Image source: The Motley Fool. Thursday, March 5, 2026 at 4:30 p.m. ET CALL PARTICIPANTS Chief Executive Officer — Sean Duffy President — Wei-Li Shao Chief Financial Officer — Steven Cook Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $76 million in Q4, up 58%, and $260 million for the year, up 53%. -- $76 million in Q4, up 58%, and $260 million for the year, up 53%. Membership -- 886,000 total members at year end, up 55% with 314,000 net new members for the year and 55,000 added in Q4. -- 886,000 total members at year end, up 55% with 314,000 net new members for the year and 55,000 added in Q4. Covered Lives -- Estimated 25 million covered lives at year end, reflecting more than 5 million added in the year. -- Estimated 25 million covered lives at year end, reflecting more than 5 million added in the year. GLP-1 Program Adoption -- Over 150,000 members supported on GLP-1s, with more than 100,000 added during 2025. -- Over 150,000 members supported on GLP-1s, with more than 100,000 added during 2025. Gross Margin -- Q4 GAAP gross margin reached 71%, up from 67%; adjusted gross margin hit 73%, a 320 basis point increase; full-year adjusted gross margin rose to 68%, up 450 basis points. -- Q4 GAAP gross margin reached 71%, up from 67%; adjusted gross margin hit 73%, a 320 basis point increase; full-year adjusted gross margin rose to 68%, up 450 basis points. GAAP Profitability -- Achieved first positive GAAP net income in Q4 at $5 million, a $13 million improvement from prior Q4 loss. -- Achieved first positive GAAP net income in Q4 at $5 million, a $13 million improvement from prior Q4 loss. Adjusted EBITDA -- $8 million in Q4 (11% margin), up $12 million and 18 points from Q4 2024; $6 million for the full year (2% margin), a $35 million improvement and 19 point increase. -- $8 million in Q4 (11% margin), up $12 million and 18 points from Q4 2024; $6 million for the full year (2% margin), a $35 million improvement and 19 point i...

Tudor is to do. To do is to dur. Something like that anyway. With the clock reading 45+8 at the end of the first half the air inside the Tottenham Hotspur stadium had already begun to curdle and turn strange. In the space of 18 minutes, 1-0 to Spurs had become 3-1 to Crystal Palace. The crowd had begun to turn in on itself. Boos were directed at the players. Boos were directed back at the booers. Birds flew backwards through the sky. The clock struck 13. Beer glasses filled from the bottom up. “You killed the club,” man in a quilted coat shouted at the directors’ box, with genuine feeling, as though this was not a figure of speech, the club actually was dead, before stamping off towards the thrillingly alive empanada and artisan pickle outlets of the vibrant new retail concourse. “I saw something here,” Igor Tudor would announce at the end of this game, sat looking hollow and pale and haunted in the luxuriously upholstered situation room in pit of the Tottenham Hotspur Stadium. But what exactly? Has there been a stranger, more inexplicable managerial avatar than Tudor in recent times. This was his night-time debut at this ground. In the flesh Tudor is surprisingly lean and gangly, with deep piercing eyes, angular jawline, renaissance-style spiky chin whiskers, car coat and leather leisure-trainers, like a Tuscan Duke on his way to a corporate golf day. And he played his part here, enacting the role of Tottenham manager. Watching the figures on that touchline come and go has been a ghostly thing in its own right, a flick-book of pressed men, desperados, hollow-eyed ancient mariners, coats and jackets and gilets, fading out even as they faded in. Could Tudor leave here before his assistant Ivan Javorcic has even managed to get his work permit? His reply to that question was “no comment”. More to the point, are Tottenham going to be relegated? The run is now at seven losses, four draws no wins in the league this year – 29 points. One above the zone. Liverpool next week...

