头的脑机接口临床队列研究已启动患者入组工作，旨在进一步验证侵入式脑机接口治 疗方案的有效性、安全性等关键问题。 中国的侵入式脑机接口设备正加速进入临床。 近日，多家官方媒体披露，中国科学院脑科学与智能技术卓越创新中心（赵郑拓研究组及李雪研究组） 联合复旦大学附属华山医院（吴劲松/路俊锋团队），与相关企业合作，成功开展了中国首例侵入式脑 机接口的前瞻性临床试验。 据介绍，这不仅是国内第一次达到医疗器械注册临床试验规范要求的脑机接口研究，更意味着我国在侵 入式脑机接口技术上成为继美国之后，全球第二个进入临床试验阶段的国家。 第一财经记者搜索公开信息发现，这一消息已于上个月被"上海科技"公众号报道，涉及企业为上海阶梯 医疗科技。此外，来自北京、杭州的脑机接口公司也都在开发相关设备，并计划进入临床。 面向运动功能障碍患者的脑机接口 5月8日，阶梯医疗创始人、中国科学院脑智卓越中心 ...

Core Viewpoint - Warner Bros. Discovery (WBD) shares have underperformed significantly in 2023, losing 5% year to date compared to the Zacks Consumer Discretionary sector's 25.1% growth and entertainment peers like Disney, Paramount Global, and Netflix [1] Streaming Segment Performance - WBD's streaming business added 5.3 million subscribers in Q1, reaching a total of 122.3 million globally, and generated $339 million in adjusted EBITDA, aiming for at least $1.3 billion in streaming EBITDA for 2025 [2] - Popular shows like The White Lotus and The Last of Us have contributed to the streaming segment's success, with The White Lotus averaging over 25 million viewers per episode and The Last of Us attracting over 90 million viewers since its first season [2] Operational Performance - The Studios segment showed resilience with a 63% year-over-year increase in adjusted EBITDA to $259 million, driven by the success of the Minecraft Movie, which grossed nearly $900 million globally [3] - The Global Linear Networks segment faced challenges, with revenues declining 6% year over year due to cord-cutting and domestic advertising issues [3] Content Pipeline - WBD has a strong content pipeline, with the highly anticipated Superman film set to release on July 11, following a successful trailer with over 250 million views [4] - Renewals and new orders for shows like The Pitt and the upcoming Harry Potter series are expected to enhance subscriber growth for Max [4] Product Innovations - Recent product launches, such as the Extra Member Add-On feature and Profile Transfer capabilities for Max, aim to address password sharing and enhance revenue [5] - The WBD Storyverse advertising initiative and new solutions like NEO and DemoDirect are designed to improve advertiser value propositions amid challenging linear advertising markets [5] Financial Position - WBD maintained a 3.8x net leverage ratio while repaying $2.2 billion in debt in Q1, with $4.0 billion cash on hand and $38.0 billion gross debt [6] - The company reported free cash flow of $302 million in Q1, indicating improving cash generation capabilities despite concerns over elevated debt levels [6] Investment Outlook - WBD is rated as a Hold, with streaming momentum and content quality improvements being positive signs, but challenges in linear television and high leverage remain [7] - The Zacks Consensus Estimate for WBD's 2025 revenues is $37.8 billion, reflecting a 3.88% year-over-year decline, with an expected loss of 16 cents per share, an improvement from a loss of $4.62 in the previous year [8]

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [5][7][20] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to €8.3 billion, driven by transaction growth and modestly higher average ticket prices and hotel room rates [9][10] - Revenue reached €621 million for the quarter, up 4% on a constant currency basis, although it was 2% on a reported basis due to foreign exchange impacts [20][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger among global multinational customers, up 6%, while small and medium enterprises (SMEs) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2%, reflecting a strategic focus on increasing hotel bookings [13][14] - The company maintained a high customer retention rate of 96% over the last twelve months, with new wins valued at €3.2 billion [15][16] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific, indicating stronger performance in the Asia Pacific region [14][70] - The meetings and events business showed a 2% year-over-year increase in the number of meetings and an 8% increase in spend for the full year 2025 [32][61] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation, with a commitment to investing in technology and automation to drive future growth [6][25][29] - A capital allocation strategy is in place to prioritize cash generation, deleveraging, and investments in areas that enhance customer value [40][41][42] - The company amended its merger agreement with CWT to reduce the purchase price and the number of shares to be issued, reflecting a strategic approach to M&A in a challenging environment [18][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased economic uncertainty but emphasized strong Q1 results and a solid guide for Q2, focusing on share gains, margin expansion, and cash generation [7][8][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on operating efficiency and disciplined cost management [25][39] - Management indicated that the macroeconomic environment is currently weaker but stable, with expectations for flat transaction growth for the full year [31][37] Other Important Information - Adjusted operating expenses declined by 1% year over year, demonstrating effective cost control and productivity gains [22][23] - The company received two credit rating upgrades from Moody's and S&P, reflecting strong momentum [24] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management noted no significant trade down, with premium and international volumes holding up better than domestic [47][48] Question: Can you comment on SME wins and transaction values? - Management acknowledged that while SME wins rose, organic growth in that segment remains lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process is expected to complete in early June, with a trial set for September 8 [52] Question: How has the macro environment evolved intra-quarter? - Management indicated that most customers are in a wait-and-see mode, with only a moderate change in travel policies [59][61] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content, which strengthens its value proposition in a challenging environment [66] Question: Can you contrast U.S. volumes versus rest of world volumes? - Management reported that the U.S. saw slower performance compared to EMEA and Asia Pacific, primarily due to domestic travel trends [70][72]

