以下是内容的中文翻译： Motley Fool 旗下《隐藏宝石投资》播客节目由 Tyler Crowe 主持，特约撰稿人 John Quast 和 Matt Frankel 参与，本期节目涵盖了近期零售业财报、蓬勃发展的无人机配送市场，以及一个关于房地产投资的读者提问。 **零售业财报：喜忧参半与潜在趋势** 讨论始于大型连锁零售商正在进行的财报季。虽然家得宝（Home Depot）、塔吉特（Target）和 TJX 公司普遍表现强劲，可比销售额有所改善，但沃尔玛（Walmart）却被指出令人失望。Matt Frankel 强调，许多零售商受益于“关税退税”，这人为地推高了净利润数据。然而，市场认识到这一点，并未给予其显著奖励。 家得宝报告了自2022年第三季度以来最强的可比销售额，而正在经历转型的塔吉特则实现了3.8%的增长。TJX（TJ Maxx 的母公司）的可比增长达到4%，超出预期，显著超过了3%的通胀率，表明是实际增长。 然而，沃尔玛的可比销售额仅为2.6%，未达预期，勉强超过通胀。Frankel 对此表示惊讶，因为沃尔玛在经济不确定时期（例如2008年金融危机）历来都展现出韧性。他认为沃尔玛是中低收入家庭经济健康状况的关键指标，而这些家庭当前的经济状况令人担忧。 John Quast 阐述了沃尔玛的独特情况：尽管营收增长放缓，但其营业收入已连续几个季度增速快于营收。这归因于沃尔玛向高利润数字产品的战略转型，例如利用其第一方消费者数据进行广告、收购 Vizio 以建立互联电视平台，以及 Walmart Plus 等服务。沃尔玛的“低价领导者”战略也意味着其利用关税退税来保持价格竞争力，而一些竞争对手则将其用于抵消不断上涨的成本。 对话还谈到了燃料价格上涨（汽油同比上涨31%，柴油同比上涨50%）。虽然这不是唯一原因，但这种上涨充当了影响消费者非必需品支出的“价格信号”，并显著提高了零售商的运营成本，这部分解释了为什么一些公司利用关税退税来缓解这些开支。 最后，主持人们讨论了零售业中的“代理型人工智能”（agentic AI）趋势，即人工智能协助甚至完成购买。虽然60%的消费者使用人工智能进行发现（比较/研究产品），但由于信任问题（例如，消费限额、退货便利性），只有少数（从个位数到十位数出头）真正通过人工智能代理完成购买。沃尔玛的“Sparky”、劳氏（Lowe's）的“Milo”和家得宝的“My Apron”都是例子。相比之下，塔吉特正积极拥抱代理型人工智能，甚至聘请了首席人工智能官，并与谷歌和 OpenAI 合作，在该领域显示出喜人的初步增长。 **无人机配送：Uber、Zipline 和规模化之路** 第二个主要话题是 Uber 最近对自动无人机配送公司 Zipline 的投资和合作。John Quast 介绍了 Zipline，强调了其在卢旺达的卓有成效的工作，它通过无人机向偏远诊所运送血液等重要医疗物资，挽救了生命。 Uber 的协议设想 Zipline 无人机从枢纽飞往餐厅，降下系绳篮（“Zipline”机制）取餐，然后以类似方式配送到顾客家中。Matt Frankel 提出了一个关键担忧：经济效益。无人机配送历来都是亏钱的，据报道，亚马逊的无人机平均配送成本为30-40美元。Zipline 是否能实现规模化盈利，特别是其雄心勃勃的到2029年日均百万次配送目标，仍是未知数。 Tyler Crowe 指出，Uber 在自动配送合作方面的历史喜忧参半，曾终止了与地面机器人公司 Serve Robotics 的协议，并且与以色列无人机公司 Flytrex 合作成果有限。这引发了关于在这个充满挑战的行业中，什么才是成功公司的疑问。 Frankel 强调了经济可行性的必要性，并指出随着这些无人机变得更加普遍，监管障碍将是一个问题。他还强调了多元化合作的重要性，并从 Serve Robotics 对 Uber 的过度依赖中吸取教训。Quast 认为 Zipline 这次可能“与众不同”，因为它拥有丰富的经验，在小众行业已自主飞行超过1亿英里，使其有可能准备好进入主流市场。他思考 Uber 是否能通过 Zipline，让小企业能够与亚马逊的物流护城河竞争。然而，亚马逊本身正在将“Prime Air”扩展到500个城市，尽管早期事件，例如无人机将包裹掉入游泳池，表明仍有许多问题需要解决。 **读者提问：EXP Holdings (AGNT) 和房地产市场** 最后一部分回答了来自一位长期听众 Irina Barova 的提问，她提到了 EXP Holdings（股票代码 AGNT），一家 Matt Frankel 大约在2020年推荐过的基于云的房地产经纪公司。Irina 指出，尽管有股息，但这项投资的回报不佳。 Frankel 澄清说，尽管房地产市场“冻结”，但 EXP（仍是品牌名称）在运营上表现良好。该公司继续获得市场份额，第二季度营收增长11%，销售额增长15%，显著优于整体市场。调整后的 EBITDA 翻了一倍多，公司无债务，拥有1.11亿美元现金。其4.2%的股息收益率由现金流覆盖。 他将此与伯克希尔哈撒韦公司对住房的看涨态度联系起来（投资于 Clayton Homes、Taylor Morrison、Lenar）。虽然伯克希尔倾向于新房，但 EXP 的模式，即为经纪人提供更好的佣金分成和股权奖励，继续吸引人才。由于向经纪人提供大量的股权激励，这是其“经纪人友好”价值主张的核心部分，因此该公司不符合 GAAP（公认会计准则）盈利。 虽然 EXP 和类似的 Real Brokerage（REAX）模式，由于高额的经纪人报酬，可能看起来不那么“股东友好”，但 Frankel 认为它们是稳健的公司，如果房地产市场强劲复苏，可能会带来丰厚回报。他承认，股权激励占营收的比例高于理想水平，但他坚称该公司并非毫无希望，尽管跑赢大盘的回报有待房地产市场反弹。

The podcast episode of Motley Fool Hidden Gems Investing, hosted by Tyler Crowe with contributors John Quast and Matt Frankel, covered recent retail earnings, the burgeoning drone delivery market, and a reader question concerning a real estate investment. **Retail Earnings: A Mixed Bag with Underlying Currents** The discussion kicked off with the ongoing earnings season for big box retailers. While Home Depot, Target, and TJX Companies showed general strength with improved comparable sales, Walmart was noted as a disappointment. Matt Frankel highlighted that many retailers benefited from "tariff refunds," which artificially boosted bottom-line numbers. However, the market, recognizing this, wasn't rewarding it significantly. Home Depot reported its strongest comparable sales since Q3 2022, and Target, undergoing a turnaround, saw a 3.8% jump. TJX (parent of TJ Maxx) beat expectations with 4% comparable growth, notably exceeding the 3% inflation rate, indicating real growth. Walmart, however, fell short with 2.6% comps, barely surpassing inflation. Frankel expressed surprise, given Walmart's historical resilience in uncertain economic times (e.g., 2008 financial crisis). He views Walmart as a crucial indicator for low to middle-income households, whose current economic health is a significant concern. John Quast elaborated on Walmart's unique situation: despite slower revenue growth, its operating income has been outpacing revenue for several quarters. This is attributed to Walmart's strategic shift into high-margin digital offerings, such as advertising leveraging its first-party consumer data, its acquisition of Vizio for a connected TV platform, and services like Walmart Plus. Walmart's "low price leader" strategy also meant using tariff refunds to stay competitive on pricing, unlike some rivals who used them to offset rising costs. The conversation also touched on rising