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Traditional safe havens — Treasuries, the yen, the Swiss franc, and gold — have offered investors no refuge this week. The dollar, whose haven status has been increasingly called into question, is among the few major assets to have rallied . The moves show how quickly market dynamics can turn upside down, with assets once viewed as dependable shelters suddenly losing their appeal given changing expectations around central bank policy and economic growth, plus the whims of traders. “Risk-off is not what it used to be,” Christoph Rieger , Head of Rates & Credit Research at Commerzbank AG, said. “‘Safe Assets’ don’t work as a hedge in a crisis where all policy options call for more supply and against lower rates. Some market moves make sense, others don’t.” Here’s a closer look at why the usual shelters failed this past week: Treasuries US government debt is supposed to be the world’s safest asset in times of turmoil. But inflationary threats from soaring oil and gas prices usurped that demand. Yields on 10-year bonds have jumped 20 basis points this week, heading for their biggest jump since April’s tariff drama. It’s a dramatic reversal from last month when they notched their sharpest drop in a year. The inflation threat means traders also expect fewer interest rate cuts. Swaps now price between one and two quarter-point reductions compared to as many as three a week ago. Gold Gold hasn’t fared well. Bullion has fallen 3.5% this week, weighed down by a stronger dollar and expectations of higher interest rates. The metal, which pays no interest, usually becomes more attractive when rates are low. A similar dynamic played out following Russia’s invasion of Ukraine. Energy prices surged, along with interest rate expectations and the greenback — and gold consequently weakened in the months following. That period has become the playbook for some traders. The metal’s about 54% rally since mid-August has also turned it into a speculative hotbed, with exceptional volatility....

格隆汇3月6日｜据证券日报，截至3月5日，已有13家A股公司发布了2025年年度分红预案，派息金额从每10股0.6元（含税）到每10股8元（含税）不等。深圳市融智私募证券投资基金经理兼高级研究员包金刚分析，分红呈现“头部集中、赛道扩散”并行的格局。传统龙头企业保持稳定高分红的同时，科技创新、先进制造等新兴领域的分红贡献度不断提升，反映其盈利质量与现金流能力的整体增强。

能源供应担忧推高通胀预期，美债收益率连续第四个交易日走高，市场对美联储降息的预期明显降温。 *工业、材料和医疗保健板块领跌 *布伦特原油升至85美元附近 *美国国债收益率连续四日上升 随着中东冲突持续升级，美股三大股指集体收跌，道指跌近800点。伴随冲突步入第六天，原油价格再度飙升引发市场对通胀上行以及美联储降息前景的担忧，标普500工业、材料和医疗保健板块领跌。 截至收盘，道琼斯工业指数下跌784.67点，跌幅1.61%，收于47954.74点；标普500指数下跌38.79点，跌幅0.56%，收于6830.71点；纳斯达克综合指数下跌58.49点，跌幅0.26%，收于22748.99点。 【热门股表现】 科技股涨跌互现。博通涨4.80%，微软涨1.35%，亚马逊涨0.98%，英伟达涨0.16%；超威半导体跌1.30%，Meta跌1.07%，苹果跌0.85%，谷歌-C跌0.84%，谷歌-A跌0.74%，特斯拉跌0.10%。 对全球经济前景更为敏感的周期股领跌，工业企业跌幅居前，卡特彼勒大跌3.5%，波音下跌2.3%，3M走低近3%。 纳斯达克中国金龙指数收跌1.43%。阿里巴巴跌2.19%，拼多多跌0.44%，网易跌2.64%，百度跌0.88%，腾讯音乐跌4.67%，富途控股跌1.22%，贝壳跌4.40%，理想汽车跌2.03%，中通跌1.71%；京东涨0.28%，携程涨2.16%，小鹏汽车涨1.08%，唯品会涨1.11%，小马智行涨0.67%。 伯克希尔·哈撒韦股价上涨逾2.6%，此前该公司披露自2024年以来首次重启股票回购。公司首席执行官格雷格·阿贝尔（GregAbel）还个人购入约1500万美元公司股票。 【市场概述】 周四， 纽约商品交易所4月交割的轻质原油期货上涨6.35美元，涨幅8.51%，收于每桶81.01美元，创2024年7月以来收盘新高 ；5月交割的伦敦布伦特原油期货上涨4.01美元，涨幅4.93%，收于每桶85.41美元。 美以与伊朗冲突升级导致供应和运输受扰，中东部分主要产油国被迫减产。AgainCapital合伙人约翰·基尔达夫（JohnKilduff）表示：“霍尔木兹海峡局势未见松动，油价可能继续上涨。多国减产后，恢复产量需要更长时间，因为无法迅速恢复至满负荷生产。” 贝尔德私人财富管理公司（BairdPrivateWealthManage...

