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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

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Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

Conference Minutes

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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

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Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

Financial Analysis

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The SaaS leader $Salesforce(CRM.US), announced its Q3 FY2026 financial results (ending October 31) after the US stock market closed on December 4. The performance for the quarter was not good, with most key metrics falling short of market expectations. The relatively comforting aspect is that leading indicators (cRPO and new orders) showed a slight improvement on a low base. The highlight is that the company guided for significant growth improvement in the next quarter, mainly due to the consolidation impact of the acquisition of Informatica. Specifically: 1. Overall revenue growth continues to slow down...

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Salesforce: AI Agent 'Delayed', Has the SaaS Leader Become a Value Stock?

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Salesforce F3Q26 Quick Interpretation: Overall, Salesforce's financial performance for the quarter was average, with most indicators slightly below market expectations. However, more critical operational metrics such as cRPO and new orders were satisfactory. The more notable aspect was the acceleration in revenue and cRPO growth in the next quarter guidance, boosted by the acquisition of Informatica. Specifically: 1) Total revenue for this quarter increased by 8.6% year-on-year, slowing down by about 1 percentage point compared to the previous quarter, slightly below expectations. Meanwhile, due to the impact of AI investments, the year-on-year increase in gross margin was only 0.3 percentage points, resulting in a gross profit growth rate of only 9%, also slightly below expectations. As total operating expenses grew by 6.8% year-on-year, without significant acceleration, actual spending was slightly below market expectations, partially offsetting the slowdown in growth for the third quarter. Ultimately, operating profit and free cash flow fell short of expectations. The quarterly financial report performance was evidently not good. 2) Partly due to the low base in the same period last year, this quarter's cRPO (+11% yoy) and new order growth rates accelerated quarter-on-quarter, showing a better trend compared to past performance. 3) The bigger highlight is that the company has guided next quarter's revenue growth to increase to 11%~12%, and cRPO growth to 15%. However, it should be noted that the acceleration is almost entirely due to the benefits of consolidating Informatica and favorable exchange rates. 4) The most watched Agentforce-related business also made steady progress this quarter. Agentforce and Data 360 annualized revenue reached 1.4 billion, up from 1.2 billion last quarter, continuing to rise. Among them, Agentforce contributed annualized revenue of over 500 million, a year-on-year increase of 330%, with user numbers also increasing by 70%. $Salesforce(CRM.US)

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1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

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Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

The following are the minutes of the Q2 FY2026 earnings call for $Salesforce(CRM.US), organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Salesforce: Is AI a 'Savior' or a 'Death Knell'?&#34; 1. Core Financial Information Review: 1. Agentforce Product and Business Highlights Agentforce and Data Cloud: AI and data product annualized revenue (ARR) reached $1.2 billion, a year-on-year increase of 120%...

Salesforce (Minutes): AI is an assistant, not a killer; SMEs are the new direction for growth.

On September 4th, after the U.S. stock market closed, the SaaS leader $Salesforce(CRM.US) released its financial report for the second quarter of fiscal year 2026. The performance for the quarter was relatively stable (or rather, lackluster). There were no significant signs of accelerated growth, but through excellent cost control, a slightly better-than-expected profit was squeezed out. However, this does not change the core issues, and the guidance for the next quarter is also not impressive, leaving an overall weak impression. The detailed points are as follows: 1. Growth appears to have accelerated, but it is more due to favorable exchange rates: On the growth side, the core business—subscription revenue grew by 10.6% year-on-year this quarter, showing some acceleration compared to 8.3% in the previous quarter, slightly exceeding market expectations by 1 percentage point...

Salesforce: Is AI a 'Savior' or a 'Death Knell'?

salesforce 2QF26 Quick Interpretation: This quarter, the performance of the SaaS leader Salesforce remained stable, albeit somewhat flat. Growth was steady and slightly better than expected, with expenses growing by nearly 5%. Under the release of operating leverage, this quarter's operating profit was about 5% higher than expected. The main drawback is the weak guidance for the next quarter. The midpoint of the guided revenue growth is below expectations, and the guided EPS is significantly 11.5% lower than expected, suggesting a significant expansion in expenses for the next quarter. Specifically: 1) Total revenue for the quarter grew by 9.8%, showing some improvement compared to the 7.6% of the previous quarter. However, at constant currency, the growth rate for both quarters was around 9%, with the improvement mainly due to favorable exchange rates. The growth rate of various sub-business lines also accelerated slightly quarter-on-quarter, with no particularly outstanding areas. 2) The short-term unfulfilled contract balance for the quarter increased by nearly 11% year-on-year, with a deceleration slightly higher than 1 percentage point compared to the previous quarter. The deceleration at constant currency was consistent. Even though the company announced a price increase in August, leading to some users renewing early, the new contracts do not appear to be strong. 3) The annualized revenue contributed by AI and Data Cloud this quarter was approximately $1.2 billion, a limited increase from the $1 billion disclosed last quarter, currently accounting for only about 3% of total revenue. The impact of AI on the company's revenue remains very limited. 4) Recently, software stocks have generally underperformed (due to concerns about AI replacing software), and Salesforce's main issue is that after its traditional business has matured, the story of AI agents has yet to be validated. This quarter's performance still does not address this issue, so the stock price remains in a weak trend. $Salesforce(CRM.US)

以下是$Salesforce(CRM.US) FY26 Q1 的财报电话会纪要，财报解读请移步《Salesforce：AI agent 美梦仍是 “可望而不可及”？》一、财报核心信息回顾​​​​1、FY 2026 指引​​:（1）全年营收指引上调​​4 亿美元​​至​​413 亿美元​​（区间上限），下限也上调 5 亿，反映​​8-9% 的同比增长​​（按固定汇率计算增长​​8%​​）。部分是受汇率逆风变顺风的利好...

Salesforce（纪要）：中小企业需求强劲，继续发力 Agentforce

北京时间 5 月 29 日早美股盘后，SaaS 龙头$Salesforce(CRM.US) 公布了其 2026 年的一份季度财报。整体来看，预期差角度，本次业绩主要指标都达标或稍好于预期，表现属于平稳中的不错。但趋势上，营收增长并未显著提升，利润率扩张周期停滞也未根本性改善，详细要点如下：1、增长看似回暖，但并不明确：增长端，本季 Salesforce 的核心业务 -- 订阅性收入同比增长 8.3%，较上季度略微提速...