Broadline Retail

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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'...

Alibaba

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TENCENT

Tencent Holdings Limited

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Tencent

EASTROC

EASTROC BEVERAGE

BOE VARITRONIX

Sungrow Power Supply

Alphabet - C

Alphabet

Tencent HK SDR 10to1

iQIYI

Alibaba HK SDR 5to1

Uber Tech

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

美图公司

Conference Minutes

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Below are Dolphin Research's compiled notes from the FY2025 earnings call for $MEITU(01357.HK). For our earnings analysis, please see 'Meitu: In the AI agent era, is there a future for small, niche SaaS?'.I. Key takeaways. 1) Shareholder returns: announced a HK$300 mn buyback as management sees the shares undervalued.Maintains an approx. 40% payout ratio; with buybacks, overall cash return on operating cash flows is ~60–70%. 2) Guidance: 2026 revenue growth should be broadly in line with 2025...

MEITU

Meitu (Trans): Models to Power Apps Long Term

Meituan

Financial Analysis

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Post-market on Mar 26 (HK), the last major player in the HSTECH 'takeout index'—$MEITUAN(03690.HK)—released its Q4 FY25 results. As the company had issued a profit warning, losses at the core local commerce segment and at the group level were already signaled, and the print broadly matched that warning.On closer look, underlying profit came in slightly below expectations. Losses in new initiatives widened, largely offsetting the savings from narrower losses in core local commerce.Specifically: 1) the savings from reduced losses were given back. Let's start with the most-watched loss item...

Meituan HK SDR 5to1

MEITUAN

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Meituan: Three Headwinds — Will Food Delivery Stay Down?

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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) ...

JD-SW

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JD HK SDR 10to1

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PDD: Has the Maverick Gone Mediocre?---

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)

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0323 | Dolphin Focus. Macro/Industry.1) On Mar. 21 (local time), Trump issued a 48-hour ultimatum to Iran to fully open the Strait of Hormuz or face strikes on its power plants. Iran responded that if its power facilities are attacked, it would shut the strait entirely.The Middle East conflict is a direct shock to the global energy supply chain. Higher oil prices will lift inflation, forcing the Fed to keep rates higher for longer and compressing growth-stock valuations.Gold's safe-haven appeal is being offset near term by rate expectations. Profit-taking after the prior rally has triggered technical selling, magnifying the decline...

NVIDIA

Sanhua

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Xiaomi HK SDR 2to1

Xiaomi Corporation

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HK & A-Shares Rout; Gold Hammered | Daily News Recap---

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Below is Dolphin Research's Trans of $Alibaba(BABA.US) FY26 Q3 earnings call.For our full take, see 'Alibaba: E-com Slips Again, AI Is the Lifeline'.1) Shareholder returns: as of Dec 31, 2025, the company held net cash of $42.5bn. Excluding debt maturing beyond five years, net cash exceeds $60bn, underscoring balance-sheet strength that supports continued investment.2) Performance trends: consolidated revenue was RMB 284.8bn. Excluding Sun Art Retail and Intime revenue, ...

Sunoco LP

ANT GROUP

SUNART RETAIL

BABA (Trans): Flash Sale 2-yr target RMB 1tn; AI + Cloud 5-yr target RMB 700bn---

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---

BABA 3QFY26 First Take: As the most watched player in China’s on-demand retail and the AI race, Alibaba delivered results that were weak as expected. First, note that some Bloomberg consensus numbers shown in the table are stale, as the company had already guided lower in recent conversations with top overseas sell-side, while domestic brokers remained a bit high. As such, the print was not a broad miss versus what matters now. It was broadly in line with the updated expectations.However, while not worse than the lowered bar, the absolute performance was still soft. Details below.1) China commerce CMR rose 0.8% YoY, roughly in line with expectations but a sharp deceleration. Similar to JD, fading state subsidies and the late Lunar New Year made 4Q25 a tough quarter for domestic e-commerce.Segment adj. EBITA was RMB 34.6bn, down 43% YoY (≈RMB 26.5bn). Assuming Taotian’s profit was roughly flat YoY, this implies Taobao Flash Sales lost about RMB 25bn, at the high end of the earlier guided RMB 20–25bn loss range, suggesting UE improvement is slower than hoped.2) The flagship Cloud Intelligence segment grew revenue 36% YoY, continuing to accelerate as expected. While the total growth was only in line and did not beat again, a positive sign is that external revenue growth (ex-internal demand) reached 35% vs. 29% last quarter. Segment margin held at 9%, in line.3) Intl commerce was notably weak, with revenue growth under 4%, below the already-lowered bar and a true miss. Adj. EBITA swung back to a RMB 2bn loss but was in line. Management attributed this to the seasonality of the 4Q promotion period; YoY, losses still narrowed and this does not signal a return to an investment-heavy cycle.4) Other segments saw revenue continue to decline due to the deconsolidation of Intime, in line. However, losses widened sharply to nearly RMB 9.8bn on increased spend for Amap’s street-sweeping list and R&amp;D and traffic for consumer-facing AI apps such as Qianwen and Quark. Even with the latest loss guidance raised to RMB 8.5bn, this was still a genuine miss. $Alibaba(BABA.US) $BABA-W(09988.HK) $阿里巴巴 (BABA-TEST.US)

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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'...

Micron Tech

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H World

Samsung Electronics 

NONGFU SPRING

Coinbase

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

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Alibaba's launch of a closed-source AI model may indicate a shift in its profit model

Tmall flagship store of 'USEED' suspended after CCTV exposes false advertising

Alibaba Cloud to Participate in HumanX AI Conference

Alibaba Cloud to Participate in Conversational AI & Customer Experience Summit in Malaysia

Alibaba and Shanghai AI Laboratory jointly release a white paper on AI governance

Alibaba and Xiaomi Simultaneously Launch Large-Scale AI Talent Recruitment

Alibaba.com, the B2B platform of Alibaba, will participate in the White & Private Label Expo 2026 in New York

Boston Common Asset Management significantly reduced its stake in Alibaba during Q4 2025

Alibaba Cloud’s Qianfan Labs Releases CoPaw 1.0 and Upgrades Capabilities

Alibaba Releases Full-Modality Large Model Qwen2.5-Omni, Surpassing Gemini-3.1 Pro in Multiple Metrics

Alibaba Cloud promotes intelligent coding for production-level scenarios, aiming to systematically solve R&D challenges

China Merchants Securities Maintains 'Buy' Rating on Alibaba

Alibaba's Qwen launches a new "Citation" feature for fact-checking

Alibaba-backed Brain-Computer Interface (BCI) company completes strategic financing

Alipay launches Payment Integration Skill

Alibaba Increases Investment in Instant Retail Business

Fliggy signs an MOU with the Korea Tourism Organization to promote tourism to South Korea

Alibaba Cloud invests in Singaporean data center infrastructure provider EPG

Alibaba's big move brings a new opportunity for cross-border sellers

Alibaba launches an e-commerce version of 'Accio Work', which may affect operational positions

STARCOIN GROUP

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KNOWLEDGE ATLAS

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Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Third Quarter Earnings Conference Call

Alibaba (BABA.US, 09988.HK) Fiscal Year 2026 Second Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2026 First Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Fourth Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Third Quarter Earnings Conference Call

Alibaba (BABA.US/09988.HK) Fiscal Year 2025 Second Quarter Earnings Conference Call

BABA-W(09988.HK)

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