Earnings Call Insights: Owlet, Inc. (OWLT) Q4 2025 Management View Jonathan Harris, CEO & President, highlighted, "2025 was truly a monumental and transformative year for Owlet, marked by significant growth and expanding our leadership and scale in pediatric health monitoring." He identified three pivotal achievements: the successful launch of the Owlet360 subscription service, surpassing 110,000 paying subscribers; the introduction of the Dream Sight camera with onboard AI; and record annual revenue, gross margin, and adjusted EBITDA despite tariff challenges. He announced the international launch of Owlet360, regulatory clearances for Dream Sock sales in India and Israel, and a focus on expanding subscription offerings and AI-driven features to increase customer lifetime value (LTV). Harris stated, "Owlet expanded our share of total dollars spent on baby monitors to 41% in Q4 2025, up 24% versus Q4 2024 and another record high for market share since we started tracking Circana data." Harris also outlined strategic priorities for 2026: driving global Dream Sock adoption, expanding the subscription platform, growing healthcare channels, and launching the Owlet OnCall Telehealth Platform. He noted, "We will launch the Owlet OnCall telehealth platform utilizing Dream Sock and Owlet360 to capitalize on this opportunity." Amanda Crawford, CFO, said, "Q4 revenue was $26.6 million, up 29.6% year-over-year. Revenue strength was driven by broad-based growth across the Dream product suite and Owlet360 subscription." Outlook Crawford stated, "For the first quarter of 2026, we expect revenue in the range of $20 million to $21 million, gross margins of 50% to 52% and adjusted EBITDA of negative $2.5 million to negative $1.5 million." For full year 2026, she provided, "We expect revenue in the range of $126 million to $130 million, representing growth of 19% to 23% over 2025." Crawford added, "For full year 2026, we expect gross margins in the range of 49% to 52% and adjusted EB...

Earnings Call Insights: OptimizeRx Corporation (OPRX) Q4 2025 Management View CEO Stephen Silvestro reported, "We delivered a strong fourth quarter, exceeding both consensus estimates and our internal expectations. Revenue for the fourth quarter was $32.2 million, and adjusted EBITDA was $12 million." He highlighted full-year 2025 revenue of $109.4 million and adjusted EBITDA of $24.3 million. Silvestro explained, "Improvements in our product mix and channel partner strategy contributed to higher gross margins in 2025" and noted doubling of both adjusted EBITDA and free cash flow year-over-year. Management is responding to softness in contracted revenue and a market shift away from managed services by updating 2026 guidance and focusing more on profitability. Silvestro announced, "For 2026, we expect revenue in the range of $109 million to $114 million and adjusted EBITDA between $21 million and $25 million." The Board authorized a $10 million share repurchase program, to be financed through available cash and cash equivalents. Silvestro addressed AI, stating, "Our business has experienced minimal disruption from AI, and we do not expect to be disrupted in the future...AI may serve as a tailwind." Edward Stelmakh, Chief Financial & Strategic Officer, stated, "Gross margin increased from 68.1% in the quarter ended December 31, 2024, 74.8% in the quarter ended December 31, 2025. Year-over-year gross margin expansion is tied to a favorable solution and channel partner mix." Stelmakh continued, "Our net income came in at $5 million or $0.26 on a fully diluted basis for the fourth quarter of 2025 compared to a net loss of $0.1 million during the fourth quarter of 2024." Outlook Management projects 2026 revenue between $109 million and $114 million and adjusted EBITDA between $21 million and $25 million. Stelmakh added, "Since we don't expect a similar revenue mix in 2026, our revenue phasing is likely to fall in line with historical 40% to 60% contribution between first ...

Earnings Call Insights: ESS Tech, Inc. (GWH) Q4 2025 Management View CEO Drew Buckley described 2025 as “a year of deliberate transformation,” highlighting ESS’ restructuring, commercial progress, and strengthened balance sheet. He confirmed a $9.9 million contract with Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory for a long-duration energy storage system, marking a key defense sector win. Project New Horizon, a 5-megawatt, 50-megawatt hour system for Salt River Project (SRP) with Google as an offtaker, was announced, with manufacturing to start in 2026 and delivery targeted for December 2027. Buckley emphasized, “This is a transformational partnership, a major Southwest utility backed by one of the world's largest energy loads.” On leadership, Kelly Goodman transitioned to Chief Strategy Officer and General Counsel, Kate Suhadolnik was named permanent CFO, and Randall Selesky was appointed Chief Commercial Officer after the acquisition of VoltStorage’s assets and IP. Buckley noted, “VoltStorage gives us a further platform to continue building the strength of our leadership team.” COO Jigish Trivedi will depart, with Brian Lisiecki as interim COO. The company closed a $40 million financing with Yorkville Advisors, launched an ATM equity program raising $8.6 million, and completed a $15 million registered direct offering in January 2026. CFO Kate Suhadolnik reported, “Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024,” reflecting the transition from legacy products to Energy Base. She stated, “Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024.” Operating expenses decreased 33% year-over-year to $29.7 million. Net loss for the year was $63.4 million compared to $86.2 million in 2024. Outlook CEO Buckley indicated that the focus in 2026 will be commercializing the Energy Base, with deliveries to Tier 1 customers scheduled for 2027 and 2028. He stat...