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [4][6][21] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to reach €8.3 billion [9][10] - Revenue rose by 4% to €621 million, driven by solid transaction growth and increased demand for products and services [9][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger with global multinational customers, up 6%, while small and medium enterprises (SME) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2% [13] - The company maintained a high customer retention rate of 96% over the last twelve months [15] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific [14] - The U.S. air TTV growth was 3%, consistent with major U.S. airlines' commentary on corporate spend growth [12] - The meetings and events business saw a 2% year-over-year increase in the number of meetings and an 8% increase in spend for full year 2025 [33][60] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation despite economic uncertainty [5][6] - Continued investment in technology transformation, including automation and AI, is aimed at improving customer experience and productivity [16][30] - The capital allocation strategy includes a $300 million share buyback authorization and a focus on M&A opportunities [43][44] Management's Comments on Operating Environment and Future Outlook - Management noted more economic uncertainty and less visibility for the full year but expressed confidence in the company's long-term growth prospects [6][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on share gains and operating efficiency [25][39] - Adjusted EBITDA is expected to grow faster than revenue, with a full-year midpoint adjusted EBITDA guidance of $510 million, representing a 7% growth [40][41] Other Important Information - The company received two credit rating upgrades during the quarter, reflecting strong momentum [24] - Adjusted operating expenses declined by 1% year-over-year, demonstrating effective cost control [19][23] - The merger agreement with CWT was amended to reduce the purchase price and the number of shares issued [19][43] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management indicated that premium and international volumes held up better than domestic, with a slight increase in average ticket prices and hotel rates [47][48] Question: Can you comment on SME wins and transaction values? - Management noted that while SME wins rose, organic growth in the SME segment has been lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process will be complete in early June, with a trial set for September 8, aiming for closure by the end of 2025 [52] Question: How has the macro environment evolved intra-quarter? - Management observed a stable trend in transaction growth, with most customers in a wait-and-see mode regarding travel policies and budgets [58][60] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content access, which strengthens its value proposition in a weaker economic environment [64]

Core Viewpoint - The rapid advancements in humanoid robotics are showcased through the impressive capabilities of the domestic robot, Yushu G1, which has achieved remarkable feats such as performing a "backflip" and demonstrating traditional Chinese martial arts [1][2][7]. Group 1: Yushu G1's Achievements - Yushu G1 has successfully completed a "backflip," impressing viewers with its advanced capabilities [1]. - In addition to the backflip, G1 has showcased two forms of Chinese martial arts: "sweeping leg" and "Tai Chi" [2]. - Despite being subjected to a kick, G1 managed to regain its balance, highlighting its stability and resilience [3]. Group 2: Competitive Landscape - Boston Dynamics' Atlas has also made strides in humanoid robotics, performing various athletic movements such as sprinting and flips [5][6]. - On the same day that Boston Dynamics released a video of Atlas, Yushu G1 unveiled its own video featuring the world's first humanoid robot performing a "side flip," which is considered more difficult than a backflip [7]. Group 3: Practical Applications - There are discussions about the need for humanoid robots to engage in practical tasks that assist humans in real-life scenarios [8][9]. - Boston Dynamics' Atlas has begun participating in advertising and film projects, collaborating with major companies like WPP, NVIDIA, and Canon to explore the role of robots in film production and virtual advertising [10]. - Additionally, the 1X NEO robot has collaborated with a well-known figure to create an entertaining video, indicating a trend towards integrating robots into creative industries [11].