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Below is Dolphin Research's Trans of Zhipu's FY2025 earnings call. I. Core financial highlights.1) Rapid revenue growth: FY2025 revenue reached RMB 724 mn (+132% YoY). The cloud open platform and API businesses accounted for 26.3% of total revenue.2) API ARR inflection: As of Mar 2026, API ARR reached $250 mn, up 60x over the past 12 months. Pricing per API call rose 83% vs. Dec 2025, with demand increasing after the price hike...

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Zhipu (Trans): Tech-Driven, Focus on Advancing the Model Frontier

Today’s Key News Recap

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0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.Production and new orders both stayed in expansion, while SME sentiment improved notably. This points to a rapid post-CNY rebound in manufacturing.2) Trump told aides he would be willing to halt military ops against Iran even if the Strait of Hormuz is not fully reopened. He would prioritize the goal of 'degrading Iran's naval and missile capabilities'...

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Tencent ramps up AI agents; BABA unveils Qwen3.5-Omni | Daily News Recap

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0319 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) On Mar 18 (ET), the Fed kept the benchmark rate unchanged at 3.50%-3.75%. The latest dot plot now points to just one cut in 2026 (25bps), a sharp pullback from the prior 2–3 cuts.Powell struck a hawkish tone at the presser, saying the oil spike driven by Middle East tensions is feeding into core inflation. He also confirmed that if a successor is not confirmed by Congress in time, he would stay on as 'acting chair'...

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Xiaomi MiMo model scores a hat-trick; COIN targets AI payments with stablecoins | Daily News Recap

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Below is Dolphin Research's Trans of Tencent's FY25 Q4 and full-year earnings call. For our earnings take, please see '腾讯：到了去登味，AI 上火候的时候了'.Key highlights: 1) Shareholder returns: proposed FY DPS of HKD 5.3 (+18% YoY). For FY25, planned buybacks of ~153.4 mn shares (HKD 80 bn total); with AI opportunities in focus, 2026 repurchases may come in below 2025, while the dividend payout will be increased...

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Tencent (Trans): Sees clear opportunity to ramp up AI investment, expects impact on margin and buybacks

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TCEHY: Time to Ditch the Boomer Vibe, Turn Up the Heat on AI!---

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Tencent Q4 2025 First Take: results were broadly in line with expectations and lacked surprises, so the market reaction is likely muted.Focus now shifts to the call, where we look for guidance on this year's growth outlook amid a big game slate and AI tailwinds, as well as plans for Capex and shareholder returns.1) Revenue: games and ads delivered strong growth, while FinTech &amp; Business Services was lukewarm.Games performed well across China and overseas, and ads came in slightly below Bloomberg consensus; several houses had trimmed ad forecasts earlier this year given soft consumption.Based on Dolphin Research's checks, Q4 ads for WeChat Channels, Mini Games, Search, and Tencent Music were solid.By contrast, Official Accounts declined, and media ads across QQ, Sogou, and Tencent News remained a drag.Consumption headwinds also weighed on FinTech &amp; Business Services.Combined revenue for the two segments rose 8%, with enterprise services up 22%; rough math implies FinTech grew mid-single digits, pointing to a slow recovery.2) Profitability: the margin uptrend remains intact, with OP margin up 200bps YoY.Marketing spend tied to AI products such as Yuanbao was notable, with promo expenses up 44% YoY and QoQ spend higher by ~RMB 1.5bn.Beyond limited new game launches, this was likely mainly paid user acquisition for Yuanbao, and Q1 sales &amp; marketing will only be higher.Other expense growth was driven by AI-related server costs and R&amp;D personnel.Overall opex ratio rose another 50bps YoY but was offset by GPM improvement.Gross margin improved across all three segments, helped by a higher mix of self-developed titles (lower revenue sharing) and a greater share of Channels ads.3) Capital allocation: Q4 Capex was HK$19.6bn, up QoQ, while cash outflow was HK$22.4bn due to prepayments.Even on a cash basis, 2025 full-year Capex will be under HK$90.0bn, implying a notably larger budget this year.Q4 stood at HK$19.6bn and full-year at HK$77.2bn; the board announced a dividend of HK$5.3 per share, implying ~HK$48.0bn in total, up 18% YoY.If excess cash is funneled into AI (compute buildout domestically and abroad, and more product/model development), buybacks may remain constrained and potential shareholder yield could stay below ~2.5%.This may disappoint value-oriented funds that came in over the past two years for higher shareholder returns.From Dolphin Research's perspective, AI competition is more urgent and core to the business, with Tencent relatively behind; Tencent's investment stance is conservative and has room to step up (Capex at ~10% of revenue, below global tech leaders).$TENCENT(00700.HK) $Tencent(TCEHY.US) $Tencent Holdings Limited(TCTZF.US)