格隆汇3月6日｜美国干预原油期货市场的这一想法反映了财长贝森特的背景：贝森特曾是对冲基金经理和全球宏观投资者，在加入政府之前，他从事了数十年的外汇、债券和大宗商品交易工作。能源专家表示，此类举措的成效将很大程度上取决于具体细节。法国兴业银行商品量化研究部门主管本·霍夫表示，“细节决定成败……我们得看看美国政府的计划究竟是怎样的。”他称这一可能采取的举措堪称前所未有的。

炒股就看 金麒麟分析师研报 ，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨曾静娇 吴斌 编辑丨刘雪莹 美东时间周四，欧美股市集体收跌，欧洲三大股指、道指均跌超1%，其中道指日内下挫超780点，标普500指数、纳指小幅下跌。国际原油猛涨，其中WTI原油涨超5.6%。 美股大型科技股涨跌不一，微软涨1.35%，亚马逊涨近1%，英伟达涨0.16%；Meta跌逾1%，谷歌、苹果跌超0.7%。 芯片股盘中跳水，半导体产业链多数飘绿，费城半导体指数跌1.17%。闪迪跌超5%，拉姆研究、科天半导体、应用材料跌超3%，希捷科技、阿斯麦跌超2%；博通逆势涨超4%，其发布强劲业绩展望，预计人工智能芯片收入明年将超过1000亿美元。 银行、航空股普跌，西南航空跌近7%，美联航跌逾5%，高盛跌超3%，摩根大通、富国银行跌2%。 中概股多数下跌，纳斯达克中国金龙指数跌1.43%。哔哩哔哩跌超7%，腾讯音乐、世纪互联跌超4%，金山云、名创优品跌超3%，网易、蔚来跌超2%；汽车之家涨近5%，亚朵涨超2%。 大宗商品方面，国际原油大涨，WTI原油盘中一度触及10%价格刷新高，目前涨超5.6%，报78.87美元/桶；ICE布油涨近4%，最高一度升至每桶86美元以上。 本周以来，WTI原油和布油价格分别累计上涨逾17%和8.5%，市场对霍尔木兹海峡石油运输受阻的担忧持续升温。 国际贵金属全线下跌，现货黄金盘中跳水跌破5100美元，日内跌超1%报5080.88美元/盎司；现货白银日内跌超1.5%报82.19美元/盎司。美元指数上涨0.56%，在汇市尾市收于99.316。 美伊冲突方面，据央视新闻报道，伊朗外长阿拉格齐表示，伊朗已做好应对美军地面入侵的准备。他还拒绝与美国进行任何谈判，并表示伊朗并未要求停火。 另据新华社援引美国《政治报》报道称，美国目前正追加人力等资源以支持战争持续“至少100天甚至到9月”。最新战况>> 在美伊冲突冲击下，油气价格大涨，美联储降息预期也遭遇打压。 未来油价仍有进一步走高风险。高盛提醒，未来几周的局势发展可能会决定接下来很长一段时间的国际油价走向。一旦霍尔木兹海峡的封锁时间延长数周，可能会导致国际油价突破100美元/桶大关。 据新华社报道，伊朗方面称，伊朗并未关闭霍尔木兹海峡。伊朗战时有权控制霍尔木兹海峡的通行和航行，美国、以色列和欧洲国家船只被禁止通行。 明尼...

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格隆汇3月6日｜现货黄金向上触及5100美元，日内上涨0.41%。现货白银向上触及83美元/盎司，日内上涨1.06%。

格隆汇3月6日｜波场（TRON）区块链创始人孙宇晨当地时间3月5日发文称，已确认美国证券交易委员会（SEC）采取行动驳回针对他及波场基金会和BitTorrent基金会的所有指控。孙宇晨说，期待与美国证券交易委员会合作，共同制定加密货币未来的发展指导方针和监管法规。

