一、品牌

卡游计划IPO

据报道，消息人士称卡游计划在香港IPO筹资约5亿美元。

蜜雪集团拟全球发售1705.99万股H股

蜜雪集团公告，公司拟全球发售1705.99万股H股，中国香港发售股份170.6万股，国际发售股份1535.39万股，另有15%超额配股权；2025年2月21日至2月26日招股；发售价将为每股发售股份202.50港元，每手买卖单位为100股，BofA Securities、Goldman Sachs以及UBS为联席保荐人；预期股份将于2025年3月3日开始在港交所买卖。

古驰回应一天连关两店：未来还会动态调整

奢侈品品牌“Gucci（古驰）宣布在一天内关闭位于上海的两家门店”，深受市场关注。2月17日，古驰正式关闭位于上海芮欧百货和上海新世界大丸百货的两家店铺。截至目前，该品牌在上海还有7家店铺在正常营业。针对古驰在上海关两店系店铺升级还是其他原因，未来是否还会关店等问题，古驰方面回应称，古驰始终视中国市场为全球战略的重要组成。目前，古驰正全面推进全球提升战略，“因此在颇具战略意义的中国市场对店铺进行动态调整。包括继续完善店铺网络，持续翻新或扩建重点店铺”。

张兰汪小菲抖音被封后 麻六记各个门店49个账号开启直播

在张兰和汪小菲的账号被封禁后，麻六记的门店员工迅速扛起直播带货的大旗，启动“去IP化”自救。据记者不完全统计，在抖音平台上，麻六记各个门店就有49个账号开启直播。创始人的相关内容落下帷幕，转而强调“门店员工群像”故事，麻六记网红群如结巴哥、眉毛哥、紧张哥等纷纷出圈。为此，记者致电麻六记CEO安勇，询问有关品牌目前的情况，其拒绝接受采访。

海尔首发全系AI空调新品

2月22日，海尔启动健康空调节，首发全系AI空调新品，为用户提供健康、舒适、节能的好空气体验。依托全球五大“空气智汇云”，和AI硬件、算法、模型升级，海尔空调可以精准满足“千人千面”的用户需求。数据显示，2025开年主流空调品牌中，海尔空调唯一量额双增。

宇树科技下轮估值或突破200亿

“宇树的老股抢不到，机器人的BP（Business Plan，商业计划书）看不完。”这是一位硬科技投资人在朋友圈发的话。近期，行业中“宇树老股”转让的消息传出，不少投资人都在感叹“抢不到”，抢到老股份额的投资人则庆幸“抓住了最后上船的机会”。一位投资人向第一财经记者估算，下一轮宇树估值很有可能由C轮的80亿元飙升至200亿元。与此同时，一位私募投资机构的投资经理向记者表示，40%想要认购宇树老股的客户来自海外。几乎高于十倍的投资回报率可能，让宇树在具身智能赛道里，成为了每个人都想要拿到的“船票”。

二、互联网

腾讯视频王娟：把剧集预算的10%-20%投向横屏短剧开发

在首届中国电视剧制作产业大会上，腾讯在线视频副总裁王娟表示，腾讯视频将把剧集预算的10%-20%投向横屏短剧开发。“我们在剧集预算上将进一步精准和市场化，在过往项目投资和开发中，有10%-20%的预算比例属于低效投入，这部分我们将果断优化，减少低效作品的投资。优化下来的预算，将转移到横屏短剧的开发中去，同时积极布局竖屏微短剧，深耕精品横、竖屏短剧试验田，以巩固过去两年我们在这一领域的领先优势。”她说。

联想与中足联达成战略合作

2月22日，联想与中国足球职业联赛联合会（简称“中足联”）在上海正式宣布达成战略合作。双方在AI终端、AI基础设施等需求层面，进行了详细的规划和部署，将共同建立范例AI指挥场馆以及总指挥中心，提供AI辅助决策平台赋能中足联，通过AI技术的深度运用全方位提升联赛水平，推动足球事业的进步。此外，联想还提供从战略规划到赛事运行在内的全生命周期赛事IT通用设备技术运行保障服务，确保赛事平稳高效运行。

DeepSeek上线一个月下载量破1亿

从数据分析平台QuestMobile获得的最新数据显示，从上线以来至2月9日，DeepSeek App的累计下载量已超1.1亿次，周活跃用户规模最高近9700万。更为重要的是，DeepSeek几乎没在营销上投入。在DeepSeek的强劲势头下，曾一度突出重围的Kimi和豆包却似乎正在沦为“配角”。Kimi近一年来预估已累计投流高达9亿元，但用户增长效果不佳。

亚马逊上一季度营收同比增长 10% 达 1878 亿美元，AWS 云业务业绩良好助其首次超越沃尔玛

2 月 22 日消息，亚马逊发布财报，指出公司上一季度营收同比增长 10%，达到 1,878 亿美元（IT之家备注：当前约 1.36 万亿元人民币），首次超越沃尔玛的 1,806 亿美元（当前约 1.31 万亿元人民币）。但值得注意的是，亚马逊的电商平台规模约是沃尔玛的三倍。亚马逊首席执行官安迪・贾西在财报发布会上对创纪录的假日销售季表示感谢，并强调 AWS 云业务贡献了约 288 亿美元（当前约 2089.49 亿元人民币），约占总营收的 15%，助推了公司业绩整体增长。