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0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

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MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

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Below is Dolphin Research's Trans of the FY2025 earnings call for $Tencent Music(TME.US) and $TME-SW(01698.HK). For our earnings take, see 'Tencent Music: Soda Music's big push — are the easy days over?'I. Key takeaways1) Shareholder returns: announced a FY2025 cash dividend of $0.24 per ADS, with total payout approx. $368mn, a sharp increase vs. last year. The buyback program still has sizable remaining authorization and will continue subject to market conditions...

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TME (Trans): Agile amid intense competition, prioritizing shareholder returns

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On Mar 17 (Beijing time), after the HK close and ahead of the US pre-market, $Tencent Music(TME.US) released its Q4 2025 results. Q4 was a mixed bag. The 'second curve' kept gaining traction, but an unstable user ecosystem slowed subscription revenue growth, so Dolphin Research’s overall read is cautious.1) Users kept slipping. MAU fell by 23 mn QoQ in Q4, a bit worse than typical seasonal attrition. Over a longer horizon, the trend remains down.We think the company may ramp up user acquisition spend. This could include initiatives after regulatory approval of the Ximalaya acquisition...

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TME: Qishui's Blitz, Are the Good Days Over?---

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0317 | Dolphin Research Focus: 🐬 Stock #1, $NVIDIA(NVDA.US) — NVIDIA's GTC 2026 officially kicked off, and founder &amp; CEO Jensen Huang delivered the keynote.He announced a Vera Rubin Space Module under the next-gen Vera Rubin architecture, designed for orbital data centers, delivering 25x performance vs. H100.He also unveiled a partnership with Groq to co-develop new LPU chips...

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NVDA GTC in focus; Alibaba 'Token strategy' ramps up | Daily News Recap

Beijing-based Cooking Robot Company, backed by Tencent, Completes 300 Million Yuan Financing Round

Sales-easy Releases AI CRM Product NeoAgent 2.0 Based on Tencent Cloud

OpenClaw framework updated to natively integrate Tencent QQ Robot

Tencent introduces new rules for financial content creators on WeChat Channels

Envision and Tencent launch the world's first 100% green electricity direct supply data center

Envision Releases Green Power Data Center Solution and Collaborates with Tencent to Deploy World's First 100% Green Power Data Center

Tencent VP: Hunyuan Large Model Version 3.0 to be Released in April

Tencent Receives Malaysia Digital (MD) Status to Strengthen Tech Hub

Tencent VP states that AI, international expansion, and localization are the three major growth engines for the cloud business in 2026

Tencent VP discusses "Project Lobster," stating it can significantly boost AI adoption willingness on the business side

Tencent Steps Up Hiring and Promotion for AI Agent Products

Tencent's 'Honor of Kings' will automatically mute voice chat when the crystal explodes in the new season

WeChat supports direct preview of zip files

Tencent Launches WorkBuddy WeChat Mini Program

Tencent launches WorkBuddy mini-program, supporting dual 'cloud + local' operation modes

New game 'Roco Kingdom: World' tops bestseller list with 'large DAU + light monetization' model

GM of Tencent Health User Platform Wu Zhigang: Positioned as a 'connector' in medical AI, commercialization is not the primary goal

Tencent to gradually cease operations of Nintendo Switch in mainland China

Tencent Cloud and Yonyou jointly release BIP super edition solution

Tencent Holdings repurchased 624,000 shares for HKD 360 million

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TENCENT (00700.HK) Fourth Quarter and Full Year Earnings Conference Call for 2025

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