来源：华尔街情报圈 中东冲突进入第六天，丝毫没有减弱的迹象，空袭持续席卷整个地区，伊朗称袭击将升级。 全球市场走势不明朗： - 美元、原油、美债收益率携手上涨，虽然价格并没有升至危险的水平，但趋势正逐步恶化； - 黄金 、 白银 、美股 期货 几乎没什么波动。 现在的“冷静”，其实是一种惊恐前的麻木。 第一，资本不会等待确定性，它已经在轮动了——开始“买时间”。市场并没有进入恐慌模式，而是在提前调整资产配置。 美元上涨，资金回流核心资产，买流动性； 油价上涨，定价供应风险； 美债收益率上涨，市场担心通胀路径被改变。 第二，波斯湾 航运 面临的风险远不止霍尔木兹海峡。据安哥拉国家 石油 公司海事服务部门称，一艘小型船只在伊拉克霍尔祖拜尔附近靠近“纳米贝”号油轮时，其船员随后听到一声巨响——是一个极为危险的信号。 从地理位置看，霍尔祖拜尔位于波斯湾的最北端，靠近伊拉克与科威特的边界。这意味着，即便船只避开了霍尔木兹海峡的正面封锁，深入到波斯湾底部的“安全区”也不再安全。 从袭击手段看（升级），小型船只靠近后发生巨响，大概率涉及自杀式无人艇或潜水员磁性炸弹。这说明攻击方拥有在核心航道进行“点穴式”精准打击的能力，而非乱放箭。 第三，黄金没动，其实是一个很重要的信号：一方面，说明市场还没有相信“系统性风险”；另一方面，美元在压制黄金。更大的波动还在后头。市场仅仅是经历了“消息冲击”（第一阶段），接下来是“等待验证”阶段（第二阶段），最后才会出现真正的趋势（第三阶段）。第三阶段取决于一个变量：油价。 现在的市场不是在交易战争，而是在交易一条更长的逻辑链条：战争 — 油价 — 通胀 — 利率 — 资产价格。只要这个链条的第二环（油价）还没失控，市场就会继续表现得“异常冷静”。 但如果油价突破 某 个临界点，现在的平静，很可能只是真正波动的前奏。

BCP Investment (BCIC) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.6 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.69%. A quarter ago, it was expected that this business development company would post earnings of $0.49 per share when it actually produced earnings of $0.7, delivering a surprise of +42.86%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. BCP Investment, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $17.46 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 2.38%. This compares to year-ago revenues of $14.39 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BCP Investment shares have lost about 3% since the beginning of the year versus the S&P 500's gain of 0.4%. What's Next for BCP Investment? While BCP Investment has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the p...

During the five-year period leading up to Aug. 11, 2020, shares of Strategy (MSTR 4.49%), previously called MicroStrategy, declined 37%. In the roughly five and a half years since, they have skyrocketed 863% (as of Feb. 27). This nearly 10-fold gain, which beats the performance of every "Magnificent Seven" stock except Nvidia, has happened despite the fact that the share price is 73% below the peak from November 2024. That sudden shift in performance is due Strategy becaming a Bitcoin treasury company in August 2020. This is a unique situation in the world of capital markets, requiring investors to take the time to understand what factors matter most. Here are three things you should know about Strategy. Leveraging your bet on Bitcoin It's essential for investors thinking about buying Strategy shares to also be bullish on Bitcoin. If Bitcoin's price isn't higher than the company's average Bitcoin cost basis of $76,000 five or 10 years from now, then owning this business will be a losing investment. Strategy is essentially a levered bet on Bitcoin, meaning that the stock price is much more volatile than the crypto. Since Aug. 11, 2020, Bitcoin has climbed 483%, while Strategy is up the mentioned 863%. Think about the downside as well. The company says that even if Bitcoin's price fell to $8,000, a highly unlikely scenario, the value of its total Bitcoin holdings would cover net debt. Strategy financially engineers ways to opportunistically raise capital via equity, debt, and preferred offerings to buy Bitcoin and to pay interest and dividends. This is the most important part of the entire operation. There's a software business in there Strategy also has an artificial intelligence analytics business that sells software and services to help enterprises better manage and use their data. In 2025, the company collected $477 million in revenue. Having a traditional business is beneficial to Strategy, particularly if it can generate positive free cash flow to support intere...