Keep：预计2024年公司拥有人应占年内亏损约5.26亿元-5.56亿元

Keep在港交所公告，集团预计截至2024年12月31日止年度录得公司拥有人应占年内亏损约5.26亿元至5.56亿元；集团预计截至2024年12月31日止年度录得年内经调整亏损净额（非国际财务报告准则计量）约4.6亿元至4.9亿元。

Meta大幅削减内容审核政策，据悉引发公司监督委员会内部冲突

据英国金融时报2月21日消息，Meta监督委员会内部围绕CEO扎克伯格对内容审核的“言论自由”改革发生冲突。该委员会正急于找到办法，让这家社交媒体巨头对这些改革负责。多位知情人士透露，扎克伯格上个月决定终止Meta在美国的事实核查计划，并在全球范围内削弱其仇恨言论政策，这在董事会成员之间引发紧张关系，一些人对这一意外调整“感到愤怒”。

三、广告片

妇女节，巴黎欧莱雅重新诠释「我值得拥有」

临近三八妇女节，巴黎欧莱雅携手品牌代言人巩俐、唐嫣、钟楚曦带来了三支女性短片，以真实经历生动诠释「我值得拥有」的全新意义：人生路上的每一步，都是宝贵的历练。

劳力士 × 郑钦文，一起期待更闪耀的未来

时间是个很奇妙的东西，昨天可能还在憧憬自己的偶像，今天或许就已经自己成为偶像。劳力士最新广告，邀请来郑钦文一起，聊聊时间那些事……

四、趋势洞察

机构：2024年全球电视ODM市场连续第三年上涨

根据洛图科技报告，2024年全年，全球电视代工市场整体（含长虹、创维、康佳、海信四家自有工厂）出货总量达1.12亿台，同比2023年增长5.7%。这是自2022年开始，电视ODM市场连续第三年的出货量上涨。

五、海外资讯

沃尔玛广告业务 2024 年净利润达 40 亿美元，而这仅仅是个开始

Walmart’s ad business is starting to click. The company generated $4.4 billion in global ad revenue in 2024, up  27% year-over-year, the company disclosed in its latest earnings report on Thursday.

Walmart only reports advertising revenue once per year, so the company tends to get into its data-driven online ecommerce and advertising system at the beginning of the calendar year.

The ad biz boost

“Our evolving business model with more diversified and durable sources of profit like advertising and membership has enabled us to grow operating income faster than sales despite headwinds,” said Walmart CEO Doug McMillon.

He’s referring to the fact that Walmart’s total sales grew by 4% in 2024, while its operating income was up by more than 8%.

Ecommerce is gradually accumulating a larger slice of Walmart’s total business. It’s grown by 11% of total pie since 2020, said CFO John David Rainey. But any given ecommerce sale is less profitable for Walmart. There are most costs in warehousing and delivery, so Walmart’s margin is thinner. (Those are the headwinds McMillon was referring to above.)

Still, despite the built-in costs, memberships, data analytics services and advertising have much higher default profit margins than, say, grocery or general merchandise in a store.

Advertising “is expected to be one of the largest drivers of operating income growing faster than sales,” McMillon said. “These new profit streams allow us to fund investments in our core business while also expanding our operating margins.”

Room for improvement

Walmart is leading with its advertising, memberships and marketplace offerings – which are the triumvirate that makes up its new revenue segments. Walmart hasn’t actually achieved overall profitability on its ecommerce business, though, Rainey said.

But there are promising examples of the costs coming down and how the advertising and data flywheel will start to spin profitably.

For instance, the company has mitigated some of the built-in costs of ecommerce, like when merchandise is lost or stolen, either snatched from a doorstep or curbside outside a store. Those incidents were down 80% last year, as Walmart improved its operation and stores were redesigned to accommodate ecommerce orders.

Walmart also benefits from the “densification” of its delivery network, according to McMillon. As more orders come for one- or three-hour delivery, Walmart is more effective at getting many houses or buildings in an area with one trip, he said, rather than couriering a single item to a door and then back.

And the ad platform is still young. Walmart Connect grew its total sellers by about 50% last year, McMillon said. (Though Chinese sellers, à la Temu, are largely behind that surprising jump.)

And that doesn’t even get to Vizio, the smart TV manufacturer Walmart closed on in December.

McMillon is unabashed about the actual purpose of its new TV and smart TV operating system.

“The addition of Vizio and its Smartcast OS to our portfolio of advertising capabilities will help us serve customers in new ways,” he said. “While also creating new opportunities for advertisers to connect with customers and boost product discovery, empowering brands to realize greater impact from their advertising spend with Walmart.”

LinkedIn 推出自己的转换 API

For marketers, measurement and attribution is still a headache, which is throwing a major wrench in campaign planning.

Campaign planning is also a struggle for B2B marketers, who often use LinkedIn to reach top decision-makers at companies that could be in the market for products and services from printers to new HR software. These companies can’t afford to waste money on reaching the wrong audience, said Jae Oh, head of ads measurement at LinkedIn. These marketers face economic pressure, competition and budget constraints, he said.

To help B2B marketers make the most of their media budgets, LinkedIn unveiled a new conversion API and upgrades to its revenue attribution report on Wednesday. Together, these two products allow marketers to use their own first-party and offline data to measure their campaigns over a longer lookback window.