Broadline Retail

JD-SW

Financial Analysis

09988

89988

HBBD

BABA

09618

89618

HJDD

Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

JD-SWR

JD HK SDR 10to1

JD.com

PDD: Has the Maverick Gone Mediocre?---

Pop Mart

Conference Minutes

SONY

09992

6758

HPPD

BYTED

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...

Sony

POP MART

Sony Group Corporation

POP MART HK SDR 20to1

ByteDance

POP MART (Trans): 2026 'pit stop to refuel and change tires'

Forwarding a news piece today that had a major impact on the Hang Seng 'Food Delivery' Index. The crux: the State Administration for Market Regulation reposted an Economic Daily op-ed arguing the 'food-delivery price war' should end soon. Of course, this is not the first such line from state media, nor an official SAMR stance; it was merely a repost, though it may hint at regulators' leanings.However, Dolphin Research believes that unless regulators step in and forcefully halt delivery subsidies, competition will still be driven by companies' own goals and appetite. As such, the actual impact of this 'signal' is uncertain; it mainly lifts sentiment and could accelerate participants' subsidy rollbacks and loss reduction. $Alibaba(BABA.US) $MEITUAN(03690.HK) $JD.com(JD.US)

Meituan HK SDR 5to1

MEITUAN

Laopu Gold 

06181

GOLD

00101

00010

HLPD

Below is Dolphin Research's Trans from Laopu Gold's 2H2525 earnings call. For the earnings analysis, please see 'Laopu Gold: High-price follow-on; the Hermes of gold's big bet paid off!'

LAOPU GOLD

ETFS Capital Ltd.

Gold.com

HANG LUNG PPT

HANG LUNG GROUP

Laopu Gld HK SDR 50to1

Laopu Gold (Trans): Target GPM to stay at 40%-43%

SHOP

With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).From an expectations lens, aside from softer Intl commerce growth and deeper losses in other segments, the print broadly tracked the recently lowered guidance.In absolute terms, however, performance was weak.As the tailwind from state subsidies and the monetization uptick cycle largely faded, core commerce growth slowed markedly.The bright spot was Alibaba Cloud, which continued to post solid growth.Bloomberg consensus was not timely updated this quarter, so its reference value is limited...

Shopify 

BABA: E-com slips again; AI is the only lifeline---

Below is Dolphin Research's FY25 earnings call Trans for $京东 (JD.US). For the earnings analysis, see 'JD: As state subsidies faded, still bleeding?'.1. Shareholder returns. a) Dividend: The BOD approved a FY25 cash dividend of Approx. $1.4bn ($1 per ADS).b) Buyback: In 2025, the company repurchased ~6.3% of the float for $3.0bn, and all repurchased shares have been canceled. The program has been fully executed.2. FY26 guidance. a) Growth momentum: YTD trends in early 2026 are moving up...

Direxion Auspice Broad COM

JD (Trans): Electricals sales to improve in 1H26---

Among China's three major e-comm giants—$JD.com(JD.US) was the first to report Q4. At a high level, the print roughly met expectations that had been set low.1) As state subsidies faded, revenue growth plunged. Total revenue rose just 1.5% YoY, with growth decelerating over 13ppt QoQ.JD had been the biggest beneficiary of state subsidies, which created a high base. As subsidies receded, the hit to JD was the most pronounced.That said, the market had largely priced in the impact. The actual print was slightly better vs Bloomberg estimates...

JD: Another pullback? Keep calm — a rebound is near!---

JD 4Q25 First Take. Overall, results were steady after broad estimate cuts by the market. 1) With state subsidies fading, group revenue growth slowed sharply to 1.5%, roughly in line with Bloomberg consensus at 1%. The main drag was a 12% YoY decline in electronics and appliances, broadly in line with market expectations. General merchandise rose 12% YoY and services revenue grew 20% YoY, providing a cushion. Across business lines, top-line growth broadly matched sell-side expectations. 2) Profit was weaker both absolutely and relatively. Adj. OP swung to a loss of RMB 3.1bn, the first since 2017 and worse than the heavy food-delivery investment in 2Q–3Q. As state subsidies faded, Core Mall OP fell 2.5% YoY to RMB 9.8bn, down from RMB 13–15bn per quarter during the subsidy boom. While food-delivery losses narrowed, rising investment in Jingxi and overseas pushed new businesses to a loss of RMB 14.8bn. The QoQ decline was limited. Versus expectations, Core Mall profit beat, though slightly down YoY. Loss narrowing in new businesses lagged, likely due to ongoing food-delivery subsidies to sustain volumes despite low visibility, and possibly higher Intl spend. Please join the call for detail. $JD.com(JD.US) $JD-SW(09618.HK)