Key Points Strategy shares provide investors with a leveraged play on Bitcoin, with amplified gains and losses. If it generates positive free cash flow, the presence of an enterprise software platform can support dividend and interest payments. Buying the stock while it's trading on a huge dip has been a lucrative move in the past. 10 stocks we like better than Strategy › During the five-year period leading up to Aug. 11, 2020, shares of Strategy (NASDAQ: MSTR), previously called MicroStrategy, declined 37%. In the roughly five and a half years since, they have skyrocketed 863% (as of Feb. 27). This nearly 10-fold gain, which beats the performance of every "Magnificent Seven" stock except Nvidia, has happened despite the fact that the share price is 73% below the peak from November 2024. That sudden shift in performance is due Strategy becaming a Bitcoin treasury company in August 2020. This is a unique situation in the world of capital markets, requiring investors to take the time to understand what factors matter most. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Here are three things you should know about Strategy. Leveraging your bet on Bitcoin It's essential for investors thinking about buying Strategy shares to also be bullish on Bitcoin. If Bitcoin's price isn't higher than the company's average Bitcoin cost basis of $76,000 five or 10 years from now, then owning this business will be a losing investment. Strategy is essentially a levered bet on Bitcoin, meaning that the stock price is much more volatile than the crypto. Since Aug. 11, 2020, Bitcoin has climbed 483%, while Strategy is up the mentioned 863%. Think about the downside as well. The company says that even if Bitcoin's price fell to $8,000, a highly unlikely scenario, the value of its total Bitcoin holdings would cover net deb...

财联社3月6日讯（记者 吴蔚玲） 在外卖大战拖累下，外卖平台三巨头之一京东集团（09618.HK）2025年净利润同比下滑超五成。在5日晚间举行的业绩电话会上，公司CEO许冉表示，预计今年外卖总投入较去年将有所降低，目标是在规模保持健康发展的同时，取得经营效率的持续改善。 京东集团5日晚间发布公告，2025年全年公司实现收入1.31万亿元，同比增长13%；归属于普通股股东的净利润196亿元，同比2024年下滑52.66%。 其中，京东外卖所在的新业务分部，全年实现收入492.82亿元，同比增长157.25%，经营利润大幅亏损466.41亿元，亏损额较2024年增加437.76亿元。从单季度来看，Q4亏损148.01亿元，环比Q3亏损收窄。 “预计2026年外卖的总投入比2025年有所降低，当然这也取决于市场竞争的态势。”许冉在业绩电话会上表示，2025年外卖业务刚刚起步，公司在运营、研发等方面都进行了大量投入，2026年通过为商家提供服务陆续产生收入，实现业务货币化并保持合理的货币化率。 “我们的目标是在规模保持健康发展的同时，取得经营效率的持续改善。”许冉表示，公司对于UE的提升已有明确抓手，一是更加多元的收入来源；二是持续提升补贴效率，包括针对不同用户、地域等精细化的补贴；三是随着单量的规模健康增长，配送效率也将持续提升。 当前，外卖平台“反内卷”渐成监管部门关注的焦点。去年12月，国家发改委、市场监管总局、国家网信办联合发布《互联网平台价格行为规则》，规范平台价格竞争行为。今年春节前夕，河南信阳、南阳、广州汕头等多地市监部门纷纷发布春节外卖合规指引，告诫外卖平台理性竞争，规范促销行为，维护价格秩序。 对于外卖平台监管趋严，许冉表示，“首先，我们支持并且欢迎监管维护市场的公平竞争秩序，这有利于行业的健康发展；第二，我们将坚定不移的抵制行业内卷式恶性竞争，通过一定模式做创新来推动品质外卖的高质量发展。” 除了外卖，海外电商零售平台“JOY BUY”同样受到分析师关注。京东管理层在会上回应称，JOY BUY将在3月正式上线，物流体验将是该平台一个重要的差异化优势。从试运营来看，其用户体验尤其在履约侧反馈良好。管理层同时强调，海外整体的供应链能力建设是一个长期过程，仍需要时间和投入。