fuel prices (gas up 31%, diesel up 50% year-over-year). While not the sole cause, this increase acts as a "price signal" affecting consumer discretionary spending and significantly raising operating costs for retailers, partially explaining why some used tariff refunds to mitigate these expenses. Finally, the hosts discussed the "agentic AI" trend in retail, where AI assists with or even makes purchases. While 60% of consumers use AI for discovery (comparing/researching products), only a small percentage (low teens to high single digits) actually complete purchases through AI agents due to trust issues (e.g., spending caps, ease of returns). Walmart's "Sparky," Lowe's "Milo," and Home Depot's "My Apron" are examples. Target, by contrast, is aggressively leaning into agentic AI, even hiring a Chief AI Officer and partnering with Google and OpenAI, showing promising early growth in this area. **Drone Delivery: Uber, Zipline, and the Quest for Scale** The second major topic was Uber's recent investment in and partnership with autonomous drone delivery company Zipline. John Quast introduced Zipline, highlighting its impactful work in Rwanda, where it delivers vital medical supplies like blood to remote clinics via drones, saving lives. The Uber deal envisions Zipline drones flying from hubs to restaurants, lowering a tethered basket (the "Zipline" mechanism) to collect food, and then delivering it to customers' homes in a similar fashion. Matt Frankel raised a key concern: the economics. Drone delivery has historically been a money-loser, with Amazon's average drone delivery reportedly costing $30-$40. The question remains if Zipline can achieve profitability at scale, especially with an ambitious target of one million daily deliveries by 2029. Tyler Crowe pointed out that Uber's history with autonomous delivery partnerships is mixed, having ended agreements with ground-based Serve Robotics and seen limited success with Israeli drone company Flytrex. This raises questions about what makes a successful company in this challenging industry. Frankel stressed the need for economic viability and highlighted regulatory hurdles as these drones become more prevalent. He also emphasized the importance of diversified partnerships, learning from Serve Robotics' over-reliance on Uber. Quast argued Zipline might be "different this time" due to its extensive experience, having flown over 100 million autonomous miles in a niche industry, making it potentially ready for prime time. He pondered whether Uber, through Zipline, could enable small businesses to compete with Amazon's logistical moat. However, Amazon itself is expanding "Prime Air" to 500 cities, though early incidents like a drone dropping a package in a swimming pool suggest kinks still need to be worked out. **Reader Question: EXP Holdings (AGNT) and the Real Estate Market** The final segment addressed a question from a long-time listener, Irina Barova, about EXP Holdings (ticker AGNT), a cloud-based realtor Matt Frankel had recommended around 2020. Irina noted the investment hadn't been rewarding despite the dividend. Frankel clarified that EXP (still the brand name) is performing well operationally despite a "frozen" real estate market. The company continues to gain market share, with Q2 revenue up 11% and sales volume up 15%, significantly outperforming the overall market. Adjusted EBITDA more than doubled, and the company is debt-free with $111 million in cash. Its 4.2% dividend yield is covered by cash flow. He linked this to Berkshire Hathaway's bullish stance on housing (investing in Clayton Homes, Taylor Morrison, Lenar). While Berkshire leans into new homes, EXP's model, which offers better commission splits and equity awards to agents, continues to attract talent. The company is not GAAP profitable due to this extensive stock-based compensation to agents, a core part of its "agent-friendly" value proposition. While EXP and similar models like Real Brokerage (REAX) might not seem "shareholder-friendly" due to high agent compensation, Frankel believes they are solid companies that could pay off nicely if the real estate market robustly recovers. He conceded that the stock-based compensation is higher than ideal as a percentage of revenue but maintained that the company is not a lost cause, though market-beating returns await a housing market rebound.