5月28日，市场调研机构Canalys发布了2025年第一季度欧洲(不含俄罗斯)智能手机市场报告。数据显示，欧洲智能手机出货量同比下降 2%，至3240万部。 Canalys 2025年开局对欧洲智能手机市场来说颇为艰难，2024年，欧洲智能手机在连续四年下滑后首次反弹，总体出货量达1.36亿部，同比增长 5%。继去年小幅复苏后，不少厂商在2024年第四季度末高估了终端需求，导致2025年第一季度时渠道库存积压严重。 根据该报告，第一季度，欧洲高端机型的需求持续强劲，售价高于800欧元(约合人民币6523元)的设备占比达到了创纪录的32%，主要由 苹果和三星带动。 Canalys分析指出，入门级设备在第一季度的需求依然疲软，部分原因是去年替换需求的提前释放，加上新兴竞争者推动激进促销，使市 场更为饱和。2025年第一季度，欧洲售价低于200欧元的设备出货量创下十余年来最低水平，凸显了当前需求环境的严峻。小米和摩托罗 拉是排名前五中受冲击最大的厂商，但对其他未进入前五的厂商来说，处境更为艰难。 Canalys 而OPPO则相比2024年度报告跌出了前五，OPPO今年的新品Find N5并未登陆欧洲市场，这是目前 ...

Summary of ServiceNow (NOW) FY Conference Call - May 28, 2025 Company Overview - **Company**: ServiceNow (NOW) - **Industry**: Software, specifically focused on business transformation and workflow automation Core Business Segments - ServiceNow operates primarily in three business areas: - IT Service Management (ITSM) - Customer Relationship Management (CRM) - Core Business Workflows (HR, finance, procurement, legal, supply chain) [6][9][16] Key Insights and Strategies - **AI Platform for Business Transformation**: ServiceNow emphasizes its role as an AI platform aimed at transforming business processes, not just as an IT service management tool [6][7][30] - **Market Leadership in ITSM**: ServiceNow is recognized as the clear market leader in ITSM, serving as a critical tool for CIOs in managing technology portfolios [7][8] - **Integration Across Functions**: The platform's ability to integrate workflows across various departments (HR, finance, etc.) provides a competitive advantage, allowing for streamlined processes and improved efficiency [10][21][22] - **Value-Added Layer**: ServiceNow does not replace existing core systems (like HCM or general ledger) but adds a layer of value on top, enhancing processes such as employee onboarding and procurement [18][21][30] Growth Opportunities - **Expansion into Adjacent Functions**: The company is focusing on expanding its services into HR, finance, and procurement, leveraging existing ITSM capabilities to address similar challenges in these areas [11][12][29] - **Cost Savings as a Strategic Priority**: With macroeconomic uncertainties, companies are prioritizing cost savings in back-office functions, making ServiceNow's offerings increasingly relevant at the C-suite level [29][30] - **AI Integration**: The introduction of AgenTeq AI aims to enhance decision-making and automate processes across departments, further driving efficiency and value for customers [82][84] Customer Engagement and Adoption - **Customer Journey**: Typically, customers start their journey with ServiceNow by improving IT processes, which then leads to broader adoption across other departments as they recognize the platform's value [37][38] - **Tailored Solutions**: ServiceNow tailors its solutions based on specific customer pain points, whether it be reducing real estate costs or streamlining procurement processes [39][41] Competitive Advantages - **Agentic Platform**: ServiceNow's unique agentic platform allows for orchestration and reasoning over requests, differentiating it from other transactional systems [91][94] - **Data Access and Integration**: The platform's ability to integrate with over 200 systems and utilize data without duplication enhances its effectiveness in providing comprehensive solutions [94][96] - **Deterministic Workflow Leadership**: ServiceNow combines deterministic workflows with agentic capabilities, allowing for both mandated processes and intelligent recommendations [96] Financial Considerations - **CapEx Strategy**: ServiceNow's higher CapEx is attributed to its infrastructure model, which allows for customer control over upgrades and ensures strong operational margins [65][67][69] - **Pricing Model**: The company employs a hybrid pricing model for AI, allowing customers to scale their usage based on the value derived from the technology [59][60] Conclusion - ServiceNow is positioned as a leader in the software industry, focusing on business transformation through AI and integrated workflows. The company's strategy emphasizes adding value across various business functions while maintaining strong customer engagement and addressing specific pain points. The integration of AI and a robust data fabric further solidifies its competitive edge in the market.