来源：华尔街情报圈 昨晚，一切都在下跌，只有美元和原油在涨： - 道琼斯指数跌1.62%，标普500指数跌0.57%，纳斯达克指数跌0.25%； - 金价跌破5100美元，美国原油盘中一度突破80美元； - 美元携手美债收益率上涨，10年期美债收益率收于4.13%水平——通胀担忧正在削弱市场对美联储降息的预期。 美股盘中的跌幅很大，直到尾盘（北京时间凌晨4:00）传出消息——美国财政部将宣布应对能源上涨的措施，其中包括利用 石油 期货 市场。该消息传出后，油价和美元回落，美国股市反弹，金价小幅回升。由此可见，油价是市场的“总开关”。只要油价不失控，通胀预期就能稳住。只要通胀预期稳住，美联储的政策路径就不会发生剧烈转向。股市在交易“政府兜底通胀”。 历史上美国压油价常用三种方式： *释放战略石油储备（类似2022年） *协调沙特增产 *在期货市场做预期管理（通过政策信号让投机资金撤退） 现在选的是第三种方式——直接向原油多头（投机资金）宣战，最虚、但见效也最快。 美国其实不是真的“做空油价”，这会被视为“操纵市场”，会遭到投机资金的反向挑战，所以其本质是“预期管理”和“金融威慑”。不需要真的砸盘，只需要让多头相信“财政部会做空油价”。只要投机资金开始撤退，油价自然会回落。 该消息宣布时机非常讲究——在美国原油刚刚突破80美元后（一旦突破85美元，市场开始交易100美元油价叙事，很多事情会同时发生），并且是周四收盘前最后一小时（防止出现“周末恐慌”）。如果周五亚洲、欧洲交易时段油价不能有效回落，那么很多基金可能会在周五收盘前减仓股票。 换个角度考虑，宣布干预，等同于承认霍尔木兹海峡“物理封锁”无解。 航运 安全如果得不到物理上的保障，仅靠金融手段压制油价是“治标不治本”。 接下来看周五收盘前，原油能否回落至75美元以下。如果油价在80美元附近横盘死守，说明“威慑”失效了，那么下周一全球市场可能会迎来真正的“通胀定价大地震”。

Image source: The Motley Fool. Thursday, Mar. 5, 2026 at 5 p.m. ET Call participants Chief Executive Officer — Mike Rosenbaum Chief Financial Officer — Jeff Cooper President and Chief Revenue Officer — John Mullen Vice President, Investor Relations — Alex Hughes Need a quote from a Motley Fool analyst? Email [email protected] Takeaways ARR -- $1.121 billion, up 22% year over year, or 21% on a constant currency basis. -- $1.121 billion, up 22% year over year, or 21% on a constant currency basis. Fully ramped ARR -- $1.42 billion at quarter end, continuing to outpace reported ARR growth. -- $1.42 billion at quarter end, continuing to outpace reported ARR growth. RPO -- $3.5 billion, representing 63% growth year over year. -- $3.5 billion, representing 63% growth year over year. InsuranceSuite ARR retention -- Over 99% trailing twelve months, with only a small number of $1 million-plus churn events in five years. -- Over 99% trailing twelve months, with only a small number of $1 million-plus churn events in five years. Large customer growth -- Customers with over $5 million in fully ramped ARR grew from 35 in 2021 to 96 at quarter end. -- Customers with over $5 million in fully ramped ARR grew from 35 in 2021 to 96 at quarter end. InsuranceSuite Cloud deals -- Fifteen closed, with three new customer wins and notable expansions, including major deals at Aviva UK and Tokio Marine North America. -- Fifteen closed, with three new customer wins and notable expansions, including major deals at Aviva UK and Tokio Marine North America. New product traction -- First PricingCenter deal signed; ProNavigator saw nine deals in its introductory quarter. -- First PricingCenter deal signed; ProNavigator saw nine deals in its introductory quarter. Data and analytics attach -- Twenty-five deals included one or more offerings from the data and analytics portfolio in the quarter. -- Twenty-five deals included one or more offerings from the data and analytics portfolio in the quarter. Reve...

2026-2027年底北半球流感优势毒株发生显著变化；同时，乙型Yamagata系毒株已近六年未被发现 资料图：美国迈阿密，药房工作人员为一名患者接种季节性流感疫苗。图：视觉中国 【财新网】 又到了世卫组织推荐新一年流感疫苗毒株的季节，今年推荐的组合出现了明显变化，四价疫苗生产或无必要。有疫苗行业人士分析，接下来需要密切关注疾控和药监部门今年对疫苗品种的审批。 2月27日，世卫组织发布《 2026-2027年北半球流感季流感疫苗推荐组分 》报告（下称《报告》）。此次技术决策的两个要点受到关注：一是流感优势毒株发生显著变化，推荐的三类毒株中，包含甲型流感的两类毒株和乙型流感的一类毒株，其中A(H1N1)pdm09、A(H3N2)、B/Victoria三大亚型全部更新；二是首次未在报告中推荐四价流感疫苗。