Today’s Key News Recap

OpenAI

DXYZ

00700

TCTZF

80700

TCEHY

01810

81810

HXXD

XIACY

NVDA

AVGO

VERA

09626

BILI

HTCD

0305 | Dolphin Research Focus: 🐬 Macro/Industry 1). On Mar 5, Premier Li Qiang delivered the Gov. Work Report at the 4th Session of the 14th NPC.He set a 2026 GDP growth target of 4.5%–5% and CPI around 2%, aiming to balance employment, livelihoods and industrial upgrading. The moderate inflation goal should help restore corporate earnings and anchor household expectations, supporting risk appetite in HK and A-share markets...

Destiny Tech100

TENCENT

Tencent Holdings Limited

TENCENT-R

Tencent

Renaissance Ipo

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

NVIDIA

Broadcom

Vera Therapeutics

BILIBILI-W

Bilibili

Tencent HK SDR 10to1

NVDA to reallocate H200 capacity; OpenAI races toward IPO | Daily News Recap

---

AMZN

09866

GOOG

GOOGL

0304 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On Tues. local time, President Trump announced the White House will provide naval escorts and political risk insurance for tankers transiting the Strait of Hormuz. The goal is to stabilize energy prices and relieve soaring marine insurance costs and transit disruptions.The move directly hedges geopolitical risk and swiftly calms market worries over energy supply, limiting near-term upside for crude. It could help normalize shipping routes if implemented effectively.However, the actual effectiveness of the escort program and the longevity of regional tensions remain uncertain. Energy and shipping sectors may remain volatile as the situation evolves, so track the pace of real traffic recovery...

Amazon

NIO-SW

NIO Inc. USD OV

NIO Inc

Alphabet - C

Alphabet

BABA Qwen chief steps down; NVDA sets GTC 2026 dates ｜ Daily News Recap---

JD Signs Strategic Partnership with Yizhuang Robot Company and Launches Special Empowerment Program

JD Group Plans to Issue RMB-denominated Senior Unsecured Notes

JD Supermarket's Liquor Business Experiences 20 Billion Yuan Sales Growth in Three Years

Skyworth Photovoltaic Signs Strategic Cooperation Agreement with JD Pro-Development

Harbin Mayor Meets JD Group Chairman to Discuss Super Mall and Logistics Base Construction

JD's 2025 Financial Report Shows AI Technology Driving Double-Digit Growth

JD Participates in Barcelona Food Show, Showcases Cross-border Platform and Joybuy, and Signs Cooperation Agreement

JD's Chief Human Resources Officer Zhang Peng Submits Beneficial Ownership Statement

JD's European Retail Brand Joybuy Officially Launched

JD Signs a Three-Year Strategic Cooperation Agreement with OPPO Targeting 100 Billion Sales

JD Launches Joybuy Online Mall in Europe, Aiming at Amazon

JD Launches Online Inspection Service to Improve Home Appliance and Home Service Standards

Songyuan Power unveils Xiaobumi at Appliance Expo and deepens cooperation with JD.com

JD.com Upgrades 2026 Chuxiao Plan to Boost Support for Merchants

JD Launches OpenClaw Remote Deployment Service for 399 Yuan

Barclays Downgrades JD.com Target Price to $34

JD Anbang Insurance Launches Special Claim Policy in Response to Middle East Situation

Nomura Reiterates Buy Rating on JD.com with Price Target Raised

Daiwa Reaffirms Buy Rating on JD.com and Raises Target Price to HKD172

JD.com Options Volume Increases, Analysts Give Positive Reviews

STARCOIN GROUP

PUXING ENERGY

KNOWLEDGE ATLAS

EASY SMART GP

XL2CSOPSMSN-U

XL2CSOPSMSN

PPS INT'L

JINXUN RESOURCE

WORLD SUPER

MADISON HLDG

Ordinary dividend (cash)

Ex Date: 2026.04.08, Cash dividend 3.9093 HKD

JD.com, Inc. (09618.HK, JD.US) Q4 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q3 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q2 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Q1 2025 Earnings Conference Call

JD.com, Inc. (09618.HK, JD.US) Fourth Quarter and Full Year 2024 Earnings Conference Call

JD-SW(09618.HK)

JD-SW Stock Performance Chart

Trending