当地时间 3 月 5 日，欧美股市遭遇了一场突如其来的“寒流”，主要指数全线下跌，市场弥漫着浓厚的悲观情绪。与此同时， 大宗商品 市场也呈现出冰火两重天的态势，贵金属普遍下跌，而国际原油价格却大幅上扬，地缘政治冲突的阴影再次笼罩全球金融市场。 欧美股市“跌声一片”，道指重挫超 780 点 欧洲三大股指率先“失守”，集体陷入下跌泥潭。Wind 数据显示，截至收盘，法国 CAC40 指数跌幅达 1.49%，英国富时 100 指数下跌 1.45%，德国 DAX 指数更是下挫 1.61%，三大指数的下跌，为全球股市的黯淡表现拉开了序幕。 美股市场也未能独善其身，三大指数全线飘绿。道琼斯 工业指数 大幅下跌 1.61%，跌超 780 点，犹如一记重锤，狠狠砸在了投资者的心上；纳斯达克指数下跌 0.26%，标普 500 指数下跌 0.56%，市场整体呈现出疲软态势。 在个股表现上，美股大型科技股涨跌互现，分化明显。万得美国科技七巨头指数下跌 0.06%，个股方面，微软涨超 1%，亚马逊涨近 1%，展现出了一定的抗跌性；而 META 则跌超 1%，表现不佳。芯片股多数下跌，费城 半导体 指数下跌 1.17%，应用材料、科天半导体跌幅均超 3%，不过博通却逆势上涨超 4%，成为芯片股中的一抹亮色。 纳斯达克中国金龙指数也未能逃脱下跌的命运，跌幅达 1.43%。个股方面，汽车之家涨近 5%，亚朵涨超 2%，表现较为亮眼；而哔哩哔哩跌超 7%，禾赛科技跌超 6%，让投资者损失惨重。 大宗商品“冰火两重天”，原油贵金属走势分化 大宗商品市场在 3 月 5 日呈现出截然不同的走势。贵金属市场普遍下跌，截至北京时间 3 月 6 日 5：50，伦敦现货 黄金 报 5077.74 美元/盎司，下跌 0.84%；COMEX 黄金 期货 报 5091.6 美元/盎司，同样下跌 0.84%。伦敦现货 白银 跌幅更大，达到 1.56%；COMEX 白银期货也下跌近 1%。贵金属市场的下跌，反映出市场避险情绪的暂时缓解。 与贵金属市场的低迷形成鲜明对比的是，国际原油期货价格延续涨势，一路高歌猛进。截至北京时间 3 月 6 日 5：50，美国 WTI 原油期货主力合约大涨 6%，报 79.14 美元/桶；布伦特原油期货主力合约涨幅也超 3%。原油价格的大幅上涨，主要源于市场对地缘政治冲突导致供应中断的担忧。...

The U.S. oil benchmark surges 8.5%, to more than $81 a barrel. Plus, Morgan Stanley shares fall after the investment bank announces layoffs. And Meta Platforms stock drops after the company responds to antitrust concerns in Europe.

美国亿万富翁风险投资家维诺德·科斯拉（Vinod Khosla）表示，今天的大多数儿童长大后可能都不需要工作了。 在最近接受《财富》杂志采访时，这位太阳微系统公司联合创始人兼科技投资者预测，到2030 年代初，人工智能将能够完成多达 80%的工作。 他说：“今天的5岁孩子不太可能会去找工作。” 科斯拉是科斯拉风投公司的创始人，他因敢于下大胆且时机恰当的技术投资赌注而声名远扬。2019 年，他成为 OpenAI 的首位机构投资者，以10亿美元的估值投资了 5000 万美元——这是他职业生涯中当时规模最大的一笔初始投资。 在周三发表的这篇采访中，科斯拉指出，人工智能和机器人技术的迅速发展将在 15 年内使大部分劳动力实现真正的解放，从而开启一个极度富足且物价降低的时代。 他说，人们将不再为了赚钱而工作，而是会追求自己的热爱之事。 他说：“工作的需求将会消失。人们还是会去做他们真正想做的事情，而不是因为必须工作才去做。” 科斯拉谈到诸如流水线工作和农场劳作这类体力劳动岗位时说：“那些不是工作，而是奴役。” 科斯拉表示，无论谁赢得了人工智能竞赛，都将拥有一个充满先进科技、物价低廉且人类受到更少剥削的世界。 他说：“我猜测到 2040 年，3 万美元——甚至可能 1 万美元——所能带来的价值，将远远超过你如今拥有 10 万美元收入时所能获得的价值。” 责任编辑：于